Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended (the “1940
Act”), in accordance with the Prospectus. Shares generally may be purchased as of the first business day of
each calendar month at the Fund’s then current net asset value per Share plus any applicable sales load, as
described in the Fund’s current Prospectus.
The tender of Shares by a Shareholder will not affect the record ownership of such Shareholder for
purposes of voting or entitlement to any distributions payable by the Fund unless and until such Shares are
purchased. You should also realize that the Offer is set to expire on the Tender Withdrawal Date (or, if the
Offer is extended, the latest applicable Tender Withdrawal Date) and that, if you desire to tender Shares for
purchase, you must do so by the Notice Date (or, if the Offer is extended, by the latest applicable Notice
Date). With respect to the Shares you are tendering which are accepted for purchase by the Fund, you remain
a Shareholder of the Fund through the Valuation Date, when the net asset value of your Shares is calculated.
3. OFFER TO PURCHASE AND PRICE.
The Fund will, on the terms, and subject to the conditions, of the Offer, purchase an amount of Shares
up to 5.0% of the Fund’s net asset value as of the prior calendar quarter end tendered by Shareholders, by
5:00 P.M., Eastern time, on the Notice Date (or, if the Offer is extended, by 5:00 P.M., Eastern time, on the
latest applicable Notice Date), and not withdrawn (as provided in Section 6 below) before 5:00 P.M.,
Eastern time, on the Tender Withdrawal Date (or, if the Offer is extended, before 5:00 P.M., Eastern time,
on the latest applicable Tender Withdrawal Date). The Fund reserves the right to extend, amend, or cancel the
Offer as described in Sections 4 and 8 below. The value of each Share tendered for purchase will be the net
asset value per Share as of the Valuation Date, payable as set out in Section 7.
4. AMOUNT OF TENDER.
Subject to the limitations set out below, Shareholders may tender some or all of their Shares. Each
Shareholder tendering less than all of its Shares should keep in mind that the Fund reserves the right to
repurchase all of a Shareholder’s Shares at any time, as described in Section 1 above. The Offer is being made
to all Shareholders of the Fund and is not conditioned on any minimum amount of Shares being tendered.
If the amount of Shares properly tendered pursuant to the Offer and not withdrawn pursuant to
Section 6 below is less than or equal to 5.0% of the Fund’s net asset value as of the prior calendar quarter
end (or such greater amount as the Fund may elect to purchase pursuant to the Offer), the Fund will, on the
terms, and subject to the conditions, of the Offer, purchase all of the Shares so tendered unless the Fund
elects to cancel or amend the Offer or to postpone acceptance of tenders made pursuant to the Offer, as
provided in Section 8 below. If Shares in excess of 5.0% of the Fund’s net asset value as of the prior calendar
quarter end are duly tendered to the Fund before the Notice Date and not withdrawn before the Tender
Withdrawal Date pursuant to Section 6 below, the Fund, in its sole discretion, may do any of the following:
(a) accept the additional Shares permitted to be accepted pursuant to Rule 13e-4(f)(3) under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”); (b) increase the number of Shares accepted for
payment in the Offer by up to, but not more than, 2% of the outstanding Shares without amending or
extending the Offer, in accordance with rules promulgated by the SEC; (c) extend the Offer, if necessary,
and increase the amount of Shares which the Fund is offering to purchase to an amount it believes sufficient
to accommodate the excess Shares tendered as well as any Shares tendered on or before the specified
Notice Date in such extension of the Offer; and (d) accept Shares tendered before the Notice Date and not
withdrawn before the Tender Withdrawal Date for payment on a pro rata basis based on the aggregate net
asset value of the Shares tendered by each Shareholder. The Offer may be extended, amended, or canceled
in various other circumstances described in Section 8 below.
5. PROCEDURE FOR TENDERS.
Shareholders wishing to tender Shares pursuant to this Offer to Purchase should send or deliver by the
Notice Date (or, if the Offer is extended, by the latest applicable Notice Date) a completed and executed
Letter of Transmittal to the Fund, at the address set out on the first page of the Letter of Transmittal. The
completed and executed Letter of Transmittal must be received by the Fund by mail or e-mail no later than
5:00 P.M., Eastern time, on the Notice Date (or, if the Offer is extended, no later than 5:00 P.M., Eastern
time, on the latest applicable Notice Date).
7