Bulldog Investors LLP

ITEM 5. FEES AND COMPENSATION
The SMAs generally pay Bulldog Investors a quarterly advisory fee equal to 0.25% of the average
daily value of the account throughout the calendar quarter, although this fee is negotiable with
respect to certain accounts. In certain limited instances, and only with respect to certain SMA
clients that meet the definition of “qualified client” in Rule 205-3 under the Investment Advisers
Act of 1940, such clients may instead pay a fee partially or solely based upon the account’s
performance.

SMA accounts are custodied at Charles Schwab & Co., Inc. (“Schwab”), and Fidelity Brokerage
Services, LLC (“Fidelity”), each a registered broker-dealer. Bulldog Investors is authorized to
deduct its fees on a quarterly basis from SMA accounts.

In addition to Bulldog Investors’ fees, client accounts typically are assessed brokerage and
transaction charges with respect to trades placed for the account. These charges are paid to the
account custodian for effecting transactions, and may be higher or lower than transaction charges
or commissions the client may pay at other broker-dealers. Please refer to the section below
entitled, “Brokerage Practices” for additional information.

ITEM 7. TYPES OF CLIENTS

Bulldog Investors provides investment advice to the Funds and SMAs. The minimum required
investment with respect to SMAs generally is $100,000, but such minimum may be waived at the
discretion of Bulldog Investors.