E-Delivery

2015 ANNUAL REPORT Number of preferred and common shares issued and outstanding changed as follows: Feb 28, 2015 Class A preferred shares Class B preferred shares Class A common shares Shares outstanding, March 1, 2014 2,536,385 1,284,792 400 Issued for cash 1,611,159 693,656 - Issued under share based compensation plan 864 - - Redeemed (277,420) (27,172) - Issued under dividend reinvestment plan 140,162 58,554 - Shares outstanding, February 28, 2015 4,011,150 2,009,830 400 Feb 28, 2014 Class A preferred shares Class B preferred shares Class A common shares Shares outstanding, March 1, 2013 1,193,725 127,172 400 Issued for cash 1,337,367 1,141,143 - Issued under share based compensation plan 500 - - Redeemed (69,413) (900) - Issued under dividend reinvestment plan 74,206 17,377 - Shares outstanding, February 28, 2014 2,536,385 1,284,792 400 March 1, 2013 Class A preferred shares Class B preferred shares Class A common shares Shares outstanding, March 1, 2012 815,674 - 400 Issued for cash 565,509 127,124 - Issued under share based compensation plan 500 - - Redeemed (224,674) - - Issued under dividend reinvestment plan 36,716 48 - Shares outstanding, March 1, 2013 1,193,725 127,172 400 (a) Redemptions: Preferred shareholders may, on a monthly basis, request redemption of any or all of their outstanding shares by providing 30 days advance notice to the Fund. Redemption of the Fund's preferred shares is at the option of the Fund, in its absolute discretion. e board of directors of the Fund may elect, in their discretion, to redeem preferred shares from particular holders to the exclusion of other holders of preferred shares. Redemptions of Class A preferred shares are completed without any fees. Class B preferred shares are subject to early redemption fees payable to the Fund Manager in the first five years from the date of subscription. Redemption of Class B preferred shares requested after five years from the date of subscription are completed without any early redemption fees. e Fund shall not accept redemption requests for preferred shares in the same calendar month where they represent more than 5% of the total number of preferred shares outstanding on the redemption date. Should the amount of preferred shares tendered for redemption exceed the limit, the Fund may, at its discretion redeem all tendered preferred shares, redeem the preferred shares tendered on a pro rata basis, or suspend redemptions. Holders of the Fund's preferred shares have no right to require the Fund to redeem their preferred shares. When preferred shares are redeemed at the option of the Fund, the redemption amount is equal to the net asset value of each particular preferred share plus any declared and unpaid dividends at the redemption date. 50

• Cover