<SEC-DOCUMENT>0001104659-21-118796.txt : 20210923
<SEC-HEADER>0001104659-21-118796.hdr.sgml : 20210923
<ACCEPTANCE-DATETIME>20210923161517
ACCESSION NUMBER:		0001104659-21-118796
CONFORMED SUBMISSION TYPE:	424B2
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210923
DATE AS OF CHANGE:		20210923

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ABERDEEN GLOBAL INCOME FUND INC
		CENTRAL INDEX KEY:			0000876717
		IRS NUMBER:				133334183
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B2
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-254439
		FILM NUMBER:		211272693

	BUSINESS ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		215-405-5700

	MAIL ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ABERDEEN COMMONWEALTH INCOME FUND INC
		DATE OF NAME CHANGE:	20010601

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST COMMONWEALTH FUND INC
		DATE OF NAME CHANGE:	19920929
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B2
<SEQUENCE>1
<FILENAME>tm2127979d1_424b2.htm
<DESCRIPTION>424B2
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Filed Pursuant to Rule&nbsp;424(b)(2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Registration Statement No.&nbsp;333-254439</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"><B>PROSPECTUS SUPPLEMENT<BR>
(to Prospectus dated&nbsp;July&nbsp;2, 2021)</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; text-align: center"><B>Up to $35,000,000</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Aberdeen Global Income Fund,&nbsp;Inc.</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Common Shares</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aberdeen Global Income Fund,&nbsp;Inc. (the &ldquo;Fund&rdquo;) has
entered into a sales agreement (the &ldquo;Sales Agreement&rdquo;) with JonesTrading Institutional Services LLC (&ldquo;JonesTrading&rdquo;)
relating to its common shares of beneficial interest, par value $0.001 per share (&ldquo;Common Shares&rdquo;), offered by this Prospectus
Supplement and the accompanying Prospectus. In accordance with the terms of the Sales Agreement, the Fund may offer and sell its Common
Shares having an aggregate offering price of up to $35,000,000 from time to time through JonesTrading as its agent for the offer and sales
of the Common Shares. Under the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;), the Fund may not sell any Common
Shares at a price below the current net asset value (&ldquo;NAV&rdquo;) of such common shares, exclusive of any distributing commission
or discount.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
Fund</I></B></FONT><I>. </I>The Fund is a non-diversified, closed-end management investment company.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Investment
Objectives</I></B></FONT><I>.</I>&nbsp;The Fund&rsquo;s principal investment objective is to provide high current income by investing
primarily in fixed income securities. As a secondary investment objective, the Fund seeks capital appreciation, but only when consistent
with its principal investment objective.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Principal
Investment Strategy; Leverage</I></B></FONT><I>.</I>&nbsp;As a non-fundamental policy, under normal market conditions, the Fund invests
at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in debt securities. If the Fund changes its
80% policy, it will notify shareholders at least 60 days&rsquo; before the change and may need to change the name of the Fund. The Fund&rsquo;s
investments are divided into three categories: Developed Markets,&nbsp;Investment Grade Developing Markets and Sub-Investment Grade Developing
Markets. &ldquo;Developed Markets&rdquo; are those countries contained in the FTSE World Government Bond Index, New Zealand, Luxembourg
and the Hong Kong Special Administrative Region. As of May&nbsp;31, 2021, securities of the following countries comprised the FTSE World
Government Bond Index: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany,&nbsp;Ireland,&nbsp;Israel,&nbsp;Italy,
Japan, Malaysia, Mexico, Netherlands, Norway, Poland, Singapore, Spain, Sweden, the United Kingdom and the United States. &ldquo;Investment
Grade Developing Markets&rdquo; are those countries whose sovereign debt is rated not less than Baa3 by Moody&rsquo;s Investors Services
Inc. (&ldquo;Moody&rsquo;s&rdquo;) or BBB- by S&amp;P Global Ratings (&ldquo;S&amp;P&rdquo;) or comparably rated by another appropriate
nationally or internationally recognized ratings agency. As of May&nbsp;31, 2021, &ldquo;Investment Grade Developing Markets&rdquo; are
comprised of the following countries: Abu Dhabi, Andorra, Aruba, Australia, Austria, Belgium, Bermuda, Botswana, Bulgaria, Canada, Cayman
Islands, Chile, China, Colombia, Croatia, Curacao, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Hong Kong, Hungary,&nbsp;Iceland,&nbsp;India,&nbsp;Indonesia,&nbsp;Ireland,&nbsp;Isle
of Man,&nbsp;Israel,&nbsp;Italy, Japan, Jersey, Kazakhstan, Kuwait, Latvia, Liechtenstein, Lithuania, Luxembourg, Macao, Malaysia, Malta,
Mauritius, Mexico, Montserrat, Netherlands, New Zealand, Norway, Panama, Peru, Philippines, Poland, Portugal, Qatar, Republic of Korea
(South Korea), Romania, Russia, Saudi Arabia, Singapore, Slovakia, Slovenia, Spain, Sweden, Switzerland, Taiwan, Thailand, Trinidad&nbsp;&amp;
Tobago, United Arab Emirates, United Kingdom, United States and Uruguay. &ldquo;Sub-Investment Grade Developing Markets&rdquo; are those
countries that are not Developed Markets or Investment Grade Developing Markets. Under normal circumstances, at least 60% of the Fund&rsquo;s
total assets are invested in fixed income securities of issuers in Developed Markets or Investment Grade Developing Markets, whether or
not denominated in the currency of such country; provided, however, that the Fund invests at least 40% of its total assets in fixed income
securities of issuers in Developed Markets. The Fund may invest up to 40% of its total assets in fixed income securities of issuers in
Sub-Investment Grade Developing Markets, whether or not denominated in the currency of such country. Fixed income securities of issuers
in Sub-Investment Grade Developing Markets may be rated below investment grade, as described below, at the time of investment (sometimes
referred to as &ldquo;junk bonds&rdquo;). Below investment grade securities are considered to be speculative with respect to the issuer&rsquo;s
ability to pay interest and principal when due. The Fund currently utilizes and in the future expects to continue to utilize leverage
through borrowings or through other transactions, such as reverse repurchase agreements, which have the effect of leverage. The Fund may
also utilize leverage through the issuance of debt securities or preferred stock. The Fund anticipates using leverage in an aggregate
amount up to 33 1/3% of its total assets (including the amount obtained from leverage), under normal market conditions. The Fund generally
will not utilize leverage if it anticipates that the Fund&rsquo;s leveraged capital structure would result in a lower return to shareholders
than that obtainable over time with an unleveraged capital structure. Use of leverage creates an opportunity for increased income and
capital appreciation for shareholders but, at the same time, creates special risks, and there can be no assurance that a leveraging strategy
will be successful during any period in which it is employed.</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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<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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>NYSE
Listing.</I></B></FONT>&nbsp;The Fund&rsquo;s currently outstanding Common Shares are, and the Common Shares offered by this Prospectus
Supplement will be, subject to notice of issuance, listed on the NYSE American LLC (the &ldquo;NYSE American&rdquo;) under the symbol
 &ldquo;FCO.&rdquo; As of August&nbsp;30, 2021, the last reported sale price for the Fund&rsquo;s Common Shares on the NYSE American was
$8.69 per Common Share, and the net asset value of the Fund&rsquo;s Common Shares was $6.55 per Common Share, representing a premium to
net asset value of 32.70%.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">JonesTrading
will be entitled to compensation of </FONT>100 to 300 basis points of the gross proceeds of the sale of any Common Shares under the Sales
Agreement, with the exact amount of such compensation to be mutually agreed upon in writing by the Fund and JonesTrading from time to
time. In connection with the sale of Common Shares on behalf of the Fund, JonesTrading may be deemed to be an &ldquo;underwriter&rdquo;
within the meaning of the Securities Act of 1933, as amended (the &ldquo;1933 Act&rdquo;) and the compensation of JonesTrading may be
deemed to be underwriting commissions or discounts.</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">Sales of Common Shares, if any, under this Prospectus Supplement and
the accompanying Prospectus may be made in negotiated transactions or transactions that are deemed to be &ldquo;at-the-market&rdquo; as
defined in Rule&nbsp;415 under the 1933 Act, including sales made directly on the NYSE American or sales made to or through a market maker
other than on an exchange at prices related to the prevailing market prices or at negotiated prices. Under the Investment Company Act
of 1940, as amended (the &ldquo;1940 Act&rdquo;), the Fund may not sell any Common Shares at a price below the current net asset value
of such Common Shares, exclusive of any distributing commission or discount.</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; text-indent: 0.5in"><B>Investing in the Fund&rsquo;s Common Shares
involves certain risks. You could lose some or all of your investment. See &ldquo;Risk factors&rdquo; on page&nbsp;27 of the accompanying
Prospectus.</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; text-indent: 0.5in"><B>Neither the Securities and Exchange Commission
(&ldquo;SEC&rdquo;) nor any state securities commission has approved or disapproved of these securities or determined if this Prospectus
Supplement or the accompanying Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2127979d1_424b2img001.jpg" ALT="">&nbsp;</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; text-align: center">This Prospectus Supplement is dated September
23, 2021.</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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<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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should read this Prospectus Supplement, the accompanying Prospectus </FONT>and the documents incorporated herein or therein by reference,
which contain important information about the Fund that you should know before deciding whether to invest, and retain them for future
reference. A Statement of Additional Information, dated&nbsp;July&nbsp;2, 2021 (the &ldquo;SAI&rdquo;), containing additional information
about the Fund, has been filed with the SEC and is incorporated by reference in its entirety into the accompanying Prospectus. This Prospectus
Supplement, the accompanying Prospectus and the SAI are part of a &ldquo;shelf&rdquo; registration statement that the Fund filed with
the SEC. This Prospectus Supplement describes the specific details regarding this offering, including the method of distribution. If information
in this Prospectus Supplement is inconsistent with the accompanying Prospectus or the SAI, you should rely on this Prospectus Supplement.
You may request free copies of the SAI, annual and semi-annual reports to shareholders and other information about the Fund, and make
shareholder inquiries, by calling Investor Relations toll-free at 1-800-522-5465 or you may obtain a copy (and other information regarding
the Fund) from the SEC&rsquo;s website (www.sec.gov). Free copies of the Fund&rsquo;s Prospectus, SAI, reports and any incorporated information
will also be available from the Fund&rsquo;s website at http:/www.aberdeenfco.com. Information contained on the Fund&rsquo;s website is
not considered to be a part of, nor incorporated by reference in, this Prospectus Supplement or the accompanying Prospectus.</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; text-indent: 0.5in">The Fund&rsquo;s Common Shares do not represent
a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution and are not federally
insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
permitted by regulations adopted by the SEC, paper copies of the Fund&rsquo;s annual and semi-annual shareholder reports will no longer
be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as
a broker-dealer or bank. Instead, the reports will be made available on the Fund&rsquo;s website (</FONT>http:/www.aberdeenfco.com), and
you will be notified by mail each time a report is posted and provided with a website link to access the report.</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; text-indent: 0.5in"><FONT 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 own these shares through a financial intermediary, such as a broker-dealer
or bank, you may 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 inform the Fund that you wish to continue receiving paper copies of your shareholder reports
by calling </FONT>Investor Relations toll-free at 1-800-522-5465. Your election to receive reports in paper will apply to all funds held
with the fund complex if you invest directly with the Fund or to all funds held in your account if you invest through your financial intermediary.</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Prospectus Supplement, the accompanying Prospectus and the SAI</FONT> contain (or will contain) or incorporate (or will incorporate) by
reference &ldquo;forward-looking statements.&rdquo; Forward-looking statements can be identified by the words &ldquo;may,&rdquo; &ldquo;will,&rdquo;
 &ldquo;intend,&rdquo; &ldquo;expect,&rdquo; &ldquo;estimate,&rdquo; &ldquo;continue,&rdquo; &ldquo;plan,&rdquo; &ldquo;anticipate,&rdquo;
and similar terms with the negative of such terms. By their nature, all forward-looking statements involve risks and uncertainties, and
actual results could differ materially from those contemplated by the forward-looking statements. Several factors that could materially
affect the Fund&rsquo;s actual results are the performance of the portfolio of securities the Fund holds, the price at which the Fund&rsquo;s
Common Shares trade in the public markets and other factors discussed in this Prospectus Supplement, the accompanying Prospectus and the
SAI, and in the Fund&rsquo;s periodic filings with the SEC.</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; text-indent: 0.5in">Although the Fund believes that the expectations
expressed in the forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in
the Fund&rsquo;s forward-looking statements. Future financial condition and results of operations, as well as any forward-looking statements,
are subject to change and are subject to inherent risks and uncertainties, such as those disclosed in the &ldquo;Risk factors&rdquo; section
of the accompanying Prospectus. All forward-looking statements contained in this Prospectus Supplement, the accompanying Prospectus or
in the SAI are made as of the date of this Prospectus Supplement, the accompanying Prospectus or SAI, as the case may be. Except for ongoing
obligations under the federal securities laws, the Fund does not intend and is not obligated, to update any forward-looking statement.</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; text-indent: 0.5in">You should rely only on the information contained
or incorporated by reference in this Prospectus Supplement and the accompanying Prospectus. The Fund has not authorized, and the agent
has not authorized, any other person to provide you with different information. If anyone provides you with different or inconsistent
information, you should not rely on it. The Fund is not making an offer to sell these securities in any jurisdiction where the offer or
sale is not permitted. You should not assume that the information in this Prospectus Supplement and the accompanying Prospectus is accurate
as of any date other than the date of this Prospectus Supplement. The Fund&rsquo;s business, financial condition and results of operations
may have changed since that date. The Fund will amend this Prospectus Supplement and the accompanying Prospectus if, during the period
that this Prospectus Supplement and the accompanying Prospectus is required to be delivered, there are any subsequent material changes.</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; text-indent: 0.5in">Capitalized terms used herein that are not otherwise
defined shall have the meanings assigned to them in the accompanying Prospectus.</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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<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; text-align: center"><FONT STYLE="font-variant: small-caps"><B>TABLE
OF CONTENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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>&nbsp;</TD>
<TD STYLE="text-align: right"><B><U>Page</U></B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
<TD><B>Prospectus Supplement</B></TD>
<TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
<TD STYLE="width: 92%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Prospectus Supplement summary</FONT></TD>
<TD STYLE="width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">S-1</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Termination of investment adviser</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">S-2</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Summary of Fund expenses</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">S-2</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Capitalization</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">S-4</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Use of proceeds</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">S-4</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Market and net asset value information</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">S-4</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Plan of distribution</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">S-5</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Legal matters</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">S-6</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Incorporation by reference</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">S-6</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Additional information</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">S-6</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
<TD>&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
<TD><B>Prospectus</B></TD>
<TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">About this Prospectus</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Where you can find more information</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Incorporation by reference</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Summary of Fund expenses</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Fund at a glance</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Financial highlights</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">22</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Senior securities</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">22</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Fund</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">22</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Use of proceeds</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">23</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Description of Common Shares</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">23</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Investment objectives and principal investment strategy</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">23</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Risk factors</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">27</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Management of the Fund</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">29</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Legal proceedings</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">31</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net asset value of Common Shares</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">31</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Distributions</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">31</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Tax matters</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">32</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Closed-end fund structure</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">34</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dividend Reinvestment and Optional Cash Purchase Plan</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">34</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Description of capital structure</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">35</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Certain provisions of the Maryland General Corporation Law and the Charter and Bylaws</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">43</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;Plan of distribution</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">44</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Custodian, dividend paying agent, transfer agent and registrar</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">46</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Legal opinions</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">46</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Independent registered public accounting firm</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">46</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Additional information</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">46</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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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 COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>PROSPECTUS SUPPLEMENT SUMMARY</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 34.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>This is only a summary of information contained elsewhere in this Prospectus Supplement and the accompanying Prospectus. This summary does not contain all of the information that you should consider before investing in the Fund&rsquo;s Common Shares. You should carefully read the more detailed information contained in this Prospectus Supplement and the accompanying Prospectus and the </I></FONT>SAI<I>, each dated July&nbsp;2, 2021, especially the information set forth under the heading &ldquo;Investment objectives and principal investment strategy.&rdquo; </I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 34.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in; text-indent: -2.25in"><B>The Fund</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in; text-indent: -2.25in"><B>&nbsp;</B></P></TD>
    <TD STYLE="width: 80%; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aberdeen Global Income Fund,&nbsp;Inc. (the &ldquo;Fund&rdquo; or &ldquo;we&rdquo;) is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;). </FONT>The Fund was incorporated in Maryland on June&nbsp;28, 1991.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Listing and Symbol</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund&rsquo;s currently outstanding Common Shares are, and the Common Shares offered by this Prospectus will be, subject to notice of issuance, listed on the NYSE American LLC (the &ldquo;NYSE American&rdquo;) under the symbol &ldquo;FCO.&rdquo; As of August&nbsp;30, 2021, the last reported sale price for the Fund&rsquo;s Common Shares on the NYSE American was $8.69 per Common Share, and the net asset value of the Fund&rsquo;s Common Shares was $6.55 per Common Share, representing a premium to net asset value of 32.70%.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Distributions</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund has paid distributions to Common Shareholders monthly since
    inception. Payment of future distributions is subject to approval by the Fund&rsquo;s Board of Trustees, as well as meeting the covenants
    of any outstanding borrowings and the asset coverage requirements of the 1940 Act.</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">The Fund&rsquo;s next regularly scheduled distribution will be for
    the month ending&nbsp;September&nbsp;30, 2021&nbsp;and, if approved by the Board of Trustees, is expected to be paid to Common Shareholders
    on or about&nbsp;September&nbsp;30, 2021. Such distribution will not be payable with respect to Common Shares that are issued pursuant
    to the Offer after the record date for such distribution.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The Offering</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">JonesTrading
    will be entitled to compensation of </FONT>100 to 300 basis points of the gross proceeds of the sale of any Common Shares under the Sales
    Agreement, with the exact amount of such compensation to be mutually agreed upon in writing by the Fund and JonesTrading from time to
    time. In connection with the sale of Common Shares on behalf of the Fund, JonesTrading may be deemed to be an &ldquo;underwriter&rdquo;
    within the meaning of the Securities Act of 1933, as amended (the &ldquo;1933 Act&rdquo;) and the compensation of JonesTrading may be
    deemed to be underwriting commissions or discounts.</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">Sales of Common Shares, if any, under this Prospectus Supplement and
    the accompanying Prospectus may be made in negotiated transactions or transactions that are deemed to be &ldquo;at-the-market&rdquo; as
    defined in Rule&nbsp;415 under the 1933 Act, including sales made directly on the NYSE American or sales made to or through a market maker
    other than on an exchange at prices related to the prevailing market prices or at negotiated prices. Under the 1940 Act, the Fund may
    not sell any Common Shares at a price below the current net asset value of such Common Shares, exclusive of any distributing commission
    or discount.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risks</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">See &ldquo;Risk factors&rdquo; beginning on page&nbsp;27 of the accompanying Prospectus for a discussion of factors you should consider carefully before deciding to invest in the Fund&rsquo;s Common Shares.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Use of Proceeds</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund estimates the net proceeds of the offering to be approximately
    $34,350,000 (after deducting the assumed commission of 1.50% of the gross sale proceeds of the Common Shares sold in this offering and
    estimated offering costs).</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">The Fund intends to invest the net proceeds of the offering in accordance
    with its investment objectives and policies as stated in the accompanying Prospectus under the heading &ldquo;Investment objectives and
    principal investment strategy.&rdquo; It is currently anticipated that the Fund will be able to invest substantially all of the net proceeds
    of the offering in accordance with its investment objectives and policies within three months after the completion of the offering. However,
    until it is able to do so, the Fund may invest in temporary investments, such as cash, cash equivalents, short-term debt securities or
    U.S. government securities, which could negatively impact the Fund&rsquo;s returns during such period. The Fund may also use the proceeds
    for working capital purposes, including the payment of distributions, interest and operating expenses, although the Fund currently has
    no intent to issue its securities primarily for these purposes.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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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; text-align: center"><FONT STYLE="text-transform: uppercase"><B>TERMINATION
OF INVESTMENT ADVISER</B></FONT></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; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
a meeting held on June&nbsp;16, 2021, the Fund&rsquo;s Board of Directors approved the termination of Aberdeen Standard Investments
Australia Limited (the &ldquo;ASI Australia&rdquo; or &ldquo;Investment Adviser&rdquo;) as Investment Adviser of the Fund, and ASI
Australia was subsequently terminated effective September 21, 2021. Upon the effectiveness of the termination of ASI Australia, </FONT>Aberdeen
Standard Investments (Asia) Limited (&ldquo;ASIAL&rdquo; or the &ldquo;Investment Manager&rdquo;) will continue to serve as the
Fund&rsquo;s Investment Manager and Aberdeen Asset Managers Limited (&ldquo;AAML&rdquo; or the &ldquo;Sub-Adviser,&rdquo; and
collectively with the Investment Manager, the &ldquo;Advisers&rdquo;) will continue to serve as the sub-adviser to the Fund and will
maintain responsibility for investing the Fund&rsquo;s assets.</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; text-align: justify">Accordingly, effective as of the date of this
Prospectus Supplement, all references in the Prospectus and SAI to ASI Australia as the Investment Adviser to the Fund, are hereby revised
to reflect that ASI Australia ceased serving as Investment Adviser to the Fund effective September&nbsp;21, 2021.</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; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Summary
of Fund expenses</B></FONT></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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
purpose of the following table and the example below is to help you understand the fees and expenses that holders of Common Shares (&ldquo;Common
Shareholders&rdquo;) would bear directly or indirectly. The expenses shown in the table under &ldquo;Other expenses,&rdquo; &ldquo;Interest
expenses on bank borrowings&rdquo; and &ldquo;Total annual expenses&rdquo; are based on the Fund&rsquo;s unaudited semi-annual report
dated April&nbsp;30, 2021, and are estimated based on the Fund&rsquo;s estimated average net assets for the current fiscal year ending
</FONT>October&nbsp;31, 2021 of $94,542,000, after giving effect to the anticipated net proceeds of this offering. The tables also reflect
the estimated use of leverage by the Fund through bank borrowings representing in the aggregate 25.6% of Managed Assets (consistent with
the percentage of leverage in place as of April&nbsp;30, 2021) of the Fund&rsquo;s total assets (including the assets subject to, and
obtained with the proceeds of, such borrowings), and show Fund expenses as a percentage of net assets attributable to Common Shares. The
table reflects the anticipated net proceeds of the Common Shares offered pursuant to this Prospectus Supplement and the accompanying Prospectus
and assuming the Fund incurs the estimated offering expenses. If the Fund issues fewer than all of the Common Shares available for sale
pursuant to the Distribution Agreement and the net proceeds to the Fund are less, all other things being equal, the total annual expenses
shown would increase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Common Shareholder transaction expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 75%; text-align: left">Sales load (as a percentage of offering price)(1)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 22%; text-align: right">1.50</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Offering expenses (as a percentage of offering price)(2)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.36</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Dividend Reinvestment and Optional Cash Purchase Plan fees (per share for open-market purchases of Common Shares)(3)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Fee for open market purchases of Common Shares</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$0.02
(per share)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Fee for optional shares purchases</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$5.00
(max)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Sales of shares held in a dividend reinvestment account</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$0.12 (per share) and $25.00 (max)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Total Transaction Expenses (as a percentage offering price)(1)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.86</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Annual&nbsp;expenses<BR> (as&nbsp;a&nbsp;percentage&nbsp;of&nbsp;net&nbsp;assets<BR> attributable&nbsp;to</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Common&nbsp;Shares)(4)</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; font: 10pt Times New Roman, Times, Serif">Advisory fee(5)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">0.79</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Interest expenses on bank borrowings(6)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.26</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Other expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.83</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Total annual expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.88</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</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>

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<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">(1)</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Represents
the estimated commission with respect to the Common Shares being sold in this offering. JonesTrading will be entitled to compensation
of 1.00% to 3.00% of the gross proceeds of the sale of any Common Shares under the Sales Agreement, with the exact amount of such compensation
to be mutually agreed upon in writing by the Fund and JonesTrading from time to time. The Fund has assumed that JonesTrading will receive
a commission of 1.50% of the gross sale proceeds of the Common Shares sold in this offering. This is the only sales load to be paid in
connection with this offering.</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">(2)&nbsp;&nbsp;&nbsp;&nbsp;Offering expenses payable by the Fund will be deducted from
the proceeds, before expenses, to the Fund.</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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<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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Shareholders
who participate in the Fund&rsquo;s Dividend Reinvestment and Optional Cash Purchase Plan (the &ldquo;Plan&rdquo;) may be subject to
fees on certain transactions. The Plan Agent&rsquo;s (as defined below under &ldquo;Dividend Reinvestment and Optional Cash Purchase
Plan&rdquo;) fees for the handling of the reinvestment of dividends will be paid by the Fund; however, participating shareholders will
pay a $0.02 per share fee incurred in connection with open-market purchases in connection with the reinvestment of dividends, capital
gains distributions and voluntary cash payments made by the participant, which will be deducted from the value of the dividend. For optional
share purchases, shareholders will also be charged a $2.50 fee for automatic debits from a checking/savings account, a $5.00 one-time
fee for online bank debit and/or $5.00 for check. Shareholders will be subject to $0.12 per share fee and either a $10.00 fee (for batch
orders) or $25.00 fee (for market orders) for sales of shares held in a dividend reinvestment account. Per share fees include any applicable
brokerage commissions the Plan agent is required to pay. For more details about the Plan, see &ldquo;Dividend Reinvestment and Optional
Cash Purchase Plan.&rdquo;</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon average net assets attributable to our Common </FONT>Shares during the six months ended April&nbsp;30, 2021 after giving effect
to the anticipated net proceeds of this offering. Assumes the Fund sells 4,027,618 shares of Common Shares at an offering price of $8.69
(the last reported sale price per share for the Fund&rsquo;s Common Shares on the NYSE American as of August&nbsp;30, 2021). The price
per share of any sale of Common Shares may be greater or less than the price assumed herein, depending on the market price of the Common
Shares at the time of any sale. There is no guarantee that there will be any sales of shares of Common Shares pursuant to this Prospectus
Supplement and the accompanying Prospectus. The number of shares of Common Shares actually sold pursuant to this Prospectus Supplement
and the accompanying Prospectus may be less than as assumed herein.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Investment Manager receives a monthly fee at the following annual rates: 0.65% of the Fund&rsquo;s average weekly Managed Assets up to
$200 million, 0.60% of Managed Assets between $200 million and $500 million, and 0.55% of Managed Assets in excess of $500 million. The
advisory fee percentage calculation assumes the use of leverage by the Fund as discussed in note (6). To derive the annual advisory fee
as a percentage of the Fund&rsquo;s net assets (which are the Fund&rsquo;s total assets less all of the Fund&rsquo;s liabilities), the
Fund&rsquo;s average Managed Assets for the period year ended April&nbsp;30, 2021 (which includes the use of leverage discussed in note
(6)) (plus the anticipated net proceeds of this offering as described in note (4)) were multiplied by the annual advisory fee rate and
then divided by the Fund&rsquo;s average net assets for the same period (plus the anticipated net proceeds of this offering as described
in note (4)).</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
percentage in the table is based on total borrowings of $20,300,000 (the balance outstanding under the Fund&rsquo;s Credit Facility as
of April&nbsp;30, 2021), representing approximately 25.6% of the Fund&rsquo;s Managed Assets and an average interest rate during the
six months ended April&nbsp;30, 2021 of 1.22%. There can be no assurances that the Fund will be able to obtain such level of borrowing
(or to maintain its current level of borrowing), that the terms under which the Fund borrows will not change, or that the Fund&rsquo;s
use of leverage will be profitable. The expenses shown under &ldquo;Interest expense on bank borrowings&rdquo; in the table above reflect
the cost to the Fund of borrowings, expressed as a percentage of the Fund&rsquo;s net assets as of April&nbsp;30, 2021, based on interest
rates in effect as of April&nbsp;30, 2021. The Fund currently intends during the next twelve months to maintain a similar proportionate
amount of borrowings but may increase such amount to 33 1/3% of the average daily value of the Fund&rsquo;s total assets.</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"><B>Example</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following example </FONT>illustrates the expenses you would pay on a $1,000 investment in common shares assuming a 5% annual portfolio
total return.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">1&nbsp;Year</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">3&nbsp;Years</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">5&nbsp;Years</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">10&nbsp;Years</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 23%; font: 10pt Times New Roman, Times, Serif; text-align: right">37</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 22%; font: 10pt Times New Roman, Times, Serif; text-align: right">77</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 22%; font: 10pt Times New Roman, Times, Serif; text-align: right">118</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 22%; font: 10pt Times New Roman, Times, Serif; text-align: right">235</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
The example assumes the sales load and estimated offering costs from the expense table. </FONT>The example should not be considered a
representation of future expenses or rate of return and actual Fund expenses may be greater or less than those shown. The example assumes
that (i)&nbsp;all dividends and other distributions are reinvested at NAV and (ii)&nbsp;the percentage amounts listed under &ldquo;Total
annual expenses&rdquo; above remain the same in the years shown. For more complete descriptions of certain of the Fund&rsquo;s costs and
expenses, see &ldquo;Management of the Fund &mdash; Advisory Agreements.&rdquo;</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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<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; text-align: center"><B>CAPITALIZATION</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; text-indent: 0.5in">Pursuant to the Sales Agreement with JonesTrading,
the Fund may offer and sell up to $35,000,000 of the Fund&rsquo;s Common Shares from time to time through JonesTrading as the Fund&rsquo;s
agent for the offer and sale of the Common Shares under this Prospectus Supplement and the accompanying Prospectus. There is no guarantee
that there will be any sales of the Fund&rsquo;s Common Shares pursuant to this Prospectus Supplement and the accompanying Prospectus.
The following table sets forth the historical capitalization of the Fund as of April&nbsp;30, 2021 and the as adjusted capitalization
of the Fund assuming the sale of 4,027,618 Common Shares offered in this Prospectus Supplement at $8.69 per share (the last reported sale
price of the Fund&rsquo;s Common Shares on NYSE American on August&nbsp;30, 2021), including estimated offering expenses of $125,000 and
underwriting discounts and commissions of $525,000. Actual sales, if any, of the Fund&rsquo;s Common Shares under this Prospectus Supplement
and the accompanying Prospectus may be different than as set forth in the table below. In addition, the price per share of any such sale
may be greater or less than $8.69 depending on the market price of the Fund&rsquo;s Common Shares at the time of any such sale. To the
extent that the market price per share of the Fund&rsquo;s Common Shares on any given day is less than the NAV per share on such day,
the Fund will instruct JonesTrading not to make any sales on such day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Actual as of<BR>
 April&nbsp;30, 2021</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center">As Adjusted as of <BR>
April&nbsp;30, 2021</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Common Shareholders&rsquo; Equity:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; width: 74%; text-align: left">Common Shares, $0.001 par value per share; 300,000,000 shares authorized (The &ldquo;Actual&rdquo; column reflects the 8,738,829 shares outstanding as of April&nbsp;30, 2021. The &ldquo;As Adjusted&rdquo; column assumes the issuance of 4,027,618 Common Shares in this offering.)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">8,739</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">12,767</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Paid-in capital*</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">66,607,314</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">100,953,286</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Total distributable loss</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(7,554,402</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(7,554,402</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Net Assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">59,061,651</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">93,411,651</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">* As adjusted paid-in surplus reflects a deduction for estimated offering
expenses of $125,000 and assumed agent discounts and commissions of $525,000.</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; text-align: center"><B>USE OF PROCEEDS</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; text-indent: 0.5in">The Fund estimates total net proceeds of the offering
to be approximately $34,350,000, based on the public offering price of $8.69 per share and after deduction of the assumed agent discounts
and commissions and estimated offering expenses payable by the Fund.</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; text-indent: 0.5in">The Fund intends to invest the net proceeds of
the offering in accordance with its investment objectives and policies as stated in the accompanying Prospectus under the heading &ldquo;Investment
objectives and principal investment strategy.&rdquo; It is currently anticipated that the Fund will be able to invest substantially all
of the net proceeds of the offering in accordance with its investment objective and policies within three months after the completion
of the offering. However, until it is able to do so, the Fund may invest in temporary investments, such as cash, cash equivalents, short-term
debt securities or U.S. government securities, which could negatively impact the Fund&rsquo;s returns during such period. A delay in the
anticipated use of proceeds could lower returns and reduce the Fund&rsquo;s distribution to Common Shareholders.</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; text-align: center"><B>MARKET AND NET ASSET VALUE INFORMATION</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; text-indent: 0.5in">The Fund&rsquo;s currently outstanding Common Shares
are, and the Common Shares offered pursuant to this Prospectus Supplement and the accompanying Prospectus will be, subject to notice of
issuance, listed on the NYSE American. The Common Shares commenced trading on the NYSE on February&nbsp;28, 1992. Effective November&nbsp;4,
2002, the Fund transferred the listing of its Common Shares from the New York Stock Exchange to the NYSE American (formerly, American
Stock Exchange).</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; text-indent: 0.5in">The Common Shares have traded both at a premium
and at a discount to the Fund&rsquo;s NAV per Common Share. Although the Common Shares recently have traded at a premium to NAV, there
can be no assurance that this will continue after the offering nor that the Common Shares will not trade at a discount in the future.
Shares of closed-end investment companies frequently trade at a discount to NAV. The Fund&rsquo;s NAV will be reduced immediately following
an offering of the Common Shares due to the costs of such offering, which will be borne entirely by the Fund. The sale of Common Shares
by the Fund (or the perception that such sales may occur) may have an adverse effect on prices of Common Shares in the secondary market.
An increase in the number of Common Shares available may result in downward pressure on the market price for Common Shares.</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; text-indent: 0.5in">As of August&nbsp;30, 2021, 8,742,320 Common Shares
were outstanding. The last reported sales price, NAV per Common Share and percentage premium to NAV per Common Share on August&nbsp;30,
2021 was $8.69, $6.55 and 32.70%, respectively. The Fund cannot predict whether its Common Shares will trade in the future at a premium
to or discount from NAV, or the level of any premium or discount. Shares of closed-end investment companies frequently trade at a discount
from NAV.</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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<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; text-align: center"><B>PLAN OF DISTRIBUTION</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; text-align: justify; text-indent: 0.5in">Under the Sales Agreement
among the Fund, the Investment Manager, the Sub-Adviser and JonesTrading, upon written instructions from the Fund, JonesTrading will use
its commercially reasonable efforts consistent with its sales and trading practices, to sell, as the Fund&rsquo;s sales agent, the Common
Shares under the terms and subject to the conditions set forth in the Sales Agreement. JonesTrading&rsquo;s sales efforts will continue
until we instruct JonesTrading to suspend sales. The Fund will instruct JonesTrading as to the amount of Common Shares to be sold by JonesTrading.
The Fund may instruct JonesTrading not to sell Common Shares if the sales cannot be effected at or above the price designated by the Fund
in any instruction. The Fund or JonesTrading may suspend the offering of Common Shares upon proper notice and subject to other conditions.</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; text-align: justify; text-indent: 0.5in">Sales of the Common Shares,
if any, under this Prospectus Supplement and the accompanying Prospectus may be made in negotiated transactions or transactions that are
deemed to be &ldquo;at the market&rdquo; as defined in Rule&nbsp;415 under the 1933 Act, including sales made directly on the NYSE American
or sales made to or through a market maker other than on an exchange at prices related to the prevailing market prices or at negotiated
prices.</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; text-align: justify; text-indent: 0.5in">JonesTrading will provide
written confirmation to the Fund not later than the opening of the trading day on the NYSE American following the trading day on which
Common Shares are sold under the Sales Agreement. Each confirmation will include the number of shares sold on the preceding day, the net
proceeds to us and the compensation payable by the Fund to JonesTrading in connection with the sales.</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; text-align: justify; text-indent: 0.5in">The Fund will pay JonesTrading
commissions for its services in acting as agent in the sale of Common Shares. JonesTrading will be entitled to compensation of 100 to
300 basis points of the gross sales price per share of any Common Shares sold under the Sales Agreement, with the exact amount of such
compensation to be mutually agreed upon by the Fund and JonesTrading from time to time. The Fund has agreed to reimburse JonesTrading
for reasonable fees and expenses of counsel for JonesTrading, up to (i)&nbsp;$35,000 in connection with the preparation of the Sales Agreement
and this Prospectus Supplement and (ii)&nbsp;$10,000 on an annual basis in each annual period following the date of the Sales Agreement.</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; text-align: justify; text-indent: 0.5in">There is no guarantee that
there will be any sales of the Fund&rsquo;s Common Shares pursuant to this Prospectus Supplement and the accompanying Prospectus. Actual
sales, if any, of the Fund&rsquo;s Common Shares under this Prospectus Supplement and the accompanying Prospectus may be less than as
set forth in this paragraph. In addition, the price per share of any such sale may be greater or less than the price set forth in this
paragraph, depending on the market price of the Fund&rsquo;s Common Shares at the time of any such sale. Assuming 4,027,618 of the Fund&rsquo;s
Common Shares offered hereby are sold at a market price of $8.69 per share (the last reported sale price for the Fund&rsquo;s Common Shares
on the NYSE American on August&nbsp;30, 2021), we estimate that the total cost for the offering, excluding compensation payable to JonesTrading
under the terms of the Sales Agreement, would be approximately $125,000.</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; text-align: justify; text-indent: 0.5in">Settlement for sales of Common
Shares will occur on the second trading day following the date on which such sales are made, or on some other date that is agreed upon
by the Fund and JonesTrading in connection with a particular transaction, in return for payment of the net proceeds to the Fund. There
is no arrangement for funds to be received in an escrow, trust or similar arrangement.</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; text-align: justify; text-indent: 0.5in">In connection with the sale
of the Common Shares on behalf of the Fund, JonesTrading may, and will with respect to sales effected in an &ldquo;at the market&rdquo;
offering, be deemed to be an &ldquo;underwriter&rdquo; within the meaning of the 1933 Act, and the compensation of JonesTrading may be
deemed to be underwriting commissions or discounts. The Fund has agreed to provide indemnification and contribution to JonesTrading against
certain civil liabilities, including liabilities under the Securities Act.</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; text-align: justify; text-indent: 0.5in">The offering of the Fund&rsquo;s
Common Shares pursuant to the Sales Agreement will terminate upon the earlier of (1)&nbsp;the sale of all Common Shares subject to the
Sales Agreement or (2)&nbsp;termination of the Sales Agreement. The Sales Agreement may be terminated by the Fund or JonesTrading in their
sole discretion at any time by giving notice to the other party. In addition, JonesTrading may terminate the Sales Agreement at any time
under the circumstances specified in the Sales Agreement.</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; text-align: justify; text-indent: 0.5in">The principal business address
of JonesTrading is 757 Third Avenue, 23rd Floor, New York, New York 10017.</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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<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; text-align: center"><B>LEGAL MATTERS</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; text-indent: 0.5in">Certain legal matters in connection with the Common
Shares will be passed on for the Fund by Dechert LLP.</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; text-align: center"><B>INCORPORATION BY REFERENCE</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">This Prospectus Supplement, including the accompanying Prospectus,
is part of a registration statement that the Fund has filed with the SEC. The Fund is permitted to &ldquo;incorporate by reference&rdquo;
the information that it files with the SEC, which means that the Fund can disclose important information to you by referring you to those
documents. The information incorporated by reference is an important part of this Prospectus Supplement and the accompanying Prospectus,
and later information that the Fund files with the SEC will automatically update and supersede this information.</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">The documents listed below, and any reports and other documents subsequently
filed with the SEC pursuant to Rule&nbsp;30(b)(2)&nbsp;under the 1940 Act and Sections 13(a), 13(c), 14 or 15(d)&nbsp;of the Exchange
Act, prior to the termination of this offering, are incorporated by reference into this Prospectus Supplement and the accompanying Prospectus
and deemed to be part of this Prospectus Supplement and accompanying Prospectus from the date of the filing of such reports and documents:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the Fund&rsquo;s Statement of Additional Information, dated July&nbsp;2, 2021, filed with this Prospectus (&ldquo;SAI&rdquo;)&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the
                                            Fund&rsquo;s Annual Report on <A HREF="https://www.sec.gov/Archives/edgar/data/876717/000110465921002271/tm2033257d15_ncsr.htm" STYLE="-sec-extract: exhibit">Form&nbsp;N-CSR</A> for the fiscal year ended October&nbsp;31,
                                            2020, filed with the SEC on January&nbsp;8, 2021 (&ldquo;Annual Report&rdquo;)&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the
                                            Fund&rsquo;s Semi-Annual Report on <A HREF="https://www.sec.gov/Archives/edgar/data/876717/000110465921090149/tm2115413d15_ncsrs.htm" STYLE="-sec-extract: exhibit">Form&nbsp;N-CSRS</A> for the fiscal period ended April&nbsp;30,
                                            2021, filed with the SEC on July&nbsp;8, 2021 (&ldquo;Annual Report&rdquo;)&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Fund&rsquo;s definitive proxy statement on <A HREF="https://www.sec.gov/Archives/edgar/data/779336/000110465921044952/a21-9411_1def14a.htm" STYLE="-sec-extract: exhibit">Schedule 14A</A> for our 2021 annual meeting of shareholders,
                                            filed with the SEC on April&nbsp;1, 2021 (&ldquo;Proxy Statement&rdquo;)&#894; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the
                                            Fund&rsquo;s description of common shares contained in our Registration Statement on <A HREF="https://www.sec.gov/Archives/edgar/data/876717/000094366304000441/form8a.htm" STYLE="-sec-extract: exhibit">Form&nbsp;8-A</A>
                                            (File No.&nbsp;001-10996) filed with the SEC on November&nbsp;3, 2004.</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">To obtain copies of these filings, see &ldquo;Additional Information&rdquo;
in this Prospectus Supplement and &ldquo;Where You Can Find More Information&rdquo; in the accompanying Prospectus.</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; text-align: center"><B>ADDITIONAL INFORMATION</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Prospectus Supplement, the accompanying Prospectus and the documents incorporated herein or therein by reference constitute part of a
Registration Statement filed by the Fund with the SEC under the Securities Act, and the 1940 Act. This Prospectus Supplement and the
accompanying Prospectus omit certain of the information contained in the Registration Statement, and reference is hereby made to the
Registration Statement and related exhibits for further information with respect to the Fund and the Common Shares offered hereby. Any
statements contained herein concerning the provisions of any document are not necessarily complete, and, in each instance, reference
is made to the copy of such document filed as an exhibit to the Registration Statement or otherwise filed with the SEC. Each such statement
is qualified in its entirety by such reference. The complete Registration Statement may be obtained from the SEC upon payment of the
fee prescribed by its rules&nbsp;and regulations or free of charge through the SEC&rsquo;s website (<U>www.sec.gov</U></FONT>). Free
copies of the Fund&rsquo;s Prospectus, SAI, reports and any incorporated information will also be available from the Fund&rsquo;s website
at http:/www.aberdeenfco.com. Information contained on the Fund&rsquo;s website is not considered to be a part of, nor incorporated by
reference in, this Prospectus Supplement or the accompanying Prospectus.</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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<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>BASE PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">$50,000,000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Aberdeen Global Income Fund, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Common Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Preferred Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Subscription Rights for Common Shares</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"><I>The Fund. </I>Aberdeen Global Income Fund, Inc. (the &#8220;Fund&#8221;)
is a non-diversified, closed-end management investment company.</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"><I>Investment Objectives.</I>&nbsp;The Fund&#8217;s principal investment
objective is to provide high current income by investing primarily in fixed income securities. As a secondary investment objective, the
Fund seeks capital appreciation, but only when consistent with its principal investment objective.</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"><I>Principal Investment Strategy; Leverage.</I>&nbsp;As a non-fundamental
policy, under normal market conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment
purposes, in debt securities. If the Fund changes its 80% policy, it will notify shareholders at least 60 days&#8217; before the change
and may need to change the name of the Fund. The Fund&#8217;s investments are divided into three categories: Developed Markets, Investment
Grade Developing Markets and Sub-Investment Grade Developing Markets. &#8220;Developed Markets&#8221; are those countries contained in
the FTSE World Government Bond Index, New Zealand, Luxembourg and the Hong Kong Special Administrative Region. As of May 31, 2021, securities
of the following countries comprised the FTSE World Government Bond Index: Australia, Austria, Belgium, Canada, Denmark, Finland, France,
Germany, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, Norway, Poland, Singapore, Spain, Sweden, the United Kingdom and
the United States. &#8220;Investment Grade Developing Markets&#8221; are those countries whose sovereign debt is rated not less than
Baa3 by Moody&#8217;s Investors Services Inc. (&#8220;Moody&#8217;s&#8221;) or BBB- by S&amp;P Global Ratings (&#8220;S&amp;P&#8221;)
or comparably rated by another appropriate nationally or internationally recognized ratings agency. As of May 31, 2021, &#8220;Investment
Grade Developing Markets&#8221; are comprised of the following countries: Abu Dhabi, Andorra, Aruba, Australia, Austria, Belgium, Bermuda,
Botswana, Bulgaria, Canada, Cayman Islands, Chile, China, Colombia, Croatia, Curacao, Cyprus, Czech Republic, Denmark, Estonia, Finland,
France, Germany, Hong Kong, Hungary, Iceland, India, Indonesia, Ireland, Isle of Man, Israel, Italy, Japan, Jersey, Kazakhstan, Kuwait,
Latvia, Liechtenstein, Lithuania, Luxembourg, Macao, Malaysia, Malta, Mauritius, Mexico, Montserrat, Netherlands, New Zealand, Norway,
Panama, Peru, Philippines, Poland, Portugal, Qatar, Republic of Korea (South Korea), Romania, Russia, Saudi Arabia, Singapore, Slovakia,
Slovenia, Spain, Sweden, Switzerland, Taiwan, Thailand, Trinidad &amp; Tobago, United Arab Emirates, United Kingdom, United States and
Uruguay. &#8220;Sub-Investment Grade Developing Markets&#8221; are those countries that are not Developed Markets or Investment Grade
Developing Markets. Under normal circumstances, at least 60% of the Fund&#8217;s total assets are invested in fixed income securities
of issuers in Developed Markets or Investment Grade Developing Markets, whether or not denominated in the currency of such country; provided,
however, that the Fund invests at least 40% of its total assets in fixed income securities of issuers in Developed Markets. The Fund
may invest up to 40% of its total assets in fixed income securities of issuers in Sub-Investment Grade Developing Markets, whether or
not denominated in the currency of such country. Fixed income securities of issuers in Sub-Investment Grade Developing Markets may be
rated below investment grade, as described below, at the time of investment (sometimes referred to as &#8220;junk bonds&#8221;). Below
investment grade securities are considered to be speculative with respect to the issuer&#8217;s ability to pay interest and principal
when due. The Fund currently utilizes and in the future expects to continue to utilize leverage through borrowings or through other transactions,
such as reverse repurchase agreements, which have the effect of leverage. The Fund may also utilize leverage through the issuance of
debt securities or preferred stock, although it has no current intention to do so. The Fund anticipates using leverage in an aggregate
amount up to 33 1/3% of its total assets (including the amount obtained from leverage), under normal market conditions. The Fund generally
will not utilize leverage if it anticipates that the Fund&#8217;s leveraged capital structure would result in a lower return to shareholders
than that obtainable over time with an unleveraged capital structure. Use of leverage creates an opportunity for increased income and
capital appreciation for shareholders but, at the same time, creates special risks, and there can be no assurance that a leveraging strategy
will be successful during any period in which it is employed. As of October 31, 2020, the Fund&#8217;s use of leverage as a percentage
of Managed Assets was 26.2%. As of October 31, 2020, the Fund&#8217;s use of leverage as a percentage of net assets was 35.5%. See &#8220;Investment
Objectives and Principal Investment Strategy&#8221; and &#8220;Leverage&#8221; below and &#8220;Investment Restrictions&#8221; in the
Statement of Additional Information, dated July 2, 2021 (the &#8220;SAI&#8221;). <B>There is no assurance that the Fund&#8217;s leveraging
strategy will be successful. Leverage involves special risks. See &#8220;Investment Objectives and Principal Investment Strategy &#8212;
Use of Leverage and Related Risks&#8221; </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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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"><I>Offering</I>.&nbsp;The Fund may offer, from time to time, up
to $50,000,000 aggregate initial offering price of shares of common stock, par value $0.001 per share (&#8220;Common Shares&#8221;),
preferred stock (&#8220;Preferred Shares&#8221;), promissory notes (&#8220;Notes&#8221;) subscription rights to purchase Common Shares
(&#8220;Rights&#8221; and collectively with the Common Shares and Preferred Shares, &#8220;Securities&#8221;) in one or more offerings
in amounts, at prices and on terms set forth in one or more supplements to this Prospectus (each a &#8220;Prospectus Supplement&#8221;).
You should read this Prospectus and any related Prospectus Supplement carefully before you decide to invest in the Securities.</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">The Fund may offer Securities (1) directly to one or more purchasers,
(2) through agents that the Fund may designate from time to time or (3) to or through underwriters or dealers. The Prospectus Supplement
relating to a particular offering of Securities will identify any agents or underwriters involved in the sale of Securities, and will
set forth any applicable purchase price, fee, commission or discount arrangement between the Fund and agents or underwriters or among
underwriters or the basis upon which such amount may be calculated. The Fund may not sell Securities through agents, underwriters or
dealers without delivery of this Prospectus and a Prospectus Supplement. See &#8220;Plan of Distribution.&#8221;</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"><B><I>Investing in Securities 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. Before buying any Securities,
you should read the discussion of the principal risks of investing in the Fund, including that the Fund may invest all or a substantial
portion of its assets in below investment grade securities which are often referred to as high yield or &#8220;junk&#8221; securities.
The principal risks of investing in the Fund are summarized in &#8220;The Fund at a glance &#8212; Risk Factors&#8221; beginning on page&nbsp;15
of this Prospectus and further described in &#8220;Risk Factors&#8221; beginning on page&nbsp;27 of this Prospectus.</I></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"><B>Neither the Securities and Exchange Commission (the &#8220;SEC&#8221;)
nor any state securities commission has approved or disapproved of these securities or determined if this Prospectus is truthful or complete.
Any representation to the contrary is a criminal offense.</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; text-align: center"><B>Prospectus dated July 2,
2021</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"><I>Investment Manager, Investment Adviser and Investment
Sub-Adviser. </I>Aberdeen Standard Investments (Asia) Limited (&#8220;ASIAL&#8221; or the &#8220;Investment Manager&#8221;) serves
as investment manager to the Fund. Aberdeen Standard Investments Australia Limited (the &#8220;Investment Adviser&#8221;) serves as
the investment adviser to the Fund and is responsible for overseeing the Fund&#8217;s overall investment strategy and its
implementation, and will serve as such through about July 23, 2021. Aberdeen Asset Managers Limited. (&#8220;AAML&#8221; or the
 &#8220;Sub-Adviser,&#8221; and collectively with the Investment Adviser, the &#8220;Advisers&#8221;) serves as the investment
sub-adviser of the Fund and is responsible for investing the Fund&#8217;s assets. At a meeting held on June 16, 2021, the
Fund&#8217;s Board of Directors approved the termination of Aberdeen Standard Investments Australia Limited as Investment Adviser of
the Fund, effective on or about July 23, 2021. Upon the effectiveness of the termination of Aberdeen Standard Investments Australia
Limited, ASIAL will continue to serve as the Fund&#8217;s Investment Manager and AAML will continue to serve as the sub-adviser to
the Fund and will maintain responsibility for investing the Fund&#8217;s assets.</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"><I>Common Shares.</I> The Fund&#8217;s outstanding Common Shares
are, and the Common Shares offered by this Prospectus will be, subject to notice of issuance, listed on the New York Stock Exchange (&#8220;NYSE&#8221;)
under the symbol &#8220;FCO.&#8221; As of June 22, 2021, the net asset value of the Fund&#8217;s Common Shares was $6.66 per Common Share
and the last reported sale price for the Fund&#8217;s Common Shares on the NYSE was $8.90 per Common Share, representing a premium to
net asset value of 33.6%. See &#8220;NAV, Market Price and Discount&#8221; in the Annual Report for the fiscal year ended October 31,
2020 (together with any updates thereto in subsequent periodic filings) (the &#8220;Annual Report&#8221;).</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"><I>Distributions. </I>The Fund intends to make regular monthly distributions
of all or a portion of the Fund&#8217;s net interest and other investment company taxable income to common shareholders. The Fund expects
to pay its common shareholders annually all or substantially all of its investment company taxable income. In addition, the Fund intends
to distribute, on an annual basis, all or substantially all of any net capital gains to its common shareholders.</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">This Prospectus sets forth concisely information about the Fund
you should know before investing. Please read this Prospectus carefully before deciding whether to invest and retain it for future reference.
The SAI has been filed with the SEC. A table of contents for the SAI is located on page&nbsp;47 of this Prospectus. This Prospectus incorporates
by reference the entire SAI. The SAI is available along with other Fund-related materials on the EDGAR database on the SEC&#8217;s internet
site (http://www.sec.gov) or upon payment of copying fees by electronic request to publicinfo@sec.gov.</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">You may also request a free copy of the SAI, annual and semi-annual
reports to shareholders, and additional information about the Fund, and may make other shareholder inquiries, by calling&nbsp;Investor
Relations toll-free at 1-800-522-5465, by writing to the Fund or visiting the Fund&#8217;s website (http:/www.aberdeenfco.com).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Fund&#8217;s Securities do not represent a deposit or obligation
of, and are not guaranteed by or endorsed by, any bank or other insured depositary institution, and are not federally insured by the Federal
Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</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">Beginning with shareholder reports for the period ending April&nbsp;30,
2021, as permitted by regulations adopted by the SEC, paper copies of the Fund&#8217;s shareholder reports will no longer be sent by mail,
unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer
or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided
with a website link to access the report.</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">If you already elected to receive shareholder reports electronically,
you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications
from the Fund by contacting the financial intermediary through which you hold your Fund shares or, if you are a direct investor, by calling
the Fund at 800-522-5465.</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">You may elect to receive all future reports in paper free of charge.
You can inform the Fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by
following the instructions included with this disclosure or by contacting the financial intermediary through which you hold your Fund
shares or, if you are a direct investor, by calling the Fund at 800-522-5465. Your election to receive reports in paper will apply to
all funds held with your financial intermediary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B>&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; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%"><FONT STYLE="font-size: 10pt">About this Prospectus</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Where you can find more information</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Incorporation by reference</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Summary of Fund expenses</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">The Fund at a glance</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Financial highlights</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Senior securities</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">The Fund</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Use of proceeds</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Description of Common Shares</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Investment objectives and principal investment strategy</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Risk factors</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">27</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Management of the Fund</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">29</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Legal proceedings</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">31</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Net asset value of Common Shares</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">31</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Distributions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">31</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Tax matters</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">32</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Closed-end fund structure</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Dividend Reinvestment and Optional Cash Purchase Plan</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Description of capital structure</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">35</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Plan of distribution</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">44</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Custodian, dividend paying agent, transfer agent and registrar</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">46</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Legal opinions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">46</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Independent registered public accounting firm</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">46</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Additional information</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">46</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Table of contents for the statement of additional information</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">47</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>About
this prospectus</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Prospectus is part of a registration statement on Form N-2
that the Fund filed with the SEC using a &#8220;shelf&#8221; registration process. Under this process, the Fund may offer, from time
to time, up to $50,000,000 aggregate initial offering price of Securities in one or more offerings in amounts, at prices and on terms
set forth in one or more Prospectus Supplements. The Prospectus Supplement may also add, update or change information contained in this
Prospectus. You should carefully read this Prospectus and any accompanying Prospectus Supplement, together with the additional information
described under the heading &#8220;Where You Can Find More Information.&#8221;</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"><B>You should rely only on the information contained or incorporated
by reference in this Prospectus and any accompanying Prospectus Supplement. The Fund has not authorized any other person to provide you
with different information. If anyone provides you with different or inconsistent information, you should not rely on it. The Fund is
not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted.</B>&nbsp;<B>You should assume
that the information contained or the representations made herein are accurate only as of the date on the cover page&nbsp;of this Prospectus.
The Fund&#8217;s business, financial condition and prospects may have changed since that date. The Fund will amend this Prospectus and
any accompanying Prospectus Supplement if, during the period that this Prospectus and any accompanying Prospectus Supplement is required
to be delivered, there are any subsequent material changes.</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; text-align: center"><B>Cautionary notice regarding forward-looking
statements</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">This Prospectus, any accompanying Prospectus Supplement and the SAI,
contain (or will contain) or incorporate (or will incorporate) by reference &#8220;forward-looking statements.&#8221; Forward-looking
statements can be identified by the words &#8220;may,&#8221; &#8220;will,&#8221; &#8220;intend,&#8221; &#8220;expect,&#8221; &#8220;estimate,&#8221;
 &#8220;continue,&#8221; &#8220;plan,&#8221; &#8220;anticipate,&#8221; and similar terms with the negative of such terms. By their nature,
all forward-looking statements involve risks and uncertainties, and actual results could differ materially from those contemplated by
the forward-looking statements. Several factors that could materially affect the Fund&#8217;s actual results are the performance of the
portfolio of securities the Fund holds, the price at which the Fund&#8217;s Securities will trade in the public markets and other factors
discussed in the Fund&#8217;s periodic filings with the SEC.</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">Although the Fund believes that the expectations expressed in the forward-looking
statements are reasonable, actual results could differ materially from those projected or assumed in the Fund&#8217;s forward-looking
statements. Future financial condition and results of operations, as well as any forward-looking statements, are subject to change and
are subject to inherent risks and uncertainties, such as those disclosed in the &#8220;Risk Factors&#8221; section of this Prospectus.
All forward-looking statements contained in this Prospectus or in the SAI are made as of the date of this Prospectus or SAI, as the case
may be. Except for ongoing obligations under the federal securities laws, the Fund does not intend and is not obligated, to update any
forward-looking statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WHERE YOU CAN FIND MORE INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund is subject to the informational requirements of the Securities
Exchange Act of 1934 (the &#8220;Exchange Act&#8221;) and the Investment Company Act of 1940 (&#8220;1940 Act&#8221;) and in accordance
therewith files, or will file, reports and other information with the SEC. Reports, proxy statements and other information filed by the
Fund with the SEC pursuant to the informational requirements of the Exchange&nbsp;Act and the 1940 Act can be inspected and copied at
the public reference facilities maintained by the SEC, 100&nbsp;F&nbsp;Street, N.E., Washington,&nbsp;D.C. 20549. The SEC maintains a
web site at www.sec.gov containing reports, proxy and information statements and other information regarding registrants, including the
Fund, that file electronically with the SEC</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">This Prospectus constitutes part of a Registration Statement filed
by the Fund with the SEC under the Securities Act of 1933 (&#8220;Securities Act&#8221;) and the 1940 Act. This Prospectus omits certain
of the information contained in the Registration Statement, and reference is hereby made to the Registration Statement and related exhibits
for further information with respect to the Fund and the Common Shares offered hereby. Any statements contained herein concerning the
provisions of any document are not necessarily complete, and, in each instance, reference is made to the copy of such document filed as
an exhibit to the Registration Statement or otherwise filed with the SEC. Each such statement is qualified in its entirety by such reference.
The complete Registration Statement may be obtained from the SEC upon payment of the fee prescribed by its rules and regulations or free
of charge through the SEC&#8217;s website (www.sec.gov).</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"><FONT STYLE="background-color: white">The </FONT>Fund <FONT STYLE="background-color: white">will
provide without charge to each person, including any beneficial owner, to whom this Prospectus is delivered, upon written or oral request,
a copy of any and all of the information that has been incorporated by reference in this Prospectus or any accompanying Prospectus Supplement.
You may request such information&nbsp;</FONT>by calling Investor Relations toll-free at 1-800-522-5465 or you may obtain a copy (and
other information regarding the Fund) from the SEC&#8217;s website (www.sec.gov). Free copies of the Fund&#8217;s Prospectus, Statement
of Additional Information and any incorporated information will also be available from the Fund&#8217;s website at http:/www.aberdeenfco.com.&nbsp;<FONT STYLE="background-color: white">Information
contained on the Fund&#8217;s website is not incorporated by reference into this Prospectus or any Prospectus Supplement and should not
be considered to be part of this Prospectus or any Prospectus Supplement.</FONT></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; text-align: center"><B>INCORPORATION BY REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">This Prospectus is part of a
registration statement that the </FONT>Fund <FONT STYLE="background-color: white">has filed with the SEC. The </FONT>Fund <FONT STYLE="background-color: white">is
permitted to &#8220;incorporate by reference&#8221; the information that it files with the SEC, which means that the </FONT>Fund <FONT STYLE="background-color: white">can
disclose important information to you by referring you to those documents. The information incorporated by reference is an important part
of this Prospectus, and later information that the </FONT>Fund <FONT STYLE="background-color: white">files with the SEC will automatically
update and supersede this information.</FONT></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"><FONT STYLE="background-color: white">The documents listed below, and
any reports and other documents subsequently filed with the SEC pursuant to Rule 30(b)(2) under the 1940 Act and Sections 13(a), 13(c),
14 or 15(d) of the Exchange Act, prior to the termination of the offering, are incorporated by reference into this Prospectus and deemed
to be part of this Prospectus from the date of the filing of such reports and documents:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the Fund&#8217;s Statement of Additional Information, dated July 2,
    2021, filed with this Prospectus (&#8220;SAI&#8221;);</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the Fund&#8217;s Annual Report on&nbsp;<U><A HREF="http://www.sec.gov/Archives/edgar/data/876717/000110465921002271/tm2033257d15_ncsr.htm" STYLE="-sec-extract: exhibit">Form
    N-CSR</A></U>&nbsp;for the fiscal year ended October 31, 2020, filed with the SEC on January 8, 2021 (&#8220;Annual Report&#8221;);</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the Fund&#8217;s definitive proxy statement on&nbsp;<U><A HREF="http://www.sec.gov/Archives/edgar/data/779336/000110465921044952/a21-9411_1def14a.htm" STYLE="-sec-extract: exhibit">Schedule 14A</A></U>&nbsp;for our 2021 annual
    meeting of shareholders, filed with the SEC on April 29, 2021 (&#8220;Proxy Statement&#8221;); and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; background-color: white">the </FONT><FONT STYLE="font-size: 10pt">Fund&#8217;s <FONT STYLE="background-color: white">description
    of common shares contained in our Registration Statement on&nbsp;<U><A HREF="http://www.sec.gov/Archives/edgar/data/876717/000094366304000441/form8a.htm" STYLE="-sec-extract: exhibit">Form 8-A</A></U>&nbsp;(File No. </FONT>001-10996<FONT STYLE="background-color: white">)
    filed with the SEC on November 3, 2004.</FONT></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"><FONT STYLE="background-color: white">To obtain copies of these filings,
see &#8220;Where You Can Find More Information.&#8221;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Summary
of Fund expenses</B></FONT></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">The purpose of the following table and the example below is to
help you understand the fees and expenses that holders of Common Shares (&#8220;Common Shareholders&#8221;) would bear directly or indirectly.
The expenses shown in the table under &#8220;Other expenses&#8221; are for the Fund&#8217;s most recent fiscal year ended October 31,
2020. The expenses shown in the table under &#8220;Interest expenses on bank borrowings,&#8221; &#8220;Total annual expenses&#8221; and
 &#8220;Total annual expenses after expense reimbursement&#8221; are based on the Fund&#8217;s average net assets for the most recent
fiscal year ended October 31, 2020 of $60,738,000. As of October 31, 2020, the Fund had $20,300,000 of leverage outstanding through bank
borrowings which represented 26.2% of the Managed Assets as of October 31, 2020. The table reflects Fund expenses as a percentage of
net assets attributable to Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Common Shareholder transaction expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 77%; text-align: left">Sales load (as a percentage of offering price)(1)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: right">---</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Offering expenses (as a percentage of offering price)(1)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">---</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Dividend Reinvestment and Optional Cash Purchase Plan fees
    (per share for open-market purchases of Common Shares)(2)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Fee for open market purchases of
    Common Shares</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$0.02
                                            (per share)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Fee for optional shares purchases</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$5.00
                                            (max)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Sales of shares held in a dividend
    reinvestment account</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;$0.12
                                            (per share) and $25.00 (max)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Preferred Shares Offering Expenses Borne by the Fund (as
    a percentage of net assets attributable to Common Shares)(1)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">---</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Annual&nbsp;expenses<BR> (as&nbsp;a&nbsp;percentage&nbsp;of&nbsp;net&nbsp;assets<BR>
    attributable&nbsp;to</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Common&nbsp;Shares)</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; font-size: 10pt">Advisory fee(3)</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">0.89</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Interest expenses on bank borrowings(4)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.78</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Dividends on Preferred Shares</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.00</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%(5)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Other expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.22</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Total annual expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2.89</TD><TD STYLE="font-size: 10pt; text-align: left">%</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>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Common
Shares of Preferred Shares are sold to or through underwriters, a prospectus or prospectus supplement will set forth any applicable sales
load and the estimated offering expenses borne by the Fund.</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">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders
who participate in the Fund&#8217;s Dividend Reinvestment and Optional Cash Purchase Plan (the &#8220;Plan&#8221;) may be subject to
fees on certain transactions. The Plan Agent&#8217;s (as defined below under &#8220;Dividend Reinvestment and Optional Cash Purchase
Plan&#8221;) fees for the handling of the reinvestment of dividends will be paid by the Fund; however, participating shareholders will
pay a $0.02 per share fee incurred in connection with open-market purchases in connection with the reinvestment of dividends, capital
gains distributions and voluntary cash payments made by the participant, which will be deducted from the value of the dividend. For optional
share purchases, shareholders will also be charged a $2.50 fee for automatic debits from a checking/savings account, a $5.00 one-time
fee for online bank debit and/or $5.00 for check. Shareholders will be subject to $0.12 per share fee and either a $10.00 fee (for batch
orders) or $25.00 fee (for market orders) for sales of shares held in a dividend reinvestment account. Per share fees include any applicable
brokerage commissions the Plan agent is required to pay. For more details about the Plan, see &#8220;Dividend Reinvestment and Optional
Cash Purchase Plan.&#8221;</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">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Investment
Manager receives a monthly fee at the following annual rates: 0.65% of the Fund&#8217;s average weekly Managed Assets up to $200 million,
0.60% of Managed Assets between $200 million and $500 million, and 0.55% of Managed Assets in excess of $500 million. The advisory fee
percentage calculation assumes the use of leverage by the Fund as discussed in note (4). To derive the annual advisory fee as a percentage
of the Fund&#8217;s net assets (which are the Fund&#8217;s total assets less all of the Fund&#8217;s liabilities), the Fund&#8217;s average
Managed Assets for the fiscal year ended October 31, 2020 (which includes the use of leverage discussed in note (4)) were multiplied
by the annual advisory fee rate and then divided by the Fund&#8217;s average net assets for the same period.</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">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table
assumes total borrowings of 20,300,000 (the balance outstanding under the Fund&#8217;s Credit Facility as of October 31, 2020, representing
approximately 26.2% of the Fund&#8217;s Managed Assets and an average interest rate during the fiscal year ended October 31, 2020 of
1.94%. There can be no assurances that the Fund will be able to obtain such level of borrowing (or to maintain its current level of borrowing),
that the terms under which the Fund borrows will not change, or that the Fund&#8217;s use of leverage will be profitable. The expenses
shown under &#8220;Interest expense on bank borrowings&#8221; in the table above reflect the cost to the Fund of borrowings, expressed
as a percentage of the Fund&#8217;s net assets as of October 31, 2020, based on interest rates in effect as of October 31, 2020. The
<FONT STYLE="font-size: 10pt">Fund currently intends during the next twelve months (i)&nbsp;to maintain a similar proportionate amount
of borrowings but may increase such amount to 33 1/3% of the average daily value of the Fund&#8217;s total assets and (ii) not to issue
notes or preferred shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(5)&nbsp;As of the date of this Prospectus, the Fund has not issued
any Preferred Shares. The applicable prospectus supplement will set forth the expenses related to any Preferred Shares issued in the
future.</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"><B>Example</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">The following example illustrates the expenses you would pay on
a $1,000 investment in common shares assuming a 5% annual portfolio total return.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">1&nbsp;Year</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">3&nbsp;Years</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">5&nbsp;Years</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">10&nbsp;Years</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 23%; font-size: 10pt; text-align: right">29</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 22%; font-size: 10pt; text-align: right">89</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 22%; font-size: 10pt; text-align: right">152</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 22%; font-size: 10pt; text-align: right">321</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</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">* The example does not include sales load or estimated offering
costs. The example should not be considered a representation of future expenses or rate of return and actual Fund expenses may be greater
or less than those shown. The example assumes that (i)&nbsp;all dividends and other distributions are reinvested at NAV and (ii)&nbsp;the
percentage amounts listed under &#8220;Total annual expenses&#8221; above remain the same in the years shown. For more complete descriptions
of certain of the Fund&#8217;s costs and expenses, see &#8220;Management of the Fund &#8212; Advisory Agreements.&#8221;</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; text-align: center"><B>THE FUND AT A GLANCE</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"><B>Information regarding the Fund</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">The Fund is a closed-end management investment company registered
under the 1940 Act. The Fund was incorporated in Maryland on June 28, 1991, as a closed-end, non-diversified management investment company
and commenced operations on June 28, 1991. As of June 22, 2021 the Fund&#8217;s net asset value (&#8220;NAV&#8221;) per Common Share
was $6.66. See &#8220;The Fund.&#8221;</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"><B>NYSE listed</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">As of June 22, 2021, the Fund had 8,740,048Common Shares outstanding.
The Fund&#8217;s Common Shares are traded on the NYSE under the symbol &#8220;FCO.&#8221; As of June 22, 2021, the last reported sales
price of a Common Share of the Fund was $8.90, representing a premium to NAV of 33.6%.</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"><B>Who may want to invest</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">Investors should consider their investment goals, time horizons
and risk tolerance before investing in the Fund. An investment in the Fund is not appropriate for all investors, and the Fund is not
intended to be a complete investment program. The Fund is designed as a long-term investment and not as a trading vehicle. The Fund may
be an appropriate investment for investors who are seeking:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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; text-align: justify">
<TD STYLE="width: 2.5pt"></TD><TD STYLE="width: 18pt; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a
                                            closed-end fund that seeks a high level of current income by investing generally in global
                                            debt securities;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -17pt">&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; text-align: justify">
<TD STYLE="width: 2.5pt"></TD><TD STYLE="width: 18pt; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a
                                            fund that seeks to build capital gradually through appreciation and compounding interest;</TD>
</TR></TABLE>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0pt 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; text-align: justify">
<TD STYLE="width: 2.5pt"></TD><TD STYLE="width: 18pt; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a
                                            portfolio that may be invested globally with professional selection and active management
                                            by an experienced investment team.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Portfolio Turnover Rate</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">The Advisers will effect portfolio transactions without regard
to holding period, if, in their judgment, such transactions are advisable in light of a change in circumstance in general market, economic
or financial conditions. As a result of its investment policies, the Fund may engage in a substantial number of portfolio transactions.
Accordingly, while the Fund anticipates that its annual turnover rate should not exceed 100% under normal conditions, it is impossible
to predict portfolio turnover rates. The portfolio turnover rate is calculated by dividing the lesser of the Fund&#8217;s annual sales
or purchases of portfolio securities (exclusive of purchases or sales of securities whose maturities at the time of acquisition were
one year or less) by the monthly average value of the securities in the portfolio during the year. High portfolio turnover involves correspondingly
greater transaction costs in the form of dealer spreads and brokerage commissions, which are borne directly by the Fund. In addition,
a high rate of portfolio turnover may result in certain tax consequences, such as increased capital gain dividends and/or ordinary income
dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investment Objectives and Policies</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">The Fund's principal investment objective is to provide high current
income by investing primarily in fixed income securities. As a secondary investment objective, the Fund seeks capital appreciation, but
only when consistent with its principal objective. There is no assurance that the Fund will achieve its investment objectives. The Fund's
investment objectives may not be changed without the approval of the holders of a majority of the outstanding voting securities.</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">As a non-fundamental policy, under normal market conditions, the
Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in debt securities. If the Fund
changes its 80% policy, it will notify shareholders at least 60 days' before the change and the name of the Fund may need to be changed.</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">Under normal circumstances, at least 60% of the Fund's total assets
are invested in fixed income securities of issuers in Developed Markets or Investment Grade Developing Markets (as defined below), whether
or not denominated in the currency of such country; provided, however, that the Fund invests at least 40% of its total assets in fixed
income securities of issuers in Developed Markets. The Fund may invest up to 40% of its total assets in fixed income securities of issuers
in Sub-Investment Grade Developing Markets (as defined below), whether or not denominated in the currency of such country. Fixed income
securities of issuers in Sub-Investment Grade Developing Markets may be rated below investment grade, as described below, at the time
of investment (sometimes referred to as &#8220;junk bonds&#8221;). Below investment grade securities are considered to be speculative
with respect to the issuer's ability to pay interest and principal when due.</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">The following will be deemed to be &quot;issuers in&quot; a particular
market:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>governmental entities
                                            of the particular country;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>banks, companies and
                                            other entities which are located in the particular country;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>banks, companies and
                                            other entities which are organized under the laws of the particular country;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>banks, companies and
                                            other entities for which the principal securities trading market is in the particular country;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>entities which, although
                                            not located in the particular country, derive at least 50% of their revenues from that country
                                            or have at least 50% of their assets located in that country; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>wholly-owned subsidiaries
                                            of an entity whose principal place of business is located in the particular country, provided
                                            that the debt securities are guaranteed by a parent entity whose principal place of business
                                            is located in the particular country.</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">The Fund may also consider, among other criteria, the currency
that securities are denominated in, or linked to, in determining whether the issuer of such securities is deemed to be an &#8220;issuer
in&#8221; a particular market.</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">&#8220;Developed Markets&#8221; are those countries contained in
the FTSE World Government Bond Index, New Zealand, Luxembourg and the Hong Kong Special Administrative Region. As of May 31, 2021, securities
of the following countries comprised the FTSE World Government Bond Index: Australia, Austria, Belgium, Canada, Denmark, Finland, France,
Germany, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, Norway, Poland, Singapore, Spain, Sweden, the United Kingdom and
the United States.</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">&#8220;Investment Grade Developing Markets&#8221; are those countries
whose sovereign debt is rated not less than Baa3 by Moody&#8217;s Investor Services Inc. (&#8220;Moody&#8217;s&#8221;) or BBB- by S&amp;P
Global Ratings (&#8220;S&amp;P&#8221;), or comparably rated by another appropriate nationally or internationally recognized rating agency.
As of May 31, 2021, &#8220;Investment Grade Developing Markets&#8221; are comprised of the following countries: Abu Dhabi, Andorra, Aruba,
Australia, Austria, Belgium, Bermuda, Botswana, Bulgaria, Canada, Cayman Islands, Chile, China, Colombia, Croatia, Curacao, Cyprus, Czech
Republic, Denmark, Estonia, Finland, France, Germany, Hong Kong, Hungary, Iceland, India, Indonesia, Ireland, Isle of Man, Israel, Italy,
Japan, Jersey, Kazakhstan, Kuwait, Latvia, Liechtenstein, Lithuania, Luxembourg, Macao, Malaysia, Malta, Mauritius, Mexico, Montserrat,
Netherlands, New Zealand, Norway, Panama, Peru, Philippines, Poland, Portugal, Qatar, Republic of Korea (South Korea), Romania, Russia,
Saudi Arabia, Singapore, Slovakia, Slovenia, Spain, Sweden, Switzerland, Taiwan, Thailand, Trinidad &amp; Tobago, United Arab Emirates,
United Kingdom, United States and Uruguay.</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">&#8220;Sub-Investment Grade Developing Markets&#8221; are those
countries that are not Developed Markets or Investment Grade Developing Markets (Sub-Investment Grade Developing Markets, together with
Investment Grade Developing Markets are referred to herein as &#8220;Developing Markets&#8221;). Securities of issuers in Sub-Investment
Grade Developing Markets may be rated below investment grade at the time of investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While the credit quality of a market is reviewed at the time of
the Fund&#8217;s investment in that market, classification of a market may be amended by the Investment Manager as ratings and/or circumstances
change over time. See &#8220;Risk Factors.&#8221;</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">The Fund will invest in debt securities that are economically tied
to a number of countries throughout the world and will, under normal circumstances, be invested in three or more different non-U.S. countries.
The maximum exposure to issuers in any one Developed Market is up to 25% of the Fund's total assets; provided, however, that no more
than 40% may be invested in issuers in the U.S. The maximum exposure to issuers in any one Investment Grade Developing Market is up to
20% of the Fund's total assets. The maximum exposure to issuers in any one Sub-Investment Grade Developing Market is up to 15% of the
Fund's total assets. Such exposure limits are applied at the time of investment, although classification of a market or an issuer in
a market may be amended by the Investment Manager as ratings and/or circumstances change over time.</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">The maximum exposure to the currency of any one Developed Market
is up to 25% of the Fund's total assets; provided, however, the Fund may exceed this limitation with respect to the U.S. dollar. The
maximum exposure to the currency of any one Investment Grade Developing Market is up to 20% of the Fund's total assets. The maximum exposure
to the currency of any one Sub-Investment Grade Developing Market is up to 15% of the Fund's total assets. Such exposure limits are applied
at the time of investment, although, as stated above, classification of a market may be amended by the Investment Manager as ratings
and/or circumstances change over time.</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">Up to 75% of the Fund's investments (or the issuers of those investments)
may be rated below investment grade at the time of investment; that is rated below Baa3 by Moody&#8217;s or BBB- by S&amp;P, or comparably
rated by another appropriate nationally or internationally recognized rating agency, or if unrated, judged by the Investment Manager
to be of equivalent quality. Up to 10% of the Fund's investments (or the issuers of those investments) may be rated, at the time of investment,
Caa1 or below by Moody's, or CCC+ or below by S&amp;P, or comparably rated by another appropriate nationally or internationally recognized
rating agency, or if unrated, judged by the Investment Manager to be of equivalent quality. Before purchasing an unrated security, the
Investment Manager, Investment Adviser or Sub-Adviser analyzes the creditworthiness of the issuer of the security and of any financial
institution or other party responsible for payments on the security in order to assign a rating to the security. In the event that a
security receives different ratings from different rating agencies (Fitch, Moody's and S&amp;P), the Investment Manager, Investment Adviser
or Sub- Adviser will apply the highest rating received from the rating agencies in determining compliance with these guidelines. While
the credit quality of each of the Fund's investments is evaluated at the time of investment, the credit quality of the Fund's portfolio
may be reviewed from time to time and adjusted accordingly.</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">The Investment Manager, Investment Adviser and Sub-Adviser consider
external credit assessments available from international rating agencies such as Moody's and S&amp;P, as well as any reports on the issuer
which may be available from brokers or other sources. In some Developing Markets, where issues are often unrated or are at the lower
end of the credit risk spectrum, the Investment Manager, the Investment Adviser and the Sub-Adviser believe that opportunities exist
for skilled analysts to add value through extensive company research and detailed credit assessment.</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">Low-credit debt can sometimes become equity. Due to the conversion
of convertible notes and warrants, the Fund may from time to time become an (often) involuntary holder of equities until such stock can
be sold as and when an optimal price can be achieved, given market conditions. It may be in the interests of shareholders for the Fund
to hold such stock for short term periods.</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">Similarly, distressed companies can sometimes restructure via debt-for-equity
swaps in order to stay solvent and viable. In this case, the investor becomes an involuntary equity holder and, once again, it may be
in the best interests of shareholders that the Fund holds such securities for short periods of time, especially in extreme market conditions,
until optimal prices can be obtained.</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">The Fund currently utilizes and in the future expects to continue
to utilize leverage through borrowings or through other transactions, such as reverse repurchase agreements, which have the effect of
leverage. The Fund may also utilize leverage through the issuance of debt securities or preferred stock, although it has no current intention
to do so. The Fund anticipates using leverage in an aggregate amount up to 33 1/3% of its total assets (including the amount obtained
from leverage), under normal market conditions. The Fund generally will not utilize leverage if it anticipates that the Fund's leveraged
capital structure would result in a lower return to shareholders than that obtainable over time with an unleveraged capital structure.
Use of leverage creates an opportunity for increased income and capital appreciation for shareholders but, at the same time, creates
special risks, and there can be no assurance that a leveraging strategy will be successful during any period in which it is employed.</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">Consistent with its investment objectives, the Fund may invest
in a broad array of financial instruments and securities in which the value of the instrument or security is &#8220;derived&#8217; from
the performance of an underlying asset or a &quot;benchmark&quot; such as a security index, an interest rate or a foreign currency (&#8220;derivatives&#8221;).
The Fund may use derivatives to manage currency risk, credit risk and interest rate risk and to replicate or as a substitute for physical
securities. The Fund may use interest rate swaps to hedge the Fund's liability with respect to its leverage. There is no limit on the
amount of interest rate swap transactions that may be entered into by the Fund.</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">Derivative debt securities that replicate, or substitute for, the
currency of a particular country will be counted toward the limitations applicable with respect to issuers in that country. The Fund
may invest in over-the-counter or exchange traded derivatives. The Fund may invest in derivatives up to the limits allowed under the
1940 Act.</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Split-Segment; Name: a2 -->
<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">The Fund may invest in securities issued by investment companies
registered as such under the 1940 Act and unregistered, private funds (each, an &#8220;acquired company&#8221;), subject to the limitations
below (which are to be applied immediately after the acquisition of such securities).</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">The Fund may not acquire securities issued by an acquired company:</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 0pt 0.25in">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if the value of
such securities exceeds 3% of the total outstanding voting stock of the acquired company;</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 0pt 0.25in">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;if the aggregate
value of such securities would exceed 5% of the value of the total assets of the Fund; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: -0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if the aggregate
value of such securities, together with all other acquired company securities in the Fund's portfolio, would exceed 10% of the value
of the total assets of the Fund.</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">In response to adverse market, political or economic
conditions, or in other circumstances when warranted in the Investment Manager's judgment, the Fund may invest without limit in U.S.
Government securities and short-term debt obligations of U.S. banks and corporations rated not less than Aa or Prime-2 by
Moody&#8217;s or AA or A-2 by S&amp;P at the time of purchase for temporary defensive purposes. The Fund also may invest in these
instruments on a temporary basis to meet liquidity or distribution requirements. To the extent the Fund invests in these securities,
it may not achieve its investment objective. The yield on these securities may be lower than the yields on lower rated debt
securities. Although Prime-2 and A-2 ratings denote issuers with a strong (Moody's) or satisfactory (S&amp;P) ability to repay
short-term debt in a timely manner, the relative degree of safety is not as high as the very highest rating categories. In addition,
the Fund may enter into repurchase agreements and lending agreements involving these securities.</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">As a general matter and subject to applicable law, if a percentage
limitation is satisfied at the time of investment, a later increase or decrease in such percentage resulting from a change in the value
of the Fund's investments will not constitute a violation of such limitation, except that any borrowing by the Fund that exceeds the
corresponding fundamental investment limitation stated in the Fund&#8217;s SAI must be reduced to meet such limitation within the period
required by the 1940 Act (currently three days). Otherwise, the Fund may continue to hold a security even though it causes the Fund to
exceed a percentage limitation because of fluctuation in the value of the Fund's assets.</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">Unless otherwise indicated, the investment policies described above
are not &#8220;fundamental&#8221; and may be changed by the Fund at any time.</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"><B>Leverage</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">&nbsp;The Fund is permitted to obtain leverage using any form or
combination of financial leverage instruments, including reverse repurchase agreements, credit facilities such as bank loans or commercial
paper, and the issuance of preferred shares or notes. The Fund is permitted to have financial leverage representing up to the maximum
extent permitted by the 1940 Act, which is up to 33&nbsp;1/3% of the Fund&#8217;s total assets (including the assets subject to, and
obtained with the proceeds of, such leverage). The Fund intends to use leverage opportunistically and may choose to increase or decrease
its leverage, or use different types or combinations of leveraging instruments, at any time based on the Fund&#8217;s assessment of market
conditions and the investment environment. The Fund&#8217;s $40,000,000 revolving credit loan facility with The Bank of Nova Scotia was
renewed for a 3-year term on February 28, 2020 and, as of October 31, 2020, had $20,300,000 in borrowings outstanding under the Credit
Facility, which represented 26.2% of the Fund&#8217;s Managed Assets as of such date (including the proceeds of such leverage). The Credit
Facility expires on February 28, 2023 (although, subject to certain conditions including the payment of an additional fee, the Fund may
extend the maturity date of its outstanding loans for up to approximately one (1) year following such expiration date). Although the
Fund currently intends to renew the Credit Facility prior to its expiration date, there can be no assurance that the Fund will be able
to do so or do so on terms similar to the current Credit Facility, which may adversely affect the ability of the Fund to pursue its investment
objectives and strategies. See &#8220;Investment Objectives and Principal Investment Strategy&#8212;Use of Leverage and Related Risks&#8221;
for more information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The 1940 Act generally limits the extent to which the Fund may
utilize &#8220;uncovered&#8221; reverse repurchase agreements and borrowings, together with any other senior securities representing
indebtedness to 33&nbsp;1/3% of the Fund&#8217;s total assets at the time utilized. In addition, the 1940 Act limits the extent to which
the Fund may issue preferred shares to 50% of the Fund&#8217;s total assets (less the Fund&#8217;s obligations under uncovered reverse
repurchase agreements, borrowings and other senior securities representing indebtedness)). &#8220;Covered&#8221; reverse repurchase agreements
will not be counted against the foregoing limits under the 1940 Act. A reverse repurchase agreement will be considered &#8220;covered&#8221;
if the Fund segregates an amount of cash and/or liquid securities equal to the Fund&#8217;s obligations under such reverse repurchase
agreement (or segregates such other amounts as may be permitted by the 1940 Act or SEC guidance from time to time); otherwise, a reverse
repurchase agreement will be considered &#8220;uncovered.&#8221; The Fund may not cover a reverse repurchase agreement if it does not
need to do so to comply with the foregoing 1940 Act requirements and, in the view of the Advisers, the assets that would have been used
to cover could be better used for a different purpose.</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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<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Use of leverage creates an opportunity for increased income and
return for the Common Shareholders but, at the same time, creates risks, including the likelihood of greater volatility in the NAV and
market price of, and distributions on, the Common Shares. There can be no assurance that the Fund will continue to use leverage or that
its leveraging strategy will be successful during any period in which it is employed. The Fund may be subject to fees, covenants and
investment restrictions required by the NRSRO as a result. Such covenants and restrictions imposed by a NRSRO or lender may include asset
coverage or portfolio composition requirements that are more stringent than those imposed on the Fund by the 1940 Act. It is not anticipated
that these covenants or restrictions will significantly impede the Advisers in managing the Fund&#8217;s portfolio in accordance with
its investment objectives and policies. Nonetheless, if these covenants or guidelines are more restrictive than those imposed by the
1940 Act, the Fund may not be able to utilize as much leverage as it otherwise could have, which could reduce the Fund&#8217;s investment
returns. In addition, the Fund expects that any notes or a credit facility would contain covenants that, among other things, will likely
impose geographic exposure limitations, credit quality minimums, liquidity minimums, concentration limitations and currency hedging requirements
on the Fund. These covenants would also likely limit the Fund&#8217;s ability to pay distributions in certain circumstances, incur additional
debt, change fundamental investment policies and engage in certain transactions, including mergers and consolidations. Such restrictions
could cause the Advisers to make different investment decisions than if there were no such restrictions and could limit the ability of
the Board and Common Shareholders to change fundamental investment policies. If preferred shares are used, holders of preferred shares
will have rights to elect a minimum of two directors. This voting power may negatively affect Common Shareholders, and the interests
of holders of preferred shares may otherwise differ from the interests of Common Shareholders. Any directors elected by preferred shareholders
will represent both Common Shareholders as well as holders of preferred shares. Such directors may have a conflict of interest when the
interests of Common Shareholders differ from those of holders of preferred shares.</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">The costs of a financial leverage program (including the costs
of offering preferred shares and notes) will be borne by Common Shareholders and consequently will result in a reduction of the NAV of
the Common Shares. During periods in which the Fund is using leverage, the fees paid by the Fund for investment advisory services will
be higher than if the Fund did not use leverage because the investment advisory fees paid will be calculated on the basis of the Fund&#8217;s
Managed Assets, which includes proceeds from (and assets subject to) reverse repurchase agreements, any credit facility and any issuance
of preferred shares or notes, so that the investment advisory fees payable to the Investment Manager will be higher when leverage is
utilized. This will create a conflict of interest between the Advisers, on the one hand, and Common Shareholders, on the other hand.
To monitor this potential conflict, the Board intends periodically to review the Fund&#8217;s use of leverage, including its impact on
Fund performance and on the Advisers&#8217; fees. See &#8220;Management of the Fund &#8212; Potential Conflicts of Interest of the Advisers&#8221;
in the SAI. Fees and expenses in respect of financial leverage, as well as the investment advisory fee and all other expenses of the
Fund, will be borne entirely by the Common Shareholders, and not by preferred shareholders, noteholders or any other leverage providers.</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">The Fund may also enter into other transactions that may give rise
to a form of leverage including, among others, derivative transactions, loans of portfolio securities, and when-issued, delayed delivery
and forward commitment transactions. See &#8220;Investment Objectives and Principal Investment Strategy &#8212; Use of Leverage and Related
Risks&#8221; and &#8220;Risk Factors.&#8221;</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"><B>The Investment Manager</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aberdeen Standard Investments (Asia) Limited serves as investment
manager to the Fund, pursuant to a management agreement. The Investment Manager manages the Fund&#8217;s investments and makes investment
decisions on behalf of the Fund, including the selection of and the placement of orders with, brokers and dealers to execute portfolio
transactions on behalf of the Fund. At the Investment Manager&#8217;s request, the Investment Adviser will make recommendations of the
overall structure of the Fund&#8217;s portfolio including asset allocation advice and general advice on investment strategy. The Sub-Adviser
manages the portion of the Fund&#8217;s assets that the Investment Manager allocates to it. The Investment Adviser and Sub-Adviser are
paid by the Investment Manager, not the Fund. The Investment Manager is located at 21 Church Street, #01-01 Capital Square Two, Singapore
049480.</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"><B>The Investment Adviser</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">Aberdeen Standard Investments Australia Limited, an Australian
Company, serves as Investment Adviser and provides day-to-day investment management services to the Fund, and will serve as such through
about July 23, 2021. The Investment Adviser&#8217;s principal place of business is located at Level 10, 255 George Street, Sydney, NSW
2000, Australia. At a meeting held on June 16, 2021, the Fund&#8217;s Board of Directors approved the termination of Aberdeen Standard
Investments Australia Limited as Investment Adviser of the Fund, effective on or about July 23, 2021. Upon the effectiveness of the termination
of Aberdeen Standard Investments Australia Limited, ASIAL will continue to serve as the Fund&#8217;s Investment Manager and Aberdeen
Asset Managers Limited will continue to serve as the sub-adviser to the Fund and will maintain responsibility for investing the Fund&#8217;s
assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Sub-Adviser</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">Aberdeen Asset Managers Limited serves as the Sub-Adviser to the
Fund, pursuant to a sub-advisory agreement. The Sub-Adviser is located at Bow Bells House, 1 Bread Street, London, England EC4M 9HH.</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"><B>The Administrator</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">Aberdeen Standard Investments Inc., located at 1900 Market Street,
Suite&nbsp;200, Philadelphia, PA 19103, serves as administrator to the Fund. Under the administration agreement, ASII is generally responsible
for managing the administrative affairs of the Fund.</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">For administration related services, ASII is entitled to receive
a fee that is computed monthly and paid quarterly at an annual rate of 0.125% of the Fund&#8217;s average weekly Managed Assets up to$1
billion, 0.10% of the Fund&#8217;s average weekly Managed Assets in between $1 billion and $2 billion, and 0.075% of the Fund&#8217;s
average weekly Managed Assets in excess of $2 billion, plus certain out-of-pocket expenses.</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">State Street Bank and Trust Company serves as sub-administrator
of the Fund and is paid by ASII out of the fees it receives as the Fund&#8217;s administrator. See &#8220;Management of the Fund &#8212;
The Administrator.&#8221;</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"><B>Investor Relations</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">Under the terms of the Investor Relations Services Agreement, ASII
provides and/or engages third parties to provide investor relations services to the Fund and certain other funds advised by ASIAL or
its affiliates as part of an Investor Relations Program.</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">Under the Investor Relations Services Agreement, the Fund owes
a portion of the fees related to the Investor Relations Program (the &#8220;Fund&#8217;s Portion&#8221;). However, investor relations
services fees are limited by ASII so that the Fund will only pay up to an annual rate of 0.05% of the Fund&#8217;s average weekly net
assets. Any difference between the capped rate of 0.05% of the Fund&#8217;s average weekly net assets and the Fund&#8217;s Portion is
paid for by ASII.</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">Pursuant to the terms of the Investor Relations Services Agreement,
ASII (or third parties engaged by ASII), among other things, provides objective and timely information to shareholders based on publicly-available
information; provides information efficiently through the use of technology while offering shareholders immediate access to knowledgeable
investor relations representatives; develops and maintains effective communications with investment professionals from a wide variety
of firms; creates and maintains investor relations communication materials such as fund manager interviews, films and webcasts, publishes
white papers, magazine articles and other relevant materials discussing the Fund&#8217;s investment results, portfolio positioning and
outlook; develops and maintains effective communications with large institutional shareholders; responds to specific shareholder questions;
and reports activities and results to the Board and management detailing insight into general shareholder sentiment.</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"><B>Legal proceedings</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">The Fund and the Advisers are not currently parties to any material
legal proceedings.</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"><B>Distributions</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">The Fund intends to make regular monthly distributions to shareholders.
The amount of each monthly distribution will vary depending on a number of factors, including distributions payable on preferred shares
or notes (if any) or other costs of financial leverage. As portfolio and market conditions change, the rate of distribution on the Common
Shares and the Fund&#8217;s distribution policy could change. On an annual basis, the Fund intends to distribute all or substantially
all of its net investment income (after it pays accrued distributions on any outstanding preferred shares or other costs of financial
leverage) to meet the requirements for qualification as a regulated investment company under the Code.</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">The net investment income of the Fund will consist of all interest
income accrued on portfolio investments, short-term capital gain (including short-term gains on options, futures and forward positions
and gains on the sale of portfolio investments held for one (1)&nbsp;year or less) in excess of long-term capital loss and income from
certain hedging transactions, less all expenses of the Fund. Expenses of the Fund will be accrued each day. The Fund intends to distribute
all or substantially all of the Fund&#8217;s net investment income each year. In addition, at least annually the Fund intends to distribute
any net capital gain (which is the excess of net long-term capital gain over net short-term capital loss). To the extent that the Fund&#8217;s
net investment income and net capital gain for any year exceed the total distributions paid during the year, the Fund will make a special
distribution at or near year-end of such excess amount as may be required. Under the 1940 Act, for any distribution that includes amounts
from sources other than net income, the Fund is required to provide Common Shareholders a written statement regarding the components
of such distribution. Such a statement will be provided at the time of any distribution believed to include any such amounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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">If, for any taxable year, the total distributions made exceed the
Fund&#8217;s current and accumulated earnings and profit, the excess will, for U.S. federal income tax purposes, be treated as a tax-free
return of capital to each Common Shareholder up to the amount of the Common Shareholder&#8217;s tax basis in his or her Common Shares,
and thereafter as gain from the sale of Common Shares. The amount treated as a tax-free return of capital will reduce the Common Shareholder&#8217;s
adjusted tax basis in his or her Common Shares, thereby increasing his or her potential gain or reducing his or her potential loss on
the subsequent sale of his or her Common Shares. To the extent the Fund&#8217;s distribution policy results in distributions in excess
of its net investment income and net capital gain, such distributions will decrease its total assets and increase its expense ratio to
a greater extent than would have been the case if distributions were limited to these amounts. Distributions in any year may or may not
include a substantial return of capital component.</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">Common Shareholders will automatically reinvest some or all of
their distributions in additional Common Shares pursuant to the Fund&#8217;s Dividend Reinvestment and Optional Cash Purchase Plan, unless
such Common Shareholders contact the Plan Agent and elect to receive distributions in cash. See &#8220;Dividend Reinvestment and Optional
Cash Purchase Plan.&#8221;</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"><B>Dividend reinvestment and optional cash purchase plan</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">The Fund has established a dividend reinvestment and optional cash
purchase plan. A Common Shareholder will automatically have all dividends and distributions reinvested in Common Shares newly issued
by the Fund or Common Shares of the Fund purchased in the open market in accordance with the Fund&#8217;s dividend reinvestment and optional
cash purchase plan unless the Common Shareholder specifically elects to receive cash. Taxable distributions are subject to federal income
tax whether received in cash or additional common shares. See &#8220;Distributions&#8221; and &#8220;Dividend Reinvestment and Optional
Cash Purchase Plan.&#8221;</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"><B>Custodian, dividend paying agent, transfer agent and registrar</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">State Street serves as custodian (the &#8220;Custodian&#8221;)
for the Fund. State Street also provides accounting services to the Fund. State Street also serves as the Fund&#8217;s dividend paying
agent, transfer agent and registrar. See &#8220;Custodian, Dividend Paying Agent, Transfer Agent and Registrar.&#8221;</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"><B>Closed-end fund structure</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">The Fund is a closed-end management investment company. Closed-end
funds differ from open-end management investment companies (commonly referred to as mutual funds) in that closed-end funds generally
list their shares for trading on a securities exchange and do not redeem their shares at the option of the shareholder. By comparison,
mutual funds issue securities redeemable 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.</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">However, shares of closed-end funds frequently trade at a discount
from their NAV. In recognition of the possibility that the Common Shares might trade at a discount to NAV and that any such discount
may not be in the interest of Common Shareholders, the Board, in consultation with the Advisers, from time to time may review possible
actions to reduce any such discount. On June&nbsp;12, 2018, the Board approved a share repurchase program (&#8220;Program&#8221;) for
the Fund. The Program allows the Fund to purchase, in the open market, its outstanding common shares, with the amount and timing of any
repurchase determined at the discretion of the Advisers and subject to market conditions and investment considerations. The Board might
also consider other options to reduce the discount, such as tender offers for Common Shares at NAV. There can be no assurance, however,
that the Board will decide to undertake any of these actions or that, if undertaken, such actions would result in the Common Shares trading
at a price equal to or close to NAV. The Board might also consider the conversion of the Fund to an open-end mutual fund, which would
also require a vote of the shareholders of the Fund. Conversion of the Fund to an open-end mutual fund would require approval by both
(i)&nbsp;a majority of the Board and (ii)&nbsp;a vote of shareholders representing the lesser of (a)&nbsp;67% or more of the outstanding
voting securities of the Fund at a shareholder meeting, if the holders of more than 50% of the outstanding voting securities are present
in person or by proxy, or (b)&nbsp;more than 50% of the outstanding voting securities of the Fund.</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">The Fund has no limitation on investments in illiquid securities
(closed-end funds are not required to have any such limitation) and may invest all or a portion of its assets in illiquid securities.
In order to meet redemptions upon request by shareholders, open-end funds typically cannot have more than 15% of their net assets in
illiquid securities. Thus, if the Fund were to convert to an open-end fund, it would have to adopt a limitation on illiquid securities
and may need to revise its investment objectives, strategies and policies. The composition of the Fund&#8217;s portfolio and/or its investment
policies could prohibit the Fund from complying with regulations of the SEC applicable to open-end management investment funds absent
significant changes in portfolio holdings, including with respect to certain illiquid securities, and investment policies. The Board
believes, however, that the closed-end structure is desirable, given the Fund&#8217;s investment objectives, strategies and policies.
Investors should assume, therefore, that it is highly unlikely that the Board would vote to convert the Fund to an open-end investment
company. Investors should note that the issuance of preferred shares to provide investment leverage could make a conversion to an open-end
fund more difficult because of the voting rights of preferred shareholders, the costs of redeeming preferred shares and other factors.
See &#8220;Description of Capital Structure.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risk factors</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">You should carefully consider the following factors, as well as
the other information in this prospectus, before making an investment in the Fund.</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"><I>General. </I>The Fund is a non-diversified, closed-end investment
company designed primarily as a long-term investment and not as a trading tool. The Fund invests generally in a portfolio of fixed income
securities. An investment in the Fund&#8217;s Common Stock may be speculative and involves a high degree of risk. The Fund should not
be considered a complete investment program. Due to the uncertainty in all investments, there can be no assurance that the Fund will
achieve its investment objective.</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"><I>Investment and Market Risk. </I>An investment in Shares is subject
to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in Shares represents
an indirect investment in the securities owned by the Fund. The value of these securities, like other market investments, may move up
or down, sometimes rapidly and unpredictably, and these fluctuations are likely to have a greater impact on the value of the Shares during
periods in which the Fund utilizes a leveraged capital structure. If the current global economic downturn continues into a prolonged
recession or deteriorates further, the ability of issuers of the corporate fixed-income securities and other securities in which the
Fund invests to service their obligations could be materially and adversely affected.</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">The value of the securities in which the Fund invests will affect
the value of the Shares. Your Shares at any point in time may be worth less than your original investment, even after taking into account
the reinvestment of Fund dividends and distributions.</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"><I>Credit Risk. </I>Investments in debt securities expose the Fund
to credit risk. Credit risk is the risk that one or more of the Fund&#8217;s investments in debt securities or other instruments
will decline in price, or fail to pay interest, liquidation value or principal when due, because the issuer of the obligation or the
issuer of a reference security experiences an actual or perceived decline in its financial status. Credit risk is influenced by changes
in general economic and political conditions and changes in the financial condition of the issuers. During periods of economic downturn
or rising interest rates, issuers of securities with a low credit rating may experience financial weakness that could affect their ability
to make payments of interest and principal.</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">Adverse publicity and investor perceptions, whether or not based
on fundamental analysis, may also decrease the value and liquidity of securities with low credit ratings, especially in markets characterized
by a low volume of trading.</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"><I>Interest Rate Risk. </I>Generally, when market interest rates
rise, the prices of debt obligations fall, and vice versa. Interest rate risk is the risk that debt obligations and other instruments
in the Fund&#8217;s portfolio will decline in value because of increases in market interest rates. This risk may be particularly acute
because market interest rates are currently at historically low levels. The prices of long-term debt obligations generally fluctuate
more than prices of short-term debt obligations as interest rates change. During periods of rising interest rates, the average life of
certain types of securities may be extended due to slower than expected payments. This may lock in a below market yield, increase the
security&#8217;s duration and reduce the security&#8217;s value. The Fund&#8217;s use of leverage will tend to increase interest rate
risk.</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">Investments in floating rate debt instruments, although generally
less sensitive to interest rate changes than longer duration fixed rate instruments, may nevertheless decline in value in response to
rising interest rates if, for example, the rates at which they pay interest do not rise as much, or as quickly, as market interest rates
in general. Conversely, floating rate instruments will not generally increase in value if interest rates decline. Inverse floating rate
debt securities may also exhibit greater price volatility than a fixed rate debt obligation with similar credit quality. To the extent
the Fund holds floating rate instruments, a decrease (or, in the case of inverse floating rate securities, an increase) in market interest
rates will adversely affect the income received from such securities and the net asset value of the Fund&#8217;s common shares.</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"><I>Foreign Securities Risk. </I>Investing in foreign securities
involves certain special considerations that are not typically associated with investments in the securities of U.S. issuers. Foreign
issuers are not generally subject to uniform accounting, auditing and financial reporting standards and may have policies that are not
comparable to those of domestic issuers. As a result, there may be less information available about foreign issuers than about domestic
issuers. Securities of some foreign issuers may be less liquid and more volatile than securities of comparable domestic issuers. There
is generally less government supervision and regulation of securities markets, brokers and issuers than in the United States. In addition,
with respect to certain foreign countries, there is a possibility of expropriation or confiscatory taxation, political and social instability,
or diplomatic developments which could affect the value of investments in those countries. The costs of investing in foreign countries
frequently are higher than the costs of investing in the United States. Although the Investment Manager endeavors to achieve the most
favorable execution costs in portfolio transactions, trading costs in non-U.S. securities markets are generally higher than trading costs
in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investments in securities of foreign issuers often will be denominated
in foreign currencies. Accordingly, the value of the Fund&#8217;s assets, as measured in U.S. dollars, may be affected favorably or unfavorably
by changes in currency exchange rates and in exchange control regulations. The Fund may incur costs in connection with conversions between
various currencies. See &#8220;Foreign Currency Risk.&#8221;</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">The Fund generally holds its foreign securities and cash in foreign
banks and securities depositories approved by State Street Bank and Trust Company, the Fund&#8217;s Foreign Custody Manager (as that
term is defined in Rule&nbsp;17f-5 under the 1940 Act). Some foreign banks and securities depositories may be recently organized or new
to the foreign custody business. There may be limited or no regulatory oversight over their operations. Also, the laws of certain countries
may put limits on the Fund&#8217;s ability to recover its assets if a foreign bank, depository or issuer of a security, or any of their
agents, goes bankrupt. In addition, it is often more expensive for the Fund to buy, sell and hold securities in certain foreign markets
than in the United States. The increased expense of investing in foreign markets reduces the amount the Fund can earn on its investments
and typically results in a higher operating expense ratio for the Fund than for investment companies invested only in the United States.</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">Certain foreign governments levy withholding or other taxes on
dividend and interest income. Although in some countries a portion of these taxes are recoverable, the non-recovered portion of foreign
withholding taxes will reduce the income received from investments in such countries.</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">From time to time, the Fund may have invested in certain sovereign
debt obligations that are issued by, or certain companies that operate in or have dealings with, countries that become subject to sanctions
or embargoes imposed by the U.S. government and the United Nations and/or countries identified by the U.S. government as state sponsors
of terrorism. Investments in such countries may be adversely affected because, for example, the credit rating of the sovereign debt security
may be lowered due to the country&#8217;s instability or unreliability or the company may suffer damage to its reputation if it is identified
as a company which operates in, or has dealings with, such countries. As an investor in such companies, the Fund will be indirectly subject
to those risks.</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"><I>Emerging Markets Risk. </I>The foreign securities in which the
Fund may invest may be issued by companies or governments located in emerging market countries. Investing in the securities of issuers
operating in emerging markets involves a high degree of risk and special considerations not typically associated with investing in the
securities of other foreign or U.S. issuers. Compared to the United States and other developed countries, emerging market countries may
have relatively unstable governments, economies which may be more likely to take extra-legal action with respect to companies, industries,
assets, or foreign ownership than those in more developed markets and therefore issuers of such emerging markets may be more affected
by the performance of such industries or sectors. Emerging market economies may be based on only a few industries and securities markets
that trade a small number of securities. Securities issued by companies or governments located in emerging market countries tend to be
especially volatile (particularly during market closures due to local market holidays or other reasons) and may be less liquid than securities
traded in developed countries. Securities in these countries have been characterized by greater potential loss than securities of companies
and governments located in developed countries. Investments in the securities of issuers located in emerging markets could be affected
by risks associated with expropriation and/or nationalization, political or social instability, pervasiveness of corruption and crime,
armed conflict, the impact on the economy of civil war, religious or ethnic unrest and the withdrawal or non-renewal of any license enabling
the Fund to trade in securities of a particular country, confiscatory taxation, restrictions on transfers of assets, lack of uniform
accounting and auditing standards, less publicly available financial and other information, diplomatic development which could affect
U.S. investments in those countries, and potential difficulties in enforcing contractual obligations. Emerging market countries generally
have less developed legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope
or quality of financial information available to investors. Moreover, it can be more difficult for investors to bring litigation or enforce
judgments against issuers in emerging markets or for U.S. regulators to bring enforcement actions against such issuers.</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">Countries in emerging markets are also more likely to experience
high levels of inflation, deflation or currency devaluation, which could also hurt their economies and securities markets. For these
and other reasons, investments in emerging markets are often considered speculative.</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"><I>Foreign Currency Risk. </I>The Fund may invest all of its assets
in debt securities which are denominated in currencies other than the U.S. dollar. Currency exchange rates can fluctuate significantly
over short periods and can be subject to unpredictable changes based on a variety of factors including political developments and currency
controls by governments. A change in the value of a currency in which a security is denominated against the U.S. dollar will generally
result in a change in the U.S. dollar value of the Fund&#8217;s assets. If the exchange rate for a non-U.S. currency declines compared
to the U.S. dollar, the Fund&#8217;s NAV would decline. In addition, although much of the Fund&#8217;s income will be received or realized
in non-U.S. currencies, the Fund is required to compute and distribute its income in U.S. dollars. Therefore, for example, if the exchange
rate for a non-U.S. currency declines after the Fund&#8217;s income has been accrued and translated into U.S. dollars, but before the
income has been received or converted into U.S. dollars, the Fund could be required to liquidate securities to make distributions. Similarly,
if the exchange rate declines between the time the Fund incurs expenses in U.S. dollars and the time expenses are paid, the amount of
non-U.S. currency required to be converted into U.S. dollars in order to pay such U.S. dollar expenses will be greater than the non-U.S.
currency equivalent of the expenses at the time they were incurred.</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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<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">The currencies of Developing Markets, in particular, have experienced
periods of steady declines or even sudden devaluations relative to the U.S. dollar. Some Developing Market currencies may not be internationally
traded or may be subject to strict controls by local governments, resulting in undervalued or overvalued currencies. Some Developing
Markets have experienced balance of payment deficits and shortages in foreign exchange reserves. Governments have responded by restricting
currency conversions. Future restrictive exchange controls could prevent or restrict a company&#8217;s ability to make dividend or interest
payments in the original currency of an obligation (often U.S. dollars). In addition, even though the currencies of some Developing Markets
may be convertible into U.S. dollars, the conversion rates may be artificial to their actual market values.</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"><I>Sovereign Debt Obligations Risk. </I>Investments in Developing
Market countries&#8217; government debt obligations involve special risks. Certain Developing Market countries have historically experienced,
and may continue to experience, high rates of inflation, high interest rates, exchange rate fluctuations, large amounts of external debt,
balance of payments and trade difficulties and extreme poverty and unemployment. The issuer or governmental authority that controls the
repayment of a Developing Market country&#8217;s debt may not be able or willing to repay the principal and/or interest when due in accordance
with the terms of such debt. A debtor&#8217;s willingness or ability to repay principal and interest due in a timely manner may be affected
by, among other factors, its cash flow situation and, in the case of a government debtor, the extent of its foreign reserves, the availability
of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole,
the government debtor&#8217;s policy towards the International Monetary Fund and the political constraints to which a government debtor
may be subject. Government debtors may default on their debt and may also be dependent on expected disbursements from foreign governments,
multilateral agencies and others abroad to reduce principal and interest arrearages on their debt. The commitment on the part of these
governments, agencies and others to make such disbursements may be conditioned on a debtor&#8217;s implementation of economic reforms
and/or economic performance and the timely service of such debtor&#8217;s obligations. Failure to implement such reforms, achieve such
levels of economic performance or repay principal or interest when due may result in the cancellation of such third parties&#8217; commitments
to lend funds to the government debtor, which may further impair such debtor&#8217;s ability or willingness to service its debts on a
timely basis. Holders of government debt, including the Fund, may be requested to participate in the rescheduling of such debt and to
extend further loans to government debtors.</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">As a result of the foregoing, a government obligor may default
on its obligations. If such an event occurs, the Fund may have limited legal recourse against the issuer and/or guarantor. Remedies must,
in some cases, be pursued in the courts of the defaulting party itself, and the ability of the holder of foreign government debt securities
to obtain recourse may be subject to the political climate in the relevant country. In addition, no assurance can be given that the holders
of more senior fixed income securities, such as commercial bank debt, will not contest payments to the holders of other foreign government
debt securities in the event of default under their commercial bank loan agreements.</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">Government obligors in Developing Market countries are among the
world&#8217;s largest debtors to commercial banks, other governments, international financial organizations and other financial institutions.
The issuers of the government debt securities in which the Fund may invest have in the past experienced substantial difficulties in servicing
their external debt obligations, which led to defaults on certain obligations and the restructuring of certain indebtedness. Restructuring
arrangements have included, among other things, reducing and rescheduling interest and principal payments by negotiating new or amended
credit agreements, and obtaining new credit to finance interest payments. Holders of certain foreign government debt securities may be
requested to participate in the restructuring of such obligations and to extend further loans to their issuers. There can be no assurance
that the foreign government debt securities in which the Fund may invest will not be subject to similar restructuring arrangements or
to requests for new credit, which may adversely affect the Fund&#8217;s holdings. Furthermore, certain participants in the secondary
market for such debt may be directly involved in negotiating the terms of these arrangements and may therefore have access to information
not available to other market participants. Investments in Developing Market countries&#8217; government debt securities involve currency
risk. See &#8220;Foreign Currency Risk&#8221; above.</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"><I>Corporate Debt Risk. </I>The Fund may invest in debt securities
of non-governmental issuers. Like all debt securities, corporate debt securities generally represent an issuer&#8217;s obligation to
repay to the investor (or lender) the amount borrowed plus interest over a specified time period. A typical corporate bond specifies
a fixed date when the amount borrowed (principal) is due in full, known as the maturity date, and specifies dates when periodic interest
(coupon) payments will be made over the life of the security.</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">Corporate debt securities come in many varieties and may differ
in the way that interest is calculated, the amount and frequency of payments, the type of collateral, if any, and the presence of special
features (e.g., conversion rights). The Fund&#8217;s investments in corporate debt securities may include, but are not limited to, senior,
junior, secured and unsecured bonds, notes and other debt securities, and may be fixed rate, floating rate, zero coupon and inflation
linked, among other things.</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">Prices of corporate debt securities fluctuate and, in particular,
are subject to several key risks including, but not limited to, interest rate risk, credit risk, prepayment risk and spread risk. The
market value of a corporate bond may be affected by the credit rating of the corporation, the corporation&#8217;s performance and perceptions
of the corporation in the market place. There is a risk that the issuers of the corporate debt securities in which the Fund may invest
may not be able to meet their obligations on interest or principal payments at the time called for by an instrument.</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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<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"><I>High-Yield Bonds and Other Lower-Rated Securities Risk. </I>The
Fund&#8217;s investments in high-yield bonds (commonly referred to as &#8220;junk bonds&#8221;) and other lower-rated securities will
subject the Fund to substantial risk of loss. Investments in high-yield bonds are speculative and issuers of these securities are generally
considered to be less financially secure and less able to repay interest and principal than issuers of investment-grade securities. Prices
of high-yield bonds tend to be very volatile. These securities are less liquid than investment-grade debt securities and may be difficult
to price or sell, particularly in times of negative sentiment toward high-yield securities. The Fund&#8217;s investments in lower rated
securities may involve the following specific risks: greater risk of loss due to default because of the increased likelihood that adverse
economic or company specific events will make the issuer unable to pay interest and/or principal when due; wider price fluctuations due
to changing interest rates and/or adverse economic and business developments; and greater risk of loss due to declining credit quality.</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"><I>Bank Loan Risk. </I>Bank loans include floating and fixed-rate
debt obligations. Floating rate loans are debt obligations issued by companies or other entities with floating interest rates that reset
periodically. Bank loans may include, but are not limited to, term loans, delayed funding loans, bridge loans and revolving credit facilities.
Loan interest will primarily take the form of assignments purchased in the primary or secondary market but may include participants.
Floating rate loans are secured by specific collateral of the borrower and are senior to most other securities of the borrower (e.g.,
common stock or debt instruments) in the event of bankruptcy. Floating rate loans are often issued in connection with recapitalizations,
acquisitions, leveraged buyouts, and refinancings. Floating rate loans are typically structured and administered by a financial institution
that acts as the agent of the lenders participating in the floating rate loan. Floating rate loans may be acquired directly through the
agent, as an assignment from another lender who holds a direct interest in the floating rate loan, or as a participation interest in
another lender&#8217;s portion of the floating rate loan.</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">There are a number of risks associated with an investment in bank
loans including credit risk, interest rate risk, illiquid securities risk, and prepayment risk. There is also the possibility that the
collateral securing a loan, if any, may be difficult to liquidate or be insufficient to cover the amount owed under the loan. These risks
could cause the Fund to lose income or principal on a particular investment, which in turn could affect the Fund&#8217;s returns. In
addition, bank loans may settle on a delayed basis, resulting in the proceeds from the sale of such loans not being readily available
to make additional investments. To the extent the extended settlement process gives rise to short-term liquidity needs, the Fund may
hold additional cash or sell investments.</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"><I>Leverage Risk. </I>The Fund generally seeks to enhance its total
returns through the use of leverage. The Fund currently has a bank loan to finance investments as a form of leverage.</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">The Fund also has authority to issue preferred stock to finance
investments. Leverage entails particular risks for holders of the Fund&#8217;s common stock. The issuance of preferred stock would affect
the amount of income available for distribution on the Fund&#8217;s common stock as well as the net asset value of the common stock and
the voting rights of holders of common stock. Leverage would exaggerate the effects of both currency fluctuations and of market downturns
or upturns on the net asset value and market value of the Fund&#8217;s common stock, as well as on distributions to holders of common
stock. Leverage can also increase the volatility of the Fund&#8217;s net asset value, and expenses related to leverage can reduce the
Fund&#8217;s income. In the case of leverage, if Fund assets decline in value so that legal asset coverage requirements for any borrowings
or preferred stock would not be met, the Fund may be prevented from paying distributions, which could jeopardize its qualification for
pass-through tax treatment, make it liable for excise taxes and/ or force it to sell portfolio securities at an inopportune time. Holders
of preferred stock have the right to elect two directors, and such holders, as well as Fund creditors, have the right under certain circumstances
to elect a majority of the Fund&#8217;s directors.</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">As noted above, the Fund currently leverages through borrowings
from a credit facility. The Fund has entered into a revolving Credit Agreement with The Bank of Nova Scotia to borrow up to $40 million.
Such borrowings constitute financial leverage. The Credit Agreement contains customary covenant, negative covenant and default provisions,
including covenants that limit the Fund&#8217;s ability to incur additional debt or consolidate or merge into or with any person, other
than as permitted, or sell, lease or otherwise transfer, directly or indirectly, all or substantially all of its assets. The covenants
also impose on the Fund asset coverage requirements, fund composition requirements and limits on certain investments, such as illiquid
investments, which are more stringent than those imposed on the Fund by the 1940 Act. In addition, the Fund agreed not to purchase assets
not contemplated by the investment policies and restrictions in effect when the Credit Agreement became effective. The covenants or guidelines
could impede the Investment Manager,&nbsp;Investment Adviser or Sub-Adviser from fully managing the Fund&#8217;s portfolio in accordance
with the Fund&#8217;s investment objective and policies. Furthermore, non-compliance with such covenants or the occurrence of other events
could lead to the cancellation of the loan facility. The Fund may not incur additional debt from any other party, except for in limited
circumstances (e.g., in the ordinary course of business). The covenants include a requirement that the Fund maintain net assets of no
less than $75 million. Such restrictions shall apply only so long as the Credit Agreement remains in effect.</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">Indebtedness issued under the Credit Agreement is not convertible
into any other securities of the Fund. Outstanding amounts would be payable at maturity or such earlier times as required by the Credit
Agreement. The Fund may be required to prepay outstanding amounts under the Credit Agreement in the event of the occurrence of certain
events of default. The Fund is expected to indemnify the lenders under the Credit Agreement against certain liabilities they may incur
in connection with the Credit Agreement. The Fund is required to pay commitment fees under the terms of the Credit Agreement. With the
use of borrowings, there is a risk that the interest rates paid by the Fund on the amount it borrows will be higher than the return on
the Fund&#8217;s investments. The credit facility with The Bank of Nova Scotia may in the future be replaced or refinanced by one or
more credit facilities having substantially different terms, or the Fund may be unable to renew or replace its credit facility upon the
termination of the current facility, possibly requiring it to sell portfolio securities at times or prices that are disadvantageous.
Any of these situations could adversely impact income or total return to shareholders.</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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<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">The Fund must comply with investment quality, diversification and
other guidelines established by the credit facility. The Fund does not anticipate that such guidelines will have a material adverse effect
on the Fund&#8217;s common stockholders or its ability to achieve its investment objectives.</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">Successful use of a leveraging strategy may depend on the Investment
Manager&#8217;s ability to predict correctly interest rates and market movements, and there is no assurance that a leveraging strategy
will be successful during any period in which it is employed.</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"><I>Liquidity Risk. </I>While the Fund ordinarily invests in debt
securities for which there is an active secondary market, the Fund may invest in debt securities for which there is no established secondary
market. The securities markets that exist in developing market countries are substantially smaller, less developed, less liquid and more
volatile than the securities markets of the United States and other more developed countries. Settlement and custodial practices (including
those involving securities settlement where fund assets may be released prior to receipt of payment) are also often less developed than
those in U.S. or other developed markets, and may result in increased risk or substantial delays in the event of a failed trade or the
insolvency of, or breach of duty by, a non-U.S. broker-dealer, securities depository or non-U.S. subcustodian.</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">Liquidity in developing markets may be low and transaction costs
high. Reduced liquidity often creates higher volatility, as well as difficulties in obtaining accurate market quotations for financial
reporting purposes and for calculating net asset values, and sometimes also an inability to buy and sell securities. Market quotations
on many non-U.S. debt securities may only be available from a limited number of dealers and may not necessarily represent firm bids from
those dealers or prices for actual sales.</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">In addition, the markets for below investment grade securities
may be substantially smaller, less developed, less liquid and more volatile than the markets for prime rated securities, which may make
obtaining accurate market quotations for financial reporting purposes and for calculating net asset values more difficult. Market quotations
on many sub-investment grade securities may only be available from a limited number of dealers and may not necessarily represent firm
bids from those dealers or prices for actual sales.</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">The Fund may not be able readily to dispose of illiquid securities
at prices that approximate those at which the Fund could sell such securities if they were more widely traded and, as result of such
illiquidity, the Fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations.
Illiquid securities generally trade at a discount.</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"><I>Derivatives Risk. </I>Consistent with its investment objective,
the Fund may invest in a broad array of financial instruments and securities in which the value of the instrument or security is &#8220;derived&#8221;
from the performance of an underlying asset or a &#8220;benchmark&#8221; such as a security index, an interest rate or a foreign currency
(&#8220;derivatives&#8221;). Derivatives are most often used to manage interest rate, currency and credit risk, to increase or decrease
exposure to an asset class or benchmark (as a hedge or to enhance return), or to create an investment position directly (often because
it is more efficient or less costly than direct investment). There is no guarantee that these results can be achieved through the use
of derivatives and any success in their use depends on a variety of factors including the ability of the Investment Manager,&nbsp;Investment
Adviser and the Sub-Adviser to predict correctly the direction of interest rates, securities prices, currency exchange rates and other
factors.</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">The primary risk of derivatives is the same as the risk of the
underlying asset, namely that the value of the underlying asset may increase or decrease. Adverse movements in the value of the underlying
asset can expose the Fund to losses. In addition, risks in the use of derivatives include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: center; width: 7%">&#9679; </TD>
  <TD STYLE="width: 93%">an imperfect correlation between the price of derivatives and the movement of the securities prices, interest rates or currency exchange
rates being hedged or replicated;</TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5pt">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: center; width: 7%">&#9679;</TD>
  <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 93%">the possible absence of a liquid secondary market for any particular derivative at any time;</TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5pt">&nbsp;</P>



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<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: center; width: 7%">&#9679; </TD>
  <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 93%">the potential loss if the counterparty to the transaction does not perform as promised;</TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5pt">&nbsp;</P>



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<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: center; width: 7%">&#9679; </TD>
  <TD STYLE="width: 93%">the possible need to defer closing out certain positions to avoid adverse tax consequences, as well as the possibility that derivative
transactions may result in acceleration of gain, deferral of losses or a change in the character of gain realized;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5pt">&nbsp;</P>

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<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; text-indent: 2.5pt">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: center; width: 7%">&#9679; </TD>
  <TD STYLE="width: 93%">the risk that the financial intermediary &#8220;manufacturing&#8221; the over-the-counter derivative, being the most active market
maker and offering the best price for repurchase, will not continue to create a credible market in the derivative;</TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5pt">&nbsp;</P>



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<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: center; width: 7%">&#9679; </TD>
  <TD STYLE="width: 93%">because certain derivatives are &#8220;manufactured&#8221; by financial institutions, the risk that the Fund may develop a substantial
exposure to financial institution counterparties; and</TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5pt">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: center; width: 7%">&#9679; </TD>
  <TD STYLE="width: 93%">the risk that a full and complete appreciation of the complexity of derivatives and how future value is affected by various factors
including changing interest rates, exchange rates and credit quality is not attained.</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">Recent legislation calls for new regulation of the derivatives
markets. The extent and impact of the regulation are not yet completely known and may not be known for some time. New regulation of derivatives
may make them more costly, may limit their availability, or may otherwise adversely affect their value or performance.</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">The Fund may use interest rate swaps to hedge the Fund&#8217;s
liability with respect to its leverage. At present, the Fund has been authorized by its Board of Directors to hedge up to one-third of
the Fund&#8217;s liability with respect to its leverage. This allows the Fund to lock in the relatively low current U.S. dollar interest
rates with respect to up to 100% of the Fund&#8217;s leverage. A significant type of risk associated with interest rate swaps is the
risk that the counterparty may default or file for bankruptcy, in which case the Fund would bear the risk of loss of the amount expected
to be received under the swap agreement. There can be no assurance that the Fund will have an interest rate swap in place at any given
time, nor can there be any assurance that, if an interest rate swap is in place, it will be successful in hedging the Fund&#8217;s interest
rate risk with respect to its leverage.</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">In October 2020, the SEC adopted Rule 18f-4 under the 1940 Act
governing a registered investment company&#8217;s use of derivatives, short sales, reverse repurchase agreements, and certain other instruments.
Rule 18f-4 could limit the Fund&#8217;s ability to engage in certain derivatives and other transactions and/or increase the costs of
such transactions, which could adversely affect the value or performance of the Fund. Under Rule 18f-4, a fund&#8217;s derivatives exposure
is limited through a value-at-risk test and requires the adoption and implementation of a derivatives risk management program for certain
derivatives users. However, subject to certain conditions, funds that do not invest heavily in derivatives may be deemed limited derivatives
users and would not be subject to the full requirements of Rule 18f-4. In connection with the adoption of Rule 18f-4, the SEC also eliminated
the asset segregation and cover framework arising from prior SEC guidance for covering derivatives and certain financial instruments.
Compliance with Rule 18f-4 will be required on August 19, 2022.</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"><I>Hedging Strategy Risk. </I>Certain of the investment techniques
that the Fund may employ for hedging will expose the Fund to additional or increased risks.</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">There may be an imperfect correlation between changes in the value
of the Fund&#8217;s portfolio holdings and hedging positions entered into by the Fund, which may prevent the Fund from achieving the
intended hedge or expose the Fund to risk of loss. In addition, the Fund&#8217;s success in using hedge instruments is subject to the
Investment Manager&#8217;s ability to predict correctly changes in the relationships of such hedge instruments to the Fund&#8217;s portfolio
holdings, and there can be no assurance that the Investment Manager&#8217;s judgment in this respect will be accurate. Consequently,
the use of hedging transactions might result in a poorer overall performance for the Fund, whether or not adjusted for risk, than if
the Fund had not hedged its portfolio holdings.</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">The Investment Manager is under no obligation to engage in any
hedging strategies, and may, in its discretion, choose not to engage in hedging strategies. Even if the Investment Manager desires to
hedge some of the Fund&#8217;s risks, suitable hedging transactions may not be available or, if available, attractive. A failure to hedge
may result in losses to the value of the Fund&#8217;s investments.</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"><I>Counterparty Risk. </I>The Fund will be subject to credit risk
with respect to the counterparties to the derivative contracts purchased or sold by the Fund. Recently, several broker-dealers and other
financial institutions have experienced extreme financial difficulty, sometimes resulting in bankruptcy of the institution. Although
the Investment Manager monitors the creditworthiness of the Fund&#8217;s counterparties, there can be no assurance that the Fund&#8217;s
counterparties will not experience similar difficulties, possibly resulting in losses to the Fund. If a counterparty becomes bankrupt,
or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant
delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding. The Fund may obtain
only a limited recovery or may obtain no recovery in such circumstances.</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"><I>Inflation Risk. </I>Inflation risk is the risk that the value
of assets or income from investment will be worth less in the future as inflation decreases the value of money. As inflation increases,
the real value of the Fund&#8217;s common stock and dividends can decline.</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"><I>Management Risk. </I>The Investment Manager&#8217;s, the Investment
Adviser&#8217;s or the Sub-Adviser&#8217;s judgment about the attractiveness, relative value or potential appreciation of a particular
security or investment strategy may prove to be incorrect.</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Conflicts of Interest Risk. </I>The portfolio managers&#8217;
management of &#8220;other accounts&#8221; may give rise to potential conflicts of interest in connection with their management of the
Fund&#8217;s investments, on the one hand, and the investments of the other accounts, on the other. The other accounts may have the same
investment objective as the Fund. Therefore, a potential conflict of interest may arise as a result of the identical investment objectives,
whereby the portfolio manager could favor one account over another. However, the Advisers believe that these risks are mitigated by the
fact that: (i)&nbsp;accounts with like investment strategies managed by a particular portfolio manager are generally managed in a similar
fashion, subject to exceptions to account for particular investment restrictions or policies applicable only to certain accounts, differences
in cash flows and account sizes, and similar factors; and (ii)&nbsp;portfolio manager personal trading is monitored to avoid potential
conflicts. In addition, the Advisers have adopted trade allocation procedures that require equitable allocation of trade orders for a
particular security among participating accounts.</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">In some cases, another account managed by the same portfolio manager
may compensate the Advisers based on the performance of the portfolio held by that account. The existence of such a performance-based
fee may create additional conflicts of interest for the portfolio manager in the allocation of management time, resources and investment
opportunities.</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">Another potential conflict could include instances in which securities
considered as investments for the Fund also may be appropriate for other investment accounts managed by the Advisers or their affiliates.
Whenever decisions are made to buy or sell securities by the Fund and one or more of the other accounts simultaneously, the Advisers
may aggregate the purchases and sales of the securities and will allocate the securities transactions in a manner that it believes to
be equitable under the circumstances. As a result of the allocations, there may be instances where the Fund will not participate in a
transaction that is allocated among other accounts. While these aggregation and allocation policies could have a detrimental effect on
the price or amount of the securities available to the Fund from time to time, it is the opinion of the Advisers that the benefits from
the policies outweigh any disadvantage that may arise from exposure to simultaneous transactions. The Advisers have adopted policies
that are designed to eliminate or minimize conflicts of interest, although there is no guarantee that procedures adopted under such policies
will detect each and every situation in which a conflict arises.</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">From time to time, the Advisers may seed proprietary accounts for
the purpose of evaluating a new investment strategy that eventually may be available to clients through one or more product structures.
Such accounts also may serve the purpose of establishing a performance record for the strategy. The management by the Advisers of accounts
with proprietary interests and nonproprietary client accounts may create an incentive to favor the proprietary accounts in the allocation
of investment opportunities, and the timing and aggregation of investments. The Advisers&#8217; proprietary seed accounts may include
long-short strategies, and certain client strategies may permit short sales. A conflict of interest arises if a security is sold short
at the same time as a long position, and continuous short selling in a security may adversely affect the stock price of the same security
held long in client accounts. The Advisers have adopted various policies to mitigate these conflicts.</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">Situations may occur when the Fund could be disadvantaged because
of the investment activities conducted by the Adviser, the Sub-Adviser and their affiliates for other accounts. Such situations may be
based on, among other things, the following: (1)&nbsp;legal or internal restrictions on the combined size of positions that may be taken
for the Fund or the other accounts, thereby limiting the size of the Fund&#8217;s position; (2)&nbsp;the difficulty of liquidating an
investment for the Fund or the other accounts where the market cannot absorb the sale of the combined position; or (3)&nbsp;regulatory
restrictions on transaction with affiliates.</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">The Advisers and their respective principals, officers, employees
and affiliates may buy and sell securities or other investments for their own accounts and may have actual or potential conflicts of
interest with respect to investments made on the Fund&#8217;s behalf. As a result of differing trading and investment strategies or constraints,
positions may be taken by principals, officers, employees and affiliates of the Advisers that are the same as, different from or made
at a different time from positions taken for the Fund. Further, the Advisers may at some time in the future manage additional investment
funds with the same investment objective as the Fund.</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"><I>Anti-Takeover Charter Provisions. </I>The Fund&#8217;s charter
and by-laws contain several provisions that may be regarded as &#8220;anti-takeover&#8221; because they have the effect of maintaining
continuity of management. Also, charter provisions subject the Fund to certain provisions of the Maryland General Corporation Law with
respect to unsolicited takeovers.</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"><I>Repurchase Agreement Risk. </I>Repurchase agreements may involve
risks in the event of default or insolvency of the seller, including possible delays or restrictions with respect to the Fund&#8217;s
ability to dispose of the underlying securities, and the possibility that the collateral might not be sufficient to cover any losses
incurred by the Fund.</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"><I>Securities Lending Risk. </I>In connection with its loans of
portfolio securities, the Fund may be exposed to the risk of delay in recovery of the loaned securities or possible loss of rights in
the collateral should the borrower become insolvent. The Fund also bears the risk of loss on the investment of cash collateral. There
is also the risk that, in the event of default by the borrower, the collateral might not be sufficient to cover any losses incurred by
the Fund. There can be no assurance that the return to the Fund from a particular loan, or from its loans overall, will exceed the related
costs and any related losses.</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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<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>Tax Risk</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">The Fund may invest in securities of which the federal income tax
treatment may not be clear or may be subject to recharacterization by the IRS. It could be more difficult for the Fund to comply with
the United States tax requirements applicable to regulated investment companies, or with other tax requirements applicable to foreign
investors, if the tax characterization of the Fund&#8217;s investments or the tax treatment of the income from such investments were
successfully challenged by the IRS.</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"><I>Additional Risks</I>. For a discussion of additional risks see
 &#8220;Risk Factors&#8212;Other Risks of Investing in the Fund.&#8221;</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; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Financial
highlights</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The financial highlights as of and for the fiscal year ended
October 31, 2020 and for each of the years in the five-year period then ended have been audited by KPMG LLP, independent registered
public accounting firm for the Fund. KPMG
LLP&#8217;s report on the financial statements and financial highlights, together with the financial statements and financial
highlights of the Fund, are included in the Fund&#8217;s <A HREF="http://www.sec.gov/Archives/edgar/data/876717/000110465921002271/tm2033257d15_ncsr.htm" STYLE="-sec-extract: exhibit">Annual
Report for the fiscal year ended October 31, 2020</A> and are incorporated by reference.</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; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Senior
Securities</B></FONT></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">The following table sets forth information about the Fund&#8217;s outstanding
senior securities as of the end of each fiscal year since its inception.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Fiscal Period Ended</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Title of Security</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total Principal<BR>
    Amount Outstanding</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Asset Coverage
    Per $1,000<BR> of Principal Amount</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; width: 53%">October 31, 2020</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 20%; font-size: 10pt; text-align: center; padding-left: 11.5pt">Senior Securities</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">20,300,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">3,815</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">October 31, 2019</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 11.5pt">Senior Securities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">29,300,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">3,332</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">October 31, 2018</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 11.5pt">Senior Securities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">28,600,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">3437</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">October 31, 2017</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 10.5pt">Senior Securities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">31,500,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">3,540</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">October 31, 2016</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 10.5pt">Senior Securities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">31,500,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">3,559</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">October 31, 2015</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 10.5pt">Senior Securities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">31,500,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">3,633</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">October 31, 2014</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 10.5pt">Senior Securities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">40,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">3,641</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">October 31, 2013</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 10.5pt">Senior Securities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">40,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">3,880</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">October 31, 2012</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 10.5pt">Senior Securities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">40,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">4,196</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">October 31, 2011</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 10.5pt">Senior Securities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">40,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">4,041</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</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; text-align: center"><B>THE FUND</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">The Fund is a closed-end management investment company registered under
the 1940 Act. The Fund was incorporated in Maryland on June 28, 1991, as a closed-end, non-diversified management investment company and
commenced operations on June 28, 1991.</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">The Fund&#8217;s principal investment objective is to provide high
current income by investing primarily in fixed income securities. As a secondary investment objective, the Fund seeks capital appreciation,
but only when consistent with its principal investment objective. No assurance can be given that the Fund&#8217;s investment objectives
will be achieved.</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">The Fund&#8217;s Investment Manager is Aberdeen Standard Investments
(Asia) Limited, the Investment Adviser is Aberdeen Standard Investments Australia Limited and the Sub-Adviser is Aberdeen Asset Managers
Limited. Each of the Advisers is an indirect wholly-owned subsidiary of Standard Life Aberdeen plc, which manages or administers approximately
$624.47 billion in assets as of December 31, 2020. Standard Life Aberdeen plc and its affiliates provide asset management and investment
solutions for clients and customers worldwide and also have a strong position in the pensions and savings market.&nbsp;The Advisers are
registered with the SEC under the Investment Advisers Act of 1940, as amended (the &#8220;Advisers Act&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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; text-align: center"><B>USE OF PROCEEDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund registered $50,000,000 aggregate initial offering price
of Securities pursuant to the registration statement of which this Prospectus is a part. Unless otherwise specified in a Prospectus Supplement,
the Fund intends to invest the net proceeds of an offering of Securities in accordance with its investment objectives and policies as
stated in this Prospectus. It is currently anticipated that the Fund will be able to invest substantially all of the net proceeds of
an offering of Securities in accordance with its investment objectives and policies within three months after the completion of such
offering. Pending the full investment of the proceeds of an offering, it is anticipated that the net proceeds will be invested in fixed
income securities and other permitted investments. See &#8220;Objectives and Principal Investment Strategy&#8221;. A delay in the anticipated
use of proceeds could lower returns and reduce the Fund&#8217;s distribution to Common Shareholders.</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; text-align: center"><B>DESCRIPTION OF COMMON SHARES</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">The Fund&#8217;s Common Shares are publicly held and are listed
and traded on the NYSE American. The following table sets forth for the fiscal quarters indicated the highest and lowest daily prices
during the applicable quarter at the close of market on the NYSE American per Common Share along with (i) the highest and lowest closing
NAV and (ii) the highest and lowest premium or discount from NAV represented by such prices at the close of the market on the NYSE American.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">NYSE&nbsp;Market&nbsp;Price(1)</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">NAV&nbsp;at&nbsp;NYSE&nbsp;Market<BR>
    Price(1)</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Market&nbsp;Premium/(Discount)&nbsp;to<BR>
    NAV&nbsp;on&nbsp;Date&nbsp;of&nbsp;NYSE&nbsp;Market<BR> Price(1)</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; font-weight: bold; border-bottom: Black 1pt solid">Quarter&nbsp;Ended&nbsp;(2)</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">High</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Low</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">High</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Low</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">High</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Low</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 34%; font-size: 9pt; text-align: right; text-indent: -10.1pt; padding-left: 10.1pt">April 30, 2021</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">$</TD><TD STYLE="width: 8%; font-size: 9pt; text-align: right">8.79</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">$</TD><TD STYLE="width: 8%; font-size: 9pt; text-align: right">7.98</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">$</TD><TD STYLE="width: 8%; font-size: 9pt; text-align: right">7.04</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">$</TD><TD STYLE="width: 8%; font-size: 9pt; text-align: right">6.67</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 9pt; text-align: right">29.26</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">%</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 9pt; text-align: right">14.16</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: right; text-indent: -10.1pt; padding-left: 10.1pt">January 31, 2021</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">8.10</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">7.45</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">7.10</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">6.55</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">14.08</TD><TD STYLE="font-size: 9pt; text-align: left">%</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">8.13</TD><TD STYLE="font-size: 9pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: right; text-indent: -10.1pt; padding-left: 10.1pt">October 31, 2020</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">7.60</TD><TD STYLE="font-size: 9pt; text-align: left"></TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">6.31</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">6.81</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">6.53</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">12.02</TD><TD STYLE="font-size: 9pt; text-align: left">%</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">3.37</TD><TD STYLE="font-size: 9pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: right; text-indent: -10.1pt; padding-left: 10.1pt">July 31, 2020</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">6.85</TD><TD STYLE="font-size: 9pt; text-align: left"></TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">5.52</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">6.71</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">6.08</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">2.24</TD><TD STYLE="font-size: 9pt; text-align: left">%</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(10.76</TD><TD STYLE="font-size: 9pt; text-align: left">)%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: right; text-indent: -10.1pt; padding-left: 10.1pt">April 30, 2020</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">8.38</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">4.53</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">7.94</TD><TD STYLE="font-size: 9pt; text-align: left"></TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">5.42</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">5.54</TD><TD STYLE="font-size: 9pt; text-align: left">%</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(16.42</TD><TD STYLE="font-size: 9pt; text-align: left">)%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: right; text-indent: -10.1pt; padding-left: 10.1pt">January 31, 2020</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">8.48</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">7.78</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">7.99</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">7.70</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">7.61</TD><TD STYLE="font-size: 9pt; text-align: left">%</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">0.39</TD><TD STYLE="font-size: 9pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: right; text-indent: -10.1pt; padding-left: 10.1pt">October 31, 2019</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">8.60</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">7.81</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">8.01</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">7.77</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">7.77</TD><TD STYLE="font-size: 9pt; text-align: left">%</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">0.51</TD><TD STYLE="font-size: 9pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: right; text-indent: -10.1pt; padding-left: 10.1pt">July 31, 2019</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">8.62</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">7.71</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">8.10</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">7.77</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">6.82</TD><TD STYLE="font-size: 9pt; text-align: left">%</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(1.03</TD><TD STYLE="font-size: 9pt; text-align: left">)%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: right; text-indent: -10.1pt; padding-left: 10.1pt">April 30, 2019</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">8.29</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">7.93</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">8.09</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">7.95</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">2.85</TD><TD STYLE="font-size: 9pt; text-align: left">%</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(1.49</TD><TD STYLE="font-size: 9pt; text-align: left">)%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: right; text-indent: -10.1pt; padding-left: 10.1pt">January 31, 2019</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">8.55</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">6.82</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">8.11</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">7.71</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">7.68</TD><TD STYLE="font-size: 9pt; text-align: left">%</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(12.56</TD><TD STYLE="font-size: 9pt; text-align: left">)%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: right; text-indent: -10.1pt; padding-left: 10.1pt">October 31, 2018</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">8.74</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">7.90</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">8.45</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">7.71</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">6.07</TD><TD STYLE="font-size: 9pt; text-align: left">%</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(3.89</TD><TD STYLE="font-size: 9pt; text-align: left">)%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: right; text-indent: -10.1pt; padding-left: 10.1pt">July 31, 2018</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">8.57</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">7.83</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">8.80</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">8.33</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(2.17</TD><TD STYLE="font-size: 9pt; text-align: left">)%</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(6.79</TD><TD STYLE="font-size: 9pt; text-align: left">)%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: right; text-indent: -10.1pt; padding-left: 10.1pt">April 30, 2018</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">9.29</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">8.47</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">9.34</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">8.82</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(0.54</TD><TD STYLE="font-size: 9pt; text-align: left">)%</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(5.57</TD><TD STYLE="font-size: 9pt; text-align: left">)%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: right; text-indent: -10.1pt; padding-left: 10.1pt">January 31, 2018</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">9.48</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">8.61</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">9.36</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">9.07</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">1.39</TD><TD STYLE="font-size: 9pt; text-align: left">%</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(5.80</TD><TD STYLE="font-size: 9pt; text-align: left">)%</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>

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<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 0pt 0.25in; text-indent: -0.25in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Source:
Bloomberg L.P.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Data
presented are with respect to a short period of time and are not indicative of future performance.</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">On June 22, 2021, the Fund&#8217;s NAV was $6.66 and the last reported
sale price of a Common Share on the NYSE was $8.90, representing a premium to NAV of 33.6%.</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; text-align: center"><B>INVESTMENT OBJECTIVES AND PRINCIPAL INVESTMENT
STRATEGY</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">The Fund&#8217;s principal investment objective is to provide high
current income by investing primarily in fixed income securities. As a secondary investment objective, the Fund seeks capital appreciation,
but only when consistent with its principal investment objective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under normal market conditions, the Fund invests at least 80% of
its net assets, plus the amount of any borrowings for investment purposes, in debt securities. This 80% investment policy is a non-fundamental
policy of the Fund and may be changed by the Fund&#8217;s Board upon 60 days&#8217; prior written notice to shareholders. The Fund&#8217;s
investments are divided into three categories: Developed Markets, Investment Grade Developing Markets and Sub-Investment Grade Developing
Markets. &#8220;Developed Markets&#8221; are those countries contained in the FTSE World Government Bond Index, New Zealand, Luxembourg
and the Hong Kong Special Administrative Region. As of May 31, 2021, securities of the following countries comprised the FTSE World Government
Bond Index: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Israel, Italy, Japan, Malaysia, Mexico,
Netherlands, Norway, Poland, Singapore, Spain, Sweden, the United Kingdom and the United States. &#8220;Investment Grade Developing Markets&#8221;
are those countries whose sovereign debt is rated not less than Baa3 by Moody&#8217;s Investors Services Inc. (&#8220;Moody&#8217;s&#8221;)
or BBB- by S&amp;P Global Ratings (&#8220;S&amp;P&#8221;) or comparably rated by another appropriate nationally or internationally recognized
ratings agency. As of May 31, 2021, &#8220;Investment Grade Developing Markets&#8221; are comprised of the following countries: Abu Dhabi,
Andorra, Aruba, Australia, Austria, Belgium, Bermuda, Botswana, Bulgaria, Canada, Cayman Islands, Chile, China, Colombia, Croatia, Curacao,
Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Hong Kong, Hungary, Iceland, India, Indonesia, Ireland, Isle of Man,
Israel, Italy, Japan, Jersey, Kazakhstan, Kuwait, Latvia, Liechtenstein, Lithuania, Luxembourg, Macao, Malaysia, Malta, Mauritius, Mexico,
Montserrat, Netherlands, New Zealand, Norway, Panama, Peru, Philippines, Poland, Portugal, Qatar, Republic of Korea (South Korea), Romania,
Russia, Saudi Arabia, Singapore, Slovakia, Slovenia, Spain, Sweden, Switzerland, Taiwan, Thailand, Trinidad &amp; Tobago, United Arab
Emirates, United Kingdom, United States and Uruguay. &#8220;Sub-Investment Grade Developing Markets&#8221; are those countries that are
not Developed Markets or Investment Grade Developing Markets. Under normal circumstances, at least 60% of the Fund&#8217;s total assets
are invested in fixed income securities of issuers in Developed Markets or Investment Grade Developing Markets, whether or not denominated
in the currency of such country; provided, however, that the Fund invests at least 40% of its total assets in fixed income securities
of issuers in Developed Markets. The Fund may invest up to 40% of its total assets in fixed income securities of issuers in Sub-Investment
Grade Developing Markets, whether or not denominated in the currency of such country. The ability of issuers of debt securities held
by the Fund to meet their obligations may be affected by economic developments in a specific industry, country or region.</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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<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">There can be no assurance that the Fund will achieve its investment
objectives. The Fund&#8217;s investment objectives are fundamental and may not be changed without the approval of a majority of the Fund&#8217;s
outstanding voting securities. Under the 1940 Act, a majority of the Fund&#8217;s outstanding voting securities means the lesser of (i)
67% or more of the shares represented at a meeting at which more than 50% of the outstanding shares are represented or (ii) more than
50% of the outstanding shares. In the event that the Fund issues preferred shares, changes in fundamental policies would also require
approval by a majority of the outstanding preferred shares, voting as a separate class.</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">Investment advisory services for the Fund are provided by&nbsp;Aberdeen
Standard Investments (Asia) Limited (the Fund&#8217;s Investment Manager), Aberdeen Standard Investments Australia Limited (the Fund&#8217;s
Investment Adviser) and Aberdeen Asset Managers Limited (the Fund&#8217;s Sub-Adviser).</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"><B>INVESTMENT PHILOSOPHY</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">The information contained under the heading &#8220;Additional Information
Regarding the Fund&#8212;Investment Objectives and Policies&#8221; in the Fund&#8217;s <A HREF="http://www.sec.gov/Archives/edgar/data/876717/000110465921002271/tm2033257d15_ncsr.htm" STYLE="-sec-extract: exhibit">Annual Report</A> is incorporated herein by reference.
All capitalized terms not otherwise defined in the Prospectus or Statement of Additional Information shall have the meanings ascribed
thereto in the Annual Report.</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"><B>DEBT SECURITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information contained under the headings &#8220;Additional
Information Regarding the Fund&#8212;Investment Securities&#8221; and &#8220;Additional Information Regarding the Fund&#8212;Debt Securities&#8221;
in the Fund&#8217;s <A HREF="http://www.sec.gov/Archives/edgar/data/876717/000110465921002271/tm2033257d15_ncsr.htm" STYLE="-sec-extract: exhibit">Annual Report</A> is incorporated herein by reference.</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"><B>U.S. SECURITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information contained under the heading &#8220;Additional Information
Regarding the Fund&#8212;U.S. Securities&#8221; in the Fund&#8217;s <A HREF="http://www.sec.gov/Archives/edgar/data/876717/000110465921002271/tm2033257d15_ncsr.htm" STYLE="-sec-extract: exhibit">Annual Report</A> is incorporated herein by reference.</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"><B>DERIVATIVES</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">The information contained under the heading &#8220;Additional Information
Regarding the Fund&#8212;Derivatives&#8221; in the Fund&#8217;s <A HREF="http://www.sec.gov/Archives/edgar/data/876717/000110465921002271/tm2033257d15_ncsr.htm" STYLE="-sec-extract: exhibit">Annual Report</A> is incorporated herein by reference.</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"><B>PRIVATE PLACEMENTS</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">The information contained under the heading &#8220;Additional Information
Regarding the Fund&#8212;Private Placements&#8221; in the Fund&#8217;s <A HREF="http://www.sec.gov/Archives/edgar/data/876717/000110465921002271/tm2033257d15_ncsr.htm" STYLE="-sec-extract: exhibit">Annual Report</A> is incorporated herein by reference.</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"><B>OTHER INVESTMENT COMPANIES</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">The information contained under the heading &#8220;Additional Information
Regarding the Fund&#8212;Other Investment Companies&#8221; in the Fund&#8217;s <A HREF="http://www.sec.gov/Archives/edgar/data/876717/000110465921002271/tm2033257d15_ncsr.htm" STYLE="-sec-extract: exhibit">Annual Report</A> is incorporated herein by reference.</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"><B>REPURCHASE AND SECURITIES LENDING AGREEMENTS</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">The information contained under the heading &#8220;Additional Information
Regarding the Fund&#8212;Repurchase and Securities Lending Agreements&#8221; in the Fund&#8217;s <A HREF="http://www.sec.gov/Archives/edgar/data/876717/000110465921002271/tm2033257d15_ncsr.htm" STYLE="-sec-extract: exhibit">Annual Report</A> is incorporated herein
by reference.</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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<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>FIRM COMMITMENT AGREEMENTS AND WHEN-ISSUED SECURITIES</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">The information contained under the heading &#8220;Additional Information
Regarding the Fund&#8212;Firm Commitment Agreements and When-Issued Securities&#8221; in the Fund&#8217;s <A HREF="http://www.sec.gov/Archives/edgar/data/876717/000110465921002271/tm2033257d15_ncsr.htm" STYLE="-sec-extract: exhibit">Annual Report</A> is incorporated
herein by reference.</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"><B>USE OF LEVERAGE AND RELATED RISKS</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">The Fund utilizes financial leverage for investment purposes (<I>i.e.</I>,
to purchase additional portfolio securities consistent with the Fund&#8217;s investment objectives and primary investment strategy).
The Fund has utilized leverage since shortly after it began investment operations and expects to continue to use leverage, although there
can be no assurance, however, that the Fund will continue to engage in any leveraging techniques. The Fund&#8217;s $40,000,000 revolving
credit loan facility with The Bank of Nova Scotia was renewed for a 3-year term on February 28, 2020 and, as of October 31, 2020, had
$20,300,000 in borrowings outstanding under the Credit Facility, which represented 26.2% of the Fund&#8217;s Managed Assets as of such
date (including the proceeds of such leverage). Although the Fund is permitted to borrow money and issue senior securities to the extent
permitted by the 1940 Act (as described in &#8220;Investment restrictions&#8221; in the SAI), the Fund&#8217;s current Credit Facility
does not permit the Fund to have more than $40,000,000 in borrowings outstanding at any one time and imposes other limits on indebtedness
that are more stringent than the 1940 Act. The Fund&#8217;s portfolio investments, among other property of the Fund, have been pledged
as collateral to secure the loans made under the Credit Facility. Under the Credit Facility, the Fund is required to prepay outstanding
loans or incur a penalty rate of interest upon the occurrence of certain events of default. Under the Credit Facility, the Fund has agreed
to indemnify the lender, its affiliates and other related parties against liabilities they may incur relating to the Credit Facility.
Further, until the lender&#8217;s commitment to make loans has terminated and the Fund&#8217;s borrowings have been repaid, the Credit
Facility imposes on the Fund customary covenants, including all of the restrictive covenants described below in the last paragraph of
 &#8220;Description of capital structure &#8212; Credit Facility/Notes&#8221; (other than a covenant requiring currency hedging). The
Credit Facility expires on February 28, 2023 (although, subject to certain conditions including the payment of an additional fee, the
Fund may extend the maturity date of its outstanding loans for up to approximately one (1) year following such expiration date). Although
the Fund currently intends to renew the Credit Facility prior to its expiration date, there can be no assurance that the Fund will be
able to do so or do so on terms similar to the current Credit Facility, which may adversely affect the ability of the Fund to pursue
its investment objectives and strategies.</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">The Fund may also enter into other transactions that may give rise
to a form of leverage including, among others, derivative transactions, loans of portfolio securities, and when-issued, delayed delivery
and forward commitment transactions. Although it has no current intention to do so in the next twelve months, the Fund may also determine
to issue preferred shares or notes to add leverage to its portfolio. Although the Fund uses leverage as discussed below, there can be
no assurance that the Fund will continue to utilize financial leverage or that, if utilized, the Fund will be successful during any period
in which leverage is employed. Generally speaking, if the Fund can invest the proceeds from financial leverage in portfolio securities
that have higher rates of return than the costs of such financial leverage and other expenses of the Fund, then the Common Shareholders
would have a net benefit.</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">The Fund is permitted to obtain leverage using any form or combination
of financial leverage instruments, including reverse repurchase agreements, credit facilities such as bank loans or commercial paper,
and the issuance of preferred shares or notes. Subject to prevailing market conditions, the Fund intends to use leveraging instruments
to maintain leverage on its portfolio representing up to approximately 33&nbsp;1/3% of the Fund&#8217;s total assets (including the assets
subject to, and obtained with the proceeds of, such instruments), the maximum amount of leverage allowable under the 1940 Act. The Fund
intends to use leverage opportunistically and may choose to increase or decrease its leverage, or use different types or combinations
of leveraging instruments, at any time based on the Fund&#8217;s assessment of market conditions and the investment environment.</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">The 1940 Act generally limits the extent to which the Fund may
utilize &#8220;uncovered&#8221; reverse repurchase agreements and borrowings, together with any other senior securities representing
indebtedness. Under the 1940 Act, the Fund is not permitted to incur indebtedness unless immediately after such incurrence the Fund
has an asset coverage of at least 300% of the aggregate outstanding principal balance of the indebtedness (<I>i.e.</I>, such
indebtedness may not exceed 33&nbsp;1/3% of the Fund&#8217;s total assets (including the proceeds from leverage)). Additionally,
under the 1940 Act, the Fund generally may not declare any dividend or other distribution upon any class of its capital shares, or
purchase any such capital shares, unless the aggregate indebtedness of the Fund has, at the time of the declaration of such dividend
or distribution, or at the time of any such purchase, an asset coverage of at least 300% after deducting the amount of such
dividend, distribution or purchase price, as the case may be. With respect to asset coverage for preferred shares, under the 1940
Act, the Fund is not permitted to issue preferred shares unless immediately after such issuance the NAV of the Fund&#8217;s
portfolio is at least 200% of the liquidation value of the outstanding preferred shares (<I>i.e.</I>, such liquidation value may not
exceed 50% of the Fund&#8217;s total assets (less the Fund&#8217;s obligations under uncovered reverse repurchase agreements,
borrowings and other senior securities representing indebtedness)). In addition, the Fund is not permitted to declare any cash
dividend or other distribution on its Common Shares unless, at the time of such distribution, the NAV of the Fund&#8217;s portfolio
(determined after deducting the amount of such dividend or other distribution) is at least 200% of such liquidation value. If the
Fund uses a combination of borrowing (including notes and other securities representing indebtedness) and issuing preferred shares,
the maximum asset coverage required would be between 300% and 200% depending on the relative amounts of borrowings and preferred
shares.</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">The asset coverage requirements under the 1940 Act set forth in the foregoing paragraph would only apply to the Fund&#8217;s
 &#8220;uncovered&#8221; reverse repurchase agreements. &#8220;Covered&#8221; reverse repurchase agreements will not be counted
against the foregoing limits under the 1940 Act (although the proceeds of, and assets subject to, such agreements would still be
counted as part of the Fund&#8217;s total assets). A reverse repurchase agreement will be considered &#8220;covered&#8221; if the
Fund segregates an amount of cash and/or liquid securities equal to the Fund&#8217;s obligations under such reverse repurchase
agreement (or segregates such other amounts as may be permitted by the 1940 Act or SEC guidance from time to time); otherwise, a
reverse repurchase agreement will be considered &#8220;uncovered.&#8221; The Fund may not cover a reverse repurchase agreement if it
does not need to do so to comply with the foregoing 1940 Act requirements and, in the view of the Adviser, the assets that would
have been used to cover could be better used for a different purpose.</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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<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">The Fund&#8217;s Board regularly reviews the Fund&#8217;s use of financial
leverage (<I>i.e.</I>, the relative costs and benefits of leverage on the Fund&#8217;s Common Shares) and reviews the alternative means
to leverage (<I>i.e.,</I>&nbsp;the relative benefits and costs of using reverse repurchase agreements, credit facilities such as bank
loans or commercial paper, the issuance of preferred shares or notes, or combinations thereof).</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">Leverage creates risks for holders of the Common Shares, including
the likelihood of greater volatility in the NAV and market price of, and distributions on, the Common Shares. There is a risk that fluctuations
in the distribution rates on any outstanding preferred shares or notes may adversely affect the return to the holders of the Common Shares.
If the income from the investments purchased with such funds is not sufficient to cover the cost of leverage, the return on the Fund will
be less than if leverage had not been used, and therefore the amount available for distribution to Common Shareholders will be reduced.
The Fund in its reasonable judgment nevertheless may determine to maintain the Fund&#8217;s leveraged position if it deems such action
to be appropriate in the circumstances.</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">Changes in the value of the Fund&#8217;s investment portfolio (including
investments bought with the proceeds of leverage) will be borne entirely by the Fund and indirectly by the Fund&#8217;s Common Shareholders.
If there is a net decrease (or increase) in the value of the Fund&#8217;s investment portfolio, the leverage will decrease (or increase)
the NAV to a greater extent than if the Fund were not leveraged. The use of leverage by the Fund may magnify the Fund&#8217;s losses when
there is a decrease in the value of a Fund investment and even totally eliminate the Fund&#8217;s equity in its portfolio or a Common
Shareholder&#8217;s equity in the Fund. During periods in which the Fund is using leverage, the fees paid by the Fund for investment advisory
services will be higher than if the Fund did not use leverage because the investment advisory fees paid will be calculated on the basis
of the Fund&#8217;s Managed Assets, which include proceeds from leverage. As discussed under &#8220;Description of capital structure,&#8221;
if preferred shares are used, holders of preferred shares will have rights to elect a minimum of two directors. This voting power may
negatively affect Common Shareholders, and the interests of holders of preferred shares may otherwise differ from the interests of Common
Shareholders. Any directors elected by preferred shareholders will represent both Common Shareholders as well as holders of preferred
shares. Such directors may have a conflict of interest when the interests of Common Shareholders differ from those of holders of preferred
shares.</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">Capital raised through leverage will be subject to distribution and/or
interest payments, which may exceed the income and appreciation on the assets purchased. The issuance of preferred shares or notes involves
expenses associated with the offer and other costs and may limit the Fund&#8217;s freedom to pay distributions on Common Shares or to
engage in other activities. All costs of offering and servicing any of the leverage methods the Fund may use will be borne entirely by
the Fund&#8217;s Common Shareholders. The interests of persons with whom the Fund enters into leverage arrangements (such as bank lenders,
note holders and preferred shareholders) will not necessarily be aligned with the interests of the Fund&#8217;s Common Shareholders and
such persons will have claims on the Fund&#8217;s assets that are senior to those of the Fund&#8217;s Common Shareholders. Leverage creates
an opportunity for a greater return per Common Share, but at the same time it is a speculative technique that will increase the Fund&#8217;s
exposure to capital risk. Unless the income and appreciation, if any, on assets acquired with leverage exceeds the cost of such leverage,
the use of leverage will diminish the investment performance of the Fund&#8217;s Common Shares compared with what it would have been without
leverage.</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">Any lender in connection with a credit facility may impose specific
restrictions as a condition to borrowing. The credit facility fees may include, among other things, up front structuring fees and ongoing
commitment fees (including fees on amounts undrawn on the facility) in addition to the traditional interest expense on amounts borrowed.
The credit facility may involve a lien on the Fund&#8217;s assets. Similarly, to the extent the Fund issues preferred shares or notes,
the Fund currently intends to seek the highest credit rating possible from one or more NRSROs on any preferred shares or notes it issues
and the Fund may be subject to fees, covenants and investment restrictions required by the NRSRO as a result. Such covenants and restrictions
imposed by a NRSRO or lender may include asset coverage or portfolio composition requirements that are more stringent than those imposed
on the Fund by the 1940 Act. It is not anticipated that these covenants or restrictions will significantly impede the Advisers in managing
the Fund&#8217;s portfolio in accordance with its investment objectives and policies. Nonetheless, if these covenants or guidelines are
more restrictive than those imposed by the 1940 Act, the Fund may not be able to utilize as much leverage as it otherwise could have,
which could reduce the Fund&#8217;s investment returns. In addition, the Fund expects that any notes or a credit facility would contain
covenants that, among other things, will likely impose geographic exposure limitations, credit quality minimums, liquidity minimums,
concentration limitations and currency hedging requirements on the Fund. These covenants would also likely limit the Fund&#8217;s ability
to pay distributions in certain circumstances, incur additional debt, change fundamental investment policies and engage in certain transactions,
including mergers and consolidations. Such restrictions could cause the Advisers to make different investment decisions than if there
were no such restrictions and could limit the ability of the Board and Common Shareholders to change fundamental investment policies.</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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<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">The Fund must distribute in each taxable year at least 90% of its net
investment income (including net interest income and net short-term gain) to qualify for the special tax treatment available to regulated
investment companies. The Fund also will be required to distribute annually substantially all of its income and capital gain, if any,
to avoid imposition of a nondeductible 4% federal excise tax. Prohibitions on dividends and other distributions on the Fund&#8217;s Common
Shares could impair the Fund&#8217;s ability to qualify as a regulated investment company under the Code.</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">If the Fund is precluded from making distributions on the Common Shares
because of any applicable asset coverage requirements, the terms of the preferred shares (if any) may provide that any amounts so precluded
from being distributed, but required to be distributed for the Fund to meet the distribution requirements for qualification as a regulated
investment company, will be paid to the holders of the preferred shares as a special distribution. This distribution can be expected to
decrease the amount that holders of preferred shares would be entitled to receive upon redemption or liquidation of the shares.</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">If the Fund failed to qualify as a regulated investment company or
failed to satisfy the 90% distribution requirement in any taxable year, the Fund would be subject to U.S. federal income tax at regular
corporate rates on its taxable income, including its net capital gain, even if such income were distributed to its shareholders, and all
distributions out of earnings and profits would be taxed to shareholders as ordinary dividend income. Requalifying as a regulated investment
company could subject the Fund to significant tax costs. See &#8220;Tax Matters &#8212; Taxation of the Fund&#8221; in the SAI.</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">The Fund&#8217;s willingness to utilize leverage, and the amount of
leverage the Fund will assume, will depend on many factors, the most important of which are market conditions and interest rates. Successful
use of a leveraging strategy may depend on the Fund&#8217;s ability to predict correctly interest rates and market movements, and there
is no assurance that a leveraging strategy will be successful during any period in which it is employed. Any leveraging of the Common
Shares cannot be achieved until the proceeds resulting from the use of leverage have been invested in accordance with the Fund&#8217;s
investment objectives and policies.</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">In addition to leverage for investment purposes, the Fund may also
borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of distributions and the settlement
of securities transactions which otherwise might require untimely dispositions of Fund investments.</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">The information contained under the heading &#8220;Additional Information
Regarding the Fund&#8212;Effects of Leverage&#8221; in the Fund&#8217;s <A HREF="http://www.sec.gov/Archives/edgar/data/876717/000110465921002271/tm2033257d15_ncsr.htm" STYLE="-sec-extract: exhibit">Annual Report</A> is incorporated herein by reference.</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; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Risk
factors</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information contained under the heading &#8220;Additional Information
Regarding the Fund&#8212;Risk Factors&#8221; in the Fund&#8217;s <A HREF="http://www.sec.gov/Archives/edgar/data/876717/000110465921002271/tm2033257d15_ncsr.htm" STYLE="-sec-extract: exhibit">Annual Report</A> is incorporated herein by reference. Each of the risk
factors contained thereunder is a principal risk of the Fund. Investors should consider the specific risk factors and special considerations
associated with investing in the Fund. An investment in the Fund is subject to investment risk, including the possible loss of your entire
investment. A Prospectus Supplement relating to an offering of the Fund&#8217;s securities may identify additional risk associated with
such offering.</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"><B>OTHER RISKS OF INVESTING IN THE FUND</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">Each of the risk factors discussed below is a non-principal risk
of the Fund.</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"><B>Investment risk</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">You may lose money by investing in the Fund, including the possibility
that you may lose all of your investment. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the
U.S. Federal Deposit Insurance Corporation or any other governmental agency.</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">The Fund is intended to be a long-term investment vehicle and is not
designed to provide investors with a means of speculating on short-term stock market movements. Investors should not consider the Fund
a complete investment program.</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"><B>Illiquid investments risk</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">The Fund&#8217;s investments in relatively illiquid investments
and loans may restrict the ability of the Fund to dispose of its investments in a timely fashion and for fair value, as well as its
ability to fairly value such investments and take advantage of market opportunities. The risks associated with illiquidity will be
particularly acute in situations in which the Fund&#8217;s operations require cash, such as when the Fund pays dividends or
distributions, and could result in the Fund borrowing to meet short-term cash requirements or incurring capital losses on the sale
of illiquid investments.</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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<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>Valuation risk</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">Unlike publicly traded common stock which trades on national exchanges,
there is no central place or exchange for loans or fixed-income instruments to trade. Loans and fixed-income instruments generally trade
on an &#8220;over-the-counter&#8221; market which may be anywhere in the world where the buyer and seller can settle on a price. Due to
the lack of centralized information and trading, the valuation of loans or fixed-income instruments may carry more risk than that of common
stock. Uncertainties in the conditions of the financial market, unreliable reference data, lack of transparency and inconsistency of valuation
models and processes may lead to inaccurate asset pricing. In addition, other market participants may value securities differently than
the Fund. As a result, the Fund may be subject to the risk that when a loan or fixed-income instrument is sold in the market, the amount
received by the Fund is less than the value of such loans or fixed-income instruments carried on the Fund&#8217;s books.</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"><B>Operational Risk</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">Your ability to transact with the Fund or the valuation of your investment
may be negatively impacted because of the operational risks arising from factors such as processing errors and human errors, inadequate
or failed internal or external processes, failures in systems and technology, changes in personnel, and errors caused by third party service
providers or trading counterparties. Although the Fund attempts to minimize such failures through controls and oversight, it is not possible
to identify all of the operational risks that may affect the Fund or to develop processes and controls that completely eliminate or mitigate
the occurrence of such failures. The Fund and its shareholders could be negatively impacted as a result.</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"><B>Risks Associated with Offering Preferred Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event any additional series of fixed rate preferred shares
are issued and such shares are intended to be listed on an exchange, prior application will have been made to list such shares on an
exchange. During an initial period, which is not expected to exceed 30 days after the date of its initial issuance, such shares may not
be listed on any securities exchange. During such period, the underwriters may make a market in such shares, although they will have
no obligation to do so. Consequently, an investment in such shares may be illiquid during such period. Fixed rate preferred shares may
trade at a premium to or discount from liquidation value for various reasons, including changes in interest rates, perceived credit quality
and other factors.</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"><B>Risks Associated with Offering Notes </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">Generally, notes are not likely to be listed on an exchange or
automated quotation system. Accordingly, it cannot be assured that any market will exist for notes, or if a market does exist, that it
will provide holders with liquidity. Broker-dealers that maintain a secondary trading market for the notes are not required to maintain
this market, and the Fund is not required to redeem notes if an attempted secondary market sale fails because of a lack of buyers. To
the extent that notes trade, they may trade at a price either higher or lower than their principal amount depending on interest rates,
the rating (if any) on such notes and other factors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Associated with Issuing Rights</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">Shareholders who do not exercise their Rights may, at the completion
of such an offering, own a smaller proportional interest in the Fund than if they exercised their Rights. As a result of such an offering,
a shareholder may experience dilution in net asset value per share if the subscription price per share is below the net asset value per
share on the expiration date. If the subscription price per share is below the net asset value per share of the Fund&#8217;s shares on
the expiration date, a shareholder will experience an immediate dilution of the aggregate net asset value of such shareholder&#8217;s
shares if the shareholder does not participate in such an offering and the shareholder will experience a reduction in the net asset value
per share of such shareholder&#8217;s shares whether or not the shareholder participates in such an offering. Such a reduction in net
asset value per share may have the effect of reducing the market price of the shares. The Fund cannot state precisely the extent of this
dilution (if any) if the shareholder does not exercise such shareholder&#8217;s Rights because the Fund does not know what the net asset
value per share will be when the offer expires or what proportion of the Rights will be exercised. If the subscription price is substantially
less than the then current net asset value per share at the expiration of a Rights offering, such dilution could be substantial. Any
such dilution or accretion will depend upon whether (i) such shareholders participate in the Rights offering, and (ii) the Fund&#8217;s
net asset value per share is above or below the subscription price on the expiration date of the Rights offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition to the economic dilution described above, if a shareholder
does not exercise all of their Rights, the shareholder will incur voting dilution as a result of the Rights offering. This voting dilution
will occur because the shareholder will own a smaller proportionate interest in the Fund after the Rights offering than prior to the
Rights offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There is a risk that changes in market conditions may result in
the underlying Common Shares or Preferred Shares purchasable upon exercise of Rights being less attractive to investors at the conclusion
of the subscription period. This may reduce or eliminate the value of the Rights. If investors exercise only a portion of the Rights,
the number of Common Shares or Preferred Shares issued may be reduced, and the shares may trade at less favorable prices than larger
offerings for similar securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Rights issued by the Fund may be transferable or non-transferable
rights. In a non-transferable Rights offering, common and/or preferred shareholders who do not wish to exercise their Rights will be
unable to sell their Rights. In a transferable Rights offering, the Fund will use its best efforts to ensure an adequate trading market
for the Rights; however, investors may find that there is no market to sell Rights they do not wish to exercise.</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; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Management
of the Fund</B></FONT></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"><B>BOARD OF DIRECTORS</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">The management of the Fund, including general supervision of the duties
performed by the Adviser, is the responsibility of the Board under the laws of the State of Maryland and the 1940 Act.</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"><B>INVESTMENT MANAGER, INVESTMENT ADVISER, SUB-ADVISER AND ADMINISTRATOR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each of the Advisers and ASII is an indirect wholly-owned subsidiary
of Standard Life Aberdeen plc, which manages or administers&nbsp;approximately $624.47 billion in assets as of December 31, 2020. Standard
Life Aberdeen plc and its affiliates provide asset management and investment solutions for clients and customers worldwide and also have
a strong position in the pensions and savings market. Standard Life Aberdeen plc, its affiliates and subsidiaries are referred to collectively
herein as &#8220;Aberdeen.&#8221;</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">In rendering investment advisory services, the Advisers may use
the resources of investment advisor subsidiaries of Standard Life Aberdeen plc. These affiliates have entered into a memorandum of understanding
/ personnel sharing procedures (&#8220;MOU&#8221;) pursuant to which investment professionals from each affiliate may render portfolio
management, research or trading services to U.S. clients of the Standard Life Aberdeen plc affiliates, including the Fund, as associated
persons of the Adviser. Each investment professional who renders portfolio management, research or trading services under a MOU or personnel
sharing arrangement must comply with the provisions of the Investment Advisers Act of 1940, the 1940 Act, the Securities Act of 1933,
as amended, (the &#8220;Securities Act&#8221;), the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), and
the Employee Retirement Income Security Act of 1974, and the laws of states or countries in which the Advisers do business or has clients.
No remuneration is paid by the Fund with regards to the MOU/personnel sharing arrangements.</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">During periods when the Fund is using leverage, the fee paid to
Aberdeen (for various services) will be higher than if the Fund did not use leverage because the fees paid are calculated on the basis
of the Fund&#8217;s Managed Assets, which includes the assets purchased through leverage. For the purpose of calculating Managed Assets,
derivatives are valued at their market value.</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"><B>The Investment Manager</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aberdeen Standard Investments (Asia) Limited (&#8220;ASIAL&#8221;
or the &#8220;Investment Manager&#8221;) serves as investment manager to the Fund, pursuant to a management agreement (the &#8220;Management
Agreement&#8221;). The Investment Manager manages the Fund&#8217;s investments and makes investment decisions on behalf of the Fund,
including the selection of and the placement of orders with, brokers and dealers to execute portfolio transactions on behalf of the Fund.
At the Investment Manager&#8217;s request, the Investment Adviser will make recommendations of the overall structure of the Fund&#8217;s
portfolio including asset allocation advice and general advice on investment strategy. The Sub-Adviser manages the portion of the Fund&#8217;s
assets that the Investment Manager allocates to it. The Investment Adviser and Sub-Adviser are paid by the Investment Manager, not the
Fund. The Investment Manager is located at 21 Church Street, #01-01 Capital Square Two, Singapore 049480.</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"><B>The Investment Adviser</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">Aberdeen Standard Investments Australia Limited (the &#8220;Investment
Adviser&#8221;), an Australian Company, serves as investment adviser and provides day-to-day investment management services to the Fund,
and will serve as such through about July 23, 2021. The Investment Adviser&#8217;s principal place of business is located at Level 10,
255 George Street, Sydney, NSW 2000, Australia. At a meeting held on June 16, 2021, the Fund&#8217;s Board of Directors approved the
termination of Aberdeen Standard Investments Australia Limited as Investment Adviser of the Fund, effective on or about July 23, 2021.
Upon the effectiveness of the termination of Aberdeen Standard Investments Australia Limited, ASIAL will continue to serve as the Fund&#8217;s
Investment Manager and Aberdeen Asset Managers Limited will continue to serve as the sub-adviser to the Fund and will maintain responsibility
for investing the Fund&#8217;s assets.</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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<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>The Sub-Adviser</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">Aberdeen Asset Managers Limited (the &#8220;Sub-Adviser&#8221;)
serves as the sub-adviser to the fund, pursuant to a sub-advisory agreement. The Sub-Adviser is located at Bow Bells House, 1 Bread Street,
London, England EC4M 9HH.</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"><B>Advisory Agreements</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">The Management Agreement provides the Investment Manager with a fee,
payable monthly by the Fund, at the following annual rates:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0.65% of the Fund&#8217;s average weekly Managed Assets up to $200
million, 0.60% of Managed Assets between $200 million and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">$500 million, and 0.55% of Managed Assets in excess of $500 million.
Managed Assets is defined in the Management Agreement as net assets plus the amount of any borrowings for investment purposes.</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">The Fund pays all of its other expenses including, among others,
legal fees and expenses of counsel to the Fund and the Fund&#8217;s independent directors; insurance (including directors&#8217; and
officers&#8217; errors and omissions insurance); auditing and accounting expenses; taxes and governmental fees; listing fees; dues and
expenses incurred in connection with membership in investment company organizations; fees and expenses of the Fund&#8217;s custodians,
administrators, transfer agents, registrars and other service providers; expenses for portfolio pricing services by a pricing agent,
if any; other expenses in connection with the issuance, offering and underwriting of shares or debt instruments issued by the Fund or
with the securing of any credit facility or other loans for the Fund; expenses relating to investor and public relations; expenses of
registering or qualifying securities of the Fund for public sale; brokerage commissions and other costs of acquiring or disposing of
any portfolio holding of the Fund; expenses of preparation and distribution of reports, notices and dividends to shareholders; expenses
of the Dividend Reinvestment and Optional Cash Purchase Plan (except for brokerage expenses paid by participants in such plan); compensation
and expenses of directors; costs of stationery; any litigation expenses; and costs of shareholders&#8217; and other meetings.</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"><B>The Administrator</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">Aberdeen Standard Investments Inc., located at 1900 Market Street,
Suite&nbsp;200, Philadelphia, PA 19103, serves as administrator to the Fund. Under the administration agreement, ASII is generally responsible
for managing the administrative affairs of the Fund.</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">For administration related services, ASII is entitled to receive
a fee that is computed monthly and paid quarterly at an annual rate of 0.125% of the Fund&#8217;s average weekly Managed Assets up to$1
billion, 0.10% of the Fund&#8217;s average weekly Managed Assets in between $1 billion and $2 billion, and 0.075% of the Fund&#8217;s
average weekly Managed Assets in excess of $2 billion, plus certain out-of-pocket expenses.</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">State Street Bank and Trust Company serves as sub-administrator
of the Fund and is paid by ASII out of the fees it receives as the Fund&#8217;s administrator.</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"><B>Investor Relations</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">Under the terms of the Investor Relations Services Agreement, ASII
provides and/or engages third parties to provide investor relations services to the Fund and certain other funds advised by ASIAL or
its affiliates as part of an Investor Relations Program.</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">Under the Investor Relations Services Agreement, the Fund owes
a portion of the fees related to the Investor Relations Program (the &#8220;Fund&#8217;s Portion&#8221;). However, investor relations
services fees are limited by ASII so that the Fund will only pay up to an annual rate of 0.05% of the Fund&#8217;s average weekly net
assets. Any difference between the capped rate of 0.05% of the Fund&#8217;s average weekly net assets and the Fund&#8217;s Portion is
paid for by ASII.</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">Pursuant to the terms of the Investor Relations Services Agreement,
ASII (or third parties engaged by ASII), among other things, provides objective and timely information to shareholders based on publicly-available
information; provides information efficiently through the use of technology while offering shareholders immediate access to knowledgeable
investor relations representatives; develops and maintains effective communications with investment professionals from a wide variety
of firms; creates and maintains investor relations communication materials such as fund manager interviews, films and webcasts, publishes
white papers, magazine articles and other relevant materials discussing the Fund&#8217;s investment results, portfolio positioning and
outlook; develops and maintains effective communications with large institutional shareholders; responds to specific shareholder questions;
and reports activities and results to the Board and management detailing insight into general shareholder sentiment.</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">During the fiscal year ended October 31, 2020, the Fund incurred
investor relations fees of approximately $51,023. For the fiscal year ended October 31, 2020, ASII bore $20,654 of the investor relations
cost allocated to the Fund because the investor relations fees were above 0.05% of the Fund&#8217;s average weekly net assets on an annual
basis.</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<!-- Field: Split-Segment; Name: a4 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>LEGAL PROCEEDINGS</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">The Fund and the Advisers are not currently parties to any material
legal proceedings.</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; text-align: center"><B>NET ASSET VALUE OF COMMON SHARES</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">The Common Shares are listed on the NYSE. The NAV of the Common Shares
of the Fund is computed based upon the value of the Fund&#8217;s total assets. NAV is generally determined daily by the Custodian as of
the close of the regular trading session on each day that the NYSE is open for business. The NAV of the Common Shares is determined by
calculating the total value of the Fund&#8217;s assets (the value of the securities, plus cash or other assets, including interest accrued
but not yet received), deducting its total liabilities (including accrued expenses or dividends), and dividing the result by the number
of Common Shares outstanding of the Fund. The Fund reserves the right to calculate the NAV more frequently if deemed desirable.</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">Loans and securities are valued by the Fund following valuation guidelines
established and periodically reviewed by the Board. Under the valuation guidelines, loans and securities for which reliable market quotes
are readily available are valued at current market value and all other loans, securities and assets of the Fund are valued at fair value
in good faith following procedures established by the Board.</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">If events materially affecting the price of foreign portfolio securities
occur between the time when their price was last determined on such foreign securities exchange or market and the time when the Fund&#8217;s
NAV was last calculated (for example, movements in certain U.S. securities indices which demonstrate strong correlation to movements in
certain foreign securities markets), such securities may be valued at their fair value as determined in good faith in accordance with
procedures established by the Board. For purposes of calculating NAV, all assets and liabilities initially expressed in foreign currencies
will be converted into U.S. dollars at the mean of the bid price and ask price of such currencies against the U.S. dollar, as quoted by
a major bank.</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">When a Common Shareholder sells Common Shares, he or she will typically
receive the market price for such Common Shares, which may be less than the NAV of such Common Shares. See &#8220;Closed-End Fund Structure.&#8221;</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; text-align: center"><B>DISTRIBUTIONS</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">The Fund intends to make regular monthly distributions to shareholders.
The amount of each monthly distribution will vary depending on a number of factors, including distributions payable on preferred shares
or notes (if any) or other costs of financial leverage. As portfolio and market conditions change, the rate of distribution on the Common
Shares and the Fund&#8217;s distribution policy could change. On an annual basis, the Fund intends to distribute all or substantially
all of its net investment income (after it pays accrued distributions on any outstanding preferred shares or other costs of financial
leverage) to meet the requirements for qualification as a regulated investment company under the Code.</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">The net investment income of the Fund will consist of all interest
income accrued on portfolio investments, short-term capital gain (including short-term gains on options, futures and forward positions
and gains on the sale of portfolio investments held for one (1)&nbsp;year or less) in excess of long-term capital loss and income from
certain hedging transactions, less all expenses of the Fund. Expenses of the Fund will be accrued each day. The Fund intends to distribute
all or substantially all of the Fund&#8217;s net investment income each year. In addition, at least annually the Fund intends to distribute
any net capital gain (which is the excess of net long-term capital gain over net short-term capital loss). To the extent that the Fund&#8217;s
net investment income and net capital gain for any year exceed the total distributions paid during the year, the Fund will make a special
distribution at or near year-end of such excess amount as may be required. Under the 1940 Act, for any distribution that includes amounts
from sources other than net income, the Fund is required to provide Common Shareholders a written statement regarding the components of
such distribution. Such a statement will be provided at the time of any distribution believed to include any such amounts.</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">If, for any taxable year, the total distributions made exceed the Fund&#8217;s
current and accumulated earnings and profit, the excess will, for U.S. federal income tax purposes, be treated as a tax-free return of
capital to each Common Shareholder up to the amount of the Common Shareholder&#8217;s tax basis in his or her Common Shares, and thereafter
as gain from the sale of Common Shares. The amount treated as a tax-free return of capital will reduce the Common Shareholder&#8217;s
adjusted tax basis in his or her Common Shares, thereby increasing his or her potential gain or reducing his or her potential loss on
the subsequent sale of his or her Common Shares. To the extent the Fund&#8217;s distribution policy results in distributions in excess
of its net investment income and net capital gain, such distributions will decrease its total assets and increase its expense ratio to
a greater extent than would have been the case if distributions were limited to these amounts. Distributions in any year may or may not
include a substantial return of capital component.</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">Common Shareholders will automatically reinvest some or all of
their distributions in additional Common Shares pursuant to the Fund&#8217;s Dividend Reinvestment and Optional Cash Purchase Plan, unless
such Common Shareholders contact the Plan Agent and elect to receive distributions in cash. See &#8220;Dividend Reinvestment and Optional
Cash Purchase Plan.&#8221;</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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<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">In certain circumstances, the Fund may elect to retain its investment
company taxable income or capital gain and pay income or excise tax on such undistributed amount, to the extent that the Board of Directors,
in consultation with the Advisers, determines it to be in the best interest of shareholders to do so. The actual amounts and sources
of the amounts for tax reporting purposes will depend upon the Fund&#8217;s investment experience during the remainder of the fiscal
and calendar year and may be subject to change based on tax regulations.</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; text-align: center"><B>TAX MATTERS</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">The following is (i)&nbsp;a description of the material U.S. federal
income tax consequences of owning and disposing of Common Shares and (ii)&nbsp;a description of some of the important U.S. federal income
tax considerations affecting the Fund. The discussion below provides general tax information related to an investment in Common Shares,
but this discussion does not purport to be a complete description of the U.S. federal income tax consequences of an investment in such
securities. It is based on the Code and Treasury regulations and administrative pronouncements, all as of the date hereof, any of which
is subject to change or differing interpretation, possibly with retroactive effect. In addition, it does not describe all of the tax consequences
that may be relevant in light of a Common Shareholder&#8217;s particular circumstances, including alternative minimum tax consequences
and tax consequences applicable to Common Shareholders subject to special tax rules, such as certain financial institutions; dealers or
traders in securities who use a mark-to-market method of tax accounting; persons holding Common Shares as part of a hedging transaction,
wash sale, conversion transaction or integrated transaction or persons entering into a constructive sale with respect to the Common Shares;
entities classified as partnerships or other pass-through entities for U.S. federal income tax purposes; real estate investment trusts;
insurance companies; U.S. holders (as defined below) whose functional currency is not the U.S. dollar; or tax-exempt entities, including
 &#8220;individual retirement accounts&#8221; or &#8220;Roth IRAs.&#8221; Unless otherwise noted, the following discussion applies only
to a Common Shareholder that holds Common Shares as a capital asset and is a U.S. holder. A &#8220;U.S. holder&#8221; is a holder who,
for U.S. federal income tax purposes, is a beneficial owner of Common Shares and is (i)&nbsp;an individual who is a citizen or resident
of the United States; (ii)&nbsp;a corporation, or other entity taxable as a corporation, created or organized in or under the laws of
the United States, any state therein or the District of Columbia; (iii)&nbsp;an estate the income of which is subject to U.S. federal
income taxation regardless of its source; or (iv)&nbsp;a trust if it (x)&nbsp;is subject to the primary supervision of a court within
the United States and one or more U.S. persons have the authority to control all substantial decisions of the trust or (y)&nbsp;has a
valid election in effect under applicable United States Treasury regulations to be treated as a U.S. person. Tax laws are complex and
often change, and Common Shareholders should consult their tax advisors about the U.S. federal, state, local or non-U.S. tax consequences
of an investment in the Fund. For more information, please see the section of the SAI entitled &#8220;Tax Matters.&#8221;</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"><B>THE FUND</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">The Fund has elected to be treated as, and intends to continue to qualify
in each taxable year as, a regulated investment company (a &#8220;RIC&#8221;) under Subchapter M of the Code. Assuming the Fund so qualifies
and satisfies certain distribution requirements, the Fund generally will not be subject to U.S. federal income tax on income distributed
(including amounts that are reinvested pursuant to the Plan) in a timely manner to its shareholders in the form of dividends or capital
gain distributions. If the Fund retains any net capital gains for reinvestment, it may elect to treat such capital gains as having been
distributed to its shareholders. If the Fund makes such an election, each Common Shareholder will be required to report its share of such
undistributed net capital gain as long-term capital gain and will be entitled to claim its share of the U.S. federal income taxes paid
by the Fund on such undistributed net capital gain as a credit against its own U.S. federal income tax liability, if any, and to claim
a refund on a properly-filed U.S. federal income tax return to the extent that the credit exceeds such liability. In addition, each Common
Shareholder will be entitled to increase the adjusted tax basis of its Common Shares by the difference between its share of such undistributed
net capital gain and the related credit. There can be no assurance that the Fund will make this election if it retains all or a portion
of its net capital gain for a taxable year.</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">To qualify as a RIC for any taxable year, the Fund must, among
other things, satisfy both an income test and an asset test for such taxable year. Specifically, (i)&nbsp;at least 90% of the
Fund&#8217;s gross income for such taxable year must consist of dividends; interest; payments with respect to certain securities
loans; gains from the sale or other disposition of stock, securities or foreign currencies; other income (including, but not limited
to, gains from options, futures or forward contracts) derived with respect to its business of investing in such stock, securities or
currencies; and net income derived from interests in &#8220;qualified publicly traded partnerships&#8221; (such income,
 &#8220;Qualifying RIC Income&#8221;) and (ii)&nbsp;the Fund&#8217;s holdings must be diversified so that, at the end of each quarter
of such taxable year, (a)&nbsp;at least 50% of the value of the Fund&#8217;s total assets is represented by cash and cash items,
securities of other RICs, U.S. government securities 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 greater than 10% of the outstanding
voting securities of such issuer and (b)&nbsp;not more than 25% of the value of the Fund&#8217;s total assets is invested
(x)&nbsp;in securities (other than U.S. government securities or securities of other RICs) of any one issuer or of two or more
issuers that the Fund controls and that are engaged in the same, similar or related trades or businesses or (y)&nbsp;in the
securities of one or more &#8220;qualified publicly traded partnerships.&#8221; The Fund&#8217;s share of income derived from a
partnership other than a &#8220;qualified publicly traded partnership&#8221; will be treated as Qualifying RIC Income only to the
extent that such income would have constituted Qualifying RIC Income if derived directly by the Fund. A &#8220;qualified publicly
traded partnership&#8221; is generally defined as an entity that is treated as a partnership for U.S. federal income tax purposes if
(i)&nbsp;interests in such entity are traded on an established securities market or are readily tradable on a secondary market or
the substantial equivalent thereof and (ii)&nbsp;less than 90% of its gross income for the relevant taxable year consists of
Qualifying RIC Income. The Code provides that the Treasury Department may by regulation exclude from Qualifying RIC Income foreign
currency gains that are not directly related to the RIC&#8217;s principal business of investing in stock or securities (or options
and futures with respect to stock or securities). The Fund anticipates that, in general, its foreign currency gains will be directly
related to its principal business of investing in stock and securities.</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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<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>OWNING AND DISPOSING OF COMMON SHARES</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">Distributions of the Fund&#8217;s ordinary income and net short-term
capital gains will generally be taxable to the Common Shareholders as ordinary income to the extent such distributions are paid out of
the Fund&#8217;s current or accumulated earnings and profits, as determined for U.S. federal income tax purposes. Distributions or deemed
distributions, if any, of net capital gains will be taxable as long-term capital gains, regardless of the length of time the Common Shareholder
has owned Common Shares. Distributions made to a non-corporate Common Shareholder out of &#8220;qualified dividend income,&#8221; if any,
received by the Fund will be subject to tax at reduced maximum rates, provided that the Common Shareholder meets certain holding period
and other requirements with respect to its Common Shares. A distribution of an amount in excess of the Fund&#8217;s current and accumulated
earnings and profits will be treated by a Common Shareholder as a return of capital that will be applied against and reduce the Common
Shareholder&#8217;s basis in its Common Shares. To the extent that the amount of any such distribution exceeds the Common Shareholder&#8217;s
basis in its Common Shares, the excess will be treated as gain from a sale or exchange of the Common Shares. Distributions will be treated
in the manner described above regardless of whether such distributions are paid in cash or invested in additional Common Shares pursuant
to the Plan.</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">A Common Shareholder may recognize a capital gain or loss on the sale
or other disposition of Common Shares. The amount of the gain or loss will be equal to the difference between the amount realized and
the Common Shareholder&#8217;s adjusted tax basis in the relevant Common Shares. Such gain or loss generally will be a long-term gain
or loss if the Common Shareholder&#8217;s holding period for such Common Shares is more than one (1)&nbsp;year. Under current law, net
capital gains recognized by non-corporate Common Shareholders are generally subject to reduced maximum rates. Losses realized by a Common
Shareholder on the sale or exchange of Common Shares held for six months or less will be treated as long-term capital losses to the extent
of any distribution of long-term capital gain received (or deemed received, as discussed above) with respect to such Common Shares. In
addition, no loss will be allowed on a sale or other disposition of Common Shares if the Common Shareholder acquires (including pursuant
to the Plan) Common Shares within 30 days before or after the disposition. In such a case, the basis of the securities acquired will be
adjusted to reflect the disallowed loss.</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">An additional 3.8% Medicare tax is imposed on certain net investment
income (including ordinary dividends and capital gain distributions received from the Fund and net gains from redemptions or other taxable
dispositions of Fund Common Shares) of U.S. individuals, estates and trusts to the extent that such person&#8217;s &#8220;modified adjusted
gross income&#8221; (in the case of an individual) or &#8220;adjusted gross income&#8221; (in the case of an estate or trust) exceeds
certain threshold amounts.</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"><B>NON-U.S. COMMON SHAREHOLDERS</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">If a Common Shareholder is a nonresident alien, a foreign trust or
estate or a foreign corporation, as defined for U.S. federal income tax purposes, (a &#8220;non-U.S. Common Shareholder&#8221;) whose
ownership of Common Shares is not &#8220;effectively connected&#8221; with a U.S. trade or business, ordinary income dividends distributed
to such non-U.S. Common Shareholder by the Fund will generally be subject to U.S. federal withholding tax at a rate of 30% (or a lower
rate under an applicable treaty). Net capital gain dividends distributed by the Fund to a non-U.S. Common Shareholder whose ownership
of Common Shares is not &#8220;effectively connected&#8221; with a U.S. trade or business and who is not an individual present in the
United States for 183 days or more during the taxable year will generally not be subject to U.S. withholding tax. For a more detailed
discussion of the tax consequences of the ownership of Common Shares by a non-U.S. Common Shareholder, please see the discussion in the
SAI under &#8220;Tax Matters &#8212; Non-U.S. Common Shareholders.&#8221;</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">If a Common Shareholder does not provide the applicable payor with
its correct taxpayer identification number and any required certifications, such Common Shareholder may be subject to backup withholding
(currently, at a rate of 24%) on the distributions it receives (or is deemed to receive) from the Fund. Backup withholding will not, however,
be applied to payments that have been subject to the 30% withholding tax applicable to non-U.S. Common Shareholders.</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">In addition, the Fund is required to withhold U.S. tax (at a 30%
rate) on payments of taxable dividends made to certain non-U.S. entities that fail to comply (or be deemed compliant) with extensive
reporting and withholding requirements designed to inform the U.S. Department of the Treasury of U.S.-owned foreign investment
accounts. To avoid withholding, foreign financial institutions will need to (i)&nbsp;enter into agreements with the IRS that state
that they will provide the IRS information, including the names, addresses and taxpayer identification numbers of direct and
indirect U.S. account holders, comply with due diligence procedures with respect to the identification of U.S. accounts, report to
the IRS certain information with respect to U.S. accounts maintained, agree to withhold tax on certain payments made to
non-compliant foreign financial institutions or to account holders who fail to provide the required information, and determine
certain other information as to their account holders, or (ii)&nbsp;in the event that an applicable intergovernmental agreement and
implementing legislation are adopted, provide local revenue authorities with similar account holder information. Other foreign
entities will need to either provide the name, address, and taxpayer identification number of each substantial U.S. owner or
certifications of no substantial U.S. ownership unless certain exceptions apply. Under some circumstances, a foreign shareholder may
be eligible for refunds or credits of such taxes.</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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<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; text-align: center"><B>CLOSED-END FUND STRUCTURE</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">The Fund is a closed-end management investment company. Closed-end
funds differ from open-end management investment companies (commonly referred to as mutual funds) in that closed-end funds generally list
their shares for trading on a securities exchange and do not redeem their shares at the option of the shareholder. By comparison, mutual
funds issue securities redeemable 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.</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">However, shares of closed-end funds frequently trade at a discount
from their NAV. In recognition of the possibility that the Common Shares might trade at a discount to NAV and that any such discount may
not be in the interest of Common Shareholders, the Board, in consultation with the Advisers, from time to time may review possible actions
to reduce any such discount. On June&nbsp;12, 2018, the Board approved a share repurchase program (&#8220;Program&#8221;) for the Fund.
The Program allows the Fund to purchase, in the open market, its outstanding common shares, with the amount and timing of any repurchase
determined at the discretion of the Advisers and subject to market conditions and investment considerations. The Board might also consider
other options to reduce the discount, such as tender offers for Common Shares at NAV. There can be no assurance, however, that the Board
will decide to undertake any of these actions or that, if undertaken, such actions would result in the Common Shares trading at a price
equal to or close to NAV. The Board might also consider the conversion of the Fund to an open-end mutual fund, which would also require
a vote of the shareholders of the Fund. Conversion of the Fund to an open-end mutual fund would require approval by both (i)&nbsp;a majority
of the Board and (ii)&nbsp;a vote of shareholders representing the lesser of (a)&nbsp;67% or more of the outstanding voting securities
of the Fund at a shareholder meeting, if the holders of more than 50% of the outstanding voting securities are present in person or by
proxy, or (b)&nbsp;more than 50% of the outstanding voting securities of the Fund.</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">The Fund has no limitation on investments in illiquid securities (closed-end
funds are not required to have any such limitation) and may invest all or a portion of its assets in illiquid securities. In order to
meet redemptions upon request by shareholders, open-end funds typically cannot have more than 15% of their net assets in illiquid securities.
Thus, if the Fund were to convert to an open-end fund, it would have to adopt a limitation on illiquid securities and may need to revise
its investment objectives, strategies and policies. The composition of the Fund&#8217;s portfolio and/or its investment policies could
prohibit the Fund from complying with regulations of the SEC applicable to open-end management investment funds absent significant changes
in portfolio holdings, including with respect to certain illiquid securities, and investment policies. The Board believes, however, that
the closed-end structure is desirable, given the Fund&#8217;s investment objectives, strategies and policies. Investors should assume,
therefore, that it is highly unlikely that the Board would vote to convert the Fund to an open-end investment company. Investors should
note that the issuance of preferred shares to provide investment leverage could make a conversion to an open-end fund more difficult because
of the voting rights of preferred shareholders, the costs of redeeming preferred shares and other factors. See &#8220;Description of Capital
Structure.&#8221;</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; text-align: center"><B>DIVIDEND REINVESTMENT AND OPTIONAL CASH PURCHASE
PLAN</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">The Fund intends to distribute to stockholders substantially all
of its net investment income and to distribute any net realized capital gains at least annually. Net investment income for this purpose
is income other than net realized long-term and short-term capital gains net of expenses. Pursuant to the Dividend Reinvestment and Optional
Cash Purchase Plan (the &#8220;Plan&#8221;), stockholders whose shares of common stock are registered in their own names will be deemed
to have elected to have all distributions automatically reinvested by Computershare Trust Company N.A. (the &#8220;Plan Agent&#8221;
or &#8220;Computershare&#8221;) in the Fund shares pursuant to the Plan, unless such stockholders elect to receive distributions in cash.
Stockholders who elect to receive distributions in cash will receive such distributions paid by check in U.S. Dollars mailed directly
to the stockholder by the Plan Agent, as dividend paying agent. In the case of stockholders such as banks, brokers or nominees that hold
shares for others who are beneficial owners, the Plan Agent will administer the Plan on the basis of the number of shares certified from
time to time by the stockholders as representing the total amount registered in such stockholders&#8217; names and held for the account
of beneficial owners that have not elected to receive distributions in cash. Investors that own shares registered in the name of a bank,
broker or other nominee should consult with such nominee as to participation in the Plan through such nominee and may be required to
have their shares registered in their own names in order to participate in the Plan. Please note that the Fund does not issue certificates
so all shares will be registered in book entry form. The Plan Agent serves as agent for the stockholders in administering the Plan. If
the Directors of the Fund declare an income dividend or a capital gains distribution payable either in the Fund&#8217;s common stock
or in cash, nonparticipants in the Plan will receive cash and participants in the Plan will receive common stock, to be issued by the
Fund or purchased by the Plan Agent in the open market, as provided below. If the market price per share (plus expected per share fees)
on the valuation date equals or exceeds NAV per share on that date, the Fund will issue new shares to participants at NAV; provided,
however, that if the NAV is less than 95% of the market price on the valuation date, then such shares will be issued at 95% of the market
price. The valuation date will be the payable date for such distribution or dividend or, if that date is not a trading day on the New
York Stock Exchange, the immediately preceding trading date. If NAV exceeds the market price of Fund shares at such time, or if the Fund
should declare an income dividend or capital gains distribution payable only in cash, the Plan Agent will, as agent for the participants,
buy Fund shares in the open market, on the New York Stock Exchange or elsewhere, for the participants&#8217; accounts on, or shortly
after, the payment date. If, before the Plan Agent has completed its purchases, the market price exceeds the NAV of a Fund share, the
average per share purchase price paid by the Plan Agent may exceed the NAV of the Fund&#8217;s shares, resulting in the acquisition of
fewer shares than if the distribution had been paid in shares issued by the Fund on the dividend payment date. Because of the foregoing
difficulty with respect to open-market purchases, the Plan provides that if the Plan Agent is unable to invest the full dividend amount
in open-market purchases during the purchase period or if the market discount shifts to a market premium during the purchase period,
the Plan Agent will cease making open-market purchases and will receive the uninvested portion of the dividend amount in newly issued
shares at the close of business on the last purchase date.</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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<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">Participants have the option of making additional cash payments of
a minimum of $50 per investment (by check, one-time online bank debit or recurring automatic monthly ACH debit) to the Plan Agent for
investment in the Fund&#8217;s common stock, with an annual maximum contribution of $250,000. The Plan Agent will use all such funds received
from participants to purchase Fund shares in the open market on the 25th day of each month or the next trading day if the 25th is not
a trading day.</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">If the participant sets up recurring automatic monthly ACH debits,
funds will be withdrawn from his or her U.S. bank account on the 20th of each month or the next business day if the 20th is not a banking
business day and invested on the next investment date. The Plan Agent maintains all stockholder accounts in the Plan and furnishes written
confirmations of all transactions in an account, including information needed by stockholders for personal and tax records. Shares in
the account of each Plan participant will be held by the Plan Agent in the name of the participant, and each stockholder&#8217;s proxy
will include those shares purchased pursuant to the Plan. There will be no brokerage charges with respect to common shares issued directly
by the Fund. However, each participant will pay a per share fee of $0.02 incurred with respect to the Plan Agent&#8217;s open market purchases
in connection with the reinvestment of dividends, capital gains distributions and voluntary cash payments made by the participant. Per
share fees include any applicable brokerage commissions the Plan Agent is required to pay.</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">Participants also have the option of selling their shares through the
Plan. The Plan supports two types of sales orders. Batch order sales are submitted on each market day and will be grouped with other sale
requests to be sold. The price will be the average sale price obtained by Computershare&#8217;s broker, net of fees, for each batch order
and will be sold generally within 2 business days of the request during regular open market hours. Please note that all written sales
requests are always processed by Batch Order. ($10 and $0.12 per share). Market Order sales will sell at the next available trade. The
shares are sold real time when they hit the market, however an available trade must be presented to complete this transaction. Market
Order sales may only be requested by phone at 1-800-647-0584 or using Investor Center through www.computershare.com/buyaberdeen. ($25
and $0.12 per share).</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">The receipt of dividends and distributions under the Plan will not
relieve participants of any income tax that may be payable on such dividends or distributions. The Fund or the Plan Agent may terminate
the Plan as applied to any voluntary cash payments made and any dividend or distribution paid subsequent to notice of the termination
sent to members of the Plan at least 30 days prior to the record date for such dividend or distribution. The Plan also may be amended
by the Fund or the Plan Agent, but (except when necessary or appropriate to comply with applicable law or the rules or policies of the
Securities and Exchange Commission or any other regulatory authority) only by mailing a written notice at least 30 days&#8217; prior to
the effective date to the participants in the Plan. All correspondence concerning the Plan should be directed to the Plan Agent by phone
at 1-800-647-0584, using Investor Center through www.computershare.com/buyaberdeen or in writing to Computershare Trust Company N.A.,
P.O. Box 505000, Louisville, KY 40233-5000.</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; text-align: center"><B>DESCRIPTION OF CAPITAL STRUCTURE</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">The Fund, which was incorporated under the laws of the State of Maryland
on June 28, 1991, is authorized to issue 400,000,000 shares, $0.001 par value per share, which are divided into two classes: 300,000,000
of shares of Common Stock and 100,000,000 shares of Preferred Stock. The Fund intends to hold annual meetings of shareholders so long
as the Common Shares are listed on a national securities exchange and such meetings are required as a condition to such listing.</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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<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>GENERAL</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">Set forth below is information with respect to the Fund&#8217;s
outstanding securities as of June 10, 2021:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Title&nbsp;of&nbsp;Class</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount<BR> Authorized</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount&nbsp;Held&nbsp;by<BR>
    the&nbsp;Fund&nbsp;or&nbsp;for&nbsp;its<BR> Account</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount&nbsp;Outstanding<BR>
    Exclusive&nbsp;of&nbsp;Common<BR> Shares&nbsp;Held&nbsp;by&nbsp;the&nbsp;Fund<BR> or&nbsp;for&nbsp;its&nbsp;Own&nbsp;Account</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; font-size: 10pt; text-align: center">Common Shares</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">300,000,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">0</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">8,740,048</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: center">Preferred Shares</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">100,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</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"><B>COMMON SHARES</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">The Articles of Amendment and Restatement permits the Fund to issue
400,000,000 shares, $0.001 par value per share. Each Common Share represents an equal proportionate interest in the assets of the Fund
with each other Common Share in the Fund. Common Shareholders will be entitled to the payment of distributions when, as and if declared
by the Board. The 1940 Act or the terms of any borrowings or preferred shares may limit the payment of distributions to the Common Shareholders.
Each whole Common Share shall be entitled to one (1)&nbsp;vote as to matters on which it is entitled to vote pursuant to the terms of
the Articles of Amendment and Restatement. Upon liquidation of the Fund, after paying or adequately providing for the payment of all claims
and obligations of the Fund and the liquidation preference with respect to any outstanding preferred shares, and (upon receipt of such
releases, indemnities and refunding agreements as they deem necessary for their protection), the directors may distribute the remaining
assets of the Fund among the holders of the Common Shares.</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">In general, except as provided in the following paragraph, when there
are any borrowings, including reverse repurchase agreements, or preferred shares and/or notes outstanding, the Fund may not be permitted
to declare any cash distribution on its Common Shares, unless at the time of such declaration, (i)&nbsp;all accrued distributions on preferred
shares or accrued interest on borrowings have been paid and (ii)&nbsp;the value of the Fund&#8217;s total assets (determined after deducting
the amount of such distribution), less all liabilities and indebtedness of the Fund not represented by senior securities, is at least
300% of the aggregate amount of such securities representing indebtedness and at least 200% of the aggregate amount of securities representing
indebtedness plus the aggregate liquidation value of the outstanding preferred shares (expected to equal the aggregate original purchase
price of the outstanding preferred shares plus the applicable redemption premium, if any, together with any accrued and unpaid distributions
thereon, whether or not earned or declared and on a cumulative basis). In addition to the requirements of the 1940 Act, the Fund may be
required to comply with other asset coverage requirements as a condition of the Fund obtaining a rating of the preferred shares or notes
from a NRSRO. These requirements may include an asset coverage test more stringent than under the 1940 Act. This limitation on the Fund&#8217;s
ability to make distributions on its Common Shares could in certain circumstances impair the ability of the Fund to maintain its qualification
for taxation as a regulated investment company for federal income tax purposes. The Fund intends, however, to the extent possible to purchase
or redeem preferred shares or notes or reduce borrowings from time to time to maintain compliance with such asset coverage requirements
and may pay special distributions to the holders of the preferred shares in certain circumstances in connection with any such impairment
of the Fund&#8217;s status as a regulated investment company. See &#8220;Distributions.&#8221; Depending on the timing of any such redemption
or repayment, the Fund may be required to pay a premium in addition to the liquidation preference of the preferred shares to the holders
thereof.</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">The asset coverage requirements under the 1940 Act set forth in the
foregoing paragraph would only apply to the Fund&#8217;s &#8220;uncovered&#8221; reverse repurchase agreements. &#8220;Covered&#8221;
reverse repurchase agreements will not be counted against the foregoing limits under the 1940 Act (although the proceeds of, and assets
subject to, such agreements would still be counted as part of the Fund&#8217;s total assets). A reverse repurchase agreement will be considered
 &#8220;covered&#8221; if the Fund segregates an amount of cash and/or liquid securities equal to the Fund&#8217;s obligations under such
reverse repurchase agreement (or segregates such other amounts as may be permitted by the 1940 Act or SEC guidance from time to time);
otherwise, a reverse repurchase agreement will be considered &#8220;uncovered.&#8221; The Fund may not cover a reverse repurchase agreement
if it does not need to do so to comply with the foregoing 1940 Act requirements and, in the view of an Adviser, the assets that would
have been used to cover could be better used for a different purpose.</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">The Fund has no present intention of offering additional Common Shares,
except as described herein. Other offerings of its Common Shares, if made, will require approval of the Board. Any additional offering
will not be sold at a price per Common Share below the then current NAV (exclusive of underwriting discounts and commissions) except in
connection with an offering to existing Common Shareholders or with the consent of a majority of the Fund&#8217;s outstanding Common Shareholders.
The Common Shares have no preemptive rights.</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">The Fund currently issues its Common Shares without certificates.</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">The trading or &#8220;ticker&#8221; symbol of the Common Shares on
the NYSE is &#8220;FCO.&#8221;</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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<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>REPURCHASE OF COMMON SHARES</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">Since inception, the Fund&#8217;s Common Shares have frequently traded
at a discount in relation to NAV. The Board has authorized repurchases of Common Shares through open market transactions if deemed necessary
or desirable in reducing the discount from NAV in the market price of Common Shares, provided that the Fund may not repurchase more than
10% of its outstanding Common Shares in any calendar year. The Board currently has no intention to take any other action in response to
a discount from NAV of the Common Shares. Further, it is the Board&#8217;s intention not to authorize repurchases of Common Shares or
a tender offer for such Common Shares if: (1)&nbsp;such transactions, if consummated, would (a)&nbsp;result in the delisting of the Common
Shares from the NYSE or (b)&nbsp;impair the Fund&#8217;s status as a regulated investment company under the Code (which would make the
Fund a taxable entity, causing the Fund&#8217;s income to be taxed at the trust level in addition to the taxation of shareholders who
receive dividends from the Fund) or as a registered closed-end investment company under the 1940 Act; (2)&nbsp;the Fund would not be able
to liquidate portfolio securities in an orderly manner and consistent with the Fund&#8217;s investment objectives and policies in order
to repurchase Common Shares; or (3)&nbsp;there is, in the Board&#8217;s judgment, any (a)&nbsp;material legal action or proceeding instituted
or threatened challenging such transactions or otherwise materially adversely affecting the Fund, (b)&nbsp;general suspension of or limitation
on prices for trading securities on the NYSE, (c)&nbsp;declaration of a banking moratorium by Federal or state authorities or any suspension
of payment by U.S. or New York banks, (d)&nbsp;material limitation affecting the Fund or the issuers of its portfolio securities by Federal
or state authorities on the extension of credit by lending institutions or on the exchange of foreign currency, (e)&nbsp;commencement
or continuation of war, armed hostilities or other international or national calamity directly or indirectly involving the United States
or (f)&nbsp;other event or condition which would have a material adverse effect (including any adverse tax effect) on the Fund or its
Common Shareholders if Common Shares were repurchased. Even in the absence of such conditions, the Board may decline to take action in
response to a discount from NAV of the Common Shares. The Board may in the future modify these conditions in light of experience.</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; text-align: justify"><B>PREFERRED SHARES</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">The Fund does not currently have any preferred shares outstanding.</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">The Articles of Amendment and Restatement authorizes the issuance of
100,000,000 shares of beneficial interest with preference rights, including preferred shares, having a par value of $0.001 per share,
in one or more series, with rights as determined by the Board, by action of the Board without the approval of the Common Shareholders.&nbsp;To
the extent the Directors authorize the issuance of any preferred shares, the Directors are also permitted to amend or supplement the Articles
of Amendment and Restatement, as they deem appropriate. Any such amendment or supplement may set forth the rights, preferences, powers
and privileges of such preferred shares.</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">Under the requirements of the 1940 Act, the Fund must, immediately
after the issuance of any preferred shares, have an &#8220;asset coverage&#8221; of at least 200%. Asset coverage means the ratio which
the value of the total assets of the Fund, less all liability and indebtedness not represented by senior securities (as defined in the
1940 Act), bears to the aggregate amount of senior securities representing indebtedness of the Fund, if any, plus the aggregate liquidation
preference of the preferred shares. If the Fund seeks a rating of the preferred shares, asset coverage requirements, in addition to those
set forth in the 1940 Act, may be imposed. The liquidation value of the preferred shares is expected to equal their aggregate original
purchase price plus the applicable redemption premium, if any, together with any accrued and unpaid distributions thereon (on a cumulative
basis), whether or not earned or declared. The terms of the preferred shares, including their distribution rate, voting rights, liquidation
preference and redemption provisions, will be determined by the Board (subject to applicable law and the Fund&#8217;s Articles of Amendment
and Restatement) if and when it authorizes the preferred shares. The Fund may issue preferred shares that provide for the periodic redetermination
of the distribution rate at relatively short intervals through an auction or remarketing procedure, although the terms of the preferred
shares may also enable the Fund to lengthen such intervals. At times, the distribution rate on the Fund&#8217;s preferred shares may exceed
the Fund&#8217;s return after expenses on the investment of proceeds from the preferred shares, resulting in a lower rate of return to
Common Shareholders than if the preferred shares were not outstanding.</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">A Prospectus Supplement relating to any&nbsp;preferred shares&nbsp;will
include specific terms relating to the offering. The terms to be stated in a Prospectus Supplement will include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">the form and title of the security;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">the aggregate principal amount of the securities;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">the interest rate of the securities;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">whether the interest rate for the securities will be determined
    by auction or remarketing;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">the maturity dates on which the principal of the securities will
    be payable;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">the frequency with which auctions or remarketings, if any, will
    be held;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">any changes to or additional events of default or covenants;</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>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">any minimum period prior to which the securities may not be called;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">any optional or mandatory call or redemption provisions;</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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">if applicable, a discussion of the material U.S. federal income
    tax considerations applicable to the issuance of the&nbsp;notes; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">any other terms of the securities.</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">In the event of any voluntary or involuntary liquidation, dissolution
or winding up of the Fund, the terms of any preferred shares may entitle the holders of preferred shares to receive a preferential liquidating
distribution (expected to equal the original purchase price per share plus the applicable redemption premium, if any, together with accrued
and unpaid distributions, whether or not earned or declared and on a cumulative basis) before any distribution of assets is made to Common
Shareholders. After payment of the full amount of the liquidating distribution to which they are entitled, the preferred shareholders
would not be entitled to any further participation in any distribution of assets by the Fund.</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">If issued, the Fund expects that holders of preferred shares, voting
as a class, shall be entitled to elect at least two of the Fund&#8217;s Directors. Under the 1940 Act, if at any time distributions on
the preferred shares are unpaid in an amount equal to two (2)&nbsp;full years&#8217; distributions thereon, the holders of all outstanding
preferred shares, voting as a class, will be allowed to elect at least a majority of the Fund&#8217;s directors with the number of Directors
increased appropriately to the extent necessary to effectuate such rights until all distributions in arrears have been paid or declared
and set apart for payment. The 1940 Act also requires that, in addition to any approval by shareholders that might otherwise be required,
the approval of the holders of a majority of any outstanding preferred shares, voting separately as a class, would be required to (1)&nbsp;adopt
any plan of reorganization that would adversely affect the preferred shares and (2)&nbsp;take any action requiring a vote of security
holders under Section&nbsp;13(a)&nbsp;of the 1940 Act, including among other things, changes in the Fund&#8217;s sub-classification as
a closed-end investment company or changes in its fundamental investment restrictions. In addition, if required by a NRSRO rating the
preferred shares or if the Board determines it to be in the best interests of the Common Shareholders, issuance of the preferred shares
may result in more restrictive provisions than required by the 1940 Act being imposed. In this regard, holders of the preferred shares
may be entitled to elect a majority of the Fund&#8217;s Board in other circumstances, for example, if one payment on the preferred shares
is in arrears.</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">The Fund expects that the affirmative vote of the holders of a majority
of any outstanding preferred shares, voting as a separate class, will be required to amend, alter or repeal any of the preferences, rights
or powers of holders of preferred shares so as to affect materially and adversely such preferences, rights or powers, or to increase or
decrease the authorized number of preferred shares. The class vote of holders of preferred shares described above will in each case be
in addition to any other vote required to authorize the action in question.</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">The Fund currently intends to seek the highest credit rating possible
from one or more NRSROs on any preferred shares that the Fund issues. The Fund intends that, as long as preferred shares are outstanding,
the composition of its portfolio will reflect guidelines established by such NRSRO. Although, as of the date hereof, no NRSRO has established
guidelines relating to the Fund&#8217;s preferred shares, based on previous guidelines established by NRSROs for the securities of other
issuers, the Fund anticipates that the guidelines with respect to the preferred shares will establish a set of tests for portfolio composition
and asset coverage that supplement (and in some cases are more restrictive than) the applicable requirements under the 1940 Act. Although
no assurance can be given at this time as to the nature or extent of the guidelines that may be imposed in connection with obtaining
a rating of the preferred shares, the Fund currently anticipates that such guidelines will include asset coverage requirements which
are more restrictive than those under the 1940 Act, restrictions on certain portfolio investments and investment practices, requirements
that the Fund maintain a portion of its assets in short-term, high-quality investments and certain mandatory redemption requirements
relating to the preferred shares. No assurance can be given that the guidelines actually imposed with respect to the preferred shares
by a NRSRO will be more or less restrictive than as described in this prospectus.</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"><FONT STYLE="text-transform: uppercase"><B>Notes</B></FONT></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">The Fund does not currently have any notes outstanding.</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">The Articles of Amendment and Restatement authorizes the issuance of
debt securities or notes, with rights as determined by the Board, by action of the Board without the approval of the Common Shareholders.&nbsp;To
the extent the Directors authorize the issuance of any notes, the Directors are also permitted to amend or supplement the Articles of
Amendment and Restatement, as they deem appropriate. Any such amendment or supplement may set forth the rights, preferences, powers and
privileges of such notes.</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">Under the 1940 Act, the Fund may only issue one class of senior securities
representing indebtedness, which in the aggregate must have asset coverage immediately after the time of issuance of at least 300%. So
long as&nbsp;notes&nbsp;are outstanding, additional debt securities must rank on a parity with&nbsp;notes&nbsp;with respect to the payment
of interest and upon the distribution of the Fund&#8217;s assets.</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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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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">A Prospectus Supplement relating to any&nbsp;notes&nbsp;will include
specific terms relating to the offering. The terms to be stated in a Prospectus Supplement will include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">the form and title of the security;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">the aggregate principal amount of the securities;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">the interest rate of the securities;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">whether the interest rate for the securities will be determined by auction or remarketing;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">the maturity dates on which the principal of the securities will be payable;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">the frequency with which auctions or remarketings, if any, will be held;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">any changes to or additional events of default or covenants;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">any minimum period prior to which the securities may not be called;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">any optional or mandatory call or redemption provisions;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">the credit rating of the&nbsp;notes;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">if applicable, a discussion of the material U.S. federal income tax considerations applicable to the issuance of the&nbsp;notes; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">any other terms of the securities.</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">The Prospectus Supplement will describe the interest payment provisions
relating to&nbsp;notes. Interest on&nbsp;notes&nbsp;will be payable when due as described in the related Prospectus Supplement. If the
Fund does not pay interest when due, it will trigger an event of default and the Fund will be restricted from declaring dividends and
making other distributions with respect to its&nbsp;common shares&nbsp;and&nbsp;preferred shares.</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">Under the requirements of the 1940 Act, immediately after issuing any&nbsp;notes&nbsp;the
value of the Fund&#8217;s total assets, less certain ordinary course liabilities, must equal or exceed 300% of the amount of the&nbsp;notes&nbsp;outstanding.
Other types of borrowings also may result in the Fund being subject to similar covenants in credit agreements.</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">Additionally, the 1940 Act requires that the Fund prohibit the declaration
of any dividend or distribution (other than a dividend or distribution paid in the Fund&#8217;s common or&nbsp;preferred shares&nbsp;or
in options, warrants or rights to subscribe for or purchase the Fund&#8217;s common or&nbsp;preferred shares) in respect of the Fund&#8217;s
common or&nbsp;preferred shares, or call for redemption, redeem, purchase or otherwise acquire for consideration any such fund common
or&nbsp;preferred shares, unless the Fund&#8217;s&nbsp;notes&nbsp;have asset coverage of at least 300% (200% in the case of a dividend
or distribution on&nbsp;preferred shares) after deducting the amount of such dividend, distribution, or acquisition price, as the case
may be. These 1940 Act requirements do not apply to any promissory note or other evidence of indebtedness issued in consideration of any
loan, extension, or renewal thereof, made by a bank or other person and privately arranged, and not intended to be publicly distributed;
however, any such borrowings may result in the Fund being subject to similar covenants in credit agreements. Moreover, the Indenture related
to the&nbsp;notes&nbsp;could contain provisions more restrictive than those required by the 1940 Act, and any such provisions would be
described in the related Prospectus Supplement.</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">Upon the occurrence and continuance of an event of default, the
holders of a majority in principal amount of a series of outstanding&nbsp;notes&nbsp;or the directors will be able to declare the
principal amount of that series of&nbsp;notes&nbsp;immediately due and payable upon written notice to the Fund. A default that
relates only to one series of&nbsp;notes&nbsp;does not affect any other series and the holders of such other series
of&nbsp;notes&nbsp;will not be entitled to receive notice of such a default under the Indenture. Upon an event of default relating
to bankruptcy, insolvency or other similar laws, acceleration of maturity will occur automatically with respect to all series. At
any time after a declaration of acceleration with respect to a series of&nbsp;notes&nbsp;has been made, and before a judgment or
decree for payment of the money due has been obtained, the holders of a majority in principal amount of the
outstanding&nbsp;notes&nbsp;of that series, by written notice to the Fund and the directors, may rescind and annul the declaration
of acceleration and its consequences if all events of default with respect to that series of&nbsp;notes, other than
the&nbsp;non-payment&nbsp;of the principal of that series of&nbsp;notes&nbsp;which has become due solely by such declaration of
acceleration, have been cured or waived and other conditions have been met.</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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<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">In the event of (a)&nbsp;any insolvency or bankruptcy case or
proceeding, or any receivership, liquidation, reorganization or other similar case or proceeding in connection therewith, relative
to the Fund or to the Fund&#8217;s creditors, as such, or to the Fund&#8217;s assets, or (b)&nbsp;any liquidation, dissolution or
other winding up of the Fund, whether voluntary or involuntary and whether or not involving insolvency or bankruptcy, or
(c)&nbsp;any assignment for the benefit of creditors or any other marshalling of assets and liabilities of the Fund, then (after any
payments with respect to any secured creditor of the Fund outstanding at such time) and in any such event the holders
of&nbsp;notes&nbsp;shall be entitled to receive payment in full of all amounts due or to become due on or in respect of
all&nbsp;notes&nbsp;(including any interest accruing thereon after the commencement of any such case or proceeding), or provision
shall be made for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of the&nbsp;notes,
before the holders of any of the Fund&#8217;s common or&nbsp;preferred shares&nbsp;are entitled to receive any payment on account of
any redemption proceeds, liquidation preference or dividends from such shares. The holders of&nbsp;notes&nbsp;shall be entitled to
receive, for application to the payment thereof, any payment or distribution of any kind or character, whether in cash, property or
securities, including any such payment or distribution which may be payable or deliverable by reason of the payment of any other
indebtedness of the Fund being subordinated to the payment of the&nbsp;notes, which may be payable or deliverable in respect of
the&nbsp;notes&nbsp;in any such case, proceeding, dissolution, liquidation or other winding up event.</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">Unsecured creditors may include, without limitation, service providers
including the Advisers, Custodian, administrator, auction agent, broker-dealers and the director, pursuant to the terms of various contracts
with the Fund. Secured creditors may include without limitation parties entering into any interest rate swap, floor or cap transactions,
or other similar transactions with the Fund that create liens, pledges, charges, security interests, security agreements or other encumbrances
on the Fund&#8217;s assets.</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">A consolidation, reorganization or merger of the Fund with or into
any other company, or a sale, lease or exchange of all or substantially all of the Fund&#8217;s assets in consideration for the issuance
of equity securities of another company shall not be deemed to be a liquidation, dissolution or winding up of the Fund.</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">The&nbsp;notes&nbsp;have no voting rights, except as mentioned below
and to the extent required by law or as otherwise provided in the Indenture relating to the acceleration of maturity upon the occurrence
and continuance of an event of default. In connection with the&nbsp;notes&nbsp;or certain other borrowings (if any), the 1940 Act does
in certain circumstances grant to the note holders or lenders certain voting rights. The 1940 Act requires that provision is made either
(i)&nbsp;that, if on the last business day of each of twelve consecutive calendar months such&nbsp;notes&nbsp;shall have an asset coverage
of less than 100%, the holders of such&nbsp;notes&nbsp;voting as a class shall be entitled to elect at least a majority of the members
of the Fund&#8217;s Directors, such voting right to continue until such&nbsp;notes&nbsp;shall have an asset coverage of 110% or more on
the last business day of each of three consecutive calendar months, or (ii)&nbsp;that, if on the last business day of each of twenty-four
consecutive calendar months such&nbsp;notes&nbsp;shall have an asset coverage of less than 100%, an event of default shall be deemed to
have occurred. It is expected that, unless otherwise stated in the related Prospectus Supplement, provision will be made that, if on the
last business day of each of twenty-four consecutive calendar months such&nbsp;notes&nbsp;shall have an asset coverage of less than 100%,
an event of default shall be deemed to have occurred. These 1940 Act requirements do not apply to any promissory note or other evidence
of indebtedness issued in consideration of any loan, extension, or renewal thereof, made by a bank or other person and privately arranged,
and not intended to be publicly distributed; however, any such borrowings may result in the Fund being subject to similar covenants in
credit agreements. As reflected above, the Indenture relating to the&nbsp;notes&nbsp;may also grant to the note holders voting rights
relating to the acceleration of maturity upon the occurrence and continuance of an event of default, and any such rights would be described
in the related Prospectus Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>DESCRIPTION OF SUBSCRIPTION RIGHTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund may issue subscription rights to holders of Common Shares
to purchase Common Shares. Subscription rights may be issued independently or together with any other offered security and may or may
not be transferable by the person purchasing or receiving the subscription rights. In connection with a subscription rights offering to
holders of Common Shares, the Fund would distribute certificates evidencing the subscription rights and a Prospectus Supplement to the
Fund&#8217;s common shareholders as of the record date that the Fund sets for determining the shareholders eligible to receive subscription
rights in such subscription rights offering. For complete terms of the subscription rights, please refer to the actual terms of such subscription
rights which will be set forth in the subscription rights agreement relating to such subscription rights and described in the Prospectus
Supplement.</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">The applicable Prospectus Supplement, which would accompany this Prospectus,
would describe the following terms of subscription rights in respect of which this Prospectus is being delivered:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the period of time the offering would remain open (which will be open a minimum number of days
    such that all record holders would be eligible to participate in the offering and will not be open longer than 120 days);</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the title of such subscription rights;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the exercise price for such subscription rights (or method of calculation thereof);</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the number of such subscription rights issued in respect of each share;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the number of rights required to purchase a single share;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the extent to which such subscription rights are transferable and the market on which they may
    be traded if they are transferable;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">if applicable, a discussion of certain U.S. federal income tax considerations applicable to
    the issuance or exercise of such subscription rights;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the date on which the right to exercise such subscription rights will commence, and the date
    on which such right will expire (subject to any extension);</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the extent to which such subscription rights include an over-subscription privilege with respect
    to unsubscribed securities and the terms of such over-subscription privilege;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">any termination right the Fund may have in connection with such subscription rights offering;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the expected trading market, if any, for rights; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">any other terms of such subscription rights, including exercise, settlement and other procedures
    and limitations relating to the transfer and exercise of such subscription rights.</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>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Split-Segment; Name: a5 -->
<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>Exercise of Subscription Right</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">Each subscription right would entitle the holder of the subscription
right to purchase for cash such number of shares at such exercise price as in each case is set forth in, or be determinable as set forth
in the Prospectus Supplement relating to the subscription rights offered thereby. Subscription rights would be exercisable at any time
up to the close of business on the expiration date for such subscription rights set forth in the Prospectus Supplement. After the close
of business on the expiration date, all unexercised subscription rights would become void.&nbsp;</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">Upon expiration of the rights offering and the receipt of payment and
the subscription rights certificate properly completed and duly executed at the corporate trust office of the subscription rights agent
or any other office indicated in the Prospectus Supplement, the Fund would issue, as soon as practicable, the shares purchased as a result
of such exercise. To the extent permissible under applicable law, the Fund may determine to offer any unsubscribed offered securities
directly to persons other than shareholders, to or through agents, underwriters or dealers or through a combination of such methods, as
set forth in the applicable Prospectus Supplement.</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"><B>Transferable Rights Offering</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">Subscription rights issued by the Fund may be transferrable. The distribution
to shareholders of transferable rights, which may themselves have intrinsic value, also will afford non-participating shareholders the
potential of receiving cash payment upon the sale of the rights, receipt of which may be viewed as partial compensation for any dilution
of their interests that may occur as a result of the rights offering. In a transferrable rights offering, management of the Fund will
use its best efforts to ensure an adequate trading market in the rights for use by shareholders who do not exercise such rights. However,
there can be no assurance that a market for transferable rights will develop or, if such a market does develop, what the price of the
transferable rights will be. In a transferrable rights offering to purchase Common Shares at a price below net asset value, the subscription
ratio will not be less than 1-for-3, that is the holders of Common Shares of record on the record date of the rights offering will receive
one right for each outstanding Common Share owned on the record date and the rights will entitle their holders to purchase one new Common
Share for every three rights held (provided that any Common Shareholder who owns fewer than three Common Shares as of the record date
may subscribe for one full Common Share). Assuming the exercise of all rights, such a rights offering would result in an approximately
331&#8260;3% increase in the Fund&#8217;s Common Shares outstanding.</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"><I>Additional Information on the Transferability of Rights.</I>
 &nbsp;The staff of the SEC has interpreted the 1940 Act as not requiring shareholder approval of a transferable rights offering to purchase
Common Shares at a price below the then current net asset value so long as certain conditions are met, including: (i) a good faith determination
by a fund&#8217;s board that such offering would result in a net benefit to existing shareholders; (ii) the offering fully protects shareholders&#8217;
preemptive rights and does not discriminate among shareholders (except for the possible effect of not offering fractional Rights); (iii)
management uses its best efforts to ensure an adequate trading market in the rights for use by shareholders who do not exercise such
rights; and (iv) the ratio of a transferable rights offering does not exceed one new share for each three rights held.</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"><B>REVERSE REPURCHASE AGREEMENTS AND DERIVATIVES</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">Financial leverage may be achieved through entering into reverse
repurchase agreements under which the Fund sells portfolio securities to financial institutions such as banks and broker-dealers and
generally agrees to repurchase them at a mutually agreed future date and price. The 1940 Act generally limits the extent to which
the Fund may utilize &#8220;uncovered&#8221; reverse repurchase agreements and borrowings, together with any other senior securities
representing indebtedness, to 33&nbsp;1/3&nbsp;% of the Fund&#8217;s total assets at the time utilized. &#8220;Covered&#8221;
reverse repurchase agreements will not be counted against the foregoing limits under the 1940 Act. A reverse repurchase agreement
will be considered &#8220;covered&#8221; if the Fund segregates an amount of cash and/or liquid securities equal to the Fund&#8217;s
obligations under such reverse repurchase agreement (or segregates such other amounts as may be permitted by the 1940 Act or SEC
guidance from time to time); otherwise, a reverse repurchase agreement will be considered &#8220;uncovered.&#8221; The Fund may not
cover a reverse repurchase agreement if it does not need to do so to comply with the foregoing 1940 Act requirements and, in the
view of the Adviser, the assets that would have been used to cover could be better used for a different purpose.</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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    <!-- Field: /Page -->

<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">The Fund also expects to enter into other transactions that may give
rise to a form of leverage including, among others, swaps, futures and forward contracts, options and other derivative transactions. To
the extent that the Fund covers its obligations under such other transactions, as described in this prospectus, such transactions should
not be treated as borrowings for purposes of the 1940 Act. However, these transactions, even if covered, may represent a form of economic
leverage and will create risks. Further, the Fund may incur losses on such transactions (including the entire amount of the Fund&#8217;s
investment in such transaction) even if they are covered.</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"><B>CREDIT FACILITY/NOTES</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">The Fund utilizes leverage through borrowings and may enter into
definitive agreements with respect to a credit facility or other borrowing program. The Fund may negotiate with commercial banks to arrange
a credit facility pursuant to which the Fund would expect to be entitled to borrow an amount equal to approximately one-third (1/3) of
the Fund&#8217;s total assets (inclusive of the amount borrowed). Any such borrowings would constitute financial leverage. Such a credit
facility is not expected to be convertible into any other securities of the Fund, outstanding amounts are expected to be pre-payable
by the Fund prior to final maturity without significant penalty and there are not expected to be any sinking fund or mandatory retirement
provisions. Outstanding amounts would be payable at maturity or such earlier times as required by the agreement. The Fund may be required
to prepay outstanding amounts under the credit facility or incur a penalty rate of interest upon the occurrence of certain events of
default. The Fund would be expected to indemnify the lenders under the credit facility against liabilities they may incur in connection
with the credit facility. The Fund is currently a party to the Credit Facility. The Credit Facility expires on November&nbsp;24, 2021
(although, subject to certain conditions including the payment of an additional fee, the Fund may extend the maturity date of its outstanding
loans for up to approximately one (1)&nbsp;year following such expiration date). Although the Fund currently intends to renew the Credit
Facility, prior to its expiration date there can be no assurance that the Fund will be able to do so or do so on terms similar to the
current Credit Facility, which may adversely affect the ability of the Fund to pursue its investment objectives and strategies.</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">The Fund may also obtain leverage through the issuance of notes representing
indebtedness. Such notes are not expected to be convertible into any other securities of the Fund. Outstanding amounts would be payable
at maturity or such earlier times as required by the terms of the notes. The Fund may be required to prepay outstanding amounts under
the notes or incur a penalty rate of interest upon the occurrence of certain events of default.</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">The Fund may use leverage to the maximum extent permitted by the
1940 Act. Under the 1940 Act, the Fund is not permitted to incur indebtedness, including through the issuance of notes or other debt
securities, unless immediately thereafter the total asset value of the Fund&#8217;s portfolio is at least 300% of the aggregate amount
of the outstanding indebtedness (<I>i.e.</I>, such aggregate amount may not exceed 33&nbsp;1/3&nbsp;% of the Fund&#8217;s total assets).
In addition, the Fund is not permitted to declare any cash distribution on its Common Shares unless, at the time of such declaration,
the NAV of the Fund&#8217;s portfolio (determined after deducting the amount of such distribution) is at least 300% of such aggregate
amount. If the Fund issues notes, borrows money or enters into a credit facility, the Fund intends, to the extent possible, to retire
outstanding debt, from time to time, to maintain coverage of any outstanding indebtedness of at least 300%.</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">The Fund may seek the highest credit rating possible from one or more
NRSROs on any notes that the Fund issues. In such a case, the Fund intends that, as long as notes are outstanding, the composition of
its portfolio will reflect guidelines established by such NRSRO. Although, as of the date hereof, no NRSRO has established guidelines
relating to the Fund&#8217;s notes, based on previous guidelines established by NRSROs for the securities of other issuers, the Fund anticipates
that the guidelines with respect to the notes will establish a set of tests for portfolio composition and asset coverage that supplement
(and in some cases are more restrictive than) the applicable requirements under the 1940 Act. Although, at this time, no assurance can
be given as to the nature or extent of the guidelines which may be imposed in connection with obtaining a rating of the notes, the Fund
currently anticipates that such guidelines will include asset coverage requirements which are more restrictive than those under the 1940
Act, restrictions on certain portfolio investments and investment practices, requirements that the Fund maintain a portion of its assets
in short-term, high-quality investments and certain mandatory redemption requirements relating to the notes. No assurance can be given
that the guidelines actually imposed with respect to the notes by a NRSRO will be more or less restrictive than as described in this prospectus.</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">In addition, the Fund expects that any notes or a credit facility
would contain covenants that, among other things, will likely impose geographic exposure limitations, credit quality minimums, liquidity
minimums, concentration limitations and currency hedging requirements on the Fund. These covenants would also likely limit the Fund&#8217;s
ability to pay distributions in certain circumstances, incur additional debt, change its fundamental investment policies, engage in certain
transactions, including mergers and consolidations, and may require asset coverage ratios in addition to those required by the 1940 Act.
The Fund would only agree to a limit on its ability to change its fundamental investment policies if doing so was consistent with the
1940 Act and applicable state law. The Fund may be required to pledge (or otherwise grant a security interest in) some or all of its
assets and to maintain a portion of its assets in cash or high-grade securities as a reserve against interest or principal payments and
expenses. The Fund expects that any notes or credit facility would have customary covenant, negative covenant and default provisions.
There can be no assurance that the Fund will enter into an agreement for a credit facility, or issue notes, on terms and conditions representative
of the foregoing, or that additional material terms will not apply. In addition, if entered into or issued, any such notes or credit
facility may in the future be replaced or refinanced by one or more credit facilities having substantially different terms or by the
issuance of preferred shares and/or notes or debt securities. The Fund is currently a party to the Credit Facility. See &#8220;Investment
Objectives and Principal Investment Strategy &#8212; Use of Leverage and Related Risks&#8221; for more information.</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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<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>CERTAIN PROVISIONS OF THE MARYLAND GENERAL CORPORATION LAW AND THE
CHARTER AND BYLAWS</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">The Fund&#8217;s charter and bylaws contain certain provisions, described
below, that may be regarded as &#8220;anti-takeover&#8221; provisions and that may deprive shareholders of certain opportunities to sell
their shares at a premium over prevailing market prices. The following is only a summary and is qualified in its entirety by reference
to the Fund&#8217;s charter and bylaws, and to the provisions of the Maryland General Corporation Law.&nbsp;</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">Under Maryland law, a Maryland corporation generally cannot dissolve,
amend its charter, merge, sell all or substantially all of its assets or engage in a share exchange, unless approved by the affirmative
vote of shareholders entitled to cast at least two-thirds of the votes entitled to be cast on the matter. However, a Maryland corporation
may provide in its charter for approval of these and other matters by a lesser percentage, but not less than a majority of all of the
votes entitled to be cast on the matter. The Fund has such a charter provision, but it is not applicable to certain transactions requiring
a vote of at least 80% of the Fund&#8217;s Common and Preferred Stock, voting as a single class, unless approved by a vote of 66-2/3%
of Continuing Directors. Such transactions include (i) charter amendments to make the Common Stock a redeemable security or to otherwise
convert the Fund from closed-end to open-end status, (ii) charter amendments to provide for fewer than three classes of Directors elected
by the holders of Common Stock, (iii) any stockholder proposal as to specific investment decisions with respect to the Fund&#8217;s assets,
and (iv) any Business Combination. The term &#8220;Business Combination&#8221; means (A) any merger or consolidation of the Fund with
any other person, (B) the liquidation or dissolution of the Fund, (C) sale, lease, exchange or other transfer of assets valued at $1,000,000
or more (except for transactions effected in the ordinary course of the Fund&#8217;s investment activities), and (D) certain issuances
or transfers of any securities of the Fund in exchange for cash, securities or other property (excluding sales or issuances of Fund securities
in connection with a public offering, or pursuant to a Fund dividend reinvestment plan, or upon exercise of stock subscription rights
distributed by the Fund). The term &#8220;Continuing Director&#8221; means any member of the Fund&#8217;s Board of Directors who has been
such a member for at least 12 months or who is a successor of a Continuing Director and is recommended to succeed a Continuing Director
by a majority of the Continuing Directors then on the Board of Directors.</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">The charter has no special provisions for statutory share exchanges
under Maryland law, which may be approved by the affirmative vote of the holders of a majority of the total number of all classes of the
Fund&#8217;s stock outstanding and entitled to vote thereon.</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">The Fund, by supplement to its charter, has elected to be subject to
certain provisions of Maryland law that make it more difficult for challengers to gain control of the Board. Articles Supplementary approved
by the Board of Directors in 2000 subject the Fund to certain provisions of Subtitle 8 of the Maryland General Corporation Law with respect
to unsolicited takeovers. These provisions: (i) provide that the shareholders of the Fund may remove any Director by the affirmative vote
of at least two-thirds of all the votes entitled to be cast by the shareholders generally in the election of Directors (and since the
Fund&#8217;s directors have been divided into classes, a director may not be removed without cause), (ii) require that the number of Directors
of the Fund shall be fixed only by the vote of the Board of Directors, (iii) provide that a vacancy on the Board of Directors due to an
increase in the size of the Board or the death, resignation or removal of a Director, may be filled only by the affirmative vote of the
majority of the remaining Directors in office, even if the remaining Directors do not constitute a quorum, and (iv) provide that the Secretary
of the Fund may call a shareholder-requested special meeting only on the written request of the stockholders entitled to cast at least
a majority of all votes entitled to be cast at the meeting.</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">Additionally, as described below, the Fund&#8217;s bylaws contain certain
provisions that may tend to make a change of control of the Fund more difficult.</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">The bylaws:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.</TD><TD>Provide (as does the charter provide) for three classes of Directors elected by common shareholders, with staggered terms. Each year,
directors are elected for three-year terms and until their successors are duly elected and qualify. Only one class of those Directors
is up for election each year, so that two years would be required to change a majority of the Fund&#8217;s Directors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.</TD><TD>Establish procedures for shareholder-requested special meetings upon the written request of shareholders entitled to cast not less
than a majority of all the votes cast at such meeting, including procedures for setting the record date for the shareholders entitled
to request a special meeting, procedures for setting the record date for the meeting and the time, place and date of the meeting and specific
provisions governing who shall chair the meeting. Consistent with the Maryland General Corporation Law, shareholders requesting a meeting
would be required to disclose the purpose of the meeting and the matters to be proposed for action at the meeting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.</TD><TD>Require a shareholder to give written advance notice and other information to the Fund of the shareholder&#8217;s nominees for Directors
and proposals for other business to be considered at shareholders meetings.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.</TD><TD>Establish qualifications for Fund Directors. These qualifications are designed to assure that individuals have the type of background
and experience necessary to provide competent service as Directors of a closed-end fund that invests in fixed income globally. To qualify
as a nominee for a Fund Directorship, a candidate must (a) have at least 5 years&#8217; experience in either investment management, economics,
public accounting or Australian business; (b) have a college undergraduate degree in economics, finance, business administration, accounting,
or engineering, or a professional degree in law, engineering, or medicine from an accredited university or college in the United States
or Australia or the equivalent degree from an equivalent institution of higher learning in another country; and (c) not have violated
any provision of the U.S. federal or state securities laws, or comparable laws of another country. In addition, the Fund&#8217;s Nominating
and Corporate Governance Committee shall apply the Fund&#8217;s Conflict of Interest and Corporate Opportunities Policy as a standard
in selecting nominees to ensure that an incumbent nominee has not violated the Policy and that a non-incumbent nominee would not be in
violation of the Policy if elected. Directors who served in such capacity as of September 13, 2004, the initial date of adoption of the
qualifications for Fund Directors are exempted from these requirements (except compliance with the Fund&#8217;s conflict of interest policy)
because they had become qualified through past experience as Directors of the Fund. Nevertheless, almost all current Directors satisfy
the Fund&#8217;s qualification requirements. No person shall be qualified to be a Director unless the Nominating and Corporate Governance
Committee, in consultation with Fund counsel, determines that such person, if elected, would not cause the Fund to be in violation of
applicable law, regulation or regulatory interpretation, the Fund&#8217;s charter or any general policy adopted by the Board regarding
retirement age or specifying proportions of Directors who may be &#8220;interested persons,&#8221; as defined in the 1940 Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">5.</TD><TD>Establish supermajority Board vote requirements for certain actions, including election of officers, officer and Director compensation,
the amendment of the Director term and qualification requirements and Director quorum and voting requirements.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">6.</TD><TD>Reserve to the Board the exclusive power to adopt, alter, or repeal any provision of the bylaws or to make new bylaws, unless otherwise
provided in the bylaws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">7.</TD><TD>Provide that Directors and officers are entitled to indemnification and that the Fund may pay or reimburse expenses of Directors and
officers to the maximum extent permitted by Maryland law and the 1940 Act.</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; text-align: center"><B>PLAN OF DISTRIBUTION</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">The Fund may offer up to $50,000,000 in aggregate initial offering
price of Common Shares, Preferred Shares, Notes or Rights from time to time under this Prospectus and any related Prospectus Supplement
(1) directly to one or more purchases, including existing shareholders in a Rights offering; (2) through agents; (3) through underwriters;
(4) through dealers; or (5) pursuant to the Fund&#8217;s Dividend Reinvestment and Optional Cash Purchase Plan. Each Prospectus Supplement
relating to an offering of securities will state the terms of the offering, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the names of any agents, underwriters or dealers;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any sales loads or other items constituting underwriters&#8217; compensation;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any discounts, commissions, or fees allowed or paid to dealers or agents;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the public offering or purchase price of the offered Securities and the net proceeds the Fund will receive from the sale; and</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any securities exchange on which the offered Securities may be listed</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Direct Sales</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">The Fund may sell Securities directly to, and solicit offers from,
institutional investors or others who may be deemed to be underwriters as defined in the Securities Act for any resales of the securities.
In this case, no underwriters or agents would be involved. The Fund may use electronic media, including the Internet, to sell offered
securities directly. The Fund will describe the terms of any of those sales in a Prospectus Supplement.</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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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>By Agents</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">The Fund may offer Securities through agents that the Fund may designate.
The Fund will name any agent involved in the offer and sale and describe any commissions payable by the Fund in the Prospectus Supplement.
Unless otherwise indicated in the Prospectus Supplement, the agents will be acting on a best efforts basis for the period of their appointment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>By Underwriters</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">The Fund may offer and sell Securities from time to time to one or
more underwriters who would purchase the Securities as principal for resale to the public, either on a firm commitment or best efforts
basis. If the Fund sells Securities to underwriters, the Fund will execute an underwriting agreement with them at the time of the sale
and will name them in the Prospectus Supplement. In connection with these sales, the underwriters may be deemed to have received compensation
from the Fund in the form of underwriting discounts and commissions. The underwriters also may receive commissions from purchasers of
Securities for whom they may act as agent. Unless otherwise stated in the Prospectus Supplement, the underwriters will not be obligated
to purchase the Securities unless the conditions set forth in the underwriting agreement are satisfied, and if the underwriters purchase
any of the Securities, they will be required to purchase all of the offered Securities. The underwriters may sell the offered Securities
to or through dealers, and those dealers may receive discounts, concessions or commissions from the underwriters as well as from the purchasers
for whom they may act as agent. Any public offering price and any discounts or concessions allowed or reallowed or paid to dealers may
be changed from time to time.</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">In connection with an offering of Common Shares, if a Prospectus Supplement
so indicates, the Fund may grant the underwriters an option to purchase additional Common Shares at the public offering price, less the
underwriting discounts and commissions, within 45 days from the date of the Prospectus Supplement, to cover any overallotments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>By Dealers</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">The Fund may offer and sell Securities from time to time to one or
more dealers who would purchase the securities as principal. The dealers then may resell the offered Securities to the public at fixed
or varying prices to be determined by those dealers at the time of resale. The Fund will set forth the names of the dealers and the terms
of the transaction in the Prospectus Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>General Information</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">Agents, underwriters, or dealers participating in an offering of Securities
may be deemed to be underwriters, and any discounts and commission received by them and any profit realized by them on resale of the offered
Securities for whom they act as agent, may be deemed to be underwriting discounts and commissions under the Securities Act.</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">The Fund may offer to sell securities either at a fixed price or at
prices that may vary, at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated
prices.</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">To facilitate an offering of Common Shares in an underwritten transaction
and in accordance with industry practice, the underwriters may engage in transactions that stabilize, maintain, or otherwise affect the
market price of the Common Shares or any other Security. Those transactions may include overallotment, entering stabilizing bids, effecting
syndicate covering transactions, and reclaiming selling concessions allowed to an underwriter or a dealer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>An overallotment in connection with an offering creates a short position in the common stock for the underwriter&#8217;s own account.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>An underwriter may place a stabilizing bid to purchase the Common Shares for the purpose of pegging, fixing, or maintaining the price
of the Common Shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Underwriters may engage in syndicate covering transactions to cover overallotments or to stabilize the price of the Common Shares
by bidding for, and purchasing, the Common Shares or any other Securities in the open market in order to reduce a short position created
in connection with the offering.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The managing underwriter may impose a penalty bid on a syndicate member to reclaim a selling concession in connection with an offering
when the Common Shares originally sold by the syndicate member is purchased in syndicate covering transactions or otherwise.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any of these activities may stabilize or maintain the market price
of the Securities above independent market levels. The underwriters are not required to engage in these activities, and may end any of
these activities at any time.</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">In connection with any Rights offering, the Fund may also enter into
a standby underwriting arrangement with one or more underwriters pursuant to which the underwriter(s) will purchase Common Shares remaining
unsubscribed for after the Rights offering.</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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<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">Any underwriters to whom the offered Securities are sold for offering
and sale may make a market in the offered Securities, but the underwriters will not be obligated to do so and may discontinue any market-making
at any time without notice. There can be no assurance that there will be a liquid trading market for the offered Securities.</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">Under agreements entered into with the Fund, underwriters and agents
may be entitled to indemnification by the Fund and the Advisers against certain civil liabilities, including liabilities under the Securities
Act, or to contribution for payments the underwriters or agents may be required to make.</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">The underwriters, agents, and their affiliates may engage in financial
or other business transactions with the Fund in the ordinary course of business.</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">Pursuant to a requirement of the Financial Industry Regulatory Authority,
Inc. (&#8220;FINRA&#8221;) the maximum compensation to be received by any FINRA member or independent broker-dealer in connection with
an offering of the Fund&#8217;s securities may not be greater than eight percent (8%) of the gross proceeds received by the Fund for the
sale of any securities being registered pursuant to SEC Rule 415 under the Securities Act.</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">To the extent permitted under the 1940 Act and the rules and regulations
promulgated thereunder, the underwriters may from time to time act as a broker or dealer and receive fees in connection with the execution
of portfolio transactions on behalf of the Fund after the underwriters have ceased to be underwriters and, subject to certain restrictions,
each may act as a broker while it is an underwriter.</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">A Prospectus and accompanying Prospectus Supplement in electronic form
may be made available on the websites maintained by underwriters. The underwriters may agree to allocate a number of Securities for sale
to their online brokerage account holders. Such allocations of Securities for internet distributions will be made on the same basis as
other allocations. In addition, Securities may be sold by the underwriters to securities dealers who resell Securities to online brokerage
account holders.</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; text-align: center"><B>CUSTODIAN, DIVIDEND PAYING AGENT, TRANSFER
AGENT AND REGISTRAR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">State Street serves as Custodian for the Fund. The Custodian holds
cash, securities, and other assets of the Fund as required by the 1940 Act and also provides certain Fund accounting services. Custody
and accounting fees are payable monthly based on assets held in custody, investment purchases and sales activity and other factors, plus
reimbursement for certain out of pocket expenses. The principal business address of State Street is 1 Heritage Drive, 3rd&nbsp;Floor,
North Quincy, Massachusetts 02171.</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">Computershare, P.O. Box 505000, Louisville, KY 40233, acts as the
Fund&#8217;s dividend paying agent, transfer agent and the registrar for the Fund&#8217;s Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>LEGAL OPINIONS</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">Certain legal matters in connection with the Common Shares will be
passed on for the Fund by Dechert LLP.</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; text-align: center"><B>INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</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">The <A HREF="http://www.sec.gov/Archives/edgar/data/876717/000110465921002271/tm2033257d15_ncsr.htm" STYLE="-sec-extract: exhibit">financial
statements</A> as of and for the fiscal year ended October&nbsp;31, 2020 incorporated by reference in the SAI have been so incorporated
in reliance on the report of KPMG LLP , an independent registered public accounting firm, given on the authority of said firm as experts
in auditing and accounting. The principal place of business of KPMG is located at 1601 Market Street, Philadelphia, Pennsylvania 19103.
KPMG provides audit services, tax return preparation, and consultation with respect to the preparation of filings with the SEC.</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; text-align: center"><B>ADDITIONAL INFORMATION</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">This Prospectus concisely provides the information that a prospective
investor should know about the Fund before investing. Investors are advised to read this Prospectus carefully and to retain it for future
reference. Additional information about the Fund, including the SAI, dated July 2, 2021, has been filed with the SEC and is incorporated
by reference in its entirety into this prospectus. The SAI and the Fund&#8217;s annual and semi-annual reports and other information
filed with the SEC, can be obtained upon request and without charge by writing to the Fund at 1900 Market Street, Suite&nbsp;200, Philadelphia,
PA 19103, by calling Investor Relations toll-free at 1-800-522-5465 or by visiting the Fund&#8217;s website at http:/www.aberdeenfco.com.
Investors may request the Fund&#8217;s SAI, annual and semi-annual reports and other information about the Fund or make Shareholder inquiries
by calling Investor Relations toll-free at 1-800-522-5465 or by visiting http:/www.aberdeenfco.com. In addition, the contact information
provided above may be used to request additional information about the Fund and to make Shareholder inquiries. The SAI, other material
incorporated by reference into this prospectus and other information about the Fund is also available on the SEC&#8217;s website at <I>http://www.sec.gov</I>.
The address of the SEC&#8217;s website is provided solely for the information of prospective investors and is not intended to be an active
link.</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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<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; text-align: center"><B><U>Table of contents for the statement of
additional information</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B>&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; width: 92%"><FONT STYLE="font-size: 10pt">Investment objectives, policies and risks</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">S-3</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Investment restrictions</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">S-4</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Management of the Fund</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">S-4</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Portfolio transactions and brokerage allocation</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">S-16</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Description of shares</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">S-19</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Repurchase of Common Shares</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">S-19</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Tax matters</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">S-20</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Proxy voting policy and proxy voting record</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">S-25</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Incorporation by reference</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">S-25</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Financial statements</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">S-25</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Legal counsel</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">S-25</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Additional information</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">S-25</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Appendix A&#8212;Description of securities ratings</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">A-1</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Appendix B&#8212;Proxy voting guidelines</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">B-1</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>

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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; text-align: center"><B>Aberdeen Global Income Fund,&nbsp;Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Up to $35,000,000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Common Shares</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; text-align: center"><B>PROSPECTUS<BR>
SUPPLEMENT</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until
October 18</FONT>, 2021 (25 days after the date of this Prospectus Supplement), all dealers that effect transactions in these
securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the
dealers&rsquo; obligation to deliver a prospectus when acting as underwriters.</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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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Aberdeen
Global Income Fund, Inc.</B></FONT></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; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Statement
of Additional Information</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>July 2, 2021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 3in"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<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">This Statement of Additional Information (the &#8220;SAI&#8221;)
provides additional information to the Prospectus for Aberdeen Global Income Fund, Inc. (the &#8220;Fund&#8221;) dated&nbsp;July 2,
2021 as it may be amended from time to time. This SAI is not a prospectus and should only be read in conjunction with the Prospectus.
You may obtain the Prospectus without charge by writing to the Fund at 1900 Market Street, Suite&nbsp;200, Philadelphia, PA 19103, by
calling Investor Relations toll-free at 1-800-522-5465 or by visiting the Fund&#8217;s website at http:/www.aberdeenfco.com.</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">Investors in the Fund will be informed of the Fund&#8217;s progress
through periodic reports. Financial statements certified by an independent registered public accounting firm will be submitted to Shareholders
at least annually. Once available, copies of the reports to Shareholders may be obtained upon request, without charge, by contacting the
Fund at the address or telephone number listed above.</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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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Table
of Contents</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B></B></FONT>&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; width: 92%"><FONT STYLE="font-size: 10pt">Investment objectives, policies and risks</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; width: 8%"><FONT STYLE="font-size: 10pt">S-3</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Investment restrictions</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 10pt">S-4</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Management of the Fund</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 10pt">S-4</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Portfolio transactions and brokerage allocation</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 10pt">S-16</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Description of shares</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 10pt">S-19</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Repurchase of Common Shares</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 10pt">S-19</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Tax matters</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 10pt">S-20</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Proxy voting policy and proxy voting record</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 10pt">S-25</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Incorporation by reference</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 10pt">S-25</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Financial statements</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 10pt">S-25</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Legal counsel</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 10pt">S-25</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Additional information</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 10pt">S-25</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Appendix A&#8212;Description of securities ratings</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 10pt">A-1</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Appendix B&#8212;Proxy voting guidelines</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 10pt">B-1</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>




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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Investment objectives, policies and risks</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">The following disclosure supplements the disclosure set forth under
the caption &#8220;Investment Objectives and Principal Investment Strategy&#8221; in the prospectus and does not, by itself, present a
complete or accurate explanation of the matters disclosed. Readers must refer also to this caption in the prospectus for a complete presentation
of the matters disclosed below.</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"><B>Debt Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information contained under the heading &#8220;Additional Information
Regarding the Fund&#8212;Debt Securities&#8221; in the Fund&#8217;s <A HREF="http://www.sec.gov/Archives/edgar/data/876717/000110465921002271/tm2033257d15_ncsr.htm" STYLE="-sec-extract: exhibit">Annual
Report</A> for the fiscal year ended October 31, 2020 (together with any updates thereto in subsequent periodic filings) (the &#8220;Annual
Report&#8221;) is incorporated herein by reference.</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"><B>U.S. Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information contained under the heading &#8220;Additional Information
Regarding the Fund&#8212;U.S. Securities&#8221; in the Fund&#8217;s <A HREF="http://www.sec.gov/Archives/edgar/data/876717/000110465921002271/tm2033257d15_ncsr.htm" STYLE="-sec-extract: exhibit">Annual
Report</A> is incorporated herein by reference.</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"><B>Derivatives</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">The information contained under the heading &#8220;Additional Information
Regarding the Fund&#8212;Derivatives&#8221; in the Fund&#8217;s <A HREF="http://www.sec.gov/Archives/edgar/data/876717/000110465921002271/tm2033257d15_ncsr.htm" STYLE="-sec-extract: exhibit">Annual
Report</A> is incorporated herein by reference.</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"><B>Private Placements</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">The information contained under the heading &#8220;Additional Information
Regarding the Fund&#8212;Private Placements&#8221; in the Fund&#8217;s <A HREF="http://www.sec.gov/Archives/edgar/data/876717/000110465921002271/tm2033257d15_ncsr.htm" STYLE="-sec-extract: exhibit">Annual
Report</A> is incorporated herein by reference.</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"><B>Other Investment Companies</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">The information contained under the heading &#8220;Additional Information
Regarding the Fund&#8212;Other Investment Companies&#8221; in the Fund&#8217;s <A HREF="http://www.sec.gov/Archives/edgar/data/876717/000110465921002271/tm2033257d15_ncsr.htm" STYLE="-sec-extract: exhibit">Annual
Report</A> is incorporated herein by reference.</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"><B>Repurchase and Securities Lending Agreements</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">The information contained under the heading &#8220;Additional Information
Regarding the Fund&#8212;Repurchase and Securities Lending Agreements&#8221; in the Fund&#8217;s <A HREF="http://www.sec.gov/Archives/edgar/data/876717/000110465921002271/tm2033257d15_ncsr.htm" STYLE="-sec-extract: exhibit">Annual
Report</A> is incorporated herein by reference.</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"><B>Firm Commitment Agreements and When-Issued Securities</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">The information contained under the heading &#8220;Additional Information
Regarding the Fund&#8212;Firm Commitment Agreements and When-Issued Securities&#8221; in the Fund&#8217;s <A HREF="http://www.sec.gov/Archives/edgar/data/876717/000110465921002271/tm2033257d15_ncsr.htm" STYLE="-sec-extract: exhibit">Annual
Report</A> is incorporated herein by reference.</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; background-color: white"><B>China Interbank Bond Market.&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The Fund may transact in the China Interbank
Bond Market (&#8220;CIBM&#8221;) when buying or selling portfolio securities for the Fund. The China bond market is made up of the CIBM
and the exchange listed bond market. The CIBM was established in 1997 and was limited to domestic participants, but access to the market
has since been expanded to foreign institutional investors. To the extent permissible by the relevant regulations or authorities, the
Fund may invest in the CIBM through CIBM Direct or Bond Connect. Under the CIBM Direct regime, foreign institutional investors have direct
access to bonds traded on the CIBM, subject to the relevant rules established by the People's Bank of China (&#8220;PBOC&#8221;) (&#8220;CIBM
Direct Rules&#8221;). An onshore trading and settlement agent shall be engaged to make the filing on behalf of the relevant Fund and
conduct trading and settlement agency services for the Fund. PBOC will exercise on-going supervision on the onshore settlement agent
and the Fund's trading under the CIBM Direct Rules and may take relevant administrative actions such as suspension of trading and mandatory
exit against the Fund and/or ASIAL in the event of any incompliance with the CIBM Direct Rules. The CIBM Direct Rules are relatively
new and are still subject to continuous evolvement, which may adversely affect the Fund's capability to invest in the CIBM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Bond Connect is a trading and settlement
link program developed by the PBOC and the Hong Kong Monetary Authority (&#8220;HKMA&#8221;) with a view to establish mutual bond market
access between the PRC and Hong Kong. Trading through Bond Connect is subject to a number of restrictions that may affect the Fund's
investments and returns. Investments made through Bond Connect are subject to order, clearance and settlement procedures that are relatively
untested in the PRC, which could pose risks to the Fund. The Fund's investments in securities via Bond Connect are generally subject
to Chinese securities regulations and listing rules, among other restrictions. Such securities may lose their eligibility at any time,
in which case they could be sold but could no longer be purchased through Bond Connect. The Bond Connect program is a relatively new
program and may be subject to further interpretation and guidance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Market volatility and potential lack of
liquidity due to low trading volume of certain debt securities may result in prices of debt securities traded on such market fluctuating
significantly. The bid and offer spreads of the prices of the PRC bonds may be large, and if the Fund transacts in the CIBM, it may therefore
incur significant trading and realization costs and may even suffer losses when selling such investments. To the extent that the Fund
transacts in the CIBM, it may also be exposed to risks associated with settlement procedures and default of counterparties. The CIBM
is also subject to regulatory risks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Investment Restrictions</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">The following restrictions are fundamental policies, which cannot
be changed without the approval of the holders of a majority of the Fund&#8217;s outstanding voting securities. A majority of the Fund&#8217;s
outstanding voting securities means the lesser of (i) 67% or more of the shares represented at a meeting at which more than 50% of the
outstanding shares are represented or (ii) more than 50% of the outstanding shares. In the event that the Fund issues preferred shares,
changes in investment restrictions would also require approval by a majority of the outstanding preferred shares, voting as a separate
class. If a percentage restriction on investment or use of assets set forth below is adhered to at the time a transaction is effected,
later changes in a percentage resulting from changing values will not be considered a violation, except that any borrowing by the Fund
that exceeds the corresponding fundamental investment limitation below must be reduced to meet such limitation within the period required
by the 1940 Act (currently three days).</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">The Fund will not:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>Issue senior securities except (i) insofar as the Fund may be deemed to have issued a senior security in connection with any repurchase
or securities lending agreement or any borrowing permitted by these investment restrictions, and (ii) that the Fund may issue one or more
series of a class of preferred shares pursuant to its Articles of Amendment and Restatement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Borrow money, except as permitted under, or to the extent not prohibited by, the 1940 Act, and as interpreted or modified by regulatory
authority having jurisdiction, from time to time.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>&ldquo;Concentrate&rdquo; its investments in a particular industry or group of industries, except as permitted under the 1940 Act,
and as interpreted or modified by regulatory authority having jurisdiction from time to time, and further provided that this limitation
will not apply to the Fund&rsquo;s investments in, among other things, (i) securities of other investment companies; (ii) securities issued
or guaranteed as to principal and/or interest by the U.S. Government, its agencies or instrumentalities; or (iii) repurchase agreements
(collateralized by the instruments described in clause (ii)).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>Make loans except through the purchase of debt obligations and the entering into of repurchase and securities lending agreements in
accordance with the Fund&rsquo;s investment objectives and policies.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD>Act as an underwriter of other issuer&rsquo;s securities (except to the extent the Fund may be deemed to be an underwriter in connection
with the sale of securities in the Fund&rsquo;s investment portfolio).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">6.</TD><TD>(i) Purchase or sell real estate, except that it may purchase and sell mortgage-backed securities, debt securities issued by real
estate investment trusts, and debt securities of companies which deal in real estate or interests therein, or (ii) purchase or sell commodities
(other than transactions in foreign currencies and forward currency contracts or derivatives in accordance with the Fund&rsquo;s investment
objectives and policies).</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">For the purposes of determining compliance with the Fund&#8217;s
policy on concentrating in any one industry or group of industries, the Fund will endeavor to consider the concentration policy of underlying
investment companies in which the Fund is invested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Management of the Fund</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"><B>Directors and Officers</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">The business and affairs of the Fund are managed under the direction
of the Board and the Fund&#8217;s officers appointed by the Board. The tables below list the directors and officers of the Fund and their
present positions and principal occupations during the past five years. The term &#8220;Fund Complex&#8221; includes each of the registered
investment companies advised by the Advisers or their affiliates as of the date of this SAI. Directors serve three year terms or until
their successors are duly elected and qualifies. Officers hold their positions with the Fund until a successor has been duly elected
and qualified.</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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<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">The names of the Directors and Officers of the Fund, their addresses,
years of birth, and principal occupations during the past five years are provided in the tables below. Directors that are deemed &#8220;interested
persons&#8221; (as that term is defined in Section&nbsp;2(a)(19) of the Investment Company Act of 1940, as amended) of the Fund, the
Investment Manager or Investment Adviser are included in the table below under the heading &#8220;Interested Directors.&#8221; Directors
who are not interested persons, as described above, are referred to in the table below under the heading &#8220;Independent Directors.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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: 16%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Name,
    Address*<BR>
 and<BR>
    Year of Birth</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Position(s)<BR>
 &nbsp;Held<BR>
    with the<BR>
 Fund</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Term
    of<BR>
 Office<BR>
    and Length<BR>
 of<BR>
    Time Served</B></FONT></TD>
    <TD STYLE="width: 34%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Principal
    Occupation(s)<BR>
    During Past Five Years</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Number
    of<BR>
 Registered<BR>
 Investment<BR>
 Companies<BR>
 (&#8220;RICs&#8221;)<BR>
 Consisting of<BR>
 Investment<BR>
 Portfolios<BR>
 (&#8220;Portfolios&#8221;)<BR>
 Overseen in<BR>

    Fund <BR>
Complex**</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Other<BR>
    Directorships<BR>
    Held by<BR>
    Director***</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Interested
    Directors</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stephen Bird****</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Year of Birth: 1967</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Class
    III Director</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Term
    expires 2022<BR>
    Director since 2021</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Mr.
    Bird joined the Board of SLA plc in July 2020 as Chief Executive-Designate, and was formally appointed Chief Executive Officer in
    September 2020. Previously, Mr. Bird served as chief executive officer of global consumer banking at Citigroup from 2015, retiring
    from the role in November 2019. His responsibilities encompassed all consumer and commercial banking businesses in 19 countries,
    including retail banking and wealth management, credit cards, mortgages, and operations and technology supporting these businesses.
    Prior to this, Mr. Bird was chief executive for all of Citigroup&#8217;s Asia Pacific business lines across 17 markets in the region,
    including India and China. Mr. Bird joined Citigroup in 1998, and during his 21 years with the company he held a number of leadership
    roles in banking, operations and technology across its Asian and Latin American businesses. Before this, he held management positions
    in the UK at GE Capital &#8212; where he was director of UK operations from 1996 to 1998 &#8212; and at British Steel.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">10
    RICs consisting of 26 Portfolios</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">None.</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>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; padding-right: 5.4pt; width: 50%; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Independent Directors</B></FONT></TD>
  <TD STYLE="border-top: Black 1pt solid; padding-left: 10pt; text-indent: -10pt; width: 50%; border-right: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>


<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: 16%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">P. Gerald Malone</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Year of Birth: 1950</P></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Chairman
    of the Board; Class I Director</FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Term
    expires 2023; Director since 2005</FONT></TD>
    <TD STYLE="width: 34%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Mr.
    Malone is, by profession, a lawyer of over 40 years. Currently, he is a non-executive director of a number of U.S. companies, including
    Medality Medical (medical technology company) and Bionik Laboratories Corp. (US healthcare company) since 2018. He is also Chairman
    of many of the open and closed end funds in the Fund Complex. He previously served as Independent Chairman of UK companies Crescent
    OTC Ltd (pharmaceutical services) until February 2018; and fluidOil Ltd. (oil services) until June 2018; U.S. company Rejuvenan llc
    (wellbeing services) until September 2017 and as chairman of UK company Ultrasis plc (healthcare software services company) until
    October 2014. Mr. Malone was previously a Member of Parliament in the U.K. from 1983 to 1997 and served as Minister of State for
    Health in the U.K. government from 1994 to 1997.</FONT></TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">10
    RICs consisting of 26 Portfolios</FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Director
    of Bionik Laboratories Corporation (U.S. healthcare company) since 2018.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Radhika Ajmera<B>&#8224;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Year of Birth: 1964</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Class
    III Director</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Term
    expires 2022; Director since 2021</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Ms.
    Ajmera has been an Independent Trustee of Aberdeen Funds since February 2020.&nbsp;&nbsp;She is also an independent non-executive
    director of Aberdeen Asia-Pacific Income Investment Company Limited (Canadian investment fund) since June 2015. She has also held
    a number of UK closed end fund non-executive directorships.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">5
    RICs consisting of 21 Portfolios</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Neville J. Miles</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Year of Birth: 1946</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Class III Director</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Term
    expires 2022; Director since 1999</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Mr.
    Miles is a non-executive director of a number of Australian and overseas companies and serves as Chairman of Ballyshaw Pty. Ltd.
    (share trading, real estate development and investment).</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">4
    RICs consisting of 20 Portfolios</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">None.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">William J. Potter</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Year of Birth: 1948</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Class
    II Director</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Term
    expires 2024; Director since 1992</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Mr.
    Potter has been the Chairman of Arsenal Square Holdings (consulting and advisory) since 2018, a Director of Alexandria Bancorp (international
    banking and trustee services) since 1989, a Director of the National Foreign Trade Council (international trade) 1983-2017, director
    of Howell Biopharma Ltd (healthcare) since 2018, and director and chairman of Arrow Robotics Ltd (technology) since 2018. He also
    serves on the boards or advisory boards of a number of private companies and charities including the Queen Elizabeth September 11th
    Garden and the National Foundation for Cancer Research.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">3
    RICs consisting of 3 Portfolios</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">None.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Moritz Sell</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Year of Birth: 1967</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Class
    I Director</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Term
    expires 2023; Director since 2018</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Mr.
    Sell currently serves as a Principal at Edison Holdings GmbH (commercial real estate and venture capital) (since October 2015). In
    addition, Mr. Sell serves as a Senior Advisor for Markston International LLC, an independent investment manager (since January 2014).</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">3
    RICs consisting of 3 Portfolios</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Swiss
    Helvetia Fund (since June 2017) and High Income Securities Fund (since June 2018),</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">*The address of each Trustee in the table above is c/o Aberdeen
Standard Investments Inc., 1900 Market St., Suite 200, Philadelphia, PA 19103.</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">** The Aberdeen Fund Complex consists of Aberdeen Funds, which
currently consists of 17 portfolios, Aberdeen Asia-Pacific Income Fund, Inc., Aberdeen Global Income Fund, Inc., Aberdeen Australia Equity
Fund, Inc., Aberdeen Emerging Markets Equity Income Fund, Inc., The India Fund, Inc., Aberdeen Japan Equity Fund, Inc., Aberdeen Income
Credit Strategies Fund, Aberdeen Global Dynamic Dividend Fund, Aberdeen Global Premier Properties Fund, Aberdeen Total Dynamic Dividend
Fund, Aberdeen Standard Global Infrastructure Income Fund Inc., Aberdeen Investment Funds (consisting of 4 portfolios) and Aberdeen Standard
Investments ETFs (consisting of 2 portfolios).</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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<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">***Current directorships held in (1) any other investment companies
registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange
Act of 1934, as amended (the &quot;Exchange Act&quot;) or (3) any company subject to the requirements of Section 15(d) of the Exchange
Act.</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">****&nbsp;&nbsp;Appointed to the Board of the Fund effective June
14, 2021. Mr. Bird is deemed to be an interested person because of his affiliation with the Fund&#8217;s Investment Manager. Mr. Bird
serves as a Director of several Funds in the Fund Complex.</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"><B>&#8224; </B>Appointed to the Board of the Fund effective April
29, 2021.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Information regarding Officers who are not Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 23%; padding-left: 6pt"><FONT STYLE="font-size: 10pt"><B>Name, Address and<BR>
    Year of Birth</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 20%"><FONT STYLE="font-size: 10pt"><B>Position(s)&nbsp;Held<BR>
    with the Fund</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 17%"><FONT STYLE="font-size: 10pt"><B>Term of Office*<BR>
    and Length of<BR>
    Time Served</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 40%"><FONT STYLE="font-size: 10pt"><B>Principal Occupation(s)&nbsp;During
    Past Five Years</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 0.7pt 6pt 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Kenneth Akintewe**<BR>
    </B>Aberdeen Standard</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investments (Asia) Limited</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">21 Church Street</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">#01-01 Capital Square Two</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Singapore 049480</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">Year of Birth: 1980</P></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 0.7pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Vice
    President</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 0.7pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Since
    2014</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 6pt; padding-right: 0.7pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Currently,
    Head of Asian Sovereign Debt for Aberdeen Standard Investments (Asia) Limited. Mr.&nbsp;Akintewe joined Aberdeen in 2002.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.7pt; padding-bottom: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Joseph Andolina**<BR>
    </B>Aberdeen Standard Investments Inc.,</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1900 Market St, Suite 200</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Philadelphia, PA 19103</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">Year of Birth: 1978</P></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 0.7pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Chief Compliance
    Officer; Vice President &#8211; Compliance</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.7pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Since 2017</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 0.7pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Currently, Chief
    Risk Officer &#8211; Americas for ASII and serves as the Chief Compliance Officer for ASII. Prior to joining the Risk and Compliance
    Department, he was a member of ASII's Legal Department, where he served as US Counsel since 2012.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding-right: 0.7pt; padding-bottom: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Mark Baker**<BR>
    </B>Aberdeen Standard</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investments (Asia) Limited</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">21 Church Street</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">#01-01 Capital Square Two</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Singapore 049480</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">Year of Birth: 1981</P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 0.7pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Vice President</FONT></TD>
    <TD STYLE="border: Black 1pt solid; padding-right: 0.7pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Since 2019</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 0.7pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Currently, an Investment
    Director within the Emerging Markets Debt team at Aberdeen Standard Investments. Mr.&nbsp;Baker joined ASI in 2012.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.7pt; padding-bottom: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Chris Demetriou**<BR>
    </B>Aberdeen Standard Investments Inc.,</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1900 Market St, Suite 200</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Philadelphia, PA 19103</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">Year of Birth: 1983</P></TD>
    <TD STYLE="padding-right: 0.7pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Vice President</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.7pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Since 2020</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 0.7pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Currently, Chief
    Executive Officer &#8211; UK, EMEA and Americas for ASI. Mr.&nbsp;Demetriou joined ASII in 2013, as a result of the acquisition of
    SVG, a FTSE 250 private equity investor based in London.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding-right: 0.7pt; padding-bottom: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Sharon Ferrari**<BR>
    </B>Aberdeen Standard Investments Inc.,</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1900 Market St, Suite 200</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Philadelphia, PA 19103</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">Year of Birth: 1977</P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 0.7pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Assistant Treasurer</FONT></TD>
    <TD STYLE="border: Black 1pt solid; padding-right: 0.7pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Since 2009</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 0.7pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Currently, Senior
    Fund Administration Manager US for ASII. Ms.&nbsp;Ferrari joined ASII as a Senior Fund Administrator in 2008.</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"></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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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; width: 23%; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.7pt; padding-bottom: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Alan Goodson**<BR>
    </B>Aberdeen Standard Investments Inc.,</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1900 Market St, Suite 200</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Philadelphia, PA 19103</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">Year of Birth: 1974</P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; width: 20%; padding-right: 0.7pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Vice
    President</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 17%; padding-right: 0.7pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Since
    2009</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 40%; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.7pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Currently,
    Head of Product&nbsp;&amp; Client Solutions &#8211; Americas, overseeing Product Management, Product Development and Client Solutions
    for ASII's registered and unregistered investment companies in the US, Brazil and Canada. Mr.&nbsp;Goodson joined ASII in 2000.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding-right: 0.7pt; padding-bottom: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Bev Hendry**<BR>
    </B>Aberdeen Standard Investments Inc.,</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1900 Market St, Suite 200</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Philadelphia, PA 19103</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">Year of Birth: 1953</P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 0.7pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Vice President</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-top: Black 1pt solid; padding-right: 0.7pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Since 2015</FONT></TD>
    <TD STYLE="border: Black 1pt solid; padding-right: 0.7pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Currently Chairman
    of Americas for Standard Life Aberdeen PLC since 2018. Mr.&nbsp;Hendry was Chief Executive Officer &#8211; Americas for Aberdeen
    Asset Management PLC (2014-2018).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.7pt; padding-bottom: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Megan Kennedy**</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aberdeen Standard Investments Inc.,</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1900 Market St, Suite 200</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Philadelphia, PA 19103</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">Year of Birth: 1974</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 0.7pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Vice President and
    Secretary</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0.7pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Since 2008</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.7pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Currently, Director,
    Product Governance for ASII. &nbsp;Ms. Kennedy joined ASII in 2005 as a Senior Fund Administrator.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.7pt; padding-bottom: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Adam McCabe**</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aberdeen Standard Investments (Asia) Limited</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">21 Church Street</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">#01-01 Capital Square Two</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Singapore 049480</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">Year of Birth: 1979</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 0.7pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Vice President</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Since 2011</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.7pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Currently, Head of
    Asian Fixed Income for Aberdeen Standard Investments (Asia) Limited. Mr. McCabe joined Aberdeen in 2009 following the acquisition
    of certain asset management businesses from Credit Suisse.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding-right: 0.7pt; padding-bottom: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Andrea Melia**</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aberdeen Standard Investments Inc.,</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1900 Market St, Suite 200</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Philadelphia, PA 19103</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">Year of Birth: 1969</P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 0.7pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Treasurer and Principal
    Accounting Officer</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-top: Black 1pt solid; padding-right: 0.7pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Since 2009</FONT></TD>
    <TD STYLE="border: Black 1pt solid; padding-right: 0.7pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Currently, Director,
    Product Management &#8211; Americas and Vice President for ASII. Ms. Melia joined ASII in September 2009.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.7pt; padding-bottom: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Jim O'Connor**</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aberdeen Standard Investments Inc.,</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1900 Market St, Suite 200</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Philadelphia, PA 19103</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">Year of Birth: 1976</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 0.7pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Vice President</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Since 2020</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.7pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Currently, Chief
    Operating Officer for Aberdeen Standard Investments Inc. Mr. O'Connor joined ASII in 2010.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.7pt; padding-bottom: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Christian Pittard**</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aberdeen Asset Managers Limited</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Bow Bells House, 1 Bread Street</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">London</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United Kingdom</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">Year of Birth: 1973</P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 0.7pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">President</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 0.7pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Since 2009</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.7pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Currently, Global
    Head of Product Opportunities for Aberdeen Asset Management PLC. Mr. Pittard joined Aberdeen from KPMG in 1999.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; border: Black 1pt solid; padding-right: 0.7pt; padding-bottom: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Lucia Sitar**</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aberdeen Standard Investments Inc.,</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1900 Market St, Suite 200</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Philadelphia, PA 19103</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">Year of Birth: 1971</P></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 20%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 0.7pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Vice
    President</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 17%; padding-right: 0.7pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Since
    2008</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 40%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 0.7pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Currently,
    Head of Product Management &amp; Governance - Americas for ASII. &nbsp;Ms. Sitar joined ASII in July 2007 as U.S. Counsel.</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">&nbsp;</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">*Officers hold their positions with the Fund until a successor
has been duly elected and qualifies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">**Messrs. Akintewe, Andolina, Baker, Demetriou, Goodson, Hendry,
Keener, McCabe, O'Connor and Pittard and Mses. Ferrari, Kennedy, Melia, and Sitar may serve as officers of one or more other funds in
the Fund Complex.</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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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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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>Risk Oversight</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">The information contained under the heading &#8220;Board and Committee
Structure&#8212;Board Oversight of Risk Management&#8221; in the Fund&#8217;s definitive proxy statement on&nbsp;<A HREF="http://www.sec.gov/Archives/edgar/data/779336/000110465921044952/a21-9411_1def14a.htm" STYLE="-sec-extract: exhibit">Schedule 14A</A>&nbsp;for
the Fund&#8217;s 2021 annual meeting of shareholders, filed with the SEC on April 29, 2021 (&#8220;Proxy Statement&#8221;) is incorporated
herein by reference.</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"><B>Experience of Directors</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">The information contained under the heading &#8220;<FONT STYLE="text-transform: uppercase">Additional
Information About the DIRECTORS</FONT>&#8221; in the Fund&#8217;s <A HREF="http://www.sec.gov/Archives/edgar/data/779336/000110465921044952/a21-9411_1def14a.htm" STYLE="-sec-extract: exhibit">Proxy Statement</A> is incorporated herein by reference.</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">Effective June 14, 2021, Mr. Martin Gilbert, the former co-CEO
of Standard Life Aberdeen plc and an interested Director of the Fund, resigned as a Class III Trustee of the Fund. Effective June 14,
2021, the Board of Directors of the Fund appointed Mr. Stephen Bird to serve as a Class III Trustee of the Fund to hold office for the
remainder of the term for Class III Trustees expiring at the 2022 annual meeting of shareholders, and until a successor has been elected
and qualifies.</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">The following specific experience, qualifications, attributes and/or
skills apply as to Mr. Bird in addition to the information set forth in the table above under &#8220;Interested Directors&#8221;: Mr.&nbsp;Bird,
investment management experience as the Chief Executive Officer of Standard Life Aberdeen plc and executive experience with other financial
services and banking companies.</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"><B>Compensation</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">Officers of the Fund do not receive any compensation directly from
the Fund or any other fund in the Fund Complex for performing their duties as officers.</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">Additional information regarding compensation and benefits for directors
is set forth below for the periods described in the notes accompanying the table.</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"><B>Compensation Table</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">The following table sets forth information regarding compensation of
Directors by the Fund and by the Fund Complex of which the Fund is a part for the fiscal year ended October&nbsp;31, 2020. Officers of
the Fund do not receive any compensation directly from the Fund or any other fund in the Fund Complex for performing their duties as officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Name of Director</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 8pt; padding-right: 0.7pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Aggregate
    Compensation <BR>
    from Fund for <BR>
    Fiscal Year Ended <BR>
    October 31, 2020</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 8pt; padding-right: 0.7pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total
    Compensation <BR>
    From Fund and Fund <BR>
    Complex Paid <BR>
    To Directors*</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt"><B><U>Independent Directors:</U></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 75%"><FONT STYLE="font-size: 10pt">Radhika Ajmera**</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 5%; text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; text-align: right"><FONT STYLE="font-size: 10pt">160,481 </FONT></TD>
    <TD STYLE="width: 1%">(21)&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">P. Gerald Malone</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">76,333</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">441,348 </FONT></TD>
    <TD>(26)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Neville J. Miles</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">52,667</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">227,250 </FONT></TD>
    <TD>(20)&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">William J. Potter</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">54,333</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">228,813 </FONT></TD>
    <TD>(3)&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Peter D. Sacks***</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">60,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">211,000 </FONT></TD>
    <TD>(0)&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Moritz Sell</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">46,667</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">200,250 </FONT></TD>
    <TD>(3)&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt"><B><U>Interested Directors:</U></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Stephen Bird****</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom">(0)&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Martin J. Gilbert*****</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom">(24)&nbsp;</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>

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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">*&nbsp;&nbsp;The number in parentheses indicates the total number
of funds in the Fund Complex on which the Director serves or served at any time during the fiscal year ended October 31, 2020.</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">**&nbsp;&nbsp;Appointed to the Board of the Fund effective April
29, 2021.</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">***&nbsp;&nbsp;Retired from the Board of the Fund effective
April 29, 2021.</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">****&nbsp;&nbsp;Appointed to the Board of the Fund effective June
14, 2021.</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">*****&nbsp;&nbsp;Retired from the Board of the Fund effective
June 14, 2021.</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"><B>Board and Committee Structure</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">The Board is currently composed of five Independent Directors and
one Interested Director, Stephen Bird. The Fund&#8217;s Charter provides that the Board shall be divided into three classes: Class&nbsp;I,
Class&nbsp;II and Class&nbsp;III. The terms of office of the Directors of the Fund in each class expire at the Annual Meeting in the
year indicated or thereafter in each case when their respective successors are elected and qualified: Class&nbsp;I in 2022, Class&nbsp;II
in 2023 and Class&nbsp;III in 2024.</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">The Board has appointed Mr.&nbsp;Malone, an Independent Director, as
Chairman. The Chairman presides at meetings of the Directors, participates in the preparation of the agenda for meetings of the Board,
and acts as a liaison between the Directors and management between Board meetings. Except for any duties specified herein, the designation
of the Chairman does not impose on such Director any duties, obligations or liability that is greater than the duties, obligations or
liability imposed on such person as a member of the Board, generally.</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">The Board holds regular quarterly meetings each year to consider and
address matters involving the Fund. The Board also may hold special meetings to address matters arising between regular meetings. The
Independent Directors also meet outside the presence of management in executive session at least quarterly and have engaged separate,
independent legal counsel to assist them in performing their oversight responsibilities.</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">The Board has established a committee structure that includes an Audit
and Valuation Committee, a Contract Review Committee, a Nominating and Corporate Governance Committee, a Cost Review Committee and a Leverage
Committee (each discussed in more detail below) to assist the Board in the oversight and direction of the business affairs of the Fund,
and from time to time may establish informal ad hoc committees or working groups to review and address the practices of the und with respect
to specific matters. The Committee system facilitates the timely and efficient consideration of matters by the Directors, and facilitates
effective oversight of compliance with legal and regulatory requirements and of the Fund&#8217;s activities and associated risks. The
standing Committees currently conduct an annual review of their charters, which includes a review of their responsibilities and operations.
The Nominating and Corporate Governance Committee and the Board as a whole also conducts an annual self-assessment of the performance
of the Board, including consideration of the effectiveness of the Board&#8217;s Committee structure. Each Committee is comprised entirely
of Independent Directors. Each Committee member is also &#8220;independent&#8221; within the meaning of the NYSE MKT listing standards.
The Board reviews its structure regularly and believes that its leadership structure, including having a super-majority of Independent
Directors, coupled with an Independent Director as Chairman, is appropriate because it allows the Board to exercise informed and independent
judgment over the matters under its purview and it allocates areas of responsibility among the Committees and the full Board in a manner
that enhances efficient and effective oversight.</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"><I>Audit and Valuation Committee</I></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">The Fund&#8217;s Audit and Valuation Committee, established in
accordance with Section&nbsp;3(a)(58)(A)&nbsp;of the Securities Exchange Act of 1934, as amended (the &#8220;1934 Act&#8221;), is responsible
for the selection and engagement of the Fund&#8217;s independent registered public accounting firm (subject to ratification by the Fund&#8217;s
Independent Directors), pre-approves and reviews both the audit and non-audit work of the Fund&#8217;s independent registered public
accounting firm, and reviews compliance of the Fund with regulations of the SEC and the Internal Revenue Service, and other related matters.
The members of the Fund&#8217;s Audit and Valuation Committee are Ms. Ajmera and Messrs. P. Gerald Malone, Neville J. Miles and Moritz
Sell. Mr.&nbsp;Sell has been designated as the audit committee financial expert.</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">The Audit and Valuation Committee oversees the activities of the
Fund&#8217;s Pricing Committee and performs the responsibilities assigned to the Audit and Valuation Committee in the Fund&#8217;s Valuation
and Liquidity Procedures, such as overseeing the implementation of the Valuation and Liquidity Procedures. The Board has delegated to
the Audit and Valuation Committee the responsibility of determining the fair value of the Fund&#8217;s securities or other assets in
situations set forth in the Valuation and Liquidity Procedures. The Audit and Valuation Committee met three times during the fiscal year
ended October&nbsp;31, 2020.</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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<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"><I>Contract Review Committee</I></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">The Contract Review Committee reviews and makes recommendations
to the Board with respect to entering into, reviewing or amending the Fund&#8217;s management agreement, advisory agreement, sub-advisory
agreement, administration agreement, investor relations services agreement and other agreements. The members of the Fund&#8217;s Contract
Review Committee are Messrs. P. Gerald Malone, Neville J. Miles, William J. Potter and Moritz Sell.</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"><I>Nominating and Corporate Governance Committee; Consideration of
Potential Director Nominees</I></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">The Fund&#8217;s Nominating and Corporate Governance Committee
recommends nominations for membership on the Board and reviews and evaluates the effectiveness of the Board in its role in governing
the Fund and overseeing the management of the Fund. It evaluates candidates&#8217; qualifications for Board membership and, with respect
to nominees for positions as Independent Directors, their independence from the Fund&#8217;s Investment Manager, Investment Adviser and
Sub-Adviser, as appropriate, and other principal service providers. The Nominating and Corporate Governance Committee generally meets
twice annually to identify and evaluate nominees for Directors and makes its recommendations to the Board at the time of the Board&#8217;s
fourth quarter meeting. The Nominating and Corporate Governance Committee also periodically reviews director compensation and will recommend
any appropriate changes to the Board. The Nominating and Corporate Governance Committee also reviews and may make recommendations to
the Board relating to the effectiveness of the Board in carrying out its responsibilities in governing the Fund and overseeing the management
of the Fund. The members of the Fund&#8217;s Nominating and Corporate Governance Committee are Ms. Ajmera and Messrs. P. Gerald Malone,
Neville J. Miles, William J. Potter and Moritz Sell.</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">The Nominating and Corporate Governance Committee may take into
account a wide variety of factors in considering prospective director candidates, including (but not limited to): (i)&nbsp;availability
(including availability to attend to Board business on short notice) and commitment of a candidate to attend meetings and perform his
or her responsibilities on the Board; (ii)&nbsp;relevant industry and related experience; (iii)&nbsp;educational background; (iv)&nbsp;reputation;
(v)&nbsp;financial expertise; (vi)&nbsp;the candidate&#8217;s ability, judgment and expertise; (vii)&nbsp;overall diversity of the Board&#8217;s
composition; and (viii)&nbsp;commitment to the representation of the interests of the Fund and its shareholders. The Nominating and Corporate
Governance Committee also considers the effect of any relationships beyond those delineated in the 1940 Act that might impair independence,
such as business, financial or family relationships with the Investment Manager, Investment Adviser or Sub-Adviser or their affiliates,
as appropriate. The Nominating and Corporate Governance Committee will consider potential director candidates, if any, recommended by
Fund shareholders provided that the proposed candidates: (i)&nbsp;satisfy any minimum qualifications of the Fund for its directors, and;
(ii)&nbsp;are not &#8220;interested persons&#8221; of the Fund, as that term is defined in the 1940 Act; and (iii)&nbsp;are &#8220;independent&#8221;
as defined in the listing standards of any exchange on which the Fund&#8217;s shares are listed. The Nominating and Corporate Governance
Committee met one time during the fiscal year ended October&nbsp;31, 2020.</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">While the Nominating and Corporate Governance Committee has not adopted
a particular definition of diversity or a particular policy with regard to the consideration of diversity in identifying candidates, when
considering a candidate&#8217;s and the Board&#8217;s diversity, the Committee generally considers the manner in which each candidate&#8217;s
leadership, independence, interpersonal skills, financial acumen, integrity and professional ethics, educational and professional background,
prior directors or executive experience, industry knowledge, business judgment and specific experiences or expertise would complement
or benefit the Board and, as a whole, contribute to the ability of the Board to oversee the Fund. The Committee may also consider other
factors or attributes as they may determine appropriate in their judgment. The Committee believes that the significance of each candidate&#8217;s
background, experience, qualifications, attributes or skills must be considered in the context of the Board as a whole.</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">The Fund&#8217;s bylaws contain provisions regarding minimum qualifications
for directors. These include a requirement that, to qualify as a nominee for a directorship, each candidate, at the time of nomination,
other than persons who were directors at the time of the adoption of the minimum qualifications, must possess at least the following specific
minimum qualifications: (i) a nominee shall have at least five years&#8217; experience in any of investment management, economics, public
accounting or Australian business; (ii) a nominee shall have a college undergraduate or graduate degree in economics, finance, business
administration, accounting or engineering, or a professional degree in law, engineering, or medicine, from an accredited university or
college in the United States, Australia, the United Kingdom, Canada or New Zealand, or the equivalent degree from an equivalent institution
of higher learning in another country; and (iii) a nominee shall not have violated any provision of the U.S. federal or state securities
laws, or comparable laws of another country.</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"><I>Cost Review Committee</I></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">The Cost Review Committee reviews on an ongoing basis the fees
and expenses incurred by the Fund, to ensure that such expenses are commensurate with the services provided. The members of the Fund&#8217;s
Cost Review Committee are Messrs. Neville J. Miles, William J. Potter and Moritz Sell.</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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<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"><I>Leverage Committee </I></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">The Leverage Committee monitors the Fund&#8217;s leverage and reviews
leverage options for the Fund. The members of the Leverage Committee are Messrs. P. Gerald Malone and William J. Potter.</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"><B>Communications with the Board of Directors</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">Shareholders who wish to communicate with Board members with respect
to matters relating to the Fund may address their written correspondence to the Board as a whole or to individual Board members c/o Aberdeen
Standard Investments Inc., the Fund&#8217;s administrator, at 1900 Market Street, Suite&nbsp;200, Philadelphia, PA 19103, or via e-mail
to the Director(s)&nbsp;c/o Aberdeen Standard Investments Inc. at InvestorRelations@aberdeenstandard.com.</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"><B>Director Beneficial Ownership of Securities</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">As of the date of this SAI, the Fund&#8217;s directors and executive
officers, as a group, owned less than 1% of the Fund&#8217;s outstanding Common Shares.&nbsp;The information as to ownership of securities
which appears below is based on statements furnished to the Fund by its directors and executive officers.</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">As of December&nbsp;31, 2020, the dollar range of equity securities
owned beneficially by each director in the Fund and in all registered investment companies overseen by the directors within the same family
of investment companies as the Fund appears in the chart below.&nbsp;The following key relates to the dollar ranges in the chart:</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">A. None<BR>
B. $1 &#8212; $10,000<BR>
C. $10,001 &#8212; $50,000<BR>
D. $50,001 &#8212; $100,000<BR>
E. over $100,000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name
    of Director </B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom; padding-right: 0.7pt; width: 33%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dollar
    Range of Equity <BR>
    Securities Owned<BR>
    in Fund(1)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom; padding-right: 0.7pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom; padding-right: 0.7pt; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Aggregate
    Dollar Range of Equity <BR>
    Securities in All Funds Overseen by <BR>
    Director or Nominee in the Family of <BR>
    Investment Companies(2)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; width: 1%">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Independent Directors:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">P. Gerald Malone</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">D</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neville J. Miles</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">William J. Potter</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peter D. Sacks*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moritz Sell</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">D</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Radhika Ajmera**</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Interested Director:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stephen Bird***</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Martin Gilbert****</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A</FONT></TD>
    <TD>&nbsp;</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">*&nbsp;&nbsp;Retired from the Board of the Fund effective
April 29, 2021.</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">**&nbsp;&nbsp;Appointed effective April 29, 2021.</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">***&nbsp;&nbsp;Appointed effective June 14, 2021.</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">****&nbsp;&nbsp;Retired from the Board of the Fund effective
June 14, 2021.</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">(1)&nbsp;&nbsp;This information has been furnished by each Director
as of October 31, 2020. &#8220;Beneficial ownership&#8221; is determined in accordance with Rule 16a-1(a)(2) promulgated under the Securities
Exchange Act of 1934, as amended (the &#8220;1934 Act&#8221;).</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">(2)&nbsp;&nbsp;&#8221;Family of Investment Companies&#8221; means
those registered investment companies that are advised by the Investment Manager or an affiliate and that hold themselves out to investors
as related companies for purposes of investment and investor services.</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">As of December&nbsp;31, 2020, none of the Independent Directors
or their immediate family members owned any shares of the Advisers or principal underwriter of the Fund or of any person (other than
a registered investment company) directly or indirectly controlling, controlled by, or under common control with the Advisers or principal
underwriter.</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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<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>Codes of Ethics</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">The Fund and the Advisers have each adopted a code of ethics under
Rule 17j-1 of the 1940 Act governing the personal securities transactions of their respective personnel. Under each code of ethics, personnel
may invest in securities for their personal accounts (including securities that may be purchased or held by the Fund), subject to certain
general restrictions and procedures. Copies of these Codes of Ethics are on the EDGAR Database on the SEC&#8217;s internet web site at
www.sec.gov.</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"><B>Beneficial Ownership</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">Based upon filings made with the SEC, as of the date hereof, the
following table shows certain information concerning persons who may be deemed beneficial owners of 5% or more of a class of shares of
the Fund because they possessed or shared voting or investment power with respect to the Fund&#8217;s shares:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Name&nbsp;and&nbsp;Address</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number&nbsp;of&nbsp;Shares<BR>
    Beneficially&nbsp;Owned</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percentage&nbsp;of&nbsp;Shares</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">First Trust Portfolios L.P./ First Trust
    Advisors L.P. / The Charger Corporation <SUP>(1)</SUP><BR>
120 East Liberty Drive <BR>
Wheaton, IL 60187</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">1,149,049</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">13.16</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<SUP>(1)</SUP> The information regarding share ownership
of the Fund is based solely upon information presented in a Schedule 13G/A, dated February 1, 2021, filed jointly by The Charger Corporation,
First Trust Portfolios L.P. and First Trust Advisors L.P.</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"><B>Investment Manager, Investment Adviser, Sub-Adviser and Administrator</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each of the Advisers (defined below) and Aberdeen Standard Investments
Inc. (&#8220;ASII&#8221;) is an indirect wholly-owned subsidiary of Standard Life Aberdeen plc, which manages or administers&nbsp;approximately
$624.47 billion in assets as of December 31, 2020. Standard Life Aberdeen plc and its affiliates provide asset management and investment
solutions for clients and customers worldwide and also have a strong position in the pensions and savings market. Standard Life Aberdeen
plc, its affiliates and subsidiaries are referred to collectively herein as &#8220;Aberdeen.&#8221;</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">In rendering investment advisory services, the Advisers may use
the resources of investment advisor subsidiaries of Standard Life Aberdeen plc. These affiliates have entered into a memorandum of understanding
/ personnel sharing procedures (&#8220;MOU&#8221;) pursuant to which investment professionals from each affiliate may render portfolio
management, research or trading services to U.S. clients of the Standard Life Aberdeen plc affiliates, including the Fund, as associated
persons of the Adviser. Each investment professional who renders portfolio management, research or trading services under a MOU or personnel
sharing arrangement must comply with the provisions of the Investment Advisers Act of 1940, the 1940 Act, the Securities Act of 1933,
as amended, (the &#8220;Securities Act&#8221;), the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), and
the Employee Retirement Income Security Act of 1974, and the laws of states or countries in which the Advisers do business or has clients.
No remuneration is paid by the Fund with regards to the MOU/personnel sharing arrangements.</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">During periods when the Fund is using leverage, the fee paid to
Aberdeen (for various services) will be higher than if the Fund did not use leverage because the fees paid are calculated on the basis
of the Fund&#8217;s Managed Assets, which includes the assets purchased through leverage. For the purpose of calculating Managed Assets,
derivatives are valued at their market value.</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"><B>The Investment Manager</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aberdeen Standard Investments (Asia) Limited (&#8220;ASIAL&#8221;
or the &#8220;Investment Manager&#8221;) serves as investment manager to the Fund, pursuant to a management agreement (the &#8220;Management
Agreement&#8221;). The Investment Manager manages the Fund&#8217;s investments and makes investment decisions on behalf of the Fund,
including the selection of and the placement of orders with, brokers and dealers to execute portfolio transactions on behalf of the Fund.
At the Investment Manager&#8217;s request, the Investment Adviser will make recommendations of the overall structure of the Fund&#8217;s
portfolio including asset allocation advice and general advice on investment strategy. The Sub-Adviser manages the portion of the Fund&#8217;s
assets that the Investment Manager allocates to it. The Investment Adviser and Sub-Adviser are paid by the Investment Manager, not the
Fund. The Investment Manager is located at 21 Church Street, #01-01 Capital Square Two, Singapore 049480.</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"><B>The Investment Adviser</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">Aberdeen Standard Investments Australia Limited (the &#8220;Investment
Adviser&#8221;), an Australian Company, serves as investment adviser and provides day-to-day investment management services to the Fund,
and will serve as such through about July 23, 2021. Aberdeen Standard Investments Australia Limited&#8217;s principal place of business
is located at Level 10, 255 George Street, Sydney, NSW 2000, Australia. At a meeting held on June 16, 2021, the Fund&#8217;s Board of
Directors approved the termination of Aberdeen Standard Investments Australia Limited as Investment Adviser of the Fund, effective on
or about July 23, 2021. Upon the effectiveness of the termination of Aberdeen Standard Investments Australia Limited, ASIAL will continue
to serve as the Fund&#8217;s Investment Manager and <FONT STYLE="font-size: 10pt">Aberdeen Asset Managers Limited will continue to serve
as the sub-adviser to the Fund and will maintain responsibility for investing the Fund&#8217;s assets. </FONT></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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Sub-Adviser</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">Aberdeen Asset Managers Limited (the &#8220;Sub-Adviser&#8221;)
serves as the sub-adviser to the Fund, pursuant to a sub-advisory agreement. The Sub-Adviser is located at Bow Bells House, 1 Bread Street,
London, England EC4M 9HH.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Advisory Agreements</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">Aberdeen Standard Investments (Asia) Limited serves as investment
manager to the Fund, pursuant to the Management Agreement. Aberdeen Standard Investments Australia Limited serves as the investment adviser
and Aberdeen Asset Managers Limited serves as the sub-adviser, pursuant to an advisory agreement (the &#8220;Advisory Agreement&#8221;)
and a sub-advisory agreement (the &#8220;Sub-Advisory Agreement&#8221;), respectively. The Investment Manager, the Investment Adviser
and the Sub-Adviser are referred to collectively herein as the &#8220;Advisers.&#8221; In rendering advisory services, the Advisers may
use the resources of investment advisor subsidiaries of SLA plc. These affiliates have entered into procedures pursuant to which investment
professionals from affiliates may render portfolio management and research services as associated persons of the Advisers.</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">The Investment Manager manages the Fund&#8217;s investments and makes
investment decisions on behalf of the Fund, including the selection of and the placement of orders with, brokers and dealers to execute
portfolio transactions on behalf of the Fund. At the Investment Manager&#8217;s request, the Investment Adviser will make recommendations
of the overall structure of the Fund&#8217;s portfolio including asset allocation advice and general advice on investment strategy. The
Sub-Adviser manages the portion of the Fund&#8217;s assets that the Investment Manager allocates to it. The Investment Adviser and Sub-Adviser
are paid by the Investment Manager, not the Fund.</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">The Management Agreement provides the Investment Manager with a
fee, payable monthly by the Fund, at the following annual rates: 0.65% of the Fund&#8217;s average weekly Managed Assets up to $200 million,
0.60% of Managed Assets between $200 million and $500 million, and 0.55% of Managed Assets in excess of $500 million. Managed Assets
is defined in the Management Agreement as net assets plus the amount of any borrowings for investment purposes. The Advisory Agreement
provides that the Investment Manager will pay the Investment Adviser a fee computed at the annual rate of up to 0.15% of the Fund&#8217;s
average weekly Managed Assets computed based upon the value of the Managed Assets determined weekly and payable on the first business
day of each calendar month.&nbsp; The Sub-Advisory Agreement provides that the Investment Manager will pay the Sub-Adviser an annual
fee paid monthly based on average weekly Managed Assets of the Fund allocated to the Sub-Adviser according to the following schedule:
0.17% on the first $200 million; 0.16% between $200 million and up to $500 million; and 0.15% in excess of $500 million.</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">For the fiscal years ended October 31, 2018, 2019 and 2020, the
Investment Manager earned management fees of $695,934, $637,269 and $543,253, respectively, for management services.&nbsp; The advisory
and subadvisory fees paid to the Investment Adviser and Sub-Adviser, respectively, are paid by the Investment Manager from the management
fee it receives. For the fiscal years ended October 31, 2018, 2019 and 2020, the investment manager paid advisory fees of $107,067, $98,041
and $83,577, respectively, to the Investment Adviser, and $182,014, $166,670 and $142,082, respectively, to the Sub-Adviser.</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"><B>The Administrator</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">Aberdeen Standard Investments Inc., located at 1900 Market Street,
Suite&nbsp;200, Philadelphia, PA 19103, serves as administrator to the Fund. Under the administration agreement, ASI is generally responsible
for managing the administrative affairs of the Fund.</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">For administration related services, ASII is entitled to receive
a fee that is computed monthly and paid quarterly at an annual rate of 0.125% of the Fund&#8217;s average weekly Managed Assets up to
$1 billion, 0.10% of the Fund&#8217;s average weekly Managed Assets between $1 billion and $2 billion, and 0.075% of the Fund&#8217;s
average weekly Managed Assets in excess of $2 billion, plus out of pocket expenses.</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">For the fiscal years ended October 31, 2018, 2019 and 2020, ASII
earned $133,833, $122,552 and $104,472, respectively from the Fund for administration services.</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">State Street Bank and Trust Company serves as sub-administrator
of the Fund and is paid by ASII out of the fees it receives as the Fund&#8217;s administrator.</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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<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>Custodian, Dividend Paying Agent, Transfer Agent and Registrar</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">State Street Bank and Trust Company (&#8220;State Street&#8221;)
serves as Custodian for the Fund. The Custodian holds cash, securities, and other assets of the Fund as required by the 1940 Act and
also provides certain Fund accounting services. Custody and accounting fees are payable monthly based on assets held in custody, investment
purchases and sales activity and other factors, plus reimbursement for certain out of pocket expenses. The principal business address
of State Street is State Street is 1 Heritage Drive, 3rd&nbsp;Floor, North Quincy, Massachusetts 02171.</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">Computershare Trust Company, N.A. (&#8220;Computershare&#8221;),
P.O. Box 43078, Providence, RI 02940, serves as the Fund&#8217;s dividend paying agent, transfer agent and the registrar for the Fund&#8217;s
Common Shares.</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"><B>Investor Relations Provider</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">Under the terms of the Investor Relations Services Agreement, ASII
provides and/or engages third parties to provide investor relations services to the Fund and certain other funds advised by ASIAL or
its affiliates as part of an Investor Relations Program. Under the Investor Relations Services Agreement, the Fund owes a portion of
the fees related to the Investor Relations Program (the &#8220;Fund&#8217;s Portion&#8221;). However, investor relations services fees
are limited by ASII so that the Fund will only pay up to an annual rate of 0.05% of the Fund&#8217;s average weekly net assets. Any difference
between the capped rate of 0.05% of the Fund&#8217;s average weekly net assets and the Fund&#8217;s Portion is paid for by ASII.</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">Pursuant to the terms of the Investor Relations Services Agreement,
ASII (or third parties engaged by ASII), among other things, provides objective and timely information to shareholders based on publicly-available
information; provides information efficiently through the use of technology while offering shareholders immediate access to knowledgeable
investor relations representatives; develops and maintains effective communications with investment professionals from a wide variety
of firms; creates and maintains investor relations communication materials such as fund manager interviews, films and webcasts, publishes
white papers, magazine articles and other relevant materials discussing the Fund&#8217;s investment results, portfolio positioning and
outlook; develops and maintains effective communications with large institutional shareholders; responds to specific shareholder questions;
and reports activities and results to the Board and management detailing insight into general shareholder sentiment.</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">During the fiscal year ended October 31, 2020, the Fund incurred investor
relations fees of approximately $51,023. For the fiscal year ended October 31, 2020, ASII bore $20,654 of the investor relations cost
allocated to the Fund because the investor relations fees were above 0.05% of the Fund&#8217;s average weekly net assets on an annual
basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Portfolio Management</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">The information contained under &#8220;Item 8. Portfolio Managers
of Closed-End Management Investment Companies&#8221; of the Fund&#8217;s <A HREF="http://www.sec.gov/Archives/edgar/data/876717/000110465921002271/tm2033257d15_ncsr.htm" STYLE="-sec-extract: exhibit">Annual Report</A> is incorporated herein by reference.</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">Kenneth Akintewe, Mark Baker, Erlend Lochen, Paul Lukaszewski and
Adam McCabe are jointly and primarily responsible for the day-to-day management of the Fund&#8217;s portfolio.</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"><B>Potential Conflicts of Interest of the Advisers</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">Because the Advisers manage and/or administer assets for other
investment companies, pooled investment vehicles and/or other accounts (including institutional clients, pension plans and certain high
net worth individuals), certain conflicts of interest are present. For instance, the Advisers receive fees from certain accounts that
are higher than the fees received from the Fund, or receive a performance-based fee on certain accounts. In those instances, the Advisers
have an incentive to favor the higher and/or performance-based fee accounts over the Fund. In addition, a conflict of interest exists
to the extent the Advisers have proprietary investments in certain accounts or where the portfolio manager or other employees of the
Advisers have personal investments in certain accounts. The Advisers have an incentive to favor these accounts over the Fund. Because
the Advisers manage accounts that engage in short sales of (or otherwise take short positions in) securities or other instruments of
the type in which the Fund invests, the Advisers could be seen as harming the performance of the Fund for the benefit of the accounts
taking short positions, if such short positions cause the market value of the securities to fall. The Advisers have adopted trade allocation
and other policies and procedures that they believe are reasonably designed to address these and other conflicts of interest. These policies
and procedures will have the effect of foreclosing certain investment opportunities for the Fund from time to time.</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">The Advisers manage and/or administer assets for accounts other
than the Fund, including private accounts and private funds. The Advisers also currently serve as investment advisers or administrators
to other registered, open and closed-end management investment companies (the Fund and all other accounts managed by the Advisers or
their affiliates, including private and registered funds, are collectively referred to as &#8220;ASI funds&#8221;). The Fund may invest
in the same credit obligations as the ASI funds, although their investments may include different obligations of the same issuer. For
example, the Fund might invest in Senior Loans issued by a borrower and one or more ASI funds might invest in the borrower&#8217;s junior
debt. In addition, the Advisers also manage certain accounts (including collateralized loan obligations (CLOs)) that invest in certain
types of credit obligations in which the Fund may also invest. Investment opportunities appropriate for both the Fund and another ASI
fund generally will be allocated between the Fund and the other ASI fund in a manner that the Advisers believe to be fair and equitable
under the circumstances, in accordance with the Advisers&#8217; trade allocation policies.</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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<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">Conflicts of interest may arise where the Fund and other funds
or accounts managed or administered by the Advisers simultaneously hold securities representing different parts of the capital structure
of a stressed or distressed issuer. In such circumstances, decisions made with respect to the securities held by one fund or account
may cause (or have the potential to cause) harm to the different class of securities of the issuer held by other fund or account (including
the Fund). For example, if such an issuer goes into bankruptcy or reorganization, becomes insolvent or otherwise experiences financial
distress or is unable to meet its payment obligations or comply with covenants relating to credit obligations held by the Fund or by
the other funds or accounts managed by the Advisers, such other funds or accounts may have an interest that conflicts with the interests
of the Fund. If additional financing for such an issuer is necessary as a result of financial or other difficulties, it may not be in
the best interests of the Fund to provide such additional financing, but if the other funds or accounts were to lose their respective
investments as a result of such difficulties, the Advisers may have a conflict in recommending actions in the best interests of the Fund.
In such situations, the Advisers will seek to act in the best interests of each of the funds and accounts (including the Fund) and will
seek to resolve such conflicts in accordance with its compliance policies and procedures.</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">In addition, the 1940 Act limits the Fund&#8217;s ability to enter
into certain transactions with certain affiliates of the Advisers. As a result of these restrictions, the Fund may be prohibited from
buying or selling any security directly from or to any portfolio company of a fund managed by the Advisers or one of their affiliates.
Nonetheless, the Fund may under certain circumstances purchase any such portfolio company&#8217;s loans or securities in the secondary
market, which could create a conflict for the Advisers between the interests of the Fund and the portfolio company, in that the ability
of the Advisers to recommend actions in the best interest of the Fund might be impaired. The 1940 Act also prohibits certain &#8220;joint&#8221;
transactions with certain of the Fund&#8217;s affiliates (which could include other ASI Funds), which could be deemed to include certain
types of investments, or restructuring of investments, in the same portfolio company (whether at the same or different times). These
limitations may limit the scope of investment opportunities that would otherwise be available to the Fund. The Board has approved policies
and procedures reasonably designed to monitor potential conflicts of interest. The Board will review these procedures and any conflicts
that may arise.</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">Although the professional staff of the Advisers will devote as
much time to the management of the Fund as the Advisers deem appropriate to perform their duties in accordance with the investment advisory
agreement and in accordance with reasonable commercial standards, the professional staff of the Advisers may have conflicts in allocating
their time and services among the Fund and other funds managed or administered by the Advisers. The Advisers and their affiliates are
not restricted from forming additional investment funds, from entering into other investment advisory relationships or from engaging
in other business activities, even though such activities may be in competition with the Fund and/or may involve substantial time and
resources of the Advisers and their professional staff. These activities could be viewed as creating a conflict of interest in that the
time and effort of the members of the Advisers and their officers and employees will not be devoted exclusively to the business of the
Fund but will be allocated between the business of the Fund and the management of the assets of other clients of the Advisers.</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">The Advisers or their respective members, officers, directors,
employees, principals or affiliates may come into possession of material, non-public information. The possession of such information
may limit the ability of the Fund to buy or sell a security or otherwise to participate in an investment opportunity. Situations may
occur where the Fund could be disadvantaged because of the investment activities conducted by the Advisers for other clients, and the
Advisers will not employ information barriers with regard to its operations on behalf of its registered and private funds, or other accounts.
In certain circumstances, employees of the Advisers may serve as board members or in other capacities for portfolio or potential portfolio
companies, which could restrict the Fund&#8217;s ability to trade in the securities of such companies.</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; text-align: center"><B>Portfolio transactions and brokerage allocation</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">The Advisers have responsibility for decisions to buy and sell
securities and other instruments for the Fund, the selection of brokers and dealers to effect the transactions and the negotiation of
prices and any brokerage commissions on such transactions. While the Advisers will be primarily responsible for the placement of the
Fund&#8217;s portfolio business, the policies and practices in this regard are subject to review by the Board.</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">With respect to interests in Senior Loans, the Fund generally will
engage in privately negotiated transactions for purchase or sale in which the Advisers, as applicable, will negotiate on behalf of the
Fund (although a more developed market may exist for certain Senior Loans). The Fund may be required to pay fees, or give up a portion
of interest and any fees payable to the Fund, to the lender selling Participations or Assignments to the Fund. The Advisers will determine
the lenders from whom the Fund will purchase Assignments and Participations by considering their professional ability, level of service,
relationship with the borrower, financial condition, credit standards and quality of management. The illiquidity of many Senior Loans
may restrict the ability of the Advisers to locate in a timely manner persons willing to purchase the Fund&#8217;s interests in Senior
Loans at a fair price should the Fund desire to sell such interests. See &#8220;Risk factors&#8212;Risks Relating to Investing in the
Fund&#8217;s Common Shares&#8212;Risks of Senior Loans&#8221; in the prospectus. Affiliates of the Advisers may participate in the primary
and secondary market for Senior Loans. Because of certain limitations imposed by the 1940 Act, this may restrict the Fund&#8217;s ability
to acquire some Senior Loans. The Advisers do not believe that this will have a material effect on the Fund&#8217;s ability to acquire
Senior Loans consistent with its investment policies.</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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<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">As most transactions made by the Fund are principal transactions
at net prices, the Fund generally incurs little or no brokerage costs. The portfolio securities in which the Fund invests are normally
purchased directly from the issuer or in the OTC market from an underwriter or market maker for the securities. Purchases from underwriters
of portfolio securities include a commission or concession paid by the issuer to the underwriter and purchases from dealers serving as
market makers include a spread or markup to the dealer between the bid and asked price. Sales to dealers are effected at bid prices.</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">The Fund may also purchase certain money market instruments directly
from an issuer, in which case no commissions or discounts are paid (although the Fund may indirectly bear fees and expenses of any money
market funds in which it invests), or may purchase and sell listed securities on an exchange, which are effected through brokers who
charge a commission for their services.</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">Except as described below, the primary consideration in portfolio
security transactions is best execution of the transaction (<I>i.e.</I>, execution at a favorable price and in the most effective manner
possible). &#8220;Best execution&#8221; encompasses many factors affecting the overall benefit obtained by the client account in the
transaction including, but not necessarily limited to, the price paid or received for a security, the commission charged, the promptness,
availability and reliability of execution, the confidentiality and placement accorded the order, and customer service. Therefore, &#8220;best
execution&#8221; does not necessarily mean obtaining the best price alone but is evaluated in the context of all the execution services
provided. The Advisers have complete freedom as to the markets in and the broker-dealers through which they seek this result.</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">Subject to the primary consideration of seeking best execution
and as discussed below, securities may be bought or sold through broker-dealers who have furnished statistical, research, corporate access,
and other information or services to the Advisers. SEC regulations provide a &#8220;safe harbor&#8221; that allows an investment adviser
to pay for research and brokerage services with commission dollars generated by client transactions. Effective with the implementation
of MiFID II, the Aberdeen Group absorbs all research costs and generally no longer relies on the &#8220;safe harbor&#8221; under Section&nbsp;28(e)&nbsp;of
the Exchange Act.</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">There may be occasions when portfolio transactions for the Fund
are executed as part of concurrent authorizations to purchase or sell the same security for trusts or other accounts (including other
mutual Fund) served by the Advisers or by an affiliated company thereof. Although such concurrent authorizations potentially could be
either advantageous or disadvantageous to the Fund, they are affected only when the Advisers believes that to do so is in the interest
of the Fund. When such concurrent authorizations occur, the executions will be allocated in an equitable manner.</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">In purchasing and selling investments for the Fund, it is the policy
of the Advisers to seek best execution through responsible broker-dealers. The determination of what may constitute best execution in
a securities transaction by a broker involves a number of considerations, including the overall direct net economic result to the Fund
(involving both price paid or received and any commissions and other costs paid), the efficiency with which the transaction is effected,
the ability to effect the transaction at all when a large block is involved, the availability of the broker to stand ready to execute
possibly difficult transactions in the future, the professionalism of the broker, and the financial strength and stability of the broker.
These considerations are judgmental and are weighed by the Advisers in determining the overall reasonableness of securities executions
and commissions paid. In selecting broker-dealers, the Advisers will consider various relevant factors, including, but not limited to,
the size and type of the transaction; the nature and character of the markets for the security or asset to be purchased or sold; the
execution efficiency, settlement capability, and financial condition of the broker-dealer&#8217;s firm; the broker-dealer&#8217;s execution
services, rendered on a continuing basis; and the reasonableness of any commissions.</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">With respect to FX transactions, different considerations or circumstances
may apply, particularly with respect to Restricted Market FX. FX transactions executed for the Fund are divided into two main categories:
(1)&nbsp;Restricted Market FX and (2)&nbsp;Unrestricted Market FX. Restricted Market FX are required to be executed by a local bank in
the applicable market. Unrestricted Market FX are not required to be executed by a local bank. The Advisers or third-party agent execute
Unrestricted Market FX relating to trading decisions. The Fund&#8217;s custodian executes all Restricted Market FX because it has local
banks or relationships with local banks in each of the restricted markets where custodial client accounts hold securities. Unrestricted
Market FX relating to the repatriation of dividends and/or income/expense items not directly relating to trading may be executed by the
Advisers or by the Fund&#8217;s custodian due to the small currency amount and lower volume of such transactions. The Fund and the Advisers
have limited ability to negotiate prices at which certain FX transactions are customarily executed by the Fund&#8217;s custodian,&nbsp;<I>i.e.</I>,
transactions in Restricted Market FX and repatriation transactions.</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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<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">The Advisers may cause the Fund to pay a broker-dealer a commission
that is in excess of the commission another broker-dealer would have received for executing the transaction if it is determined to be
consistent with the Advisers&#8217; obligation to seek best-execution pursuant to the standards described above.</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">Under the 1940 Act, &#8220;affiliated persons&#8221; of the Fund
are prohibited from dealing with it as a principal in the purchase and sale of securities unless an exemptive order allowing such transactions
is obtained from the SEC. However, each Fund may purchase securities from underwriting syndicates of which a sub-adviser (if applicable)
or any of its affiliates, as defined in the 1940 Act, is a member under certain conditions, in accordance with Rule&nbsp;10f-3 under
the 1940 Act.</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">The Fund contemplates that, consistent with the policy of seeking
to obtain best execution, brokerage transactions may be conducted through &#8220;affiliated brokers or dealers,&#8221; as defined in
rules&nbsp;under the 1940 Act. Under the 1940 Act, commissions paid by the Fund to an &#8220;affiliated broker or dealer&#8221; in connection
with a purchase or sale of securities offered on a securities exchange may not exceed the usual and customary broker&#8217;s commission.
Accordingly, it is the Fund&#8217;s policy that the commissions to be paid to an affiliated broker-dealer must, in the judgment of the
Advisers, be (1)&nbsp;at least as favorable as those that would be charged by other brokers having comparable execution capability and
(2)&nbsp;at least as favorable as commissions contemporaneously charged by such broker or dealer on comparable transactions for the broker&#8217;s
or dealer&#8217;s unaffiliated customers. The Advisers do not necessarily deem it practicable or in the Fund&#8217;s best interests to
solicit competitive bids for commissions on each transaction. However, consideration regularly is given to information concerning the
prevailing level of commissions charged on comparable transactions by other brokers during comparable periods of time.</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">Neither the Fund nor the Advisers have an agreement or understanding
with a broker-dealer, or other arrangements to direct the Fund&#8217;s brokerage transactions to a broker-dealer because of the research
services such broker provides to the Fund or the Advisers. While the Advisers do not have arrangements with any broker-dealers to direct
such brokerage transactions to them because of research services provided, the Advisers may receive research services from such broker-dealers.
The dollar amount of transactions and related commissions for transactions paid to a broker from which the Advisers also received research
services for the fiscal year ended October&nbsp;31, 2020 are in the table below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="RIGHT" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total&nbsp;Dollar&nbsp;Amount&nbsp;of<BR>
    Transactions</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total&nbsp;Commissions&nbsp;Paid&nbsp;on<BR>
    Such&nbsp;Transactions</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 48%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">$0</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 47%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">$0</TD></TR>
  </TABLE><BR STYLE="clear: both">

<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">During the fiscal years ended October&nbsp;31, 2020, 2019 and 2018,
the following brokerage commissions were paid by the Fund:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year&nbsp;ended&nbsp;October&nbsp;31,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">($000&nbsp;omitted)</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 31%; font-size: 10pt; text-align: right">0</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 31%; font-size: 10pt; text-align: right">0</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 30%; font-size: 10pt; text-align: right">0</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</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">During the fiscal year ended October&nbsp;31, 2020, Fund did not
hold any investments in securities of its regular broker-dealers (as defined in Rule&nbsp;10b-1 under the 1940 Act).</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"><B>Portfolio Turnover</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">The Advisers will effect portfolio transactions without regard to holding
period, if, in their judgment, such transactions are advisable in light of a change in circumstance in general market, economic or financial
conditions. As a result of its investment policies, the Fund may engage in a substantial number of portfolio transactions. Accordingly,
while the Fund anticipates that its annual turnover rate should not exceed 100% under normal conditions, it is impossible to predict portfolio
turnover rates. The portfolio turnover rate is calculated by dividing the lesser of the Fund&#8217;s annual sales or purchases of portfolio
securities (exclusive of purchases or sales of securities whose maturities at the time of acquisition were one year or less) by the monthly
average value of the securities in the portfolio during the year. High portfolio turnover involves correspondingly greater transaction
costs in the form of dealer spreads and brokerage commissions, which are borne directly by the Fund. In addition, a high rate of portfolio
turnover may result in certain tax consequences, such as increased capital gain dividends and/or ordinary income dividends.</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">The rate of portfolio turnover in the fiscal years ended October&nbsp;31,
2020 and October&nbsp;31, 2019 was 75% and 59%, respectively.</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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<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; text-align: center"><B>Description of shares</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"><B>Common Shares</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">The Fund&#8217;s Common Shares are described in the prospectus. The
Fund intends to hold annual meetings of shareholders so long as the Common Shares are listed on a national securities exchange and such
meetings are required as a condition to such listing.</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"><B>Preferred Shares</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">The terms of any preferred shares issued by the Fund, including their
dividend rate, voting rights, liquidation preference and redemption provisions, will be determined by the Board (subject to applicable
law and the Fund&#8217;s Articles of Amendment and Restatement) if and when it authorizes an offering of preferred shares.&nbsp;The rights,
preferences, powers and privileges of such preferred shares may be set forth in an amendment or supplement to the Amendment and Restatement.</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">If the Board determines to proceed with an offering of preferred shares,
the terms of the preferred shares may be the same as, or different from, the terms described in the prospectus, subject to applicable
law and the Fund&#8217;s Amendment and Restatement. The Board, without the approval of the Common Shareholders, may authorize an offering
of preferred shares or may determine not to authorize such an offering, and may fix the terms of the preferred shares to be offered.</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"><B>Other Shares</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">The Board (subject to applicable law and the Fund&#8217;s Amendment
and Restatement) may authorize an offering, without the approval of the holders of either Common Shares or preferred shares, of other
classes of shares, or other classes or series of shares, as they determine to be necessary, desirable or appropriate, having such terms,
rights, preferences, privileges, limitations and restrictions as the Board sees fit. The Fund currently does not expect to issue any other
classes of shares, or series of shares, except for the Common Shares, and possibly, the preferred shares.</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; text-align: center"><B>Repurchase of Common Shares</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">The Fund is a closed-end management investment company and as such
its Common Shareholders will not have the right to cause the Fund to redeem their Common Shares. Instead, the Fund&#8217;s Common Shares
trade in the open market at a price that will be a function of several factors, including dividend levels (which are in turn affected
by expenses), NAV, call protection, dividend stability, relative demand for and supply of such Common Shares in the market, general market
and economic conditions and other factors. Because shares of a closed-end investment company may frequently trade at prices lower than
NAV, the Board may consider actions that might be taken to reduce or eliminate any material discount from NAV in respect of Common Shares,
which may include the repurchase of such Common Shares in the open market or in private transactions, the making of a tender offer for
such Common Shares or the conversion of the Fund to an open-end investment company. The Board has authorized repurchases of Common Shares
through open market transactions if deemed necessary or desirable in reducing the discount from NAV in the market price of Common Shares,
provided that the Fund may not repurchase more than 10% of its outstanding Common Shares in any calendar year. The Board may decide not
to take any of the other aforementioned actions. In addition, there can be no assurance that Common Share repurchases or tender offers,
if undertaken, will reduce market discount.</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">Notwithstanding the foregoing, at any time when the Fund has preferred
shares outstanding, the Fund may not purchase, redeem or otherwise acquire any of its Common Shares unless (1)&nbsp;all accrued preferred
share dividends have been paid and (2)&nbsp;at the time of such purchase, redemption or acquisition, the NAV of the Fund&#8217;s portfolio
(determined after deducting the acquisition price of the Common Shares) is at least 200% of the liquidation value of the outstanding preferred
shares (expected to equal the original purchase price per share plus any accrued and unpaid dividends thereon). Any service fees incurred
in connection with any tender offer made by the Fund will be borne by the Fund and will not reduce the stated consideration to be paid
to tendering Common Shareholders.</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">Subject to its investment restrictions, the Fund may borrow to finance
the repurchase of Common Shares or to make a tender offer. Interest on any borrowings to finance Common Share repurchase transactions
or the accumulation of cash by the Fund in anticipation of Common Share repurchases or tenders will reduce the Fund&#8217;s net income.
Any Common Share repurchase, tender offer or borrowing that might be approved by the Board would have to comply with the Exchange Act,
the 1940 Act and the rules&nbsp;and regulations thereunder.</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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<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">The Board currently has no intention to take any other action in
response to a discount from NAV. Further, it is the Board&#8217;s intention not to authorize repurchases of Common Shares or a
tender offer for such Common Shares if: (1)&nbsp;such transactions, if consummated, would (a)&nbsp;result in the delisting of the
Common Shares from the NYSE or (b)&nbsp;impair the Fund&#8217;s status as a regulated investment company under the Code (which would
make the Fund a taxable entity, causing the Fund&#8217;s income to be taxed at the trust level in addition to the taxation of
shareholders who receive dividends from the Fund) or as a registered closed-end investment company under the 1940 Act; (2)&nbsp;the
Fund would not be able to liquidate portfolio securities in an orderly manner and consistent with the Fund&#8217;s investment
objectives and policies in order to repurchase Common Shares; or (3)&nbsp;there is, in the Board&#8217;s judgment, any
(a)&nbsp;material legal action or proceeding instituted or threatened challenging such transactions or otherwise materially
adversely affecting the Fund, (b)&nbsp;general suspension of or limitation on prices for trading securities on the NYSE,
(c)&nbsp;declaration of a banking moratorium by Federal or state authorities or any suspension of payment by U.S. or New York banks,
(d)&nbsp;material limitation affecting the Fund or the issuers of its portfolio securities by Federal or state authorities on the
extension of credit by lending institutions or on the exchange of foreign currency, (e)&nbsp;commencement or continuation of war,
armed hostilities or other international or national calamity directly or indirectly involving the United States or (f)&nbsp;other
event or condition which would have a material adverse effect (including any adverse tax effect) on the Fund or its Common
Shareholders if Common Shares were repurchased. Even in the absence of such conditions, the Board may decline to take action in
response to a discount from NAV of the Common Shares. The Board may in the future modify these conditions in light of
experience.</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">The repurchase by the Fund of its Common Shares at prices below NAV
will result in an increase in the NAV of those Common Shares that remain outstanding. However, there can be no assurance that Common Share
repurchases or tender offers at or below NAV will result in the Fund&#8217;s Common Shares trading at a price equal to their NAV.</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">In addition, a purchase by the Fund of its Common Shares will decrease
the Fund&#8217;s Managed Assets which would likely have the effect of increasing the Fund&#8217;s expense ratio. Any purchase by the Fund
of its Common Shares at a time when preferred shares are outstanding will increase the leverage applicable to the outstanding Common Shares
then remaining.</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">Before deciding whether to take any action if the Common Shares trade
below NAV, the Board would consider all relevant factors, including the extent and duration of the discount, the liquidity of the Fund&#8217;s
portfolio, the impact of any action that might be taken on the Fund or its Common Shareholders and market considerations. Based on these
considerations, even if the Fund&#8217;s Common Shares should trade at a discount, the Board may determine that, in the interest of the
Fund and its Common Shareholders, no action should be taken.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Tax matters</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">The following is a description of the material U.S. federal income
tax considerations affecting the Fund and the material U.S. federal income tax consequences of owning and disposing of Common Shares.
The discussion below provides general tax information related to an investment in Common Shares, but this discussion does not purport
to be a complete description of the U.S. federal income tax consequences of an investment in the Common Shares. It is based on the Code
and Treasury regulations thereunder and administrative pronouncements, all as of the date hereof, any of which is subject to change, possibly
with retroactive effect. In addition, it does not describe all of the tax consequences that may be relevant in light of a Common Shareholder&#8217;s
particular circumstances, including alternative minimum tax consequences and tax consequences applicable to Common Shareholders subject
to special tax rules, such as certain financial institutions; dealers or traders in securities who use a mark-to-market method of tax
accounting; persons holding Common Shares as part of a hedging transaction, wash sale, conversion transaction or integrated transaction
or persons entering into a constructive sale with respect to the Common Shares; entities classified as partnerships or other pass-through
entities for U.S. federal income tax purposes; real estate investment trusts; insurance companies; U.S. holders (as defined below) whose
functional currency is not the U.S. dollar; or tax-exempt entities, including &#8220;individual retirement accounts&#8221; or &#8220;Roth
IRAs.&#8221; Unless otherwise noted, the following discussion applies only to a Common Shareholder that holds Common Shares as a capital
asset and is a U.S. holder. A &#8220;U.S. holder&#8221; is a holder who, for U.S. federal income tax purposes, is a beneficial owner of
Common Shares and is (i)&nbsp;an individual who is a citizen or resident of the United States; (ii)&nbsp;a corporation, or other entity
taxable as a corporation, created or organized in or under the laws of the United States, any state therein or the District of Columbia;
(iii)&nbsp;an estate the income of which is subject to U.S. federal income taxation regardless of its source; or (iv)&nbsp;a trust if
it (x)&nbsp;is subject to the primary supervision of a court within the United States and one or more U.S. persons have the authority
to control all substantial decisions of the trust or (y)&nbsp;has a valid election in effect under applicable United States Treasury regulations
to be treated as a U.S. person. Tax laws are complex and often change, and Common Shareholders should consult their tax advisors about
the U.S. federal, state, local or non-U.S. tax consequences of an investment in the Fund.</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"><B>Taxation of the Fund</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">The Fund has elected to be treated as, and intends to continue to
qualify in each taxable year as, a regulated investment company (a &#8220;RIC&#8221;) under Subchapter M of the Code. To qualify as
a RIC for any taxable year, the Fund must, among other things, satisfy both an income test and an asset test for such taxable year.
Specifically, (i)&nbsp;at least 90% of the Fund&#8217;s gross income for such taxable year must consist of dividends; interest;
payments with respect to certain securities loans; gains from the sale or other disposition of stock, securities or foreign
currencies; other income (including, but not limited to, gains from options, futures or forward contracts) derived with respect to
its business of investing in such stock, securities or currencies; and net income derived from interests in &#8220;qualified
publicly traded partnerships&#8221; (such income, &#8220;Qualifying RIC Income&#8221;) and (ii)&nbsp;the Fund&#8217;s holdings must
be diversified so that, at the end of each quarter of such taxable year, (a)&nbsp;at least 50% of the value of the Fund&#8217;s
total assets is represented by cash and cash items, securities of other RICs, U.S. government securities 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 greater than 10% of the outstanding voting securities of such issuer and (b)&nbsp;not more than 25% of the value of
the Fund&#8217;s total assets is invested (x)&nbsp;in securities (other than U.S. government securities or securities of other RICs)
of any one issuer or of two or more issuers that the Fund controls and that are engaged in the same, similar or related trades or
businesses or (y)&nbsp;in the securities of one or more &#8220;qualified publicly traded partnerships.&#8221; The Fund&#8217;s share
of income derived from a partnership other than a &#8220;qualified publicly traded partnership&#8221; will be treated as Qualifying
RIC Income only to the extent that such income would have constituted Qualifying RIC Income if derived directly by the Fund. A
 &#8220;qualified publicly traded partnership&#8221; is generally defined as an entity that is treated as a partnership for U.S.
federal income tax purposes if (i)&nbsp;interests in such entity are traded on an established securities market or are readily
tradable on a secondary market or the substantial equivalent thereof and (ii)&nbsp;less than 90% of its gross income for the
relevant taxable year consists of Qualifying RIC Income. The Code provides that the Treasury Department may by regulation exclude
from Qualifying RIC Income foreign currency gains that are not directly related to the RIC&#8217;s principal business of investing
in stock or securities (or options and futures with respect to stock or securities). The Fund anticipates that, in general, its
foreign currency gains will be directly related to its principal business of investing in stock and securities.</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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<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">As a RIC, the Fund generally is not subject to U.S. federal income
tax on its &#8220;investment company taxable income&#8221; and net capital gain (that is, the excess of net long-term capital gains over
net short-term capital losses) that it distributes (including amounts that are reinvested pursuant to the Plan, as described below) to
its shareholders, provided that it distributes on a timely basis with respect to each taxable year at least 90% of its &#8220;investment
company taxable income&#8221; and its net tax-exempt interest income for such taxable year. In general, a RIC&#8217;s &#8220;investment
company taxable income&#8221; for any taxable year is its taxable income, determined without regard to net capital gain and with certain
other adjustments. The Fund distributes, and intends to continue to distribute, all or substantially all of its &#8220;investment company
taxable income,&#8221; net tax-exempt interest income (if any) and net capital gain on an annual basis. Any taxable income, including
any net capital gain, that the Fund does not distribute to its shareholders in a timely manner will be subject to U.S. federal income
tax at regular corporate rates.</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">If the Fund retains any net capital gains for reinvestment, it may
elect to treat such capital gains as having been distributed to its shareholders. If the Fund makes such an election, each shareholder
will be required to report its share of such undistributed net capital gain as long-term capital gain and will be entitled to claim its
share of the U.S. federal income taxes paid by the Fund on such undistributed net capital gain as a credit against its own U.S. federal
income tax liability, if any, and to claim a refund on a properly-filed U.S. federal income tax return to the extent that the credit exceeds
such liability. In addition, each shareholder will be entitled to increase the adjusted tax basis of its Common Shares by the difference
between its share of such undistributed net capital gain and the related credit. There can be no assurance that the Fund will make this
election if it retains all or a portion of its net capital gain for a taxable year.</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">A RIC will be subject to a nondeductible 4% excise tax on certain amounts
that it fails to distribute during each calendar year. In order to avoid this excise tax, a RIC must distribute during each calendar year
an amount at least equal to the sum of (i)&nbsp;98% of its ordinary taxable income (taking into account certain deferrals and elections)
for the calendar year; (ii)&nbsp;98.2% of its capital gain net income for the one-year period ended on October&nbsp;31 of the calendar
year and (iii)&nbsp;any ordinary income and capital gains for previous years that were not distributed during those years. For purposes
of determining whether the Fund has met this distribution requirement, (i)&nbsp;certain ordinary gains and losses that would otherwise
be taken into account for the portion of the calendar year after October&nbsp;31 will be treated as arising on January&nbsp;1 of the following
calendar year and (ii)&nbsp;the Fund will be deemed to have distributed any income or gains on which it paid U.S. federal income tax in
the taxable year ending within the relevant calendar year. The Fund intends generally to make distributions sufficient to permit it to
avoid the imposition of this excise tax, but there can be no assurance in this regard.</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">If the Fund failed to qualify as a RIC or failed to satisfy the 90%
distribution requirement in any taxable year, the Fund would be subject to U.S. federal income tax at regular corporate rates on its taxable
income, including its net capital gain, even if such income were distributed to its shareholders, and all distributions out of earnings
and profits would be taxed to shareholders as ordinary dividend income. Such distributions generally would be eligible for the dividends-received
deduction in the case of corporate shareholders and may also be eligible for treatment by non-corporate shareholders as &#8220;qualified
dividend income,&#8221; provided in each case that certain holding period and other requirements were satisfied. In addition, the Fund
could be required to recognize unrealized gains, pay taxes and make distributions (any of which could be subject to interest charges)
before re-qualifying for taxation as a RIC. If the Fund fails to satisfy the income test or diversification test described above, however,
it may in certain circumstances be able to avoid losing its status as a RIC by timely providing notice of such failure to the Internal
Revenue Service, curing such failure and possibly paying an additional tax.</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">Some of the investments that the Fund is expected to make, such as
investments in debt securities that are treated as issued with original issue discount, will cause the Fund to recognize income or gain
for U.S. federal income tax purposes prior to the receipt of any corresponding cash or other property. Because the distribution requirements
described above will apply to this income, the Fund may be required to borrow money or dispose of other securities at disadvantageous
times in order to make the relevant distributions.</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">If the Fund utilizes leverage through the issuance of preferred
shares or borrowings, it will be prohibited from declaring a distribution or dividend if it would fail the applicable asset coverage
test(s)&nbsp;under the 1940 Act after the payment of such distribution or dividend. In addition, certain covenants in credit
facilities or indentures may impose greater restrictions on the Fund&#8217;s ability to declare and pay dividends on Common Shares.
See &#8220;Investment objectives and principal investment strategy&#8212;Use of leverage and related risks&#8221; for a description
of the leverage utilized by the Fund. Limits on the Fund&#8217;s ability to pay dividends on Common Shares 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 or subject the Fund to income or excise tax on undistributed income. The Fund will endeavor to avoid restrictions on its ability
to make dividend payments. If the Fund is precluded from making distributions on the Common Shares because of any applicable asset
coverage requirements, the terms of the preferred shares (if any) may provide that any amounts so precluded from being distributed,
but required to be distributed for the Fund to meet the distribution requirements for qualification as a RIC, will be paid to the
holders of the preferred shares as a special distribution. This distribution can be expected to decrease the amount that holders of
preferred shares would be entitled to receive upon redemption or liquidation of the shares.</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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<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">Certain of the Fund&#8217;s investments are expected to be subject
to special U.S. federal income tax provisions that may, among other things, (i)&nbsp;disallow, suspend or otherwise limit the allowance
of certain losses or deductions; (ii)&nbsp;convert lower-taxed long-term capital gain or qualified dividend income into higher-taxed short-term
capital gain or ordinary income; (iii)&nbsp;convert an ordinary loss or a deduction into a capital loss, the deductibility of which is
more limited; (iv)&nbsp;adversely affect when a purchase or sale of stock or securities is deemed to occur; (v)&nbsp;adversely alter the
intended characterization of certain complex financial transactions; (vi)&nbsp;cause the Fund to recognize income or gain without a corresponding
receipt of cash and (vii)&nbsp;produce income that will not constitute Qualifying RIC Income. The application of these rules&nbsp;could
cause the Fund to be subject to U.S. federal income tax or the nondeductible 4% excise tax and, under certain circumstances, could affect
the Fund&#8217;s status as a RIC. The Fund monitors its investments and may make certain tax elections in order to mitigate the effect
of these provisions. Moreover, there may be uncertainty as to the appropriate treatment of certain of the Fund&#8217;s investments for
U.S. federal income tax purposes. In particular, the U.S. federal income tax treatment of investments in debt securities that are rated
below investment grade is uncertain in various respects.</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"><B>Distributions</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">Distributions of the Fund&#8217;s ordinary income and net short-term
capital gains will, except as described below with respect to distributions of &#8220;qualified dividend income,&#8221; generally be taxable
to the Common Shareholders as ordinary income to the extent such distributions are paid out of the Fund&#8217;s current or accumulated
earnings and profits, as determined for U.S. federal income tax purposes. Distributions (or deemed distributions, as described above),
if any, of net capital gains will be taxable as long-term capital gains, regardless of the length of time the Common Shareholder has owned
Common Shares. The ultimate tax characterization of the Fund&#8217;s distributions made in a taxable year cannot be determined until after
the end of the taxable year. As a result, there is a possibility that the Fund may make total distributions during a taxable year in an
amount that exceeds the current and accumulated earnings and profits of the Fund. A distribution of an amount in excess of the Fund&#8217;s
current and accumulated earnings and profits will be treated by a Common Shareholder as a return of capital that will be applied against
and reduce the Common Shareholder&#8217;s basis in its Common Shares. To the extent that the amount of any such distribution exceeds the
Common Shareholder&#8217;s basis in its Common Shares, the excess will be treated as gain from a sale or exchange of the Common Shares.
If the Fund issues preferred shares, its earnings and profits must be allocated first to such preferred shares, and then to the Common
Shares, in each case on a pro rata basis.</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">It is expected that a very substantial portion of the Fund&#8217;s
income will consist of ordinary income. For example, interest and original issue discount derived by the Fund will constitute ordinary
income. In addition, gain derived by the Fund from the disposition of debt securities with &#8220;market discount&#8221; (generally, securities
purchased by the Fund at a discount to their stated redemption price) will be treated as ordinary income to the extent of the market discount
that has accrued, as determined for U.S. federal income tax purposes, at the time of such disposition unless the Fund makes an election
to accrue market discount on a current basis. In addition, certain of the Fund&#8217;s investments will be subject to special U.S. federal
income tax provisions that may affect the character, increase the amount and/or accelerate the timing of income earned by the fund.</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">Dividends distributed by the Fund to a corporate Common Shareholder
will qualify for the dividends-received deduction only to the extent that the dividends consist of distributions of qualifying dividends
received by the Fund. In addition, any such dividends-received deduction will be disallowed or reduced if the corporate Common Shareholder
fails to satisfy certain requirements, including a holding period requirement, with respect to its Common Shares. Distributions of &#8220;qualified
dividend income&#8221; to an individual or other non-corporate Common Shareholder made or deemed made by the Fund will be subject to tax
at reduced maximum rates (depending on whether the shareholder&#8217;s income exceeds certain threshold amounts), provided that the shareholder
meets certain holding period and other requirements with respect to its Common Shares. &#8220;Qualified dividend income&#8221; generally
includes dividends from domestic corporations and dividends from foreign corporations that meet certain specified criteria. Given the
Fund&#8217;s investment strategy, it is not expected that a large portion of the distributions made by the Fund will be eligible for the
dividends-received deduction (in the case of corporate shareholders) or for treatment as &#8220;qualified dividend income&#8221; (in the
case of individual shareholders).</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">Distributions will be treated in the manner described above
regardless of whether such distributions are paid in cash or invested in additional Common Shares pursuant to the Plan. If the
Common Shares are trading below NAV, Common Shareholders receiving distributions in the form of additional Common Shares will be
treated as receiving a distribution in the amount of cash that they would have received if they had elected to receive the
distribution in cash. If the Fund issues additional Common Shares with a fair market value equal to or greater than NAV, however,
Common Shareholders will be treated as receiving a distribution in the amount of the fair market value of the distributed Common
Shares.</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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<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">Although dividends generally will be treated as distributed when paid,
dividends declared in October, November&nbsp;or December, payable to Common Shareholders of record on a specified date in one of those
months, and paid during the following January, will be treated as having been distributed by the Fund (and received by Common Shareholders)
on December&nbsp;31 of the year in which declared.</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">The Internal Revenue Service currently requires that a RIC that has
two or more classes of stock allocate to each class proportionate amounts of each type of its income (such as ordinary income, capital
gains and dividends qualifying for the dividends-received deduction) based upon the percentage of total dividends paid to each class for
the tax year. Accordingly, if the Fund issues preferred shares, the Fund will allocate capital gain dividends and dividends qualifying
for the dividends-received deduction, if any, between its Common Shares and shares of preferred stock in proportion to the total dividends
paid to each class with respect to such tax year.</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">Common Shareholders will be notified annually as to the U.S. federal
tax status of distributions, and Common Shareholders receiving distributions in the form of additional Common Shares will receive a report
as to the NAV of those Common Shares.</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"><B>Medicare Tax</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">An additional 3.8% Medicare tax is imposed on certain net investment
income (including ordinary dividends and capital gain distributions received from the Fund and net gains from redemptions or other taxable
dispositions of Fund shares) of U.S. individuals, estates and trusts to the extent that such person&#8217;s &#8220;modified adjusted gross
income&#8221; (in the case of an individual) or &#8220;adjusted gross income&#8221; (in the case of an estate or trust) exceed certain
threshold amounts.</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"><B>Sale or Exchange of Common Shares</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">A Common Shareholder may recognize capital gain or loss on the sale
or other disposition of Common Shares. The amount of the gain or loss will be equal to the difference between the amount realized and
the Common Shareholder&#8217;s adjusted tax basis in the relevant Common Shares. Such gain or loss generally will be a long-term gain
or loss if the Common Shareholder&#8217;s holding period for such Common Shares is more than one (1)&nbsp;year. Under current law, net
capital gains recognized by non-corporate Common Shareholders are generally subject to reduced maximum rates, depending on whether the
Common Shareholder&#8217;s income exceeds certain threshold amounts.</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">Losses realized by a Common Shareholder on the sale or exchange of
Common Shares held for six months or less will be treated as long-term capital losses to the extent of any distribution of long-term capital
gain received (or deemed received, as discussed above) with respect to such Common Shares. In addition, no loss will be allowed on a sale
or other disposition of Common Shares if the Common Shareholder acquires (including pursuant to the Plan), or enters into a contract or
option to acquire, Common Shares within 30 days before or after the disposition. In such a case, the basis of the securities acquired
will be adjusted to reflect the disallowed loss.</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">Reporting of adjusted cost basis information for covered securities,
which generally include shares of a regulated investment company acquired after January&nbsp;1, 2012, is required to the Internal Revenue
Service and to taxpayers. Common Shareholders should contact their financial intermediaries with respect to reporting of cost basis and
available elections for their accounts.</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">Under U.S. Treasury regulations, if a Common Shareholder recognizes
losses with respect to Common Shares of $2 million or more for an individual Common Shareholder or $10 million or more for a corporate
Common Shareholder, the Common Shareholder must file with the Internal Revenue Service a disclosure statement on Internal Revenue Service
Form&nbsp;8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current
guidance, shareholders of a RIC are not excepted. Future guidance may extend the current exception from this reporting requirement to
shareholders of most or all RICs. 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 advisors to determine the applicability
of these regulations in light of their individual circumstances.</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"><B>Backup Withholding and Information Reporting</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">Information returns will be filed with the Internal Revenue
Service in connection with payments on the Common Shares and the proceeds from a sale or other disposition of the Common Shares. A
Common Shareholder will be subject to backup withholding (currently, at a rate of 24%) on all such payments if it fails to provide
the payor with its correct taxpayer identification number (generally on an Internal Revenue Service form W-9) and to make required
certifications or otherwise establish an exemption from backup withholding. Corporate Common Shareholders and certain other Common
Shareholders generally are exempt from backup withholding. Backup withholding is not an additional tax. Any amounts withheld
pursuant to these rules&nbsp;may be credited against the applicable Common Shareholder&#8217;s U.S. federal income tax liability,
provided the required information is timely furnished to the Internal Revenue Service.</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Non-U.S. Common Shareholders</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">The U.S. federal income taxation of a Common Shareholder that is a
nonresident alien individual, a foreign trust or estate or a foreign corporation, as defined for U.S. federal income tax purposes (a
 &#8220;non-U.S. Common Shareholder&#8221;) depends on whether the income that the Common Shareholder derives from the Fund is &#8220;effectively
connected&#8221; with a U.S. trade or business carried on by the Common Shareholder.</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">If the income that a non-U.S. Common Shareholder derives from the
Fund is not &#8220;effectively connected&#8221; with a U.S. trade or business carried on by such non-U.S. Common Shareholder, distributions
of &#8220;investment company taxable income&#8221; will generally be subject to a U.S. federal withholding tax at a rate of 30% (or a
lower rate under an applicable treaty).</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">Properly reported dividends received by a nonresident alien or foreign
entity are generally exempt from U.S. federal withholding tax when they (a)&nbsp;are paid in respect of the Fund&#8217;s &#8220;qualified
net interest income&#8221; (generally, the Fund&#8217;s U.S. source interest income, reduced by expenses that are allocable to such income),
or (b)&nbsp;are paid in connection with the Fund&#8217;s &#8220;qualified short-term capital gains&#8221; (generally, the excess of the
Fund&#8217;s net short-term capital gain over the Fund&#8217;s long-term capital loss for such taxable year). However, depending on the
circumstances, the Fund may designate all, some or none of the Fund&#8217;s potentially eligible dividends as such qualified net interest
income or as qualified short-term capital gains, and a portion of the Fund&#8217;s distributions (e.g., interest from non-U.S. sources
or any foreign currency gains) would be ineligible for this potential exemption from withholding. There can be no assurance as to whether
or not legislation will be enacted to extend this exemption.</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"><FONT STYLE="font-size: 10pt">A non-U.S. Common Shareholder whose
income from the Fund is not &#8220;effectively connected&#8221; with a U.S. trade or business (or, if an income tax treaty is applicable,
is not attributable to a permanent establishment maintained by the non-U.S. Common Shareholder in the United States) will generally be
exempt from U.S. federal income tax on capital gain dividends, any amounts retained by the Fund that are designated as undistributed
capital gains and any gains realized upon the sale or exchange of shares of the Fund. If, however, such a non-U.S. Common Shareholder
is a nonresident alien individual and is physically present in the United States for 183 days or more during the</FONT> t<FONT STYLE="font-size: 10pt">axable
year and meets certain other requirements such capital gain dividends, undistributed capital gains and gains from the sale or exchange
of Common Shares will be subject to a 30% U.S. tax.</FONT></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">If the income from the Fund is &#8220;effectively connected&#8221;
with a U.S. trade or business carried on by a non-U.S. Common Shareholder (and, if an income tax treaty is applicable, is attributable
to a permanent establishment maintained by the non-U.S. Common Shareholder in the United States), any distributions of &#8220;investment
company taxable income,&#8221; any capital gain dividends, any amounts retained by the Fund that are designated as undistributed capital
gains and any gains realized upon the sale or exchange of shares of the Fund will be subject to U.S. income tax, on a net income basis,
in the same manner, and at the graduated rates applicable to, U.S. persons. If such a non-U.S. Common Shareholder is a corporation, it
may also be subject to the U.S. branch profits tax.</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">A non-U.S. Common Shareholder other than a corporation may be subject
to backup withholding on net capital gain distributions that are otherwise exempt from withholding tax or on distributions that would
otherwise be taxable at a reduced treaty rate if such Common Shareholder does not certify its non-U.S. status under penalties of perjury
or otherwise establish an exemption.</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">A non-U.S. Shareholder may also be subject to U.S. estate tax with
respect to their Fund shares.</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">The tax consequences to a non-U.S. Common Shareholder entitled to
claim the benefits of an applicable tax treaty may differ from those described herein. Non-U.S. Common Shareholders are advised to consult
their tax advisors with respect to the particular tax consequences to them of an investment in the Fund.</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">In addition, the Fund is required to withhold U.S. tax (at a 30% rate)
on payments of taxable dividends made to certain non-U.S. entities that fail to comply (or be deemed compliant) with extensive reporting
and withholding requirements designed to inform the U.S. Department of the Treasury of U.S.-owned foreign investment accounts.&nbsp;To
avoid withholding, foreign financial institutions will need to (i)&nbsp;enter into agreements with the IRS that state that they will
provide the IRS information, including the names, addresses and taxpayer identification numbers of direct and indirect U.S. account holders,
comply with due diligence procedures with respect to the identification of U.S. accounts, report to the IRS certain information with
respect to U.S. accounts maintained, agree to withhold tax on certain payments made to non-compliant foreign financial institutions or
to account holders who fail to provide the required information, and determine certain other information as to their account holders,
or (ii)&nbsp;in the event that an applicable intergovernmental agreement and implementing legislation are adopted, provide local revenue
authorities with similar account holder information. Other foreign entities will need to either provide the name, address, and taxpayer
identification number of each substantial U.S. owner or certifications of no substantial U.S. ownership unless certain exceptions apply.
Under some circumstances, a foreign shareholder may be eligible for refunds or credits of such taxes.</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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<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>Other Taxes</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">Common Shareholders may be subject to state, local and non U.S. taxes
on their Fund distributions. Common Shareholders are advised to consult their tax advisors with respect to the particular tax consequences
to them of an investment in the Fund.</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; text-align: center"><B>Proxy voting policy and proxy voting record</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">The Board has delegated the day-to-day responsibility to the Advisers
to vote the Fund&#8217;s proxies. Proxies are voted by the Advisers pursuant to the Board approved proxy guidelines, a copy of which
as currently in effect as of the date of this SAI is attached hereto as Appendix 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">Information on how the Fund voted proxies (if any) relating to portfolio
securities during the most recent 12 month period ending June&nbsp;30 is available: (i)&nbsp;upon request and without charge by calling
Investor Relations toll-free at 1-800-522-5465, or (ii)&nbsp;on the SEC&#8217;s website at http://www.sec.gov.</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; text-align: center"><B>Incorporation by reference</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">This SAI is part of a registration
statement that the </FONT>Fund <FONT STYLE="background-color: white">has filed with the SEC. The </FONT>Fund <FONT STYLE="background-color: white">is
permitted to &#8220;incorporate by reference&#8221; the information that it files with the SEC, which means that the </FONT>Fund <FONT STYLE="background-color: white">can
disclose important information to you by referring you to those documents. The information incorporated by reference is an important
part of this SAI, and later information that the </FONT>Fund <FONT STYLE="background-color: white">files with the SEC will automatically
update and supersede this information.</FONT></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"><FONT STYLE="background-color: white">The documents listed below,
and any reports and other documents subsequently filed with the SEC pursuant to Rule 30(b)(2) under the 1940 Act and Sections 13(a),
13(c), 14 or 15(d) of the Exchange Act, prior to the termination of the offering, are incorporated by reference into this SAI and deemed
to be part of this SAI from the date of the filing of such reports and documents:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the Fund&#8217;s Annual Report on&nbsp;<A HREF="http://www.sec.gov/Archives/edgar/data/876717/000110465921002271/tm2033257d15_ncsr.htm" STYLE="-sec-extract: exhibit">Form N-CSR</A>&nbsp;for the fiscal year ended October 30,
    2020, filed with the SEC on January 8, 2021 (&#8220;Annual Report&#8221;);</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the Fund&#8217;s definitive proxy statement on&nbsp;<A HREF="http://www.sec.gov/Archives/edgar/data/779336/000110465921044952/a21-9411_1def14a.htm" STYLE="-sec-extract: exhibit">Schedule 14A</A>&nbsp;for our 2021 annual meeting
    of shareholders, filed with the SEC on April 29, 2021 (&#8220;Proxy Statement&#8221;); and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; background-color: white">the </FONT><FONT STYLE="font-size: 10pt">Fund&#8217;s <FONT STYLE="background-color: white">description
    of common shares contained in the Fund&#8217;s Registration Statement on&nbsp;<A HREF="http://www.sec.gov/Archives/edgar/data/876717/000094366304000441/form8a.htm" STYLE="-sec-extract: exhibit">Form 8-A</A>&nbsp;(File No. </FONT>001-10996<FONT STYLE="background-color: white">)
    filed with the SEC on November 3, 2004.</FONT></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"><FONT STYLE="background-color: white">To obtain copies of these filings,
see &#8220;Additional Information.&#8221;</FONT></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; text-align: center"><B>Financial Statements</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">The Fund&#8217;s financial statements for the fiscal year ended
October&nbsp;31, 2020, together with the report thereon of KPMG LLP, an independent registered public accounting firm, given on the authority
of said firm as experts in auditing and accounting, are incorporated in this SAI by reference to the Fund&#8217;s 2020 <A HREF="http://www.sec.gov/Archives/edgar/data/876717/000110465921002271/tm2033257d15_ncsr.htm" STYLE="-sec-extract: exhibit">Annual
Report</A>. The address of KPMG LLP is 1601 Market Street, Philadelphia, PA 19103. KPMG provides audit services, tax return preparation,
and consultation with respect to the preparation of filings with the SEC.</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">A copy of the Fund&#8217;s 2020 Annual Report and April&nbsp;30,
2020 Semi-Annual Report is available at the SEC&#8217;s website at www.sec.gov.</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; text-align: center"><B>Legal counsel</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">Counsel to the Fund is Dechert LLP.</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; text-align: center"><B>Additional information</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">The Prospectus and this SAI do not contain all of the information
set forth in the registration statement, including any exhibits and schedules thereto. <FONT STYLE="background-color: white">The </FONT>Fund
<FONT STYLE="background-color: white">will provide without charge to each person, including any beneficial owner, to whom this SAI is
delivered, upon written or oral request, a copy of any and all of the information that has been incorporated by reference in this SAI
or the Prospectus or any accompanying Prospectus Supplement. You may request such information&nbsp;</FONT>by calling Investor Relations
toll-free at 1-800-522-5465, or you may obtain a copy (and other information regarding the Fund<B>)</B> from the SEC&#8217;s website
(www.sec.gov).</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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<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">Free copies of the Fund&#8217;s Prospectus, SAI and any incorporated
information will also be available from the Fund&#8217;s website at http:/www.aberdeenfco.com.&nbsp;<FONT STYLE="background-color: white">Information
contained on the Fund&#8217;s website is not incorporated by reference into this SAI, the Prospectus or any Prospectus Supplement and
should not be considered to be part of this SAI, the Prospectus or any Prospectus Supplement.</FONT></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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<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; text-align: center"><B>Appendix A&#8212;Description of securities
ratings</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; text-align: center"><B>S&amp;P GLOBAL RATINGS DEBT RATINGS</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"><B>A.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Issue
Credit Ratings</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">An S&amp;P Global Ratings issue credit rating is a forward-looking
opinion about the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations,
or a specific financial program (including ratings on medium-term note programs and commercial paper programs). It takes into consideration
the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency
in which the obligation is denominated. The opinion reflects S&amp;P Global Ratings&#8217; view of the obligor&#8217;s capacity and willingness
to meet its financial commitments as they come due, and this opinion may assess terms, such as collateral security and subordination,
which could affect ultimate payment in the event of default.</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">Issue credit ratings can be either long-term or short-term. Short-term
ratings are generally assigned to those obligations considered short-term in the relevant market. Short-term ratings are also used to
indicate the creditworthiness of an obligor with respect to put features on long-term obligations. Medium-term notes are assigned long-term
ratings.</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"><B>1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Long-Term
Issue Credit Ratings</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">Issue credit ratings are based, in varying degrees, on S&amp;P Global
Ratings&#8217; analysis of the following considerations:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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: 4%"></TD><TD STYLE="width: 4%; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; width: 92%">The
                                            likelihood of payment&mdash;the capacity and willingness of the obligor to meet its financial
                                            commitments on an obligation in accordance with the terms of the obligation;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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: 4%"></TD><TD STYLE="width: 4%; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; width: 92%">The
                                            nature and provisions of the financial obligation, and the promise we impute; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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: 4%"></TD><TD STYLE="width: 4%; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; width: 92%">The
                                            protection afforded by, and relative position of, the financial obligation in the event of
                                            a bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other
                                            laws affecting creditors&rsquo; rights.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Issue ratings are an assessment of default risk but may incorporate
an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior
obligations, to reflect the lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior
and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.)</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; text-align: center"><B>Long-Term Issue Credit Ratings*</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">AAA - An obligor rated &#8216;AAA&#8217; has extremely strong capacity
to meet its financial commitments. &#8216;AAA&#8217; is the highest issuer credit rating assigned by S&amp;P Global Ratings. AA - An
obligor rated &#8216;AA&#8217; has very strong capacity to meet its financial commitments. It differs from the highest-rated obligors
only to a small degree.</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">A - An obligor rated &#8216;A&#8217; has strong capacity to meet its
financial commitments but is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than
obligors in higher-rated categories.</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">BBB - An obligor rated &#8216;BBB&#8217; has adequate capacity to
meet its financial commitments. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor&#8217;s
capacity to meet its financial commitments.</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">Obligors rated &#8216;BB&#8217;, &#8216;B&#8217;, &#8216;CCC&#8217;,
and &#8216;CC&#8217; are regarded as having significant speculative characteristics. &#8216;BB&#8217; indicates the least degree of speculation
and &#8216;CC&#8217; the highest. While such obligors will likely have some quality and protective characteristics, these may be outweighed
by large uncertainties or major exposure to adverse conditions.BB - An obligor rated &#8216;BB&#8217; is less vulnerable in the near
term than other lower-rated obligors. However, it faces major ongoing uncertainties and exposure to adverse business, financial, or economic
conditions that could lead to the obligor&#8217;s inadequate capacity to meet its financial commitments.</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">B - An obligor rated &#8216;B&#8217; is more vulnerable than the obligors
rated &#8216;BB&#8217;, but the obligor currently has the capacity to meet its financial commitments. Adverse business, financial, or
economic conditions will likely impair the obligor&#8217;s capacity or willingness to meet its financial commitments.</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">CCC - An obligor rated &#8216;CCC&#8217; is currently vulnerable and
is dependent upon favorable business, financial, and economic conditions to meet its financial commitments.CC - An obligation rated &#8216;CC&#8217;
is currently highly vulnerable to nonpayment. The &#8216;CC&#8217; rating is used when a default has not yet occurred but S&amp;P Global
Ratings expects default to be a virtual certainty, regardless of the anticipated time to default.</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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<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">R - An obligor rated &#8216;R&#8217; is under regulatory supervision
owing to its financial condition. During the pendency of the regulatory supervision, the regulators may have the power to favor one class
of obligations over others or pay some obligations and not others.</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">SD and D - An obligor is rated &#8216;SD&#8217; (selective default)
or &#8216;D&#8217; if S&amp;P Global Ratings considers there to be a default on one or more of its financial obligations, whether long-
or short-term, including rated and unrated obligations but excluding hybrid instruments classified as regulatory capital or in nonpayment
according to terms. A &#8216;D&#8217; rating is assigned when S&amp;P Global Ratings believes that the default will be a general default
and that the obligor will fail to pay all or substantially all of its obligations as they come due. An &#8216;SD&#8217; rating is assigned
when S&amp;P Global Ratings believes that the obligor has selectively defaulted on a specific issue or class of obligations but it will
continue to meet its payment obligations on other issues or classes of obligations in a timely manner. A rating on an obligor is lowered
to &#8216;D&#8217; or &#8216;SD&#8217; if it is conducting a distressed exchange offer.</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">NR - Indicates that a rating has not been assigned or is no longer
assigned.</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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<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">* The ratings from &#8216;AA&#8217; to &#8216;CCC&#8217; may be modified
by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.</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"><B>2.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Short-Term
Issue Credit Ratings</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; text-align: center"><B>Short-Term Issue Credit Ratings</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">A-1 - An obligor rated &#8216;A-1&#8217; has strong capacity to meet
its financial commitments. It is rated in the highest category by S&amp;P Global Ratings. Within this category, certain obligors are
designated with a plus sign (+). This indicates that the obligor&#8217;s capacity to meet its financial commitments is extremely strong.</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">A-2 - An obligor rated &#8216;A-2&#8217; has satisfactory capacity
to meet its financial commitments. However, it is somewhat more susceptible to the adverse effects of changes in circumstances and economic
conditions than obligors in the highest rating category.</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">A-3 - An obligor rated &#8216;A-3&#8217; has adequate capacity to
meet its financial obligations. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor&#8217;s
capacity to meet its financial commitments.</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">B - An obligor rated &#8216;B&#8217; is regarded as vulnerable and
has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces
major ongoing uncertainties that could lead to the obligor&#8217;s inadequate capacity to meet its financial commitments.</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">C - An obligor rated &#8216;C&#8217; is currently vulnerable to nonpayment
that would result in an &#8216;SD&#8217; or &#8216;D&#8217; issuer rating and is dependent upon favorable business, financial, and economic
conditions to meet its financial commitments.</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">R - An obligor rated &#8216;R&#8217; is under regulatory supervision
owing to its financial condition. During the pendency of the regulatory supervision, the regulators may have the power to favor one class
of obligations over others or pay some obligations and not others.</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">SD and D - An obligor is rated &#8216;SD&#8217; (selective default)
or &#8216;D&#8217; if S&amp;P Global Ratings considers there to be a default on one or more of its financial obligations, whether long-
or short-term, including rated and unrated obligations but excluding hybrid instruments classified as regulatory capital or in nonpayment
according to terms. A &#8216;D&#8217; rating is assigned when S&amp;P Global Ratings believes that the default will be a general default
and that the obligor will fail to pay all or substantially all of its obligations as they come due. An &#8216;SD&#8217; rating is assigned
when S&amp;P Global Ratings believes that the obligor has selectively defaulted on a specific issue or class of obligations but it will
continue to meet its payment obligations on other issues or classes of obligations in a timely manner. A rating on an obligor is lowered
to &#8216;D&#8217; or &#8216;SD&#8217; if it is conducting a distressed exchange offer</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">NR - Indicates that a rating has not been assigned or is no longer
assigned</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"><B>B.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Municipal
Short-Term Note Ratings</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">An S&amp;P Global Ratings U.S. municipal note rating reflects S&amp;P
Global Ratings&#8217; opinion about the liquidity factors and market access risks unique to the notes. Notes due in three years or less
will likely receive a note rating. Notes with an original maturity of more than three years will most likely receive a long-term debt
rating. In determining which type of rating, if any, to assign, S&amp;P Global Ratings&#8217; analysis will review the following considerations:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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: 4%"></TD><TD STYLE="width: 4%; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; width: 92%">Amortization
                                            schedule&mdash;the larger the final maturity relative to other maturities, the more likely
                                            it will be treated as a note; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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: 4%"></TD><TD STYLE="width: 4%; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; width: 92%">Source
                                            of payment&mdash;the more dependent the issue is on the market for its refinancing, the more
                                            likely it will be treated as a note.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Municipal Short-Term Note Ratings</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">SP-1 - Strong capacity to pay principal and interest. An issue determined
to possess a very strong capacity to pay debt service is given a plus (+) designation.</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">SP-2 - Satisfactory capacity to pay principal and interest, with some
vulnerability to adverse financial and economic changes over the term of the notes.</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">SP-3 - Speculative capacity to pay principal and interest.</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">D - &#8216;D&#8217; is assigned upon failure to pay the note when
due, completion of a distressed exchange offer, or the filing of a bankruptcy petition or the taking of similar action and where default
on an obligation is a virtual certainty, for example due to automatic stay provisions.</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; text-align: center"><B>MOODY&#8217;S INVESTORS SERVICE INC. (&#8220;Moody&#8217;s&#8221;)
LONG-TERM DEBT RATINGS*</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">Aaa &#8212; Obligations rated Aaa are judged to be of the highest
quality, subject to the lowest level of credit risk.</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">Aa &#8212;Obligations rated Aa are judged to be of high quality and
are subject to very low credit risk</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">A &#8212; Obligations rated A are judged to be upper-medium grade
and are subject to low credit risk.</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">Baa &#8212; Obligations rated Baa are judged to be medium-grade and
subject to moderate credit risk and as such may possess certain speculative characteristics.</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">Ba &#8212; Obligations rated Ba are judged to be speculative and are
subject to substantial credit risk.</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">B &#8212; Obligations rated B are considered speculative and are subject
to high credit risk.</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">Caa &#8212; Obligations rated Caa are judged to be speculative of
poor standing and are subject to very high credit risk.</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">Ca &#8212; Obligations rated Ca are highly speculative and are likely
in, or very near, default, with some prospect of recovery of principal and interests</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">C &#8212; Obligations rated C are the lowest rated and are typically
in default, with little prospect for recovery of principal and interest.</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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<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">* Moody&#8217;s appends numerical modifiers 1, 2, and 3 to each generic
rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating
category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating
category.</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; text-align: center"><B>STATE AND MUNICIPAL NOTES</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">Excerpts from Moody&#8217;s description of state and municipal note
ratings:</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">MIG 1 This designation denotes superior credit quality. Excellent
protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market
for refinancing.</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">MIG 2 This designation denotes strong credit quality. Margins of protection
are ample, although not as large as in the preceding group.</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">MIG 3 This designation denotes acceptable credit quality. Liquidity
and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established.</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">SG This designation denotes speculative-grade credit quality. Debt
instruments in this category may lack sufficient margins of protection.</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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<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; text-align: center"><B>FITCH,&nbsp;INC. BOND RATINGS</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">Fitch&#8217;s credit ratings relating to issuers are an opinion on
the relative ability of an entity to meet financial commitments, such as interest, preferred dividends, repayment of principal, insurance
claims or counterparty obligations. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation.
Credit ratings are used by investors as indications of the likelihood of receiving the money owed to them in accordance with the terms
on which they invested. The agency&#8217;s credit ratings cover the global spectrum of corporate, sovereign financial, bank, insurance,
and public finance entities (including supranational and sub-national entities) and the securities or other obligations they issue, as
well as structured finance securities backed by receivables or other financial assets. AAA&#8217; ratings denote the lowest expectation
of default risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity
is highly unlikely to be adversely affected by foreseeable events. &#8216;AA&#8217; ratings denote expectations of very low default risk.
They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable
events. &#8216;A&#8217; ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered
strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.
 &#8216;BBB&#8217; ratings indicate that expectations of default risk are currently low. The capacity for payment of financial commitments
is considered adequate, but adverse business or economic conditions are more likely to impair this capacity. &#8216;BB&#8217; ratings
indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over
time; however, business or financial flexibility exists that supports the servicing of financial commitments. &#8216;B&#8217; ratings
indicate that material default risk is present, but a limited margin of safety remains. Financial commitments are currently being met;
however, capacity for continued payment is vulnerable to deterioration in the business and economic environment. CCC - Default is a real
possibility. CC - Default of some kind appears probable.</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">C - A default or default-like process has begun, or the issuer is
in standstill, or for a closed funding vehicle, payment capacity is irrevocably impaired. &#8216;RD&#8217; ratings indicate an issuer
that in Fitch&#8217;s opinion has experienced: a) an uncured payment default or distressed debt exchange on a bond, loan or other material
financial obligation, but b) has not entered into bankruptcy filings, administration, receivership, liquidation, or other formal winding-up
procedure, and c) has not otherwise ceased operating.</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">&#8216;D&#8217; ratings indicate an issuer that in Fitch&#8217;s opinion
has entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure or that has otherwise
ceased business.</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; text-align: center"><B>MOODY&#8217;S</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">Ratings assigned on Moody&#8217;s global long-term and short-term
rating scales are forward-looking opinions of the relative credit risks of financial obligations issued by non-financial corporates,
financial institutions, structured finance vehicles, project finance vehicles, and public sector entities. Long-term ratings are assigned
to issuers or obligations with an original maturity of one year or more and reflect both on the likelihood of a default on contractually
promised payments and the expected financial loss suffered in the event of default. Short-term ratings are assigned to obligations with
an original maturity of thirteen months or less and reflect both on the likelihood of a default on contractually promised payments and
the expected financial loss suffered in the event of default.</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">Moody&#8217;s differentiates structured finance ratings from fundamental
ratings (<I>i.e.</I>, ratings on nonfinancial corporate, financial institution, and public sector entities) on the global long-term scale
by adding (sf ) to all structured finance ratings. The addition of (sf ) to structured finance ratings should eliminate any presumption
that such ratings and fundamental ratings at the same letter grade level will behave the same. The (sf ) indicator for structured finance
security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have different risk characteristics.
Through its current methodologies, however, Moody&#8217;s aspires to achieve broad expected equivalence in structured finance and fundamental
rating performance when measured over a long period of time.</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; text-align: center"><B>GLOBAL SHORT-TERM RATING SCALE</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-1 Issuers (or supporting institutions) rated Prime-1 have a superior
ability to repay short-term debt obligations.</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-2 Issuers (or supporting institutions) rated Prime-2 have a strong
ability to repay short-term debt obligations.</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-3 Issuers (or supporting institutions) rated Prime-3 have an acceptable
ability to repay short-term obligations.</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">NP Issuers (or supporting institutions) rated Not Prime do not fall
within any of the Prime rating categories.</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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<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; text-align: center"><B>U.S. MUNICIPAL SHORT-TERM DEBT AND DEMAND OBLIGATION
RATINGS</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; text-align: center"><B>SHORT-TERM OBLIGATION RATINGS</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">While the global short-term &#8216;prime&#8217; rating scale is applied
to US municipal tax-exempt commercial paper, these programs are typically backed by external letters of credit or liquidity facilities
and their short-term prime ratings usually map to the long-term rating of the enhancing bank or financial institution and not to the
municipality&#8217;s rating. Other short-term municipal obligations, which generally have different funding sources for repayment, are
rated using two additional short-term rating scales (<I>i.e.</I>, the MIG and VMIG scales discussed below).</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">The Municipal Investment Grade (MIG) scale is used to rate US municipal
bond anticipation notes of up to three years maturity. Municipal notes rated on the MIG scale may be secured by either pledged revenues
or proceeds of a take-out financing received prior to note maturity. MIG ratings expire at the maturity of the obligation, and the issuer&#8217;s
long-term rating is only one consideration in assigning the MIG rating. MIG ratings are divided into three levels&#8212;MIG 1 through
MIG 3&#8212;while speculative grade short-term obligations are designated SG.</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">MIG 1 This designation denotes superior credit quality. Excellent
protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market
for refinancing.</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">MIG 2 This designation denotes strong credit quality. Margins of protection
are ample, although not as large as in the preceding group.</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">MIG 3 This designation denotes acceptable credit quality. Liquidity
and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established.</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">SG This designation denotes speculative-grade credit quality. Debt
instruments in this category may lack sufficient margins of protection.</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; text-align: center"><B>FITCH&#8217;S SHORT-TERM RATINGS</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">A short-term issuer or obligation rating is based in all cases on
the short-term vulnerability to default of the rated entity and relates to the capacity to meet financial obligations in accordance with
the documentation governing the relevant obligation. Short-term deposit ratings may be adjusted for loss severity. Short-Term Ratings
are assigned to obligations whose initial maturity is viewed as &#8220;short term&#8221; based on market convention. Typically, this
means up to 13 months for corporate, sovereign, and structured obligations and up to 36 months for obligations in U.S. public finance
markets.</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">F1 - Indicates the strongest intrinsic capacity for timely payment
of financial commitments; may have an added &#8220;+&#8221; to denote any exceptionally strong credit feature.</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">F2 - Good intrinsic capacity for timely payment of financial commitments.</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">F3 - The intrinsic capacity for timely payment of financial commitments
is adequate.</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">B - Minimal capacity for timely payment of financial commitments,
plus heightened vulnerability to near term adverse changes in financial and economic conditions.</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">C &#8212; Default is a real possibility.</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">RD &#8212; Indicates an entity that has defaulted on one or more of
its financial commitments, although it continues to meet other financial obligations. Typically applicable to entity ratings only.</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">D &#8212; Indicates a broad-based default event for an entity, or
the default of a short-term obligation.</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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<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; text-align: center"><B>Appendix B&#8212;Proxy voting guidelines</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; text-align: center"><B>Aberdeen U.S. Registered Advisers<BR>
Summary of Proxy Voting Guidelines</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>as of March 30, 2020</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Where clients appoint Aberdeen Standard Investments
(ASI) to vote proxies on their behalf policies have been established to vote these proxies in the best interests of our clients.</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: left">We employ ISS as a service provider to deliver
our voting decisions efficiently to companies. We require ISS to provide recommendations based on our own set of parameters tailored
to ASI&#8217;s assessment and approach, but remain conscious always that all voting decisions are our own on behalf of our clients. We
consider ISS&#8217;s recommendations and those based on our custom parameters as input to our voting decisions.</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: left">An ASI analyst will assess the resolutions at
general meetings in our active investment portfolios. This analysis will be based on our knowledge of the company, but will also make
use of the custom and standard recommendations provided by ISS as described above. The product of this analysis will be a final voting
decision instructed through ISS and applied to all funds for which ASI have been appointed to vote.</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: left">There may be certain circumstances where ASI
may take a more limited role in voting proxies. We will not vote proxies for client accounts in which the client contract specifies that
ASI will not vote. We may abstain from voting a client proxy if the voting is uneconomic or otherwise not in clients&#8217; best interests.
For companies held only in passively managed portfolios the ASI custom recommendations provided by ISS will be used to automatically
apply our voting approach; we have scope to intervene to test that this delivers appropriate results, and will on occasions intrude to
apply a vote more fully in clients&#8217; best interests. If voting securities are part of a securities lending program, we may be unable
to vote while the securities are on loan. However, we have the ability to recall shares on loan or to restrict lending when required,
in order to ensure all shares have voted. In addition, certain jurisdictions may impose share-blocking restrictions at various times
which may prevent ASI from exercising our voting authority.</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: left">We recognize that there may be situations in
which we vote at a company meeting where we encounter a conflict of interest. Such situations include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">where
                                            a portfolio manager owns the holding in a personal account</TD></TR></TABLE>

<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: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">An
                                            investee company that is also a Segregated Client</TD></TR></TABLE>

<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: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">An
                                            investee company where an Executive Director or Officer of our company is also a Director
                                            of that company</TD></TR></TABLE>

<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: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">An
                                            investee company where an employee of ASI is a Director of that company</TD></TR></TABLE>

<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: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">A
                                            significant distributor of our products</TD></TR></TABLE>

<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: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Any
                                            other companies which may be relevant from time to time</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In order to manage such conflicts of interests, we have established
procedures to escalate decision-making so as to ensure that our voting decisions are based on our clients&#8217; best interests and are
not impacted by any conflict.</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; text-align: left">Clients may obtain a free copy of ASI Inc.&#8217;s
proxy voting policies and procedures and/or proxy voting records for their account by contacting us at (215) 405-5700. ASI publishes
Stewardship Principles, which describe our approach to investment analysis, shareholder engagement and proxy voting across companies
worldwide. They are published on our website.</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; text-align: left; margin: 0pt 0">Clients that have not granted ASI Inc. voting authority over securities
held in their accounts will receive their proxies in accordance with the arrangements they have made with their service providers.</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="margin: 0pt">&nbsp;</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">&nbsp;</P>


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