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Doubletree Ranch Road Suite 100 Scottsdale AZ 85258 (800) 992-0180 Huey P. Falgout, Jr. 7337 E Doubletree Ranch Road Suite 100 Scottsdale AZ 85258 As soon as practicable after the effective date of this Registration Statement. false true false false false false false true 2023-06-28 false false false false false false true false true false false false <div style="line-height: 11.16pt; margin-top: 8.726pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 11.16pt; font-weight: bold; text-transform: uppercase;">Principal Risks</span></div><div style="line-height: 11.16pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Company:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> The price of a company’s stock could decline or underperform for many reasons</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> ,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> including, among others, poor </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">management, financial problems, reduced demand for </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">company</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">’s</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> goods or services, regulatory fines and judgments, or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">business challenges. If a company </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">is unable to meet its financial obligations,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> declares bankruptcy</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> or becomes insolvent, its </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">stock could become worthless.</span></div><div style="line-height: 11.16pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Covenant-Lite Loans:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Loans in which the Fund may invest or to which the Fund may gain exposure indirectly through its investments </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in collateralized debt obligations, CLOs or other types of structured securities may be considered </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">covenant-lite</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> loans. Covenant-lite </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">refers to loans which do not incorporate traditional performance-based financial maintenance covenants. Covenant-lite does </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">not refer to a loan’s seniority in a borrower’s capital structure nor to a lack of the benefit from a legal pledge of the borrower’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">assets and does not necessarily correlate to the overall credit quality of the borrower. Covenant-lite loans generally do not </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">include terms which allow a lender to take action based on a borrower’s performance relative to its covenants. Such actions </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may include the ability to renegotiate and/or re-set the credit spread on the loan with a borrower, and even to declare a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">default or force the borrower into bankruptcy restructuring if certain criteria are breached. Covenant-lite loans typically still </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">provide lenders with other covenants that restrict a borrower from incurring additional debt or engaging in certain actions. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Such covenants can only be breached by an affirmative action of the borrower, rather than by a deterioration in the borrower’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">financial condition. Accordingly, the Fund may have fewer rights against a borrower when it invests in, or has exposure to, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">covenant-lite loans and, accordingly, may have a greater risk of loss on such investments as compared to investments in, or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exposure to, loans with additional or more conventional covenants.</span></div><div style="line-height: 11.16pt; margin-top: 6.84pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Credit:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> The </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Fund could lose money</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> if the issuer</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> or guarantor of a debt instrument in which the Fund invests</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> , </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> or the</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> counterparty</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to a derivative contract the Fund entered into, is unable or unwilling</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">or is perceived</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> (</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> whether by market participants,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> rating </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">agencies,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> pricing services</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> , or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> otherwise)</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> as unable or unwilling,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> meet</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> its financial obligations</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> .</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Asset</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> -backed </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> (including </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">mortgage-backed)</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> securities that are not issued by U.S. government agencies may have a greater risk of default because </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">they are not guaranteed by either</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> the U.S. government </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">or</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> an agency or instrumentality of the U.S. government</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">. The credit </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">quality of typical asset-</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">backed securities depends primarily on the credit quality of the underlying assets and the structural </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">support (if any) provided to the securities.</span></div><div style="line-height: 11.16pt; margin-top: 6.84pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Credit Default Swaps:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> The Fund may enter into credit default swaps, either as a buyer or a seller of the swap. A buyer of a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">credit default swap is generally obligated to pay the seller an upfront or a periodic stream of payments over the term of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">contract until a credit event,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> such as a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> default</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> , on a reference obligation has occurred</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> . If </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> a credit event</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> occurs, the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> seller </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">generally must pay the buyer</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> “</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> par</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> value</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> ”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> (</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> full notional value)</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> of the swap </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> exchange for an equal face amount of deliverable </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">obligations of the reference entity described in the swap,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> or the seller may be required to deliver the related net cash amount </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">if the swap is cash settled</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">. As a seller of a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">credit default </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">swap, the Fund would effectively add leverage to its portfolio because, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in addition to its total net assets, the Fund would be subject to investment exposure on the full notional value of the swap. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Credit default swaps are particularly subject to counterparty, credit, valuation, liquidity</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> and leveraging risks and the risk that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the swap may not correlate with its </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">reference obligation</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> as expected. Certain standardized </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">credit default </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">swaps are subject </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to mandatory central clearing. Central clearing is expected to reduce counterparty credit risk and increase liquidity; however, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">there is no assurance that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">it</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> will achieve that result, and</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> in the meantime, central clearing and related requirements expose </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund to new kinds of costs and risks. In addition, credit default swaps expose the Fund to the risk of improper valuation.</span></div><div style="line-height: 11.16pt; margin-top: 6.84pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Credit Facility:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> The Fund has a policy of borrowing for cash management and liquidity purposes and for the purpose of investment. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund currently is a party to a credit facility with State Street Bank and Trust Company and The Bank of Nova Scotia that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">permits the Fund to borrow up to an aggregate amount of $75 million. There is no guarantee that the Fund will continue to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">be a party to a credit facility or a party to a credit facility upon similar terms and conditions as currently in place for the Fund. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">In such cases, the Fund may be limited in its ability to utilize leverage for investment purposes and this may negatively impact </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">performance. The lender under the credit facility has a security interest in all assets of the Fund. As of June 6, 2023 the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund had $14.7 million in outstanding borrowings under its credit facility.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span></div><div style="line-height: 10.974pt; margin-top: 6.940pt; text-align: justify;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0%;">Interest is payable on the amounts borrowed under the credit facility at a benchmark rate or the federal funds rate, plus a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">facility fee on unused commitments. Under the credit facility, the lender has the right to liquidate Fund assets in the event </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of default by the Fund, and the Fund may be prohibited from paying dividends in the event of a material adverse event or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">condition regarding the Fund, Investment Adviser, or Sub-Adviser until outstanding debts are paid or until the event or condition </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">is cured.</span></div><div style="line-height: 11.16pt; margin-top: 6.736pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Credit (Loans):</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Prices of the Fund’s investments are likely to fall if the actual or perceived financial health of the borrowers </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">on, or issuers of, such investments </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">deteriorate</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">, whether because of broad economic or issuer-specific reasons, or if the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">borrower or issuer is late (or defaults) in paying interest or principal. The Fund's investments in U.S. dollar-denominated floating </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">rate secured senior loans are expected to be rated below investment grade. Below investment</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> grade loans commonly known </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">as high-yielding, high risk investments or as </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">junk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> investments involve a greater risk that borrowers may not make timely </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">payment of the interest and principal due on their loans and are subject to greater levels of credit and liquidity risks. They </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">also involve a greater risk that the value of such loans could decline significantly. If borrowers do not make timely payments </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of the interest due on their loans, the yield on the Common Shares will decrease. If borrowers do not make timely payment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of the principal due on their loans, or if the value of such loans decreases, the net asset value will decrease.</span></div><div style="line-height: 11.16pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Currency:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> To the extent that the Fund invests directly or indirectly in foreign (non-U.S.) currencies or in securities denominated </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">currency being hedged by the Fund through foreign currency exchange transactions.</span></div><div style="line-height: 11.16pt; margin-top: 6.84pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Demand for Loans:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> An increase in demand for loans may benefit the Fund by providing increased liquidity for such loans and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">higher sales prices, but it may also adversely affect the rate of interest payable on such loans and the rights provided to the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund under the terms of the applicable loan agreement, and may increase the price of loans in the secondary market. A </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">decrease in the demand for loans may adversely affect the price of loans in the Fund’s portfolio, which could cause the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund’s net asset value to decline and reduce the liquidity of the Fund’s loan holdings.</span></div><div style="line-height: 11.16pt; margin-top: 6.84pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Derivative Instruments:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Derivative instruments are subject to a number of risks, including the risk of changes in the market </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">price of the underlying </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">asset</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">reference rate, or index </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">credit risk with respect to the counterparty, risk of loss due to changes </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in market interest rates</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> liquidity </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> risk, valuation risk,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> and volatility risk. The amounts required to purchase certain derivatives </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may be small relative to the magnitude of exposure assumed by the Fund. Therefore, the purchase of certain derivatives may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">have an economic leveraging effect on the Fund and exaggerate any increase or decrease in the net asset value. Derivatives </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging purposes, the change </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in value of a derivative may not correlate as expected with the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">asset</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">reference rate,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">index</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> being hedged. When used as </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">an alternative or substitute for direct cash investment, the return provided by the derivative may not provide the same return </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">as direct cash investment.</span></div><div style="line-height: 11.16pt; margin-top: 6.84pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Duration:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> One measure of risk for debt instruments is duration. Duration measures the sensitivity of a bond’s price to market </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">interest rate movements and is one of the tools used by a portfolio manager in selecting debt instruments. Duration </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">measures</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the average life of a bond on a present value basis </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">by incorporating into one measure</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> a bond’s yield, coupons, final maturity </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and call features</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">. As a point of reference, the duration of a non-callable 7% coupon bond with a remaining maturity of 5 years </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">is approximately 4.5 years and the duration of a non-callable 7% coupon bond with a remaining maturity of 10 years is approximately </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">8 years. Material changes in market interest rates may impact the duration calculation. For example, the price of a bond with </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">an average duration of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">5</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> years would be expected to fall approximately </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">5</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">% if market interest rates rose by </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">1%</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">. Conversely, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the price of a bond with an average duration of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">5</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> years would be expected to rise approximately </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">5</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">% if market interest rates </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">dropped by </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">1%</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">.</span></div><div style="line-height: 11.16pt; margin-top: 6.84pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Floating Rate Loans:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> In the event a borrower fails to pay scheduled interest or principal payments on a floating rate loan </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(which can include certain bank loans), the Fund will experience a reduction in its income and a decline in the market value </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of such </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">floating</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> rate loan.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> If a floating rate loan is held by the Fund through another financial institution, or the Fund relies </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">upon another financial institution to administer the loan, the receipt of scheduled interest or principal payments may be subject </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to the credit risk of such financial institution. Investors in floating rate loans may not be afforded the protections of the anti-fraud </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">provisions of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, because loans </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may not be considered </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> under such laws. Additionally, the value of collateral, if any, securing a floating rate loan </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">can decline or may be insufficient to meet the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">borrower</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">’s obligations under the loan</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">such collateral may be difficult to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">liquidate. No active trading market may exist for many floating rate loans and many floating rate loans are subject to restrictions </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">on resale. Transactions in loans typically settle on a delayed basis and may take longer than 7 days to settle. As a result, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund may not receive the proceeds from a sale of a floating rate loan for a significant period of time. Delay in the receipts </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of settlement proceeds may impair the ability of the Fund to meet its redemption obligations</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> and</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> limit the ability of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund to repay debt, pay dividends, or to take advantage of new investment opportunities.</span></div><div style="line-height: 11.16pt; margin-top: 6.84pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Foreign </span><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold;">(Non-U.S.)</span><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold;"> Investments:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">extreme changes in value than a fund that invests exclusively in securities of U.S. companies due</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> in part,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> to: smaller markets; </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">differing reporting, accounting, auditing</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> and financial reporting standards and practices; nationalization, expropriation, or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> political changes or diplomatic developments, which may include the imposition of economic sanctions or other measures </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">by the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">U.S.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> or other governments and supranational organizations. Markets and economies throughout the world are becoming </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">increasingly interconnected, and conditions or events in one market, country</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> or region may adversely impact investments or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issuers in another market, country</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> or region.</span></div><div style="line-height: 11.16pt; margin-top: 6.84pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">High-Yield Securities:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Lower</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> -</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> quality securities (including securities that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> are or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> have fallen below investment</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> grade and are </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">classified as </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">junk bonds</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">high</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">-</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">yield securities</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">) have greater credit risk and liquidity risk than higher</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">-</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">quality (investment</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">grade) securities, and their issuers' long-term ability to make payments is considered speculative. Prices of lower</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">-</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">quality bonds </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">or other debt instruments are also more volatile, are more sensitive to negative news about the economy or the issuer, and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">have greater liquidity </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and price volatility</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">.</span></div><div style="line-height: 11.16pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Interest in Loans:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> The value and the income streams of interests in loans (including participation interests in lease financings </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and assignments in secured variable or floating rate loans) will decline if borrowers delay payments or fail to pay altogether. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">A significant rise in market interest rates could increase this risk. Although loans may be fully collateralized when purchased, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">such collateral may become illiquid or decline in value.</span></div><div style="line-height: 11.16pt; margin-top: 6.84pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Interest Rate:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Changes in short-term market interest rates will directly affect the yield on Common Shares. If short-term </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">market interest rates fall, the yield on Common Shares will also fall. To the extent that the interest rate spreads on loans in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund’s portfolio experience a general decline, the yield on the Common Shares will fall and the value of the Fund’s assets </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may decrease, which will cause the Fund’s net asset value to decrease. Conversely, when short-term market interest rates </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">rise, because of the lag between changes in such short-term rates and the resetting of the floating rates on assets in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund’s portfolio, the impact of rising rates will be delayed to the extent of such lag. In the case of inverse securities, the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">interest rate paid by such securities generally will decrease when the market rate of interest to which the inverse security is </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">indexed increases. With respect to investments in fixed rate instruments, a rise in market interest rates generally causes </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">values of such instruments to fall. The values of fixed rate instruments with longer maturities or duration are more sensitive </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to changes in market interest rates.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span></div><div style="line-height: 10.974pt; margin-top: 6.940pt; text-align: justify;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0%;">As of the date of this Prospectus, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the United States </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">has been experiencing a rising market interest rate environment</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">, which </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may increase the Fund’s exposure to risks associated with rising market interest rates. Rising market interest rates could </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">have unpredictable effects on the markets and may expose </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">debt</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> and related markets to heightened volatility, which could </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">reduce liquidity for certain investments, adversely affect values, and increase costs. If dealer capacity in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">debt</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> and related </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">debt</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> and related </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">markets. Further, recent and potential changes in government policy may affect interest rates.</span></div><div style="line-height: 11.16pt; margin-top: 6.726pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Interest Rate for Floating Rate Loans:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Changes in short-term market interest rates will directly affect the yield on investments </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in floating rate loans. If short-term market interest rates fall, the yield on the Fund’s shares will also fall. To the extent that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the interest rate spreads on loans in the Fund’s portfolio experience a general decline, the yield on the Fund’s shares will </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">fall and the value of the Fund’s assets may decrease, which will cause the Fund’s net asset value to decrease. Conversely, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">when short-term market interest rates rise, because of the lag between changes in such short-term rates and the resetting </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of the floating rates on assets in the Fund’s portfolio, the impact of rising rates will be delayed to the extent of such lag. The </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">impact of market interest rate changes on the Fund’s yield will also be affected by whether, and the extent to which, the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">floating rate loans in the Fund’s portfolio are subject to floors on the LIBOR or secured overnight funding rate (</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">SOFR</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">) base </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">rate on which interest is calculated for such loans (a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">benchmark floor</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">). So long as the base rate for a loan remains under </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the applicable benchmark floor, changes in short-term market interest rates will not affect the yield on such loans. In addition, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to the extent that changes in market interest rates are reflected not in a change to a base rate such as LIBOR or SOFR but </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in a change in the spread over the base rate which is payable on the floating rate loans of the type and quality in which the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund invests, the Fund’s net asset value could also be adversely affected. With respect to investments in fixed rate instruments, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">a rise in market interest rates generally causes values of such instruments to fall. The values of fixed rate instruments with </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">longer maturities or duration are more sensitive to changes in market interest rates. As of the date of this Prospectus, the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">U.S has been experiencing a rising market interest rate environment, which may increase the Fund’s exposure to risks associated </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">with rising market interest rates. Rising market interest rates have unpredictable effects on the markets and may expose </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">debt and related markets to heightened volatility, which could reduce liquidity for certain investments, adversely affect values, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and increase costs. Increased redemptions may cause the Fund to liquidate portfolio positions when it may not be advantageous </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to do so and may lower returns. If dealer capacity in debt and related markets is insufficient for market conditions, it may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">further inhibit liquidity and increase volatility in the debt and related markets. Further, recent and potential future changes in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">government policy may affect interest rates.</span></div><div style="line-height: 11.16pt; margin-top: 6.84pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold;">London Inter-Bank Offered Rate</span><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold;">:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> The obligations of the parties under many financial arrangements, such as debt instruments </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(including senior loans) and derivatives, may be determined based</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> in whole or in part</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> on the London Inter-Bank Offered Rate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">LIBOR</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">). In 2017, the UK Financial Conduct Authority announced its intention to cease compelling banks to provide the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in the establishment of alternative reference rates to LIBOR in many major currencies, including for example, the Secured </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Overnight Funding Rate (</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">SOFR</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">) for U.S. dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">collateralized by U.S. Treasury securities in the repurchase agreement </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">market. SOFR is published in various forms</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> including </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">as a daily, compounded</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> and forward-looking term rate. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The discontinuance</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> of LIBOR and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">adoption/implementation of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">alternative rates pose a number of risks, including, among others, whether any substitute rate will experience the market </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">participation and liquidity necessary to provide a workable substitute for LIBOR; the effect on parties’ existing contractual </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">arrangements, hedging transactions, and investment strategies generally from a conversion from LIBOR to alternative rates; </span></div><div style="line-height: 11.16pt; text-align: justify;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0%;">the effect on the Fund’s existing investments, including the possibility that some of those investments may terminate or their </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">terms may be adjusted to the disadvantage of the Fund; and the risk of general market disruption during the transition period. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Markets relying on </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">alternative</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> rates are developing slowly</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> and may offer limited liquidity. The general unavailability of LIBOR </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and the transition away from LIBOR to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">alternative</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> rates could have a substantial adverse impact on the performance of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund.</span></div><div style="line-height: 11.16pt; margin-top: 6.84pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Leverage:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> The use of leverage through borrowings or the issuance of Preferred Shares can adversely affect the yield on the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Common Shares. To the extent that the Fund is unable to invest the proceeds from the use of leverage in assets which pay </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">interest at a rate which exceeds the rate paid on the leverage, the yield on the Common Shares will decrease. In addition, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in the event of a general market decline in the value of assets such as those in which the Fund invests, the effect of that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">decline will be magnified in the Fund because of the additional assets purchased with the proceeds of the leverage. Further, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">because the fee paid to the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Investment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Adviser will be calculated on the basis of Managed Assets, the fee will be higher when </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">leverage is utilized, giving the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Investment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Adviser an incentive to utilize leverage. The Fund is subject to certain restrictions </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">imposed by lenders to the Fund and may be subject to certain restrictions imposed by guidelines of one or more rating agencies </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">which may issue ratings for debt or the Preferred Shares issued by the Fund. These restrictions are expected to impose asset </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">coverage, fund composition requirements and limits on investment techniques, such as the use of financial derivative products </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">that are more stringent than those imposed on the Fund by the 1940 Act. These restrictions could impede the manager from </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">fully managing the Fund’s portfolio in accordance with the Fund’s investment objective and policies. As of June 6, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">2023</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund had $</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">14.7</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> million in outstanding borrowings under its credit facility.</span></div><div style="line-height: 11.16pt; margin-top: 6.84pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Limited Liquidity For Investors:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> The Fund does not repurchase its shares on a daily basis and no market for the Common </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Shares is expected to exist. To provide a measure of liquidity, the Fund will normally make monthly repurchase offers for not </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">less than 5% of its outstanding Common Shares. If more than 5% of Common Shares are tendered, investors may not be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">able to completely liquidate their holdings in any one month. Shareholders also will not have liquidity between these monthly </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">repurchase dates.</span></div><div style="line-height: 11.16pt; margin-top: 6.84pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Limited Secondary Market for Loans:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Because of the limited secondary market for loans, the Fund may be limited in its </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">ability to sell loans in its portfolio in a timely fashion and/or at a favorable price. Transactions in loans typically settle on a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">delayed basis and typically take longer than 7 days to settle. As a result the Fund may not receive the proceeds from a sale </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of a floating rate loan for a significant period of time. Delay in the receipts of settlement proceeds may impair the ability of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund to meet its repurchase obligations and may increase the amounts the Fund may be required to borrow. It may also </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">limit the ability of the Fund to repay debt, pay dividends, or to take advantage of new investment opportunities.</span></div><div style="line-height: 11.16pt; margin-top: 6.84pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Liquidity:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> If a security is illiquid, the Fund might be unable to sell the security at a time when the Fund’s manager might wish </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to sell, or at all. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exposing the Fund to the risk that the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">prices</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> at which it sells illiquid securities will be less than the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">prices</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> at which they were </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">valued when held by the Fund</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">, which could cause the Fund to lose money</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">. The prices of illiquid securities may be more volatile </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">than more liquid </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> and the</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> risks associated with illiquid securities may be greater in times of financial stress.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span></div><div style="line-height: 11.16pt; margin-top: 6.84pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Market:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> The market values of securities will fluctuate</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> , </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> sometimes sharply and unpredictably</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> , </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> based on overall </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> economic conditions, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">governmental actions or intervention</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">market disruptions caused</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> by trade disputes or other factors</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> , </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> political developments,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and other factors</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Prices of equity securities tend to rise </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">fall more dramatically than those of debt instruments</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">. Additionally, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">legislative, regulatory</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> or tax policies or developments </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may adversely impact the investment techniques available to a manager, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">add to costs and impair the ability of the Fund to achieve its investment objectives.</span></div><div style="line-height: 11.16pt; margin-top: 6.84pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Market Disruption and Geopolitical:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> The Fund is subject to the risk that geopolitical events will disrupt securities markets </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and adversely affect global economies and markets. Due to the increasing interdependence among global economies and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in other countries, including the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">United States</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Wars, terrorism, global health crises and pandemics, and other geopolitical </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">events </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">have led, and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may continue to</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> lead, to increased market volatility and may have adverse short- or long-term effects </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">on U.S.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">global</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> economies and markets</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> generally. For example, the COVID-19 pandemic has resulted, and may continue </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to result, in significant market volatility, exchange </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">suspensions and closures, declines in global financial markets, higher </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">default rates, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">supply chain disruptions,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> and a substantial economic downturn in economies throughout the world. Natural and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">military action by Russia in Ukraine </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">has,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> and may continue to,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> adversely affect global energy and financial markets and therefore </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">could affect the value of the Fund’s investments, including beyond the Fund’s direct exposure to Russian issuers or nearby </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">geographic regions. The extent and duration of the military action, sanctions</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> and resulting market disruptions are impossible </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to predict and could be substantial. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">A number of U.S. domestic banks and foreign (non-U.S.) banks have recently experienced </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.)</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span></div><div style="line-height: 11.16pt; text-align: justify;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0%;">economies generally will be successful. It is possible that more banks or other financial institutions will experience financial </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">events as well as other changes in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">foreign (</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">non-U.S.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">)</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> and domestic economic, social, and political conditions also could adversely </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and other factors affecting the value of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">’</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">s investments</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">. Any of these occurrences could disrupt the operations of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund and of the Fund’s service providers.</span></div><div style="line-height: 11.16pt; margin-top: 6.84pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Foreign (</span><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold;">Non-U.S.</span><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold;">)</span><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold;"> and Non-Canadian Issuers:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Investment in foreign </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> (non-U.S.)</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> borrowers involves special risks, including </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">that foreign </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(non-U.S.)</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> borrowers may be subject to: less rigorous regulatory, accounting, and reporting requirements than </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">U.S. borrowers; differing legal systems and laws relating to creditors’ rights; the potential inability to enforce legal judgments; </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">economic adversity that would result if the value of the borrower’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">foreign (</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">non-U.S.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">)</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> dollar denominated revenues and assets </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">were to fall because of fluctuations in currency values; and the potential for political, social, and economic adversity in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">foreign </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(non-U.S.)</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> borrower’s country.</span></div><div style="line-height: 11.16pt; margin-top: 6.84pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Other Investment Companies:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> The main risk of investing in other investment companies, including </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> ETFs</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> , is the risk that the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">value of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">an investment company</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">’s underlying investments</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> might decrease. Shares of investment companies that are listed </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">on an exchange may trade at a discount or premium from their net asset value. You will pay a proportionate share of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">expenses of those other investment companies (including management fees, administration fees, and custodial fees) in addition </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund’</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">s expenses</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">. The investment policies of the other investment companies may not be the same as those of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund; as a result, an investment in the other investment companies may be subject to additional or different risks than those </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to which the Fund is typically subject.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> In addition, shares of ETFs may trade at a premium or discount to net asset value and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">are subject to secondary market trading risks. Secondary markets may be subject to irregular trading activity, wide bid/ask </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">spreads, and extended trade settlement periods in times of market stress because market makers and authorized participants </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may step away from making a market in an ETF’s shares, which could cause a material decline in the ETF’s net asset value.</span></div><div style="line-height: 11.16pt; margin-top: 6.84pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Prepayment and Extension:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Many types of debt instruments are subject to prepayment and extension risk. Prepayment risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">is the risk that the issuer of a debt instrument will pay back the principal earlier than expected. This </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">risk is heightened in a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">falling market interest rate environment</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">. Prepayment may expose the Fund to a lower rate of return upon reinvestment of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">principal. Also, if a debt instrument subject to prepayment has been purchased at a premium, the value of the premium would </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">be lost in the event of prepayment. Extension risk is the risk that the issuer of a debt instrument will pay back the principal </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">later than expected. This </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">risk is heightened in a rising market interest rate environment</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">. This may negatively affect performance, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">as the value of the debt instrument decreases when principal payments are made later than expected. Additionally, the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may be prevented from investing proceeds it would have received at a given time at the higher prevailing interest rates.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Loans </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">typically have a 6-12 month call protection and may be prepaid partially or in full after the call protection period without penalty.</span></div><div style="line-height: 11.16pt; margin-top: 6.84pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Securities Lending:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Securities lending involves two primary risks: </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> “</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> investment risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> ”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> “</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> borrower default risk.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> ”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> When lending </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities, the Fund will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund will lose money due to the failure of a borrower to return a borrowed security. Securities lending may result in leverage. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The use of leverage may exaggerate any increase or decrease in the net asset value, causing the Fund to be more volatile. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The use of leverage may increase expenses and increase the impact of the Fund’s other risks.</span></div><div style="line-height: 11.16pt; margin-top: 6.84pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Special Situations:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> A </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> “</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> special situation</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> ”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> arises when, in a manager’s opinion, securities of a particular company will appreciate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in value within a reasonable period because of unique circumstances applicable to the company. Special situations investments </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">often involve much greater risk than is inherent in ordinary investments. Investments in special situation companies may not </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">appreciate and the Fund’s performance could suffer if an anticipated development does not occur or does not produce the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">anticipated result.</span></div><div style="line-height: 11.16pt; margin-top: 6.84pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Temporary Defensive Positions:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> When market conditions make it advisable, the Fund may hold a portion of its assets in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">cash and short-term interest bearing instruments. Moreover, in periods when, in the opinion of the manager, a temporary </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">defensive position is appropriate, up to 100% of the Fund’s assets may be held in cash, short-term interest bearing instruments </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and/or any other securities the manager considers consistent with a temporary defensive position. The Fund may not achieve </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">its investment objective when pursuing a temporary defensive position.</span></div><div style="line-height: 11.16pt; margin-top: 6.84pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Valuation of Loans:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> The Fund values its assets </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> every day the New York Stock Exchange is open for regular trading</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> . However, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">because the secondary market for floating rate loans is limited, it may be difficult to value loans, exposing the Fund to the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">risk that the price at which it sells loans will be less than the price at which they were valued when held by the Fund. Reliable </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">market value quotations may not be readily available for some loans</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> and determining the fair valuation of such loans may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">require more research than for securities that trade in a more active secondary market. In addition, elements of judgment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may play a greater role in the valuation of loans than for more securities that trade in a more developed secondary market </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">because there is less reliable, objective market value data available. If the Fund purchases a relatively large portion of a </span></div><div style="line-height: 11.16pt; text-align: justify;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0%;">loan, the limitations of the secondary market may inhibit the Fund from selling a portion of the loan and reducing its exposure </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to a borrower when the manager deems it advisable to do so. Even if the Fund itself does not own a relatively large portion </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of a particular loan, the Fund, in combination with other similar accounts under management by the same portfolio managers, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may own large portions of loans. The aggregate amount of holdings could create similar risks if and when the portfolio managers </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">decide to sell those loans. These risks could include, for example, the risk that the sale of an initial portion of the loan could </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">be at a price lower than the price at which the loan was valued by the Fund, the risk that the initial sale could adversely impact </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the price at which additional portions of the loan are sold, and the risk that the foregoing events could warrant a reduced </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">valuation being assigned to the remaining portion of the loan still owned by the Fund.</span></div> <div style="line-height: 11.16pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Company:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> The price of a company’s stock could decline or underperform for many reasons</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> ,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> including, among others, poor </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">management, financial problems, reduced demand for </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">company</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">’s</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> goods or services, regulatory fines and judgments, or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">business challenges. If a company </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">is unable to meet its financial obligations,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> declares bankruptcy</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> or becomes insolvent, its </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">stock could become worthless.</span></div> <div style="line-height: 11.16pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Covenant-Lite Loans:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Loans in which the Fund may invest or to which the Fund may gain exposure indirectly through its investments </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in collateralized debt obligations, CLOs or other types of structured securities may be considered </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">covenant-lite</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> loans. Covenant-lite </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">refers to loans which do not incorporate traditional performance-based financial maintenance covenants. Covenant-lite does </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">not refer to a loan’s seniority in a borrower’s capital structure nor to a lack of the benefit from a legal pledge of the borrower’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">assets and does not necessarily correlate to the overall credit quality of the borrower. Covenant-lite loans generally do not </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">include terms which allow a lender to take action based on a borrower’s performance relative to its covenants. Such actions </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may include the ability to renegotiate and/or re-set the credit spread on the loan with a borrower, and even to declare a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">default or force the borrower into bankruptcy restructuring if certain criteria are breached. Covenant-lite loans typically still </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">provide lenders with other covenants that restrict a borrower from incurring additional debt or engaging in certain actions. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Such covenants can only be breached by an affirmative action of the borrower, rather than by a deterioration in the borrower’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">financial condition. Accordingly, the Fund may have fewer rights against a borrower when it invests in, or has exposure to, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">covenant-lite loans and, accordingly, may have a greater risk of loss on such investments as compared to investments in, or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exposure to, loans with additional or more conventional covenants.</span></div> <div style="line-height: 11.16pt; margin-top: 6.84pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Credit:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> The </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Fund could lose money</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> if the issuer</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> or guarantor of a debt instrument in which the Fund invests</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> , </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> or the</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> counterparty</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to a derivative contract the Fund entered into, is unable or unwilling</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">or is perceived</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> (</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> whether by market participants,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> rating </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">agencies,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> pricing services</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> , or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> otherwise)</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> as unable or unwilling,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> meet</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> its financial obligations</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> .</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Asset</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> -backed </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> (including </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">mortgage-backed)</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> securities that are not issued by U.S. government agencies may have a greater risk of default because </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">they are not guaranteed by either</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> the U.S. government </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">or</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> an agency or instrumentality of the U.S. government</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">. The credit </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">quality of typical asset-</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">backed securities depends primarily on the credit quality of the underlying assets and the structural </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">support (if any) provided to the securities.</span></div> <div style="line-height: 11.16pt; margin-top: 6.84pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Credit Default Swaps:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> The Fund may enter into credit default swaps, either as a buyer or a seller of the swap. A buyer of a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">credit default swap is generally obligated to pay the seller an upfront or a periodic stream of payments over the term of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">contract until a credit event,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> such as a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> default</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> , on a reference obligation has occurred</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> . If </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> a credit event</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> occurs, the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> seller </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">generally must pay the buyer</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> “</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> par</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> value</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> ”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> (</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> full notional value)</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> of the swap </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> exchange for an equal face amount of deliverable </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">obligations of the reference entity described in the swap,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> or the seller may be required to deliver the related net cash amount </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">if the swap is cash settled</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">. As a seller of a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">credit default </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">swap, the Fund would effectively add leverage to its portfolio because, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in addition to its total net assets, the Fund would be subject to investment exposure on the full notional value of the swap. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Credit default swaps are particularly subject to counterparty, credit, valuation, liquidity</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> and leveraging risks and the risk that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the swap may not correlate with its </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">reference obligation</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> as expected. Certain standardized </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">credit default </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">swaps are subject </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to mandatory central clearing. Central clearing is expected to reduce counterparty credit risk and increase liquidity; however, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">there is no assurance that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">it</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> will achieve that result, and</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> in the meantime, central clearing and related requirements expose </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund to new kinds of costs and risks. In addition, credit default swaps expose the Fund to the risk of improper valuation.</span></div> <div style="line-height: 11.16pt; margin-top: 6.84pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Credit Facility:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> The Fund has a policy of borrowing for cash management and liquidity purposes and for the purpose of investment. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund currently is a party to a credit facility with State Street Bank and Trust Company and The Bank of Nova Scotia that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">permits the Fund to borrow up to an aggregate amount of $75 million. There is no guarantee that the Fund will continue to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">be a party to a credit facility or a party to a credit facility upon similar terms and conditions as currently in place for the Fund. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">In such cases, the Fund may be limited in its ability to utilize leverage for investment purposes and this may negatively impact </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">performance. The lender under the credit facility has a security interest in all assets of the Fund. As of June 6, 2023 the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund had $14.7 million in outstanding borrowings under its credit facility.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span></div><div style="line-height: 10.974pt; margin-top: 6.940pt; text-align: justify;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0%;">Interest is payable on the amounts borrowed under the credit facility at a benchmark rate or the federal funds rate, plus a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">facility fee on unused commitments. Under the credit facility, the lender has the right to liquidate Fund assets in the event </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of default by the Fund, and the Fund may be prohibited from paying dividends in the event of a material adverse event or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">condition regarding the Fund, Investment Adviser, or Sub-Adviser until outstanding debts are paid or until the event or condition </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">is cured.</span></div> <div style="line-height: 11.16pt; margin-top: 6.736pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Credit (Loans):</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Prices of the Fund’s investments are likely to fall if the actual or perceived financial health of the borrowers </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">on, or issuers of, such investments </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">deteriorate</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">, whether because of broad economic or issuer-specific reasons, or if the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">borrower or issuer is late (or defaults) in paying interest or principal. The Fund's investments in U.S. dollar-denominated floating </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">rate secured senior loans are expected to be rated below investment grade. Below investment</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> grade loans commonly known </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">as high-yielding, high risk investments or as </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">junk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> investments involve a greater risk that borrowers may not make timely </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">payment of the interest and principal due on their loans and are subject to greater levels of credit and liquidity risks. They </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">also involve a greater risk that the value of such loans could decline significantly. If borrowers do not make timely payments </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of the interest due on their loans, the yield on the Common Shares will decrease. If borrowers do not make timely payment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of the principal due on their loans, or if the value of such loans decreases, the net asset value will decrease.</span></div> <div style="line-height: 11.16pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Currency:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> To the extent that the Fund invests directly or indirectly in foreign (non-U.S.) currencies or in securities denominated </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">currency being hedged by the Fund through foreign currency exchange transactions.</span></div> <div style="line-height: 11.16pt; margin-top: 6.84pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Demand for Loans:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> An increase in demand for loans may benefit the Fund by providing increased liquidity for such loans and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">higher sales prices, but it may also adversely affect the rate of interest payable on such loans and the rights provided to the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund under the terms of the applicable loan agreement, and may increase the price of loans in the secondary market. A </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">decrease in the demand for loans may adversely affect the price of loans in the Fund’s portfolio, which could cause the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund’s net asset value to decline and reduce the liquidity of the Fund’s loan holdings.</span></div> <div style="line-height: 11.16pt; margin-top: 6.84pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Derivative Instruments:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Derivative instruments are subject to a number of risks, including the risk of changes in the market </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">price of the underlying </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">asset</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">reference rate, or index </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">credit risk with respect to the counterparty, risk of loss due to changes </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in market interest rates</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> liquidity </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> risk, valuation risk,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> and volatility risk. The amounts required to purchase certain derivatives </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may be small relative to the magnitude of exposure assumed by the Fund. Therefore, the purchase of certain derivatives may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">have an economic leveraging effect on the Fund and exaggerate any increase or decrease in the net asset value. Derivatives </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging purposes, the change </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in value of a derivative may not correlate as expected with the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">asset</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">reference rate,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">index</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> being hedged. When used as </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">an alternative or substitute for direct cash investment, the return provided by the derivative may not provide the same return </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">as direct cash investment.</span></div> <div style="line-height: 11.16pt; margin-top: 6.84pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Duration:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> One measure of risk for debt instruments is duration. Duration measures the sensitivity of a bond’s price to market </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">interest rate movements and is one of the tools used by a portfolio manager in selecting debt instruments. Duration </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">measures</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the average life of a bond on a present value basis </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">by incorporating into one measure</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> a bond’s yield, coupons, final maturity </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and call features</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">. As a point of reference, the duration of a non-callable 7% coupon bond with a remaining maturity of 5 years </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">is approximately 4.5 years and the duration of a non-callable 7% coupon bond with a remaining maturity of 10 years is approximately </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">8 years. Material changes in market interest rates may impact the duration calculation. For example, the price of a bond with </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">an average duration of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">5</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> years would be expected to fall approximately </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">5</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">% if market interest rates rose by </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">1%</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">. Conversely, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the price of a bond with an average duration of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">5</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> years would be expected to rise approximately </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">5</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">% if market interest rates </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">dropped by </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">1%</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">.</span></div> <div style="line-height: 11.16pt; margin-top: 6.84pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Floating Rate Loans:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> In the event a borrower fails to pay scheduled interest or principal payments on a floating rate loan </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(which can include certain bank loans), the Fund will experience a reduction in its income and a decline in the market value </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of such </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">floating</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> rate loan.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> If a floating rate loan is held by the Fund through another financial institution, or the Fund relies </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">upon another financial institution to administer the loan, the receipt of scheduled interest or principal payments may be subject </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to the credit risk of such financial institution. Investors in floating rate loans may not be afforded the protections of the anti-fraud </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">provisions of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, because loans </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may not be considered </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> under such laws. Additionally, the value of collateral, if any, securing a floating rate loan </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">can decline or may be insufficient to meet the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">borrower</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">’s obligations under the loan</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">such collateral may be difficult to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">liquidate. No active trading market may exist for many floating rate loans and many floating rate loans are subject to restrictions </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">on resale. Transactions in loans typically settle on a delayed basis and may take longer than 7 days to settle. As a result, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund may not receive the proceeds from a sale of a floating rate loan for a significant period of time. Delay in the receipts </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of settlement proceeds may impair the ability of the Fund to meet its redemption obligations</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> and</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> limit the ability of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund to repay debt, pay dividends, or to take advantage of new investment opportunities.</span></div> <div style="line-height: 11.16pt; margin-top: 6.84pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Foreign </span><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold;">(Non-U.S.)</span><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold;"> Investments:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">extreme changes in value than a fund that invests exclusively in securities of U.S. companies due</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> in part,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> to: smaller markets; </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">differing reporting, accounting, auditing</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> and financial reporting standards and practices; nationalization, expropriation, or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> political changes or diplomatic developments, which may include the imposition of economic sanctions or other measures </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">by the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">U.S.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> or other governments and supranational organizations. Markets and economies throughout the world are becoming </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">increasingly interconnected, and conditions or events in one market, country</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> or region may adversely impact investments or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issuers in another market, country</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> or region.</span></div> <div style="line-height: 11.16pt; margin-top: 6.84pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">High-Yield Securities:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Lower</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> -</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> quality securities (including securities that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> are or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> have fallen below investment</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> grade and are </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">classified as </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">junk bonds</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">high</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">-</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">yield securities</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">) have greater credit risk and liquidity risk than higher</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">-</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">quality (investment</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">grade) securities, and their issuers' long-term ability to make payments is considered speculative. Prices of lower</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">-</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">quality bonds </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">or other debt instruments are also more volatile, are more sensitive to negative news about the economy or the issuer, and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">have greater liquidity </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and price volatility</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">.</span></div> <div style="line-height: 11.16pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Interest in Loans:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> The value and the income streams of interests in loans (including participation interests in lease financings </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and assignments in secured variable or floating rate loans) will decline if borrowers delay payments or fail to pay altogether. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">A significant rise in market interest rates could increase this risk. Although loans may be fully collateralized when purchased, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">such collateral may become illiquid or decline in value.</span></div> <div style="line-height: 11.16pt; margin-top: 6.84pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Interest Rate:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Changes in short-term market interest rates will directly affect the yield on Common Shares. If short-term </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">market interest rates fall, the yield on Common Shares will also fall. To the extent that the interest rate spreads on loans in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund’s portfolio experience a general decline, the yield on the Common Shares will fall and the value of the Fund’s assets </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may decrease, which will cause the Fund’s net asset value to decrease. Conversely, when short-term market interest rates </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">rise, because of the lag between changes in such short-term rates and the resetting of the floating rates on assets in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund’s portfolio, the impact of rising rates will be delayed to the extent of such lag. In the case of inverse securities, the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">interest rate paid by such securities generally will decrease when the market rate of interest to which the inverse security is </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">indexed increases. With respect to investments in fixed rate instruments, a rise in market interest rates generally causes </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">values of such instruments to fall. The values of fixed rate instruments with longer maturities or duration are more sensitive </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to changes in market interest rates.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span></div><div style="line-height: 10.974pt; margin-top: 6.940pt; text-align: justify;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0%;">As of the date of this Prospectus, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the United States </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">has been experiencing a rising market interest rate environment</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">, which </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may increase the Fund’s exposure to risks associated with rising market interest rates. Rising market interest rates could </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">have unpredictable effects on the markets and may expose </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">debt</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> and related markets to heightened volatility, which could </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">reduce liquidity for certain investments, adversely affect values, and increase costs. If dealer capacity in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">debt</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> and related </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">debt</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> and related </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">markets. Further, recent and potential changes in government policy may affect interest rates.</span></div> <div style="line-height: 11.16pt; margin-top: 6.726pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Interest Rate for Floating Rate Loans:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Changes in short-term market interest rates will directly affect the yield on investments </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in floating rate loans. If short-term market interest rates fall, the yield on the Fund’s shares will also fall. To the extent that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the interest rate spreads on loans in the Fund’s portfolio experience a general decline, the yield on the Fund’s shares will </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">fall and the value of the Fund’s assets may decrease, which will cause the Fund’s net asset value to decrease. Conversely, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">when short-term market interest rates rise, because of the lag between changes in such short-term rates and the resetting </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of the floating rates on assets in the Fund’s portfolio, the impact of rising rates will be delayed to the extent of such lag. The </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">impact of market interest rate changes on the Fund’s yield will also be affected by whether, and the extent to which, the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">floating rate loans in the Fund’s portfolio are subject to floors on the LIBOR or secured overnight funding rate (</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">SOFR</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">) base </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">rate on which interest is calculated for such loans (a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">benchmark floor</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">). So long as the base rate for a loan remains under </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the applicable benchmark floor, changes in short-term market interest rates will not affect the yield on such loans. In addition, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to the extent that changes in market interest rates are reflected not in a change to a base rate such as LIBOR or SOFR but </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in a change in the spread over the base rate which is payable on the floating rate loans of the type and quality in which the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund invests, the Fund’s net asset value could also be adversely affected. With respect to investments in fixed rate instruments, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">a rise in market interest rates generally causes values of such instruments to fall. The values of fixed rate instruments with </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">longer maturities or duration are more sensitive to changes in market interest rates. As of the date of this Prospectus, the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">U.S has been experiencing a rising market interest rate environment, which may increase the Fund’s exposure to risks associated </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">with rising market interest rates. Rising market interest rates have unpredictable effects on the markets and may expose </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">debt and related markets to heightened volatility, which could reduce liquidity for certain investments, adversely affect values, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and increase costs. Increased redemptions may cause the Fund to liquidate portfolio positions when it may not be advantageous </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to do so and may lower returns. If dealer capacity in debt and related markets is insufficient for market conditions, it may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">further inhibit liquidity and increase volatility in the debt and related markets. Further, recent and potential future changes in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">government policy may affect interest rates.</span></div> <div style="line-height: 11.16pt; margin-top: 6.84pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold;">London Inter-Bank Offered Rate</span><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold;">:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> The obligations of the parties under many financial arrangements, such as debt instruments </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(including senior loans) and derivatives, may be determined based</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> in whole or in part</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> on the London Inter-Bank Offered Rate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">LIBOR</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">). In 2017, the UK Financial Conduct Authority announced its intention to cease compelling banks to provide the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in the establishment of alternative reference rates to LIBOR in many major currencies, including for example, the Secured </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Overnight Funding Rate (</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">SOFR</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">) for U.S. dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">collateralized by U.S. Treasury securities in the repurchase agreement </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">market. SOFR is published in various forms</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> including </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">as a daily, compounded</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> and forward-looking term rate. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The discontinuance</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> of LIBOR and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">adoption/implementation of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">alternative rates pose a number of risks, including, among others, whether any substitute rate will experience the market </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">participation and liquidity necessary to provide a workable substitute for LIBOR; the effect on parties’ existing contractual </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">arrangements, hedging transactions, and investment strategies generally from a conversion from LIBOR to alternative rates; </span></div><div style="line-height: 11.16pt; text-align: justify;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0%;">the effect on the Fund’s existing investments, including the possibility that some of those investments may terminate or their </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">terms may be adjusted to the disadvantage of the Fund; and the risk of general market disruption during the transition period. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Markets relying on </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">alternative</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> rates are developing slowly</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> and may offer limited liquidity. The general unavailability of LIBOR </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and the transition away from LIBOR to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">alternative</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> rates could have a substantial adverse impact on the performance of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund.</span></div> <div style="line-height: 11.16pt; margin-top: 6.84pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Leverage:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> The use of leverage through borrowings or the issuance of Preferred Shares can adversely affect the yield on the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Common Shares. To the extent that the Fund is unable to invest the proceeds from the use of leverage in assets which pay </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">interest at a rate which exceeds the rate paid on the leverage, the yield on the Common Shares will decrease. In addition, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in the event of a general market decline in the value of assets such as those in which the Fund invests, the effect of that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">decline will be magnified in the Fund because of the additional assets purchased with the proceeds of the leverage. Further, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">because the fee paid to the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Investment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Adviser will be calculated on the basis of Managed Assets, the fee will be higher when </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">leverage is utilized, giving the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Investment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Adviser an incentive to utilize leverage. The Fund is subject to certain restrictions </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">imposed by lenders to the Fund and may be subject to certain restrictions imposed by guidelines of one or more rating agencies </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">which may issue ratings for debt or the Preferred Shares issued by the Fund. These restrictions are expected to impose asset </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">coverage, fund composition requirements and limits on investment techniques, such as the use of financial derivative products </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">that are more stringent than those imposed on the Fund by the 1940 Act. These restrictions could impede the manager from </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">fully managing the Fund’s portfolio in accordance with the Fund’s investment objective and policies. As of June 6, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">2023</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund had $</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">14.7</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> million in outstanding borrowings under its credit facility.</span></div> <div style="line-height: 11.16pt; margin-top: 6.84pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Limited Liquidity For Investors:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> The Fund does not repurchase its shares on a daily basis and no market for the Common </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Shares is expected to exist. To provide a measure of liquidity, the Fund will normally make monthly repurchase offers for not </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">less than 5% of its outstanding Common Shares. If more than 5% of Common Shares are tendered, investors may not be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">able to completely liquidate their holdings in any one month. Shareholders also will not have liquidity between these monthly </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">repurchase dates.</span></div> <div style="line-height: 11.16pt; margin-top: 6.84pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Limited Secondary Market for Loans:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Because of the limited secondary market for loans, the Fund may be limited in its </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">ability to sell loans in its portfolio in a timely fashion and/or at a favorable price. Transactions in loans typically settle on a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">delayed basis and typically take longer than 7 days to settle. As a result the Fund may not receive the proceeds from a sale </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of a floating rate loan for a significant period of time. Delay in the receipts of settlement proceeds may impair the ability of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund to meet its repurchase obligations and may increase the amounts the Fund may be required to borrow. It may also </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">limit the ability of the Fund to repay debt, pay dividends, or to take advantage of new investment opportunities.</span></div> <div style="line-height: 11.16pt; margin-top: 6.84pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Liquidity:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> If a security is illiquid, the Fund might be unable to sell the security at a time when the Fund’s manager might wish </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to sell, or at all. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exposing the Fund to the risk that the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">prices</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> at which it sells illiquid securities will be less than the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">prices</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> at which they were </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">valued when held by the Fund</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">, which could cause the Fund to lose money</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">. The prices of illiquid securities may be more volatile </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">than more liquid </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> and the</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> risks associated with illiquid securities may be greater in times of financial stress.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span></div> <div style="line-height: 11.16pt; margin-top: 6.84pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Market:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> The market values of securities will fluctuate</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> , </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> sometimes sharply and unpredictably</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> , </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> based on overall </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> economic conditions, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">governmental actions or intervention</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">market disruptions caused</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> by trade disputes or other factors</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> , </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> political developments,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and other factors</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Prices of equity securities tend to rise </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">fall more dramatically than those of debt instruments</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">. Additionally, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">legislative, regulatory</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> or tax policies or developments </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may adversely impact the investment techniques available to a manager, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">add to costs and impair the ability of the Fund to achieve its investment objectives.</span></div> <div style="line-height: 11.16pt; margin-top: 6.84pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Market Disruption and Geopolitical:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> The Fund is subject to the risk that geopolitical events will disrupt securities markets </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and adversely affect global economies and markets. Due to the increasing interdependence among global economies and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in other countries, including the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">United States</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Wars, terrorism, global health crises and pandemics, and other geopolitical </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">events </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">have led, and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may continue to</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> lead, to increased market volatility and may have adverse short- or long-term effects </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">on U.S.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">global</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> economies and markets</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> generally. For example, the COVID-19 pandemic has resulted, and may continue </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to result, in significant market volatility, exchange </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">suspensions and closures, declines in global financial markets, higher </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">default rates, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">supply chain disruptions,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> and a substantial economic downturn in economies throughout the world. Natural and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">military action by Russia in Ukraine </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">has,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> and may continue to,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> adversely affect global energy and financial markets and therefore </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">could affect the value of the Fund’s investments, including beyond the Fund’s direct exposure to Russian issuers or nearby </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">geographic regions. The extent and duration of the military action, sanctions</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> and resulting market disruptions are impossible </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to predict and could be substantial. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">A number of U.S. domestic banks and foreign (non-U.S.) banks have recently experienced </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.)</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span></div><div style="line-height: 11.16pt; text-align: justify;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0%;">economies generally will be successful. It is possible that more banks or other financial institutions will experience financial </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">events as well as other changes in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">foreign (</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">non-U.S.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">)</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> and domestic economic, social, and political conditions also could adversely </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and other factors affecting the value of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">’</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">s investments</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">. Any of these occurrences could disrupt the operations of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund and of the Fund’s service providers.</span></div> <div style="line-height: 11.16pt; margin-top: 6.84pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Foreign (</span><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold;">Non-U.S.</span><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold;">)</span><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold;"> and Non-Canadian Issuers:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Investment in foreign </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> (non-U.S.)</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> borrowers involves special risks, including </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">that foreign </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(non-U.S.)</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> borrowers may be subject to: less rigorous regulatory, accounting, and reporting requirements than </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">U.S. borrowers; differing legal systems and laws relating to creditors’ rights; the potential inability to enforce legal judgments; </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">economic adversity that would result if the value of the borrower’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">foreign (</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">non-U.S.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">)</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> dollar denominated revenues and assets </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">were to fall because of fluctuations in currency values; and the potential for political, social, and economic adversity in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">foreign </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(non-U.S.)</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> borrower’s country.</span></div> <div style="line-height: 11.16pt; margin-top: 6.84pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Other Investment Companies:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> The main risk of investing in other investment companies, including </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> ETFs</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> , is the risk that the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">value of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">an investment company</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">’s underlying investments</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> might decrease. Shares of investment companies that are listed </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">on an exchange may trade at a discount or premium from their net asset value. You will pay a proportionate share of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">expenses of those other investment companies (including management fees, administration fees, and custodial fees) in addition </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund’</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">s expenses</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">. The investment policies of the other investment companies may not be the same as those of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund; as a result, an investment in the other investment companies may be subject to additional or different risks than those </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to which the Fund is typically subject.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> In addition, shares of ETFs may trade at a premium or discount to net asset value and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">are subject to secondary market trading risks. Secondary markets may be subject to irregular trading activity, wide bid/ask </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">spreads, and extended trade settlement periods in times of market stress because market makers and authorized participants </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may step away from making a market in an ETF’s shares, which could cause a material decline in the ETF’s net asset value.</span></div> <div style="line-height: 11.16pt; margin-top: 6.84pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Prepayment and Extension:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Many types of debt instruments are subject to prepayment and extension risk. Prepayment risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">is the risk that the issuer of a debt instrument will pay back the principal earlier than expected. This </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">risk is heightened in a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">falling market interest rate environment</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">. Prepayment may expose the Fund to a lower rate of return upon reinvestment of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">principal. Also, if a debt instrument subject to prepayment has been purchased at a premium, the value of the premium would </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">be lost in the event of prepayment. Extension risk is the risk that the issuer of a debt instrument will pay back the principal </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">later than expected. This </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">risk is heightened in a rising market interest rate environment</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">. This may negatively affect performance, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">as the value of the debt instrument decreases when principal payments are made later than expected. Additionally, the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may be prevented from investing proceeds it would have received at a given time at the higher prevailing interest rates.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Loans </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">typically have a 6-12 month call protection and may be prepaid partially or in full after the call protection period without penalty.</span></div> <div style="line-height: 11.16pt; margin-top: 6.84pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Securities Lending:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Securities lending involves two primary risks: </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> “</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> investment risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> ”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> “</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> borrower default risk.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> ”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> When lending </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities, the Fund will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund will lose money due to the failure of a borrower to return a borrowed security. Securities lending may result in leverage. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The use of leverage may exaggerate any increase or decrease in the net asset value, causing the Fund to be more volatile. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The use of leverage may increase expenses and increase the impact of the Fund’s other risks.</span></div> <div style="line-height: 11.16pt; margin-top: 6.84pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Special Situations:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> A </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> “</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> special situation</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> ”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> arises when, in a manager’s opinion, securities of a particular company will appreciate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in value within a reasonable period because of unique circumstances applicable to the company. Special situations investments </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">often involve much greater risk than is inherent in ordinary investments. Investments in special situation companies may not </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">appreciate and the Fund’s performance could suffer if an anticipated development does not occur or does not produce the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">anticipated result.</span></div> <div style="line-height: 11.16pt; margin-top: 6.84pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Temporary Defensive Positions:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> When market conditions make it advisable, the Fund may hold a portion of its assets in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">cash and short-term interest bearing instruments. Moreover, in periods when, in the opinion of the manager, a temporary </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">defensive position is appropriate, up to 100% of the Fund’s assets may be held in cash, short-term interest bearing instruments </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and/or any other securities the manager considers consistent with a temporary defensive position. The Fund may not achieve </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">its investment objective when pursuing a temporary defensive position.</span></div> <div style="line-height: 11.16pt; margin-top: 6.84pt; text-align: justify;"><span style="color: #ff8000; font-family: arial; font-size: 9.765pt; font-weight: bold; margin-left: 0%;">Valuation of Loans:</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> The Fund values its assets </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> every day the New York Stock Exchange is open for regular trading</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> . However, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">because the secondary market for floating rate loans is limited, it may be difficult to value loans, exposing the Fund to the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">risk that the price at which it sells loans will be less than the price at which they were valued when held by the Fund. Reliable </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">market value quotations may not be readily available for some loans</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> and determining the fair valuation of such loans may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">require more research than for securities that trade in a more active secondary market. In addition, elements of judgment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may play a greater role in the valuation of loans than for more securities that trade in a more developed secondary market </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">because there is less reliable, objective market value data available. If the Fund purchases a relatively large portion of a </span></div><div style="line-height: 11.16pt; text-align: justify;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0%;">loan, the limitations of the secondary market may inhibit the Fund from selling a portion of the loan and reducing its exposure </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to a borrower when the manager deems it advisable to do so. Even if the Fund itself does not own a relatively large portion </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of a particular loan, the Fund, in combination with other similar accounts under management by the same portfolio managers, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may own large portions of loans. The aggregate amount of holdings could create similar risks if and when the portfolio managers </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">decide to sell those loans. These risks could include, for example, the risk that the sale of an initial portion of the loan could </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">be at a price lower than the price at which the loan was valued by the Fund, the risk that the initial sale could adversely impact </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the price at which additional portions of the loan are sold, and the risk that the foregoing events could warrant a reduced </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">valuation being assigned to the remaining portion of the loan still owned by the Fund.</span></div> <div style="line-height: 10.974pt; margin-top: 7pt; text-align: justify;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0%;">The cost you pay to invest in the Fund varies depending upon which class of Common Shares you purchase. In accordance </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">with SEC requirements, the table below shows the expenses of the Fund, including interest expense on borrowings, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">as a percentage of the average net assets of the Fund and not as a percentage of gross assets or Managed Assets. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">By showing expenses as a percentage of the average net assets, expenses are not expressed as a percentage of all </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of the assets that are invested for the Fund. The table below assumes that the Fund has borrowed an amount equal </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to 25% of its Managed Assets. For information about the Fund’s expense ratios if the Fund had not borrowed, see </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Risk Factors and Special Considerations - Annual Expenses Without Borrowings.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Investors investing in the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">through an intermediary should consult the Appendix to this Prospectus, which includes information regarding financial </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">intermediary specific sales charges and related discount policies that apply to purchases through certain specified </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">intermediaries.</span></div> <table cellpadding="0" cellspacing="0" id="table724237" style="empty-cells: show; width: 507pt; border: 0.5pt solid #000000;"> <tr> <td colspan="1" style="width: 264.67pt; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 64.46pt; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 60.86pt; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 60.86pt; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 56.15pt; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> </tr> <tr style="height: 17.5pt;"> <td style="background-color: #d8d8d8; border-bottom: 0.5pt solid #000000; padding-bottom: 3.125pt; padding-top: 3.125pt; vertical-align: middle; width: 264.67pt;"> <div style="line-height: 10.240pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 18.17pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6pt; font-weight: bold; margin-left: 0.0pt;">Class</span></div> </div> </td> <td style="background-color: #d8d8d8; border-bottom: 0.5pt solid #000000; padding-bottom: 3.125pt; padding-top: 3.125pt; vertical-align: middle; width: 64.46pt;"> <div style="line-height: 10.240pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6pt; font-weight: bold; margin-left: 0.00pt;">Class A</span></div> </div> </td> <td style="background-color: #d8d8d8; border-bottom: 0.5pt solid #000000; padding-bottom: 3.125pt; padding-top: 3.125pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 10.240pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6pt; font-weight: bold; margin-left: 0.0pt;">Class C</span></div> </div> </td> <td style="background-color: #d8d8d8; border-bottom: 0.5pt solid #000000; padding-bottom: 3.125pt; padding-top: 3.125pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 10.240pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6pt; font-weight: bold; margin-left: 0.00pt;">Class I</span></div> </div> </td> <td style="background-color: #d8d8d8; border-bottom: 0.5pt solid #000000; padding-bottom: 3.125pt; padding-top: 3.125pt; vertical-align: middle; width: 56.15pt;"> <div style="line-height: 10.240pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 12pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6pt; font-weight: bold; margin-left: 0.00pt;">Class W</span></div> </div> </td> </tr> <tr style="height: 15pt;"> <td colspan="2" style="padding-bottom: 4pt; padding-top: 3.125pt; vertical-align: middle; width: 329.13pt;"> <div style="line-height: 7.92pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 18.17pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.04pt; font-weight: bold; margin-left: 0.0pt;">Shareholder Transaction Expenses</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 3.125pt; vertical-align: middle; white-space: nowrap; width: 60.86pt;"> <div style="line-height: 0.5pt; margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; width: 24.52pt;"> <div style="display: flex; margin: auto;"> <div style="display: flex; white-space: nowrap;"></div> </div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 3.125pt; vertical-align: middle; white-space: nowrap; width: 60.86pt;"> <div style="line-height: 0.5pt; margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; width: 24.52pt;"> <div style="display: flex; margin: auto;"> <div style="display: flex; white-space: nowrap;"></div> </div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 3.125pt; vertical-align: middle; white-space: nowrap; width: 56.15pt;"> <div style="line-height: 0.5pt; margin-left: 18.17pt; margin-right: 6pt; text-align: center; width: 25.48pt;"> <div style="display: flex; margin: auto;"> <div style="display: flex; white-space: nowrap;"></div> </div> </div> </td> </tr> <tr style="height: 13pt;"> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 264.67pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 18.17pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.0pt;">Maximum sales charge on your investment (as a percentage of offering price)</span><span style="color: #000000; font-family: arial narrow; font-size: 5pt; margin-left: 0.0pt; position: relative; top: -3.25pt;">1</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 64.46pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">2.50%</span><span style="color: #000000; font-family: arial narrow; font-size: 5pt; position: relative; top: -3.25pt;">2</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">None</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">None</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 56.15pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 12pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">None</span></div> </div> </td> </tr> <tr style="height: 13pt;"> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 264.67pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 18.17pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.0pt;">Dividend Reinvestment and Cash Purchase Plan Fees</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 64.46pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">None</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">None</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">None</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 56.15pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 12pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">None</span></div> </div> </td> </tr> <tr style="height: 13pt;"> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 264.67pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 18.17pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.0pt;">Early Withdrawal Charge</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 64.46pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt;">None</span><span style="color: #000000; font-family: arial narrow; font-size: 5pt; position: relative; top: -3.25pt;">3</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">1.00%</span><span style="color: #000000; font-family: arial narrow; font-size: 5pt; position: relative; top: -3.25pt;">3</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">None</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 56.15pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 12pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">None</span></div> </div> </td> </tr> <tr style="height: 13pt;"> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 264.67pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 18.17pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.0pt;">Exchange Fee</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 64.46pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">None</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">None</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">None</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 56.15pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 12pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">None</span></div> </div> </td> </tr> <tr style="height: 13pt;"> <td colspan="2" style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 329.13pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 18.17pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.04pt; font-weight: bold; margin-left: 0.0pt;">Annual Expenses (as a percentage of average net assets attributable to Common Shares)</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: -30.43pt;"> </span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: -30.43pt;"> </span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 56.15pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 12pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: -30.91pt;"> </span></div> </div> </td> </tr> <tr style="height: 13pt;"> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 264.67pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 18.17pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.0pt;">Management Fees</span><span style="color: #000000; font-family: arial narrow; font-size: 5pt; margin-left: 0.0pt; position: relative; top: -3.25pt;">4</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 64.46pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">1.07%</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">1.07%</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">1.07%</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 56.15pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 12pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.0pt;">1.07%</span></div> </div> </td> </tr> <tr style="height: 13pt;"> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 264.67pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 18.17pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.0pt;">Service Fee</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 64.46pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">0.25%</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">0.25%</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">None</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 56.15pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 12pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">None</span></div> </div> </td> </tr> <tr style="height: 13pt;"> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 264.67pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 18.17pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.0pt;">Distribution Fee</span><span style="color: #000000; font-family: arial narrow; font-size: 5pt; margin-left: 0.0pt; position: relative; top: -3.25pt;">5</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 64.46pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">None</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">0.50%</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">None</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 56.15pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 12pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">None</span></div> </div> </td> </tr> <tr style="height: 13pt;"> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 264.67pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 18.17pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.0pt;">Interest Expense on Borrowed Funds</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 64.46pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">1.07%</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">1.07%</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">1.07%</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 56.15pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 12pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.0pt;">1.07%</span></div> </div> </td> </tr> <tr style="height: 13pt;"> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 264.67pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 18.17pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.0pt;">Other Operating Expenses</span><span style="color: #000000; font-family: arial narrow; font-size: 5pt; margin-left: 0.0pt; position: relative; top: -3.25pt;">6</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 64.46pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">0.50%</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">0.50%</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">0.50%</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 56.15pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 12pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.0pt;">0.50%</span></div> </div> </td> </tr> <tr style="height: 13pt;"> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 264.67pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 18.17pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.0pt;">Total Annual Expenses</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 64.46pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">2.89%</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">3.39%</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">2.64%</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 56.15pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 12pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.0pt;">2.64%</span></div> </div> </td> </tr> <tr style="height: 13pt;"> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 264.67pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 18.17pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.0pt;">Fee Waivers/Reimbursements/Recoupment</span><span style="color: #000000; font-family: arial narrow; font-size: 5pt; margin-left: 0.0pt; position: relative; top: -3.25pt;">7</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 64.46pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">(0.30)%</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">(0.30)%</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">(0.30)%</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 56.15pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 12pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">(0.30)%</span></div> </div> </td> </tr> <tr style="height: 9.5pt;"> <td style="background-color: #d8d8d8; padding-bottom: 2pt; padding-top: 4pt; vertical-align: middle; width: 264.67pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 18.17pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.0pt;">Net Annual Expenses</span><span style="color: #000000; font-family: arial narrow; font-size: 5pt; margin-left: 0.0pt; position: relative; top: -3.25pt;">8</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 2pt; padding-top: 4pt; vertical-align: middle; width: 64.46pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">2.59%</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 2pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">3.09%</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 2pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">2.34%</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 2pt; padding-top: 4pt; vertical-align: middle; width: 56.15pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 12pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.0pt;">2.34%</span></div> </div> </td> </tr> </table> <div> <div style="clear: both; margin-top: 2.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10.0pt; text-align: left; width: 3.9pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">1</span></div> <div style="float: left; line-height: 10.0pt; margin-left: 12.1pt; text-align: justify; width: 486.0pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">The Distributor will pay a dealer reallowance for Class A </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Common Shares from the sales charge. The Distributor will pay a sales commission for Class C Common Shares to </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">authorized dealers from its own assets.</span><span style="color: #000000; font-family: arial; font-size: 7.44pt; line-height: 10pt;"> </span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 6.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10.0pt; text-align: left; width: 3.9pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">2</span></div> <div style="float: left; line-height: 10.0pt; margin-left: 12.1pt; text-align: left; width: 486.00pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Reduced for purchases of $100,000 and over for Class A Common Shares</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">, please see </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">“</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Sales Charges.</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">”</span><span style="color: #000000; font-family: arial; font-size: 7.44pt; line-height: 10pt;"> </span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 6.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10.0pt; text-align: left; width: 3.9pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">3</span></div> <div style="float: left; line-height: 10.0pt; margin-left: 12.1pt; text-align: justify; width: 486.0pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">There is no front-end sales charge if you purchase Class A Common Shares in the amount of $500,000 or more. Class A Common Shares purchased in an amount of $500,000 </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">or more are subject to a 1.00% EWC if repurchased by the Fund within 12 months of purchase. Class C Common Shares repurchased by the Fund within the first year after </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">purchase will incur a 1.00% EWC. See </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">“</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Sales Charges - Early Withdrawal Charge.</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">”</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;"> No EWC will be charged on redemptions that are due to the closing of shareholder accounts </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">having a value of less than $1,000.</span><span style="color: #000000; font-family: arial; font-size: 7.44pt; line-height: 10pt;"> </span></div> </div> <div style="clear: both; position: relative;"></div> </div> <table cellpadding="0" cellspacing="0" id="table724237" style="empty-cells: show; width: 507pt; border: 0.5pt solid #000000;"> <tr> <td colspan="1" style="width: 264.67pt; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 64.46pt; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 60.86pt; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 60.86pt; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 56.15pt; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> </tr> <tr style="height: 17.5pt;"> <td style="background-color: #d8d8d8; border-bottom: 0.5pt solid #000000; padding-bottom: 3.125pt; padding-top: 3.125pt; vertical-align: middle; width: 264.67pt;"> <div style="line-height: 10.240pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 18.17pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6pt; font-weight: bold; margin-left: 0.0pt;">Class</span></div> </div> </td> <td style="background-color: #d8d8d8; border-bottom: 0.5pt solid #000000; padding-bottom: 3.125pt; padding-top: 3.125pt; vertical-align: middle; width: 64.46pt;"> <div style="line-height: 10.240pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6pt; font-weight: bold; margin-left: 0.00pt;">Class A</span></div> </div> </td> <td style="background-color: #d8d8d8; border-bottom: 0.5pt solid #000000; padding-bottom: 3.125pt; padding-top: 3.125pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 10.240pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6pt; font-weight: bold; margin-left: 0.0pt;">Class C</span></div> </div> </td> <td style="background-color: #d8d8d8; border-bottom: 0.5pt solid #000000; padding-bottom: 3.125pt; padding-top: 3.125pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 10.240pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6pt; font-weight: bold; margin-left: 0.00pt;">Class I</span></div> </div> </td> <td style="background-color: #d8d8d8; border-bottom: 0.5pt solid #000000; padding-bottom: 3.125pt; padding-top: 3.125pt; vertical-align: middle; width: 56.15pt;"> <div style="line-height: 10.240pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 12pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6pt; font-weight: bold; margin-left: 0.00pt;">Class W</span></div> </div> </td> </tr> <tr style="height: 15pt;"> <td colspan="2" style="padding-bottom: 4pt; padding-top: 3.125pt; vertical-align: middle; width: 329.13pt;"> <div style="line-height: 7.92pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 18.17pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.04pt; font-weight: bold; margin-left: 0.0pt;">Shareholder Transaction Expenses</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 3.125pt; vertical-align: middle; white-space: nowrap; width: 60.86pt;"> <div style="line-height: 0.5pt; margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; width: 24.52pt;"> <div style="display: flex; margin: auto;"> <div style="display: flex; white-space: nowrap;"></div> </div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 3.125pt; vertical-align: middle; white-space: nowrap; width: 60.86pt;"> <div style="line-height: 0.5pt; margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; width: 24.52pt;"> <div style="display: flex; margin: auto;"> <div style="display: flex; white-space: nowrap;"></div> </div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 3.125pt; vertical-align: middle; white-space: nowrap; width: 56.15pt;"> <div style="line-height: 0.5pt; margin-left: 18.17pt; margin-right: 6pt; text-align: center; width: 25.48pt;"> <div style="display: flex; margin: auto;"> <div style="display: flex; white-space: nowrap;"></div> </div> </div> </td> </tr> <tr style="height: 13pt;"> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 264.67pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 18.17pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.0pt;">Maximum sales charge on your investment (as a percentage of offering price)</span><span style="color: #000000; font-family: arial narrow; font-size: 5pt; margin-left: 0.0pt; position: relative; top: -3.25pt;">1</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 64.46pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">2.50%</span><span style="color: #000000; font-family: arial narrow; font-size: 5pt; position: relative; top: -3.25pt;">2</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">None</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">None</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 56.15pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 12pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">None</span></div> </div> </td> </tr> <tr style="height: 13pt;"> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 264.67pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 18.17pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.0pt;">Dividend Reinvestment and Cash Purchase Plan Fees</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 64.46pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">None</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">None</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">None</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 56.15pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 12pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">None</span></div> </div> </td> </tr> <tr style="height: 13pt;"> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 264.67pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 18.17pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.0pt;">Early Withdrawal Charge</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 64.46pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt;">None</span><span style="color: #000000; font-family: arial narrow; font-size: 5pt; position: relative; top: -3.25pt;">3</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">1.00%</span><span style="color: #000000; font-family: arial narrow; font-size: 5pt; position: relative; top: -3.25pt;">3</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">None</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 56.15pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 12pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">None</span></div> </div> </td> </tr> <tr style="height: 13pt;"> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 264.67pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 18.17pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.0pt;">Exchange Fee</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 64.46pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">None</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">None</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">None</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 56.15pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 12pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">None</span></div> </div> </td> </tr> <tr style="height: 13pt;"> <td colspan="2" style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 329.13pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 18.17pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.04pt; font-weight: bold; margin-left: 0.0pt;">Annual Expenses (as a percentage of average net assets attributable to Common Shares)</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: -30.43pt;"> </span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: -30.43pt;"> </span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 56.15pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 12pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: -30.91pt;"> </span></div> </div> </td> </tr> <tr style="height: 13pt;"> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 264.67pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 18.17pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.0pt;">Management Fees</span><span style="color: #000000; font-family: arial narrow; font-size: 5pt; margin-left: 0.0pt; position: relative; top: -3.25pt;">4</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 64.46pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">1.07%</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">1.07%</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">1.07%</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 56.15pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 12pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.0pt;">1.07%</span></div> </div> </td> </tr> <tr style="height: 13pt;"> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 264.67pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 18.17pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.0pt;">Service Fee</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 64.46pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">0.25%</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">0.25%</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">None</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 56.15pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 12pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">None</span></div> </div> </td> </tr> <tr style="height: 13pt;"> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 264.67pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 18.17pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.0pt;">Distribution Fee</span><span style="color: #000000; font-family: arial narrow; font-size: 5pt; margin-left: 0.0pt; position: relative; top: -3.25pt;">5</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 64.46pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">None</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">0.50%</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">None</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 56.15pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 12pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">None</span></div> </div> </td> </tr> <tr style="height: 13pt;"> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 264.67pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 18.17pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.0pt;">Interest Expense on Borrowed Funds</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 64.46pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">1.07%</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">1.07%</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">1.07%</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 56.15pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 12pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.0pt;">1.07%</span></div> </div> </td> </tr> <tr style="height: 13pt;"> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 264.67pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 18.17pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.0pt;">Other Operating Expenses</span><span style="color: #000000; font-family: arial narrow; font-size: 5pt; margin-left: 0.0pt; position: relative; top: -3.25pt;">6</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 64.46pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">0.50%</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">0.50%</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">0.50%</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 56.15pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 12pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.0pt;">0.50%</span></div> </div> </td> </tr> <tr style="height: 13pt;"> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 264.67pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 18.17pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.0pt;">Total Annual Expenses</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 64.46pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">2.89%</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">3.39%</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">2.64%</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 56.15pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 12pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.0pt;">2.64%</span></div> </div> </td> </tr> <tr style="height: 13pt;"> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 264.67pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 18.17pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.0pt;">Fee Waivers/Reimbursements/Recoupment</span><span style="color: #000000; font-family: arial narrow; font-size: 5pt; margin-left: 0.0pt; position: relative; top: -3.25pt;">7</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 64.46pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">(0.30)%</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">(0.30)%</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">(0.30)%</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 56.15pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 12pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">(0.30)%</span></div> </div> </td> </tr> <tr style="height: 9.5pt;"> <td style="background-color: #d8d8d8; padding-bottom: 2pt; padding-top: 4pt; vertical-align: middle; width: 264.67pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 18.17pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.0pt;">Net Annual Expenses</span><span style="color: #000000; font-family: arial narrow; font-size: 5pt; margin-left: 0.0pt; position: relative; top: -3.25pt;">8</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 2pt; padding-top: 4pt; vertical-align: middle; width: 64.46pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">2.59%</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 2pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">3.09%</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 2pt; padding-top: 4pt; vertical-align: middle; width: 60.86pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 18.17pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.00pt;">2.34%</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 2pt; padding-top: 4pt; vertical-align: middle; width: 56.15pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 18.17pt; margin-right: 12pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.0pt;">2.34%</span></div> </div> </td> </tr> </table> <div> <div style="clear: both; margin-top: 6.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10.0pt; text-align: left; width: 3.9pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">4</span></div> <div style="float: left; line-height: 10.0pt; margin-left: 12.1pt; text-align: justify; width: 486.0pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Pursuant to the investment management agreement with the Fund, the </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Investment </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Adviser is paid a fee of 0.80% of the Fund's Managed Assets. For the description of </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">“</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Managed </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Assets,</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">”</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;"> please see </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">“</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Description of the Fund – </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Investment </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Adviser/Sub-Adviser</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">”</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;"> earlier in this Prospectus.</span><span style="color: #000000; font-family: arial; font-size: 7.44pt; line-height: 10pt;"> </span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 6.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10.0pt; text-align: left; width: 3.9pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">5</span></div> <div style="float: left; line-height: 10.0pt; margin-left: 12.1pt; text-align: justify; width: 486.0pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Because the distribution fees payable by Class C Common Shares may be considered an asset-based sales charge, long-term shareholders in that class of the Fund may pay </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">more than the economic equivalent of the maximum front-end sales charges permitted by the Financial Industry Regulatory Authority.</span><span style="color: #000000; font-family: arial; font-size: 7.44pt; line-height: 10pt;"> </span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 6.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10.0pt; text-align: left; width: 3.9pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">6</span></div> <div style="float: left; line-height: 10.0pt; margin-left: 12.1pt; text-align: left; width: 486.00pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Other Operating Expenses are estimated amounts for the current fiscal year.</span><span style="color: #000000; font-family: arial; font-size: 7.44pt; line-height: 10pt;"> </span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 6.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10.0pt; text-align: left; width: 3.9pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">7</span></div> <div style="float: left; line-height: 10.0pt; margin-left: 12.1pt; text-align: justify; width: 486.0pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">The </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Investment </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Adviser is contractually obligated to limit expenses of the Fund through July 1, </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">2024</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;"> to the following: Class A Common Shares - 0.90% of Managed Assets </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">plus 0.45% of average daily net assets; Class C Common Shares - 0.90% of Managed Assets plus 0.95% of average daily net assets; Class I Common Shares - 0.90% of </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Managed Assets plus 0.20% of average daily net assets; </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">and Class W Common Shares - 0.90% of Managed Assets plus 0.20% of average daily net assets. The obligation is </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">subject to possible recoupment by the </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Investment Adviser</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;"> within 36 months of the waiver or reimbursement. The </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Investment </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Adviser is contractually obligated to further limit </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">expenses of the Fund through July 1, </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">2024</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;"> to the following: Class A Common Shares - 0.80% of Managed Assets plus 0.45% of average daily net assets; Class C Common </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Shares - 0.80% of Managed Assets plus 0.95% of average daily net assets; Class I Common Shares - 0.80% of Managed Assets plus 0.20% of average daily net assets; </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">and </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Class W Common Shares - 0.80% of Managed Assets plus 0.20% of average daily net assets. These limitations do not extend to interest, taxes, investment-related costs, </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">leverage expenses, extraordinary expenses, and Acquired Fund Fees and Expenses. Termination or modification of these obligations requires approval by the Fund’s Board.</span><span style="color: #000000; font-family: arial; font-size: 7.44pt; line-height: 10pt;"> </span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 6.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10.0pt; text-align: left; width: 3.9pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">8</span></div> <div style="float: left; line-height: 10.0pt; margin-left: 12.1pt; text-align: justify; width: 486.0pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">If the expenses of the Fund are calculated on the Managed Assets of the Fund (assuming that the Fund has used leverage by borrowing an amount equal to 25% of the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Managed Assets), the Net Annual Expenses for the Fund would be lower than the expenses shown in the table. Such lower Net Annual Expense ratios would be as follows: </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">2.01%, </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">2.51</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">%, </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">1.76</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">%, and </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">1.76</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">% for Class A, Class C, Class I, </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">and Class W shares, respectively.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> 0.0250 0 0 0 0 0 0 0 0 0.0100 0 0 0 0 0 0 0.0107 0.0107 0.0107 0.0107 0.0025 0.0025 0 0 0 0.0050 0 0 0.0107 0.0107 0.0107 0.0107 0.0050 0.0050 0.0050 0.0050 0.0289 0.0339 0.0264 0.0264 -0.0030 -0.0030 -0.0030 -0.0030 0.0259 0.0309 0.0234 0.0234 Other Operating Expenses are estimated amounts for the current fiscal year. <div style="line-height: 13.02pt; margin-top: 8pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 11.16pt; font-weight: bold;">Examples</span><span style="color: #000000; font-family: arial; font-size: 11.16pt; font-weight: bold; line-height: 13.02pt;"> </span></div> <div style="line-height: 10.974pt; margin-top: 1.080pt; text-align: justify;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0%;">The following Examples show the amount of the expenses that an investor in the Fund would bear on a $1,000 investment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in the Fund that is held for the different time periods in the table. In the first table, it is assumed that the $1,000 </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">remains invested over the entire 10-year period. As a result, no EWCs are included in the listed expense amounts. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The second table assumes that the $1,000 investment is tendered and repurchased at the end of each period shown. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">As a result, EWCs are imposed on certain of those repurchases.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.974pt;"> </span></div> <div style="line-height: 10.974pt; margin-top: 6.836pt; text-align: justify;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0%;">The Examples assume that all dividends and other distributions are reinvested at NAV and that the percentage amounts </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">listed under Net Annual Expenses in the previous table remain the same in the years shown (except that the Fee </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Waivers/Reimbursements only apply for the first year). The tables and the assumption in the Examples of a 5% annual </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">return are required by regulations of the SEC applicable to all investment companies. The assumed 5% annual return </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">is not a prediction of, and does not represent, the projected or actual performance of the Fund's Common Shares. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">For more complete descriptions of certain of the Fund's costs and expenses, see </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Classes of Shares,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.974pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> “</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Sales Charges,</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> ”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.974pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Investment Management and Other Service Providers.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span></div> <table cellpadding="0" cellspacing="0" id="table712566" style="empty-cells: show; margin-left: 0.01pt; width: 506.99pt;"> <tr> <td colspan="1" style="width: 170.33pt; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 33.52pt; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 39.52pt; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 60.92pt; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 65.61pt; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 65.61pt; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 71.47pt; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> </tr> <tr style="height: 13pt;"> <td style="padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 170.33pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; margin-left: 0.0pt;">Example #1</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; margin-left: 2.5pt;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; margin-left: 0.0pt;">No Repurchases</span></div> </div> </td> <td style="padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 33.52pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;"> </span></div> </div> </td> <td style="padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 39.52pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;"> </span></div> </div> </td> <td style="padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 60.92pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; margin-left: 0.0pt;">1 Year</span></div> </div> </td> <td style="padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 65.61pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; margin-left: 0.0pt;">3 Years</span></div> </div> </td> <td style="padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 65.61pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; margin-left: 0.0pt;">5 Years</span></div> </div> </td> <td style="padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 71.47pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; margin-left: 0.0pt;">10 Years</span></div> </div> </td> </tr> <tr style="height: 25pt;"> <td colspan="7" style="padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 506.98pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align-last: justify; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">You would pay the following expenses on a $1,000 investment, assuming a 5% annual return and borrowings by the </span></div> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">Fund in an amount equal to 25% of its Managed Assets.</span></div> </div> </td> </tr> <tr style="height: 15pt;"> <td style="background-color: #ccd6f0; padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 170.33pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">Class A Common Shares</span></div> </div> </td> <td style="background-color: #ccd6f0; padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 33.52pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;"> </span></div> </div> </td> <td style="background-color: #ccd6f0; padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 39.52pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">$</span></div> </div> </td> <td style="background-color: #ccd6f0; padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 60.92pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">51</span></div> </div> </td> <td style="background-color: #ccd6f0; padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 65.61pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">113</span></div> </div> </td> <td style="background-color: #ccd6f0; padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 65.61pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">178</span></div> </div> </td> <td style="background-color: #ccd6f0; padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 71.47pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">356</span></div> </div> </td> </tr> <tr style="height: 13pt;"> <td style="padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 170.33pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">Class C Common Shares</span></div> </div> </td> <td style="padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 33.52pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;"> </span></div> </div> </td> <td style="padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 39.52pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">$</span></div> </div> </td> <td style="padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 60.92pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">34</span></div> </div> </td> <td style="padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 65.61pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">110</span></div> </div> </td> <td style="padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 65.61pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">190</span></div> </div> </td> <td style="padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 71.47pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">406</span></div> </div> </td> </tr> <tr style="height: 15pt;"> <td style="background-color: #ccd6f0; padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 170.33pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">Class I Common Shares</span></div> </div> </td> <td style="background-color: #ccd6f0; padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 33.52pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;"> </span></div> </div> </td> <td style="background-color: #ccd6f0; padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 39.52pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">$</span></div> </div> </td> <td style="background-color: #ccd6f0; padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 60.92pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">24</span></div> </div> </td> <td style="background-color: #ccd6f0; padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 65.61pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">80</span></div> </div> </td> <td style="background-color: #ccd6f0; padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 65.61pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">140</span></div> </div> </td> <td style="background-color: #ccd6f0; padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 71.47pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">305</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="padding-bottom: 1.5pt; padding-top: 3pt; vertical-align: Top; width: 170.33pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">Class W Common Shares</span></div> </div> </td> <td style="padding-bottom: 1.5pt; padding-top: 3pt; vertical-align: Top; width: 33.52pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;"> </span></div> </div> </td> <td style="padding-bottom: 1.5pt; padding-top: 3pt; vertical-align: Top; width: 39.52pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">$</span></div> </div> </td> <td style="padding-bottom: 1.5pt; padding-top: 3pt; vertical-align: Top; width: 60.92pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">24</span></div> </div> </td> <td style="padding-bottom: 1.5pt; padding-top: 3pt; vertical-align: Top; width: 65.61pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">80</span></div> </div> </td> <td style="padding-bottom: 1.5pt; padding-top: 3pt; vertical-align: Top; width: 65.61pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">140</span></div> </div> </td> <td style="padding-bottom: 1.5pt; padding-top: 3pt; vertical-align: Top; width: 71.47pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">305</span></div> </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table340466" style="empty-cells: show; margin-left: 0.01pt; width: 506.98pt;"> <tr> <td colspan="1" style="width: 229.47pt; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 23.66pt; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 29.66pt; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 51.06pt; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 55.75pt; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 55.75pt; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 61.62pt; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> </tr> <tr style="height: 13pt;"> <td style="padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 229.47pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; margin-left: 0.0pt;">Example #2</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; margin-left: 2.5pt;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; margin-left: 0.0pt;">With Repurchases at Period End</span></div> </div> </td> <td style="padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 23.66pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;"> </span></div> </div> </td> <td style="padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 29.66pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;"> </span></div> </div> </td> <td style="padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 51.06pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; margin-left: 0.0pt;">1 Year</span></div> </div> </td> <td style="padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 55.75pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; margin-left: 0.0pt;">3 Years</span></div> </div> </td> <td style="padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 55.75pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; margin-left: 0.0pt;">5 Years</span></div> </div> </td> <td style="padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 61.62pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; margin-left: 0.0pt;">10 Years</span></div> </div> </td> </tr> <tr style="height: 37pt;"> <td colspan="7" style="padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 506.97pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align-last: justify; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">You would pay the following expenses on a $1,000 investment, assuming a 5% annual return, borrowings by the </span></div> <div style="margin-left: 3pt; margin-right: 3pt; text-align-last: justify; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">Fund in an amount equal to 25% of its Managed Assets, and the tender and repurchase of the entire investment at </span></div> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">the end of each period shown.</span></div> </div> </td> </tr> <tr style="height: 15pt;"> <td style="background-color: #ccd6f0; padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 229.47pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">Class A Common Shares</span></div> </div> </td> <td style="background-color: #ccd6f0; padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 23.66pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;"> </span></div> </div> </td> <td style="background-color: #ccd6f0; padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 29.66pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">$</span></div> </div> </td> <td style="background-color: #ccd6f0; padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 51.06pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">51</span></div> </div> </td> <td style="background-color: #ccd6f0; padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 55.75pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">113</span></div> </div> </td> <td style="background-color: #ccd6f0; padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 55.75pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">178</span></div> </div> </td> <td style="background-color: #ccd6f0; padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 61.62pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">356</span></div> </div> </td> </tr> <tr style="height: 13pt;"> <td style="padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 229.47pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">Class C Common Shares</span></div> </div> </td> <td style="padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 23.66pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;"> </span></div> </div> </td> <td style="padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 29.66pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">$</span></div> </div> </td> <td style="padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 51.06pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">44</span></div> </div> </td> <td style="padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 55.75pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">110</span></div> </div> </td> <td style="padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 55.75pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">190</span></div> </div> </td> <td style="padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 61.62pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">406</span></div> </div> </td> </tr> <tr style="height: 15pt;"> <td style="background-color: #ccd6f0; padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 229.47pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">Class I Common Shares</span></div> </div> </td> <td style="background-color: #ccd6f0; padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 23.66pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;"> </span></div> </div> </td> <td style="background-color: #ccd6f0; padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 29.66pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">$</span></div> </div> </td> <td style="background-color: #ccd6f0; padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 51.06pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">24</span></div> </div> </td> <td style="background-color: #ccd6f0; padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 55.75pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">80</span></div> </div> </td> <td style="background-color: #ccd6f0; padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 55.75pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">140</span></div> </div> </td> <td style="background-color: #ccd6f0; padding-bottom: 3pt; padding-top: 3pt; vertical-align: Top; width: 61.62pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">305</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="padding-bottom: 1.5pt; padding-top: 3pt; vertical-align: Top; width: 229.47pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">Class W Common Shares</span></div> </div> </td> <td style="padding-bottom: 1.5pt; padding-top: 3pt; vertical-align: Top; width: 23.66pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;"> </span></div> </div> </td> <td style="padding-bottom: 1.5pt; padding-top: 3pt; vertical-align: Top; width: 29.66pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">$</span></div> </div> </td> <td style="padding-bottom: 1.5pt; padding-top: 3pt; vertical-align: Top; width: 51.06pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">24</span></div> </div> </td> <td style="padding-bottom: 1.5pt; padding-top: 3pt; vertical-align: Top; width: 55.75pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">80</span></div> </div> </td> <td style="padding-bottom: 1.5pt; padding-top: 3pt; vertical-align: Top; width: 55.75pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">140</span></div> </div> </td> <td style="padding-bottom: 1.5pt; padding-top: 3pt; vertical-align: Top; width: 61.62pt;"> <div style="line-height: 11.16pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0.0pt;">305</span></div> </div> </td> </tr> </table> <div style="line-height: 10.974pt; margin-top: 6pt; text-align: justify;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0%;">The purpose of each table is to assist you in understanding the various costs and expenses that an investor in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund will bear directly or indirectly. See </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Classes of Shares - Choosing a Share Class.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.974pt;"> </span></div> <div style="line-height: 10.974pt; margin-top: 6.826pt; text-align: justify;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold; margin-left: 0%;">The foregoing Examples should not be considered a representation of future expenses and actual expenses may be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">greater or less than those shown.</span></div> 51 113 178 356 34 110 190 406 24 80 140 305 24 80 140 305 51 113 178 356 44 110 190 406 24 80 140 305 24 80 140 305 <div style="margin-left:0%;"> <hr style="background-color:#000000;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0pt;text-align:left;top:-2.74pt;width:507pt;"/><span style="color:#000000;font-family:arial;font-size:11.16pt;font-weight:bold;margin-left:0%">INVESTMENT OBJECTIVE AND POLICIES</span></div><div style="line-height:13.02pt;margin-top:6pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:11.16pt;font-weight:bold">Investment Objective</span><span style="color:#000000;font-family:arial;font-size:11.16pt;font-weight:bold;line-height:13.02pt"> </span></div><div style="line-height:10.974pt;margin-top:1.080pt;text-align:justify;"><span style="color:#000000;font-family:arial;font-size:9.30pt;margin-left:0%">The Fund's investment objective is to provide investors with a high level of monthly income. The investment objective </span><span style="color:#000000;font-family:arial;font-size:9.30pt">is fundamental and may not be changed without a majority vote of the shareholders of the Fund. See </span><span style="color:#000000;font-family:arial;font-size:9.30pt">“</span><span style="color:#000000;font-family:arial;font-size:9.30pt">Description of </span><span style="color:#000000;font-family:arial;font-size:9.30pt">the Fund – Fundamental and Non-Fundamental Investment Policies of the Fund</span><span style="color:#000000;font-family:arial;font-size:9.30pt">”</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> later in this Prospectus. The Fund </span><span style="color:#000000;font-family:arial;font-size:9.30pt">seeks to achieve this investment objective by investing in the types of assets described below:</span></div><div style="line-height:10.974pt;margin-top:6.826pt;text-align:justify;"><span style="color:#000000;font-family:arial;font-size:9.30pt;margin-left:0%">The Fund allocates its assets among a broad range of credit sectors, including corporate debt securities, loans, high </span><span style="color:#000000;font-family:arial;font-size:9.30pt">yield debt securities, and collateralized loan obligations</span><span style="color:#000000;font-family:arial;font-size:9.30pt">. The Fund seeks to achieve its investment objective by investing, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">under normal market conditions, at least 80% of its net assets (plus borrowings for investment purposes) in floating-rate </span><span style="color:#000000;font-family:arial;font-size:9.30pt">obligations, fixed-income securities, and derivative instruments intended to provide economic exposure to such credit </span><span style="color:#000000;font-family:arial;font-size:9.30pt">sectors. The Fund will provide shareholders with at least 60 days’ prior notice of any change in this investment policy.</span></div><div style="line-height:13.02pt;margin-top:7.40pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:11.16pt;font-weight:bold">Fundamental Policies</span><span style="color:#000000;font-family:arial;font-size:11.16pt;font-weight:bold;line-height:13.02pt"> </span></div><div style="float:left;line-height:11.10pt;text-align:left;width:8.34pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-weight:bold">1.</span></div><div style="float:left;line-height:11.10pt;margin-left:7.66pt;text-align:justify;width:486.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-weight:bold">Industry Concentration.</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> The Fund may invest in any industry. The Fund may not invest more than 25% of its total </span><span style="color:#000000;font-family:arial;font-size:9.30pt">assets, measured at the time of investment, in any single industry.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:10.974pt"> </span></div><div style="float:left;line-height:11.10pt;text-align:left;width:8.34pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-weight:bold">2.</span></div><div style="float:left;line-height:11.10pt;margin-left:7.66pt;text-align:justify;width:486.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-weight:bold">Borrower Diversification.</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> The Fund is diversified, as such term is defined in the 1940 Act. A diversified fund may </span><span style="color:#000000;font-family:arial;font-size:9.30pt">not, as to 75% of its total assets, invest more than 5% of its total assets in any one issuer and may not purchase </span><span style="color:#000000;font-family:arial;font-size:9.30pt">more than 10% of the outstanding voting securities of any one issuer (other than securities issues or guaranteed </span><span style="color:#000000;font-family:arial;font-size:9.30pt">by the U.S. government or any of its agencies or instrumentalities, or other investment companies). The Fund will </span><span style="color:#000000;font-family:arial;font-size:9.30pt">consider the borrower on a loan, including a loan participation, to be the issuer of such loan. With respect to no </span><span style="color:#000000;font-family:arial;font-size:9.30pt">more than 25% of its total assets, the Fund may make investments that are not subject to the foregoing restrictions.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:10.974pt"> </span></div><div style="line-height:10.974pt;margin-top:6.826pt;text-align:justify;"><span style="color:#000000;font-family:arial;font-size:9.30pt;margin-left:0%">These fundamental policies may only be changed with approval by a majority of all shareholders. See </span><span style="color:#000000;font-family:arial;font-size:9.30pt">“</span><span style="color:#000000;font-family:arial;font-size:9.30pt">Description of </span><span style="color:#000000;font-family:arial;font-size:9.30pt">the Fund – Fundamental and Non-Fundamental Investment Policies of the Fund</span><span style="color:#000000;font-family:arial;font-size:9.30pt">”</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> later in this Prospectus.</span></div><div style="line-height:13.02pt;margin-top:7.40pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:11.16pt;font-weight:bold">Investment Policies</span><span style="color:#000000;font-family:arial;font-size:11.16pt;font-weight:bold;line-height:13.02pt"> </span></div><div style="line-height:10.974pt;margin-top:1.080pt;text-align:justify;"><span style="color:#000000;font-family:arial;font-size:9.30pt;margin-left:0%">The </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Investment </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Adviser and Sub-Adviser follow certain investment policies set by the Fund's Board. Some of those </span><span style="color:#000000;font-family:arial;font-size:9.30pt">policies are set forth below. Please refer to the SAI for additional information on these and other investment policies.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:10.974pt"> </span></div><div style="line-height:10.974pt;margin-top:6.826pt;text-align:justify;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-weight:bold;margin-left:0%">Use of Leverage.</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> The Fund may borrow money and issue Preferred Shares to the fullest extent permitted by the 1940 </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Act. See </span><span style="color:#000000;font-family:arial;font-size:9.30pt">“</span><span style="color:#000000;font-family:arial;font-size:9.30pt">Investment Objective and Policies - Policy on Borrowing</span><span style="color:#000000;font-family:arial;font-size:9.30pt">”</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> and </span><span style="color:#000000;font-family:arial;font-size:9.30pt">“</span><span style="color:#000000;font-family:arial;font-size:9.30pt">Investment Objective and Policies - Policy on </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Issuance of Preferred Shares.</span><span style="color:#000000;font-family:arial;font-size:9.30pt">”</span></div><div style="line-height:13.02pt;margin-top:7.40pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:11.16pt;font-weight:bold">Policy on Borrowing</span><span style="color:#000000;font-family:arial;font-size:11.16pt;font-weight:bold;line-height:13.02pt"> </span></div><div style="line-height:10.974pt;margin-top:1.080pt;text-align:justify;"><span style="color:#000000;font-family:arial;font-size:9.30pt;margin-left:0%">The Fund has a policy of borrowing for investment purposes. The Fund seeks to use proceeds from borrowing to acquire </span><span style="color:#000000;font-family:arial;font-size:9.30pt">loans and other investments which pay interest at a rate higher than the rate the Fund pays on borrowings. Accordingly, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">borrowing has the potential to increase the Fund's total income available to holders of its Common Shares. The Fund </span><span style="color:#000000;font-family:arial;font-size:9.30pt">may also borrow to finance the repurchase of its Common Shares or to meet cash requirements.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:10.974pt"> </span></div><div style="line-height:10.974pt;margin-top:6.836pt;text-align:justify;"><span style="color:#000000;font-family:arial;font-size:9.30pt;margin-left:0%">The Fund may issue notes, commercial paper, or other evidences of indebtedness and may be required to secure </span><span style="color:#000000;font-family:arial;font-size:9.30pt">repayment by mortgaging, pledging, or otherwise granting a security interest in the Fund's assets. The terms of any </span><span style="color:#000000;font-family:arial;font-size:9.30pt">such borrowings will be subject to the provisions of the 1940 Act and they will also be subject to the more restrictive </span><span style="color:#000000;font-family:arial;font-size:9.30pt">terms of any credit agreements relating to borrowings and, to the extent the Fund seeks a rating for borrowings, to </span><span style="color:#000000;font-family:arial;font-size:9.30pt">additional guidelines imposed by rating agencies, which are expected to be more restrictive than the provisions of </span><span style="color:#000000;font-family:arial;font-size:9.30pt">the 1940 Act. The Fund is permitted to borrow an amount up to 33</span><span style="color:#000000;font-family:arial;font-size:6pt;position:relative;top:-2.66pt"> 1</span><span style="color:#000000;font-family:arial;font-size:9.30pt">∕</span><span style="color:#000000;font-family:arial;font-size:6pt">3</span><span style="color:#000000;font-family:arial;font-size:9.30pt">%, or such other percentage permitted by law, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">of its total assets (including the amount borrowed) less all liabilities other than borrowings. See </span><span style="color:#000000;font-family:arial;font-size:9.30pt">“</span><span style="color:#000000;font-family:arial;font-size:9.30pt">Risk Factors and </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Special Considerations - Leverage</span><span style="color:#000000;font-family:arial;font-size:9.30pt">”</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> and </span><span style="color:#000000;font-family:arial;font-size:9.30pt">“</span><span style="color:#000000;font-family:arial;font-size:9.30pt">Risk Factors and Special Considerations - Restrictive Covenants and 1940 </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Act Restrictions.</span><span style="color:#000000;font-family:arial;font-size:9.30pt">”</span></div><div style="line-height:13.02pt;margin-top:8.736pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:11.16pt;font-weight:bold">Policy on Issuance of Preferred Shares</span><span style="color:#000000;font-family:arial;font-size:11.16pt;font-weight:bold;line-height:13.02pt"> </span></div><div style="line-height:10.974pt;margin-top:1.080pt;text-align:justify;"><span style="color:#000000;font-family:arial;font-size:9.30pt;margin-left:0%">The Fund has a policy which permits it to issue Preferred Shares for investment purposes. The Fund seeks to use the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">proceeds from Preferred Shares to acquire loans and other investments which pay interest at a rate higher than the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">dividends payable on Preferred Shares. The terms of the issuance of Preferred Shares are subject to the 1940 Act </span><span style="color:#000000;font-family:arial;font-size:9.30pt">and to additional guidelines imposed by rating agencies, which are more restrictive than the provisions of the 1940 </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Act. Under the 1940 Act, the Fund may issue Preferred Shares so long as immediately after any issuance of Preferred </span></div><div style="line-height:10.974pt;margin-top:7pt;text-align:justify;"><span style="color:#000000;font-family:arial;font-size:9.30pt;margin-left:0%">Shares the value of the Fund's total assets (less all Fund liabilities and indebtedness that is not senior indebtedness) </span><span style="color:#000000;font-family:arial;font-size:9.30pt">is at least twice the amount of the Fund's senior indebtedness plus the involuntary liquidation preference of all outstanding </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Preferred Shares. See </span><span style="color:#000000;font-family:arial;font-size:9.30pt">“</span><span style="color:#000000;font-family:arial;font-size:9.30pt">Risk Factors and Special Considerations - Leverage.</span><span style="color:#000000;font-family:arial;font-size:9.30pt">”</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> As of June 6, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">2023</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> the Fund had no </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Preferred Shares outstanding.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:10.974pt"> </span></div> <div style="line-height: 13.02pt; margin-top: 8pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 11.16pt; font-weight: bold;"><span style="color: #000000; font-family: arial; font-size: 11.16pt; font-weight: bold;">Effect of Leverage</span></span><span style="color: #000000; font-family: arial; font-size: 11.16pt; font-weight: bold; line-height: 13.02pt;"> </span></div> <div style="line-height: 10.974pt; margin-top: 1.080pt; text-align: justify;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0%;">To cover the annual interest payments on the borrowings for the current fiscal year (assuming that the current rate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">remains in effect for the entire fiscal year and assuming that the Fund borrows an amount equal to 25% of its Managed </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Assets as of June 6, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">2023</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">) the Fund would need to experience an annual return of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">1.55</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">% on its portfolio (including </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the assets purchased with the assumed leverage) to cover such annual interest.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.974pt;"> </span></div> <div style="line-height: 10.974pt; margin-top: 6.826pt; text-align: justify;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0%;">The following table is designed to illustrate the effect on return to a holder of the Fund's Common Shares of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">leverage created by the Fund's use of borrowing, using the average annual interest rate of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">3.20</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">% for the fiscal year </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">ended February 28, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">2023</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">, assuming the Fund has used leverage by borrowing an amount equal to 25% of the Fund's </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Managed Assets and assuming hypothetical annual returns on the Fund's portfolio of minus 10% to plus 10%. As </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">can be seen, leverage generally increases the return to shareholders when portfolio return is positive and decreases </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">return when the portfolio return is negative. Actual returns may be greater or less than those appearing in the table.</span></div> <table cellpadding="0" cellspacing="0" id="table321650" style="empty-cells: show; width: 507pt; border: 0.5pt solid #000000;"> <tr style="height: 16.5pt;"> <td style="background-color: #d8d8d8; border-bottom: 0.5pt solid #000000; padding-bottom: 0px; padding-top: 0px; vertical-align: middle; width: 173.58pt;"> <div style="line-height: 8.29pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 23.08pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.0pt;">Assumed Portfolio Return, net of expenses</span><span style="color: #000000; font-family: arial narrow; font-size: 5pt; margin-left: 0.0pt; position: relative; top: -3.25pt;">1</span> <div style="clear: right;"></div> </div> </div> </td> <td style="background-color: #d8d8d8; border-bottom: 0.5pt solid #000000; padding-bottom: 0px; padding-top: 0px; vertical-align: middle; white-space: nowrap; width: 72.18pt;"> <div style="line-height: 8.29pt; margin-left: 23.08pt; margin-right: 23.08pt; text-align: center; width: 26.02pt;"> <div style="display: flex; margin: auto; width: 26.02pt;"> <div style="display: flex; white-space: nowrap; width: 26.02pt;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; padding-left: 10.08;">-10%</span></div> </div> </div> </td> <td style="background-color: #d8d8d8; border-bottom: 0.5pt solid #000000; padding-bottom: 0px; padding-top: 0px; vertical-align: middle; white-space: nowrap; width: 68.09pt;"> <div style="line-height: 8.29pt; margin-left: 23.08pt; margin-right: 23.08pt; text-align: center; width: 21.93pt;"> <div style="display: flex; margin: auto; width: 21.93pt;"> <div style="display: flex; white-space: nowrap; width: 21.93pt;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; padding-left: 10.08;">-5%</span></div> </div> </div> </td> <td style="background-color: #d8d8d8; border-bottom: 0.5pt solid #000000; padding-bottom: 0px; padding-top: 0px; vertical-align: middle; white-space: nowrap; width: 68.09pt;"> <div style="line-height: 8.29pt; margin-left: 23.08pt; margin-right: 23.08pt; text-align: center; width: 21.93pt;"> <div style="display: flex; margin: auto; width: 21.93pt;"> <div style="display: flex; white-space: nowrap; width: 21.93pt;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; padding-left: 12.40;">0%</span></div> </div> </div> </td> <td style="background-color: #d8d8d8; border-bottom: 0.5pt solid #000000; padding-bottom: 0px; padding-top: 0px; vertical-align: middle; white-space: nowrap; width: 65.77pt;"> <div style="line-height: 8.29pt; margin-left: 23.08pt; margin-right: 23.08pt; text-align: center; width: 19.61pt;"> <div style="display: flex; margin: auto; width: 19.61pt;"> <div style="display: flex; white-space: nowrap; width: 19.61pt;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; padding-left: 10.08;">5%</span></div> </div> </div> </td> <td style="background-color: #d8d8d8; border-bottom: 0.5pt solid #000000; padding-bottom: 0px; padding-top: 0px; vertical-align: middle; white-space: nowrap; width: 59.28pt;"> <div style="line-height: 8.29pt; margin-left: 23.08pt; margin-right: 6pt; text-align: center; width: 23.7pt;"> <div style="display: flex; margin: auto; width: 23.7pt;"> <div style="display: flex; white-space: nowrap; width: 23.7pt;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; padding-left: 10.08;">10%</span></div> </div> </div> </td> </tr> <tr style="height: 11.5pt;"> <td style="padding-bottom: 2pt; padding-top: 3.125pt; vertical-align: middle; width: 173.58pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 23.08pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.0pt;">Corresponding Return to Common Shareholders</span><span style="color: #000000; font-family: arial narrow; font-size: 5pt; margin-left: 0.0pt; position: relative; top: -3.25pt;">2</span></div> </div> </td> <td style="padding-bottom: 2pt; padding-top: 3.125pt; vertical-align: middle; white-space: nowrap; width: 72.18pt;"> <div style="line-height: 7.29pt; margin-left: 23.08pt; margin-right: 23.08pt; text-align: center; width: 26.02pt;"> <div style="display: flex; margin: auto; width: 26.02pt;"> <div style="display: flex; white-space: nowrap; width: 26.02pt;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; padding-left: 0.00;">-14.40%</span></div> </div> </div> </td> <td style="padding-bottom: 2pt; padding-top: 3.125pt; vertical-align: middle; white-space: nowrap; width: 68.09pt;"> <div style="line-height: 7.29pt; margin-left: 23.08pt; margin-right: 23.08pt; text-align: center; width: 21.93pt;"> <div style="display: flex; margin: auto; width: 21.93pt;"> <div style="display: flex; white-space: nowrap; width: 21.93pt;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; padding-left: 0.00;">-7.73%</span></div> </div> </div> </td> <td style="padding-bottom: 2pt; padding-top: 3.125pt; vertical-align: middle; white-space: nowrap; width: 68.09pt;"> <div style="line-height: 7.29pt; margin-left: 23.08pt; margin-right: 23.08pt; text-align: center; width: 21.93pt;"> <div style="display: flex; margin: auto; width: 21.93pt;"> <div style="display: flex; white-space: nowrap; width: 21.93pt;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; padding-left: 0.00;">-1.07%</span></div> </div> </div> </td> <td style="padding-bottom: 2pt; padding-top: 3.125pt; vertical-align: middle; white-space: nowrap; width: 65.77pt;"> <div style="line-height: 7.29pt; margin-left: 23.08pt; margin-right: 23.08pt; text-align: center; width: 19.61pt;"> <div style="display: flex; margin: auto; width: 19.61pt;"> <div style="display: flex; white-space: nowrap; width: 19.61pt;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; padding-left: 0.00;">5.60%</span></div> </div> </div> </td> <td style="padding-bottom: 2pt; padding-top: 3.125pt; vertical-align: middle; white-space: nowrap; width: 59.28pt;"> <div style="line-height: 7.29pt; margin-left: 23.08pt; margin-right: 6pt; text-align: center; width: 23.7pt;"> <div style="display: flex; margin: auto; width: 23.7pt;"> <div style="display: flex; white-space: nowrap; width: 23.7pt;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; padding-left: 0.00;">12.27%</span></div> </div> </div> </td> </tr> </table> <div style="float: left; line-height: 10.0pt; text-align: left; width: 3.9pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">1</span></div> <div style="float: left; line-height: 10.0pt; margin-left: 12.1pt; text-align: left; width: 486.00pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">The Assumed Portfolio Return is required by regulation of the SEC and is not a prediction of, and does not represent, the projected or actual performance of the Fund.</span><span style="color: #000000; font-family: arial; font-size: 7.44pt; line-height: 10pt;"> </span></div> <div style="float: left; line-height: 10.0pt; text-align: left; width: 3.9pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">2</span></div> <div style="float: left; line-height: 10.0pt; margin-left: 12.1pt; text-align: justify; width: 486.0pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">In order to compute the Corresponding Return to Common Shareholders, the Assumed Portfolio Return is multiplied by the total value of the Fund's assets at the beginning of the Fund's fiscal year to obtain an assumed return to the Fund. From this amount, all interest accrued during the year is subtracted to determine the return available to shareholders. The return available to shareholders is then divided by the total value of the Fund's net assets attributable to Common Shares as of the beginning of the fiscal year to determine the Corresponding Return to Common Shareholders.</span></div> <div style="line-height: 10.974pt; margin-top: 6.826pt; text-align: justify;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; margin-left: 0%;">The following table is designed to illustrate the effect on return to a holder of the Fund's Common Shares of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">leverage created by the Fund's use of borrowing, using the average annual interest rate of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">3.20</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">% for the fiscal year </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">ended February 28, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">2023</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">, assuming the Fund has used leverage by borrowing an amount equal to 25% of the Fund's </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Managed Assets and assuming hypothetical annual returns on the Fund's portfolio of minus 10% to plus 10%. As </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">can be seen, leverage generally increases the return to shareholders when portfolio return is positive and decreases </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">return when the portfolio return is negative. Actual returns may be greater or less than those appearing in the table.</span></div> <table cellpadding="0" cellspacing="0" id="table321650" style="empty-cells: show; width: 507pt; border: 0.5pt solid #000000;"> <tr style="height: 16.5pt;"> <td style="background-color: #d8d8d8; border-bottom: 0.5pt solid #000000; padding-bottom: 0px; padding-top: 0px; vertical-align: middle; width: 173.58pt;"> <div style="line-height: 8.29pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 23.08pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.0pt;">Assumed Portfolio Return, net of expenses</span><span style="color: #000000; font-family: arial narrow; font-size: 5pt; margin-left: 0.0pt; position: relative; top: -3.25pt;">1</span> <div style="clear: right;"></div> </div> </div> </td> <td style="background-color: #d8d8d8; border-bottom: 0.5pt solid #000000; padding-bottom: 0px; padding-top: 0px; vertical-align: middle; white-space: nowrap; width: 72.18pt;"> <div style="line-height: 8.29pt; margin-left: 23.08pt; margin-right: 23.08pt; text-align: center; width: 26.02pt;"> <div style="display: flex; margin: auto; width: 26.02pt;"> <div style="display: flex; white-space: nowrap; width: 26.02pt;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; padding-left: 10.08;">-10%</span></div> </div> </div> </td> <td style="background-color: #d8d8d8; border-bottom: 0.5pt solid #000000; padding-bottom: 0px; padding-top: 0px; vertical-align: middle; white-space: nowrap; width: 68.09pt;"> <div style="line-height: 8.29pt; margin-left: 23.08pt; margin-right: 23.08pt; text-align: center; width: 21.93pt;"> <div style="display: flex; margin: auto; width: 21.93pt;"> <div style="display: flex; white-space: nowrap; width: 21.93pt;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; padding-left: 10.08;">-5%</span></div> </div> </div> </td> <td style="background-color: #d8d8d8; border-bottom: 0.5pt solid #000000; padding-bottom: 0px; padding-top: 0px; vertical-align: middle; white-space: nowrap; width: 68.09pt;"> <div style="line-height: 8.29pt; margin-left: 23.08pt; margin-right: 23.08pt; text-align: center; width: 21.93pt;"> <div style="display: flex; margin: auto; width: 21.93pt;"> <div style="display: flex; white-space: nowrap; width: 21.93pt;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; padding-left: 12.40;">0%</span></div> </div> </div> </td> <td style="background-color: #d8d8d8; border-bottom: 0.5pt solid #000000; padding-bottom: 0px; padding-top: 0px; vertical-align: middle; white-space: nowrap; width: 65.77pt;"> <div style="line-height: 8.29pt; margin-left: 23.08pt; margin-right: 23.08pt; text-align: center; width: 19.61pt;"> <div style="display: flex; margin: auto; width: 19.61pt;"> <div style="display: flex; white-space: nowrap; width: 19.61pt;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; padding-left: 10.08;">5%</span></div> </div> </div> </td> <td style="background-color: #d8d8d8; border-bottom: 0.5pt solid #000000; padding-bottom: 0px; padding-top: 0px; vertical-align: middle; white-space: nowrap; width: 59.28pt;"> <div style="line-height: 8.29pt; margin-left: 23.08pt; margin-right: 6pt; text-align: center; width: 23.7pt;"> <div style="display: flex; margin: auto; width: 23.7pt;"> <div style="display: flex; white-space: nowrap; width: 23.7pt;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; padding-left: 10.08;">10%</span></div> </div> </div> </td> </tr> <tr style="height: 11.5pt;"> <td style="padding-bottom: 2pt; padding-top: 3.125pt; vertical-align: middle; width: 173.58pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 23.08pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.0pt;">Corresponding Return to Common Shareholders</span><span style="color: #000000; font-family: arial narrow; font-size: 5pt; margin-left: 0.0pt; position: relative; top: -3.25pt;">2</span></div> </div> </td> <td style="padding-bottom: 2pt; padding-top: 3.125pt; vertical-align: middle; white-space: nowrap; width: 72.18pt;"> <div style="line-height: 7.29pt; margin-left: 23.08pt; margin-right: 23.08pt; text-align: center; width: 26.02pt;"> <div style="display: flex; margin: auto; width: 26.02pt;"> <div style="display: flex; white-space: nowrap; width: 26.02pt;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; padding-left: 0.00;">-14.40%</span></div> </div> </div> </td> <td style="padding-bottom: 2pt; padding-top: 3.125pt; vertical-align: middle; white-space: nowrap; width: 68.09pt;"> <div style="line-height: 7.29pt; margin-left: 23.08pt; margin-right: 23.08pt; text-align: center; width: 21.93pt;"> <div style="display: flex; margin: auto; width: 21.93pt;"> <div style="display: flex; white-space: nowrap; width: 21.93pt;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; padding-left: 0.00;">-7.73%</span></div> </div> </div> </td> <td style="padding-bottom: 2pt; padding-top: 3.125pt; vertical-align: middle; white-space: nowrap; width: 68.09pt;"> <div style="line-height: 7.29pt; margin-left: 23.08pt; margin-right: 23.08pt; text-align: center; width: 21.93pt;"> <div style="display: flex; margin: auto; width: 21.93pt;"> <div style="display: flex; white-space: nowrap; width: 21.93pt;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; padding-left: 0.00;">-1.07%</span></div> </div> </div> </td> <td style="padding-bottom: 2pt; padding-top: 3.125pt; vertical-align: middle; white-space: nowrap; width: 65.77pt;"> <div style="line-height: 7.29pt; margin-left: 23.08pt; margin-right: 23.08pt; text-align: center; width: 19.61pt;"> <div style="display: flex; margin: auto; width: 19.61pt;"> <div style="display: flex; white-space: nowrap; width: 19.61pt;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; padding-left: 0.00;">5.60%</span></div> </div> </div> </td> <td style="padding-bottom: 2pt; padding-top: 3.125pt; vertical-align: middle; white-space: nowrap; width: 59.28pt;"> <div style="line-height: 7.29pt; margin-left: 23.08pt; margin-right: 6pt; text-align: center; width: 23.7pt;"> <div style="display: flex; margin: auto; width: 23.7pt;"> <div style="display: flex; white-space: nowrap; width: 23.7pt;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; padding-left: 0.00;">12.27%</span></div> </div> </div> </td> </tr> </table> <div style="float: left; line-height: 10.0pt; text-align: left; width: 3.9pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">1</span></div> <div style="float: left; line-height: 10.0pt; margin-left: 12.1pt; text-align: left; width: 486.00pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">The Assumed Portfolio Return is required by regulation of the SEC and is not a prediction of, and does not represent, the projected or actual performance of the Fund.</span><span style="color: #000000; font-family: arial; font-size: 7.44pt; line-height: 10pt;"> </span></div> <div style="float: left; line-height: 10.0pt; text-align: left; width: 3.9pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">2</span></div> <div style="float: left; line-height: 10.0pt; margin-left: 12.1pt; text-align: justify; width: 486.0pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">In order to compute the Corresponding Return to Common Shareholders, the Assumed Portfolio Return is multiplied by the total value of the Fund's assets at the beginning of the Fund's fiscal year to obtain an assumed return to the Fund. From this amount, all interest accrued during the year is subtracted to determine the return available to shareholders. The return available to shareholders is then divided by the total value of the Fund's net assets attributable to Common Shares as of the beginning of the fiscal year to determine the Corresponding Return to Common Shareholders.</span></div> -0.1440 -0.0773 -0.0107 0.0560 0.1227 Each Common Share of the Fund has one vote and shares equally in dividends and distributions, when and if, declared by the Fund, and in the Fund's net assets upon liquidation. There are no preemptive or conversion rights applicable to any of the Common Shares. <div style="line-height: 13.02pt; margin-top: 8.726pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 11.16pt; font-weight: bold;">Status of Shares</span><span style="color: #000000; font-family: arial; font-size: 11.16pt; font-weight: bold; line-height: 13.02pt;"> </span></div> <div style="line-height: 10.974pt; margin-top: 1.080pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The following table sets forth information about the Fund's outstanding Common Shares as of June 6, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">2023</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">:</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.93pt;"> </span></div> <table cellpadding="0" cellspacing="0" id="table462923" style="empty-cells: show; width: 507pt; border: 0.5pt solid #000000;"> <tr> <td colspan="1" style="width: 260pt; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 88.67pt; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 85.75pt; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 72.58pt; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> </tr> <tr style="height: 38.5pt;"> <td style="background-color: #d8d8d8; border-bottom: 0.5pt solid #000000; padding-bottom: 3.125pt; padding-top: 3.125pt; vertical-align: middle; width: 260pt;"> <div style="line-height: 10.240pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 13.5pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6pt; font-weight: bold; margin-left: 0.0pt;">Title of Class</span></div> </div> </td> <td style="background-color: #d8d8d8; border-bottom: 0.5pt solid #000000; padding-bottom: 3.125pt; padding-top: 3.125pt; vertical-align: middle; width: 88.67pt;"> <div style="line-height: 10.240pt; text-align: left;"> <div style="margin-left: 11.5pt; margin-right: 11.5pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6pt; font-weight: bold; margin-left: 0.0pt;">Number Authorized</span></div> </div> </td> <td style="background-color: #d8d8d8; border-bottom: 0.5pt solid #000000; padding-bottom: 3.125pt; padding-top: 3.125pt; vertical-align: middle; width: 85.75pt;"> <div style="line-height: 10.240pt; text-align: left;"> <div style="margin-left: 11.5pt; margin-right: 11.49pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6pt; font-weight: bold; margin-left: 0.00pt;">Number Held By</span></div> <div style="margin-left: 11.5pt; margin-right: 11.49pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6pt; font-weight: bold;">the Fund or for its</span></div> <div style="margin-left: 11.5pt; margin-right: 11.49pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6pt; font-weight: bold;">Own Account</span></div> </div> </td> <td style="background-color: #d8d8d8; border-bottom: 0.5pt solid #000000; padding-bottom: 3.125pt; padding-top: 3.125pt; vertical-align: middle; width: 72.58pt;"> <div style="line-height: 10.240pt; text-align: left;"> <div style="margin-left: 11.49pt; margin-right: 10pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6pt; font-weight: bold; margin-left: 0.00pt;">Number</span></div> <div style="margin-left: 11.49pt; margin-right: 10pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6pt; font-weight: bold;">Outstanding</span></div> </div> </td> </tr> <tr style="height: 15pt;"> <td style="padding-bottom: 4pt; padding-top: 3.125pt; vertical-align: middle; width: 260pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 13.5pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.0pt;">Class A Common Shares</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 3.125pt; vertical-align: middle; white-space: nowrap; width: 88.67pt;"> <div style="line-height: 7.29pt; margin-left: 13.495pt; margin-right: 13.495pt; text-align: center; width: 61.67pt;"> <div style="display: flex; margin: auto; width: 27.91pt;"> <div style="display: flex; white-space: nowrap; width: 27.91pt;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; padding-left: 0.00;">Unlimited</span></div> </div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 3.125pt; vertical-align: middle; white-space: nowrap; width: 85.75pt;"> <div style="line-height: 7.29pt; margin-left: 13.495pt; margin-right: 13.495pt; text-align: center; width: 58.76pt;"> <div style="display: flex; margin: auto; width: 4.09pt;"> <div style="display: flex; white-space: nowrap; width: 4.09pt;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; padding-left: 0.00;">0</span></div> </div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 3.125pt; vertical-align: middle; white-space: nowrap; width: 72.58pt;"> <div style="line-height: 7.29pt; margin-left: 13.495pt; margin-right: 6pt; text-align: center; width: 46.59pt;"> <div style="display: flex; margin: auto; width: 46.59pt;"> <div style="display: flex; white-space: nowrap; width: 46.59pt;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; padding-left: 0.00;">11,022,378.23</span></div> </div> </div> </td> </tr> <tr style="height: 13pt;"> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 260pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 13.5pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.0pt;">Class C Common Shares</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; white-space: nowrap; width: 88.67pt;"> <div style="line-height: 7.29pt; margin-left: 13.495pt; margin-right: 13.495pt; text-align: center; width: 61.67pt;"> <div style="display: flex; margin: auto; width: 27.91pt;"> <div style="display: flex; white-space: nowrap; width: 27.91pt;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; padding-left: 0.00;">Unlimited</span></div> </div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; white-space: nowrap; width: 85.75pt;"> <div style="line-height: 7.29pt; margin-left: 13.495pt; margin-right: 13.495pt; text-align: center; width: 58.76pt;"> <div style="display: flex; margin: auto; width: 4.09pt;"> <div style="display: flex; white-space: nowrap; width: 4.09pt;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; padding-left: 0.00;">0</span></div> </div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; white-space: nowrap; width: 72.58pt;"> <div style="line-height: 7.29pt; margin-left: 13.495pt; margin-right: 6pt; text-align: center; width: 46.59pt;"> <div style="display: flex; margin: auto; width: 46.59pt;"> <div style="display: flex; white-space: nowrap; width: 46.59pt;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; padding-left: 10.09;">602,372.42</span></div> </div> </div> </td> </tr> <tr style="height: 13pt;"> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; width: 260pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 13.5pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.0pt;">Class I Common Shares</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; white-space: nowrap; width: 88.67pt;"> <div style="line-height: 7.29pt; margin-left: 13.495pt; margin-right: 13.495pt; text-align: center; width: 61.67pt;"> <div style="display: flex; margin: auto; width: 27.91pt;"> <div style="display: flex; white-space: nowrap; width: 27.91pt;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; padding-left: 0.00;">Unlimited</span></div> </div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; white-space: nowrap; width: 85.75pt;"> <div style="line-height: 7.29pt; margin-left: 13.495pt; margin-right: 13.495pt; text-align: center; width: 58.76pt;"> <div style="display: flex; margin: auto; width: 4.09pt;"> <div style="display: flex; white-space: nowrap; width: 4.09pt;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; padding-left: 0.00;">0</span></div> </div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: middle; white-space: nowrap; width: 72.58pt;"> <div style="line-height: 7.29pt; margin-left: 13.495pt; margin-right: 6pt; text-align: center; width: 46.59pt;"> <div style="display: flex; margin: auto; width: 46.59pt;"> <div style="display: flex; white-space: nowrap; width: 46.59pt;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; padding-left: 10.09;">787,669.11</span></div> </div> </div> </td> </tr> <tr style="height: 9.5pt;"> <td style="background-color: #d8d8d8; padding-bottom: 2pt; padding-top: 4pt; vertical-align: middle; width: 260pt;"> <div style="line-height: 7.29pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 13.5pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; margin-left: 0.0pt;">Class W Common Shares</span></div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 2pt; padding-top: 4pt; vertical-align: middle; white-space: nowrap; width: 88.67pt;"> <div style="line-height: 7.29pt; margin-left: 13.495pt; margin-right: 13.495pt; text-align: center; width: 61.67pt;"> <div style="display: flex; margin: auto; width: 27.91pt;"> <div style="display: flex; white-space: nowrap; width: 27.91pt;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; padding-left: 0.00;">Unlimited</span></div> </div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 2pt; padding-top: 4pt; vertical-align: middle; white-space: nowrap; width: 85.75pt;"> <div style="line-height: 7.29pt; margin-left: 13.495pt; margin-right: 13.495pt; text-align: center; width: 58.76pt;"> <div style="display: flex; margin: auto; width: 4.09pt;"> <div style="display: flex; white-space: nowrap; width: 4.09pt;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; padding-left: 0.00;">0</span></div> </div> </div> </td> <td style="background-color: #d8d8d8; padding-bottom: 2pt; padding-top: 4pt; vertical-align: middle; white-space: nowrap; width: 72.58pt;"> <div style="line-height: 7.29pt; margin-left: 13.495pt; margin-right: 6pt; text-align: center; width: 46.59pt;"> <div style="display: flex; margin: auto; width: 46.59pt;"> <div style="display: flex; white-space: nowrap; width: 46.59pt;"><span style="color: #000000; font-family: arial; font-size: 6.48pt; padding-left: 10.09;">326,734.08</span></div> </div> </div> </td> </tr> </table> Class A Common Shares 11022378.23 Class C Common Shares 602372.42 Class I Common Shares 787669.11 Class W Common Shares 326734.08 All Common Shares have equal rights to the payment of dividends and the distribution of assets upon liquidation. In the event of any voluntary or involuntary liquidation, dissolution, or winding up of the affairs of the Fund, holders of Preferred Shares would be entitled to receive a preferential liquidating distribution (expected to equal the original purchase price per share plus accumulated and unpaid dividends thereon, whether or not earned or declared) before any distribution of assets is made to holders of Common Shares. The Distributor will pay a dealer reallowance for Class A Common Shares from the sales charge. The Distributor will pay a sales commission for Class C Common Shares to authorized dealers from its own assets. Reduced for purchases of $100,000 and over for Class A Common Shares, please see “Sales Charges.” In order to compute the Corresponding Return to Common Shareholders, the Assumed Portfolio Return is multiplied by the total value of the Fund's assets at the beginning of the Fund's fiscal year to obtain an assumed return to the Fund. From this amount, all interest accrued during the year is subtracted to determine the return available to shareholders. The return available to shareholders is then divided by the total value of the Fund's net assets attributable to Common Shares as of the beginning of the fiscal year to determine the Corresponding Return to Common Shareholders. There is no front-end sales charge if you purchase Class A Common Shares in the amount of $500,000 or more. Class A Common Shares purchased in an amount of $500,000 or more are subject to a 1.00% EWC if repurchased by the Fund within 12 months of purchase. Class C Common Shares repurchased by the Fund within the first year after purchase will incur a 1.00% EWC. See “Sales Charges - Early Withdrawal Charge.” No EWC will be charged on redemptions that are due to the closing of shareholder accounts having a value of less than $1,000. Pursuant to the investment management agreement with the Fund, the Investment Adviser is paid a fee of 0.80% of the Fund's Managed Assets. For the description of “Managed Assets,” please see “Description of the Fund – Investment Adviser/Sub-Adviser” earlier in this Prospectus. Because the distribution fees payable by Class C Common Shares may be considered an asset-based sales charge, long-term shareholders in that class of the Fund may pay more than the economic equivalent of the maximum front-end sales charges permitted by the Financial Industry Regulatory Authority. Other Operating Expenses are estimated amounts for the current fiscal year. The Investment Adviser is contractually obligated to limit expenses of the Fund through July 1, 2024 to the following: Class A Common Shares - 0.90% of Managed Assets plus 0.45% of average daily net assets; Class C Common Shares - 0.90% of Managed Assets plus 0.95% of average daily net assets; Class I Common Shares - 0.90% of Managed Assets plus 0.20% of average daily net assets; and Class W Common Shares - 0.90% of Managed Assets plus 0.20% of average daily net assets. The obligation is subject to possible recoupment by the Investment Adviser within 36 months of the waiver or reimbursement. The Investment Adviser is contractually obligated to further limit expenses of the Fund through July 1, 2024 to the following: Class A Common Shares - 0.80% of Managed Assets plus 0.45% of average daily net assets; Class C Common Shares - 0.80% of Managed Assets plus 0.95% of average daily net assets; Class I Common Shares - 0.80% of Managed Assets plus 0.20% of average daily net assets; and Class W Common Shares - 0.80% of Managed Assets plus 0.20% of average daily net assets. These limitations do not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fund Fees and Expenses. Termination or modification of these obligations requires approval by the Fund’s Board. If the expenses of the Fund are calculated on the Managed Assets of the Fund (assuming that the Fund has used leverage by borrowing an amount equal to 25% of the Fund’s Managed Assets), the Net Annual Expenses for the Fund would be lower than the expenses shown in the table. Such lower Net Annual Expense ratios would be as follows: 2.01%, 2.51%, 1.76%, and 1.76% for Class A, Class C, Class I, and Class W shares, respectively.