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All funds with the exception of (AGD), (HERZ), and (TYG) are rolling quarterly NAV (RQNAV) funds. All funds with the exception of (HERZ) and (TYG) are from the Aberdeen family of funds.

(HERZ)

Herzfeld Credit Income Fund, Inc. Declares Year-End Distribution in Stock and Cash; Fund Updates

(TYG) - Distribution Increase From (TEAF) into (TYG)

Tortoise Capital Announces Increased Distributions for TYG Following Completion of Merger with TEAF

(IAF)

ABERDEEN INVESTMENTS U.S. CLOSED-END FUNDS ANNOUNCE DISTRIBUTION PAYMENT DETAILS

abrdn Australia Equity Fund (IAF) announces a $0.38 distribution. This is their first post-split (3:1) distribution. Prior to the split, their distribution was $0.12, post-split that distribution would be $0.36. With the announcement of the upcoming $0.38 distribution, that would be an increase of $0.02. (IAF) is a rolling quarterly distribution fund.

IFN

The India Fund (IFN) declares a $0.906 year-end distribution.

The year-end distribution is comprised 100% of 'Net Realized Long-Term Gains.'

Over the last four years, (IFN) has issued year-end distributions that bucked their 'Managed Distribution' plan three times in order to issue higher distributions in the face of a declining NAV (see chart below).

The added income will likely be a welcome sight to long-term shareholders of (IFN) after seeing years of declining NAV, but this unexpected surprise is not without its downsides.

First, all income to shareholders from realized gains are taxed 100%. Because the entirety of the distribution is from long-term gains, they will be taxed at the lower long-term rate of 0%, 10%, or 20% depending on your income and your filing status.

Secondly, this generous distribution will likely cause a spike in the fund's portfolio turnover rate.

'Portfolio Turnover' is a highly underrated statistic in my opinion.

Aside from the tax consequences associated with realizing gains from 'Portfolio Turnover,' unless your fund specializes in selling calls, a constant churning of assets within the portfolio removes the benefit of holding securities long-term. Here's a simple little illustration using Microsoft Corporation (MSFT).

Never mind the $84,172.07 in unrealized gains, just look at the income advantage, $674.95 to $71.67 annually. A 942% income advantage. Same company. Two completely different investments.

If a fund continuously has a high portfolio turnover, and that turnover consists primarily of long-term holdings, how long do you think a fund can maintain a high level of distributions when all their yield makers are almost gone? I'm not saying that is the case here, but generally speaking, I would like to see lower turnover.

Third, this current distribution will contribute to the already declining NAV which will likely cause lower distribution declarations next year. Without a change in the current distribution policy (or raising more capital), (IFN) will be setting an annual distribution rate at the beginning of the fiscal year based on a smaller NAV.

The Board of Directors (the "Board") of The India Fund, Inc. (the “Fund”) has authorized a managed distribution policy (“MDP”) of paying quarterly distributions at an annual rate, set once a year, that is a percentage of the average daily net asset value (“NAV”) for the previous three months as of the month-end prior to declaration.

Been Here Before

This is by no means a cause for immediate concern, but it is important to make the distinction that a strong payout is not indicative of strength. Understand that (IFN) has sold its winners in the midst of experiencing weakness, but all assets experience weakness from time to time. So, in the meantime, we'll just keep an eye on things.

(IFN) has found itself in this situation before and I'm sure it won't be the last.

BDC Scorecard

The BDC Scorecard is free to everyone who subscribes to this newsletter, which is also free. Click on the 'View content' button at the bottom of this page to be redirected to a .pdf download and enjoy.

BDCs that have reported this week for the period ending 09/30/25 since last Friday:

BDCs yet to report for the period ending 09/30/25:

The 'Divi-X' System High Yield Portfolio Performance

'Divi-X' and 'CEF Mastery' are two distinct and separate programs offered by 'The Dividend Times.' Both programs complement each other considerably well.

This portfolio was created solely for the purpose of this weekly update. It is real money. It is intended for informational purposes only. Similar results are not guaranteed.

Inception date: 07/19/23

Portfolio performance as of today @ 12:11 p.m. Distributions are 'Not' reinvested.

The 'Divi-X' high yield portfolio is an aggressive use of the 'Divi-X' system. There are more conservative uses of the 'Divi-X' system that can have a very satisfying result on your returns as demonstrated in the following video.

The 'Divi-X' System - Dividends on Steroids

The 'Divi-X' system utilizes leverage and can be considered very risky. Use at your own risk! The 'Dividend Times' makes no claim that using the 'Divi-X' system will outperform the market.

Not Financial Advice. Use at Your Own Risk!

See attached portfolio performance download at the bottom of this report. Click on 'View content' to be taken to the download page where you can also download the 'BDC Scorecard' as well.

Please feel free to reach out to me with any questions, comments, or concerns.

Have a wonderful weekend.

Lee

TheDividendTimes@outlook.com

803-659-1232

None of the information contained in this newsletter should be construed as financial advice.

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Subscribe @ 'CEF Mastery' Closed-End Fund Subscription (gumroad.com )

'Closed End Fund Mastery' is best viewed in Microsoft Excel (Excel 365 to use charts).

See 'Closed End Fund Mastery' in action. Video links below.

Closed End Fund Mastery 360 - Be Your Own Expert: https://youtu.be/pcbJpROhlSo

‘CEF Mastery’ Introduction – Be A High Yield Master: https://youtu.be/xR9ZmD0LxRM

‘CEF Mastery’ Quick Start 1 – Super Screener - https://youtu.be/-cABQvyVMwI

‘CEF Mastery’ Quick Start 2 – Fund Comparison - https://youtu.be/1GCrtriBQVY

"What Makes the 'Closed End Fund Mastery' Super Screener So Super?' - https://youtu.be/H1AM958Ie_w

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