The Fund announced that its Board of Trustees has renewed its share repurchase authorization for the Fund to repurchase up to 10% of its total common shares for the fiscal year ending October 31, 2025.
The share repurchase program is intended to increase the Fund’s net asset value (“NAV”) to the benefit of all shareholders and help create further value for shareholders by reducing the Fund’s discount to NAV. The Fund may repurchase shares through open market transactions, at the discretion of the Fund’s investment adviser. In exercising its discretion consistent with its portfolio management responsibilities, the investment adviser will take into account various factors, including, but not limited to, timing, the quantity of repurchases, the level of the discount, the Fund’s performance, portfolio holdings, dividend history and objectives, market conditions, cash on hand, the availability of other attractive investments, and whether the sale of certain portfolio securities would be undesirable because of liquidity concerns or because the sale might subject the Fund to adverse tax consequences. Any repurchases would be made on a national securities exchange at the prevailing market price, subject to exchange requirements, federal securities laws and rules that restrict repurchases.