0001124959 2025-04-29 2025-04-29 0001124959 vcif:LimitedSecondaryMarketForLoansMember 2025-04-29 2025-04-29 0001124959 vcif:LiquidityMember 2025-04-29 2025-04-29 0001124959 vcif:ManagerMember 2025-04-29 2025-04-29 0001124959 vcif:TemporaryDefensivePositionsMember 2025-04-29 2025-04-29 0001124959 vcif:UnsecuredDebtInstrumentsandSubordinatedLoansMember 2025-04-29 2025-04-29 0001124959 vcif:ValuationOfLoansMember 2025-04-29 2025-04-29 0001124959 vcif:WhenIssuedDelayedDeliveryAndForwardCommitmentTransactionsMember 2025-04-29 2025-04-29 0001124959 vcif:RankingofSeniorIndebtednessMember 2025-04-29 2025-04-29 0001124959 vcif:RepurchaseAgreementMember 2025-04-29 2025-04-29 0001124959 vcif:RestrictiveCovenantsand1940ActRestrictionsMember 2025-04-29 2025-04-29 0001124959 vcif:SecuritiesLendingMember 2025-04-29 2025-04-29 0001124959 vcif:ShortTermDebtInstrumentsandCashMember 2025-04-29 2025-04-29 0001124959 vcif:SpecialSituationsMember 2025-04-29 2025-04-29 0001124959 vcif:MarketMember 2025-04-29 2025-04-29 0001124959 vcif:MarketDisruptionAndGeopoliticalMember 2025-04-29 2025-04-29 0001124959 vcif:MortgageandorAssetBackedSecuritiesMember 2025-04-29 2025-04-29 0001124959 vcif:OperationalMember 2025-04-29 2025-04-29 0001124959 vcif:OtherInvestmentsCompaniesMember 2025-04-29 2025-04-29 0001124959 vcif:PrepaymentAndExtensionMember 2025-04-29 2025-04-29 0001124959 vcif:ClassACommonSharesMember 2025-04-29 2025-04-29 0001124959 vcif:ClassCCommonSharesMember 2025-04-29 2025-04-29 0001124959 vcif:ClassICommonSharesMember 2025-04-29 2025-04-29 0001124959 vcif:ClassWCommonSharesMember 2025-04-29 2025-04-29 0001124959 vcif:CommonSharesMember 2025-04-29 2025-04-29 0001124959 vcif:PreferredSharesMember 2025-04-29 2025-04-29 0001124959 dei:BusinessContactMember 2025-04-29 2025-04-29 0001124959 vcif:ClassACommonSharesNoRepurchasesMember 2025-04-29 2025-04-29 0001124959 vcif:ClassCCommonSharesNoRepurchasesMember 2025-04-29 2025-04-29 0001124959 vcif:ClassICommonSharesNoRepurchasesMember 2025-04-29 2025-04-29 0001124959 vcif:ClassWCommonSharesNoRepurchasesMember 2025-04-29 2025-04-29 0001124959 vcif:ClassACommonSharesWithRepurchasesAtPeriodEndMember 2025-04-29 2025-04-29 0001124959 vcif:ClassCCommonSharesWithRepurchasesAtPeriodEndMember 2025-04-29 2025-04-29 0001124959 vcif:ClassICommonSharesWithRepurchasesAtPeriodEndMember 2025-04-29 2025-04-29 0001124959 vcif:ClassWCommonSharesWithRepurchasesAtPeriodEndMember 2025-04-29 2025-04-29 pure iso4217:USD shares 0001124959 false 0 0 0 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 No 333-219011 811-10223 N-2 N-2 true false true 13 true true 54 VOYA CREDIT INCOME FUND 7337 E. 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 false false true 2025-06-28 false false false false true false true false false false <div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">This table is intended to assist investors in understanding the various costs and expenses directly or indirectly associated </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">with investing in the Fund. The cost you pay to invest in the Fund varies depending upon which class of Common </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Shares you purchase. In accordance with SEC requirements, the table below shows the expenses of the Fund, including </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">interest expense on borrowings, as a percentage of the average net assets of the Fund and not as a percentage of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">gross assets or Managed Assets. By showing expenses as a percentage of the average net assets, expenses are not </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">expressed as a percentage of all of the assets that are invested for the Fund. The table below assumes that the Fund </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">has borrowed an amount equal to 25% of its Managed Assets. For information about the Fund’s expense ratios if the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Fund had not borrowed, see </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">Risk Factors and Special Considerations - Annual Expenses Without Borrowings.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> Investors </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">investing in the Fund through an intermediary should consult the Appendix to this Prospectus, which includes information </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">regarding financial intermediary specific sales charges and related discount policies that apply to purchases through </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">certain specified intermediaries.</div> <table cellpadding="0" cellspacing="0" style="text-align:start; border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;empty-cells:show;width:507pt"><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:264.97pt"><div style="line-height:11.5pt;text-align:left"><div style="margin-left:6pt;margin-right:18.47pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-redline:true;display:inline;font-weight:bold;display:inline;">Class</div></div></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:65.07pt"><div style="line-height:11.5pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-redline:true;display:inline;font-weight:bold;display:inline;">Class A</div></div></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:61.41pt"><div style="line-height:11.5pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-redline:true;display:inline;font-weight:bold;display:inline;">Class C</div></div></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:59.09pt"><div style="line-height:11.5pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-redline:true;display:inline;font-weight:bold;display:inline;">Class I</div></div></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:56.45pt"><div style="line-height:11.5pt;text-align:left"><div style="margin-left:18.47pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-redline:true;display:inline;font-weight:bold;display:inline;">Class W</div></div></div></div></td></tr><tr style="height:15pt"><td colspan="2" style="padding-bottom:4pt;padding-top:3.125pt;vertical-align:middle;width:330.04pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:6pt;margin-right:18.47pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-redline:true;display:inline;font-weight:bold;display:inline;">Shareholder Transaction Expenses</div></div></div></div></td><td style="padding-bottom:4pt;padding-top:3.125pt;vertical-align:middle;white-space:nowrap;width:61.41pt"><div style="line-height:0.5pt;margin-left:18.475pt;margin-right:18.475pt;text-align:center;width:24.46pt"><div style="display:flex;margin:auto;width:2.0pt"><div style="display:flex;white-space:nowrap;width:2.0pt"> </div></div></div></td><td style="padding-bottom:4pt;padding-top:3.125pt;vertical-align:middle;white-space:nowrap;width:59.09pt"><div style="line-height:0.5pt;margin-left:18.475pt;margin-right:18.475pt;text-align:center;width:22.14pt"><div style="display:flex;margin:auto;width:2.0pt"><div style="display:flex;white-space:nowrap;width:2.0pt"> </div></div></div></td><td style="padding-bottom:4pt;padding-top:3.125pt;vertical-align:middle;white-space:nowrap;width:56.45pt"><div style="line-height:0.5pt;margin-left:18.475pt;margin-right:6pt;text-align:center;width:25.48pt"><div style="display:flex;margin:auto;width:2.0pt"><div style="display:flex;white-space:nowrap;width:2.0pt"> </div></div></div></td></tr><tr style="height:13pt"><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:264.97pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:6pt;margin-right:18.47pt;text-align:Left;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Maximum sales charge on your investment (as a percentage of offering price)</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">1</div></div> <div style="clear:right"> </div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:65.07pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.50%</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">2</div></div> <div style="clear:right"> </div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:61.41pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:59.09pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:56.45pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div></div></td></tr><tr style="height:13pt"><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:264.97pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:6pt;margin-right:18.47pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">Dividend Reinvestment and Cash Purchase Plan Fees</div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:65.07pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:61.41pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:59.09pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:56.45pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div></div></td></tr><tr style="height:13pt"><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:264.97pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:6pt;margin-right:18.47pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">Early Withdrawal Charge</div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:65.07pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">3</div></div> <div style="clear:right"> </div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:61.41pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.00%</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">3</div></div> <div style="clear:right"> </div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:59.09pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:56.45pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div></div></td></tr><tr style="height:13pt"><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:264.97pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:6pt;margin-right:18.47pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">Exchange Fee</div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:65.07pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:61.41pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:59.09pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:56.45pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></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:330.04pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:6pt;margin-right:18.47pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-redline:true;display:inline;font-weight:bold;display:inline;">Annual Expenses (as a percentage of average net assets attributable to Common Shares)</div></div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:61.41pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: -30.7pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"> </div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:59.09pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: -29.54pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"> </div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:56.45pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:18.47pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: -31.21pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"> </div></div></div></td></tr><tr style="height:13pt"><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:264.97pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:6pt;margin-right:18.47pt;text-align:Left;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Management Fees</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">4</div></div> <div style="clear:right"> </div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:65.07pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">1.07%</div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:61.41pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">1.07%</div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:59.09pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">1.07%</div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:56.45pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">1.07%</div></div></div></td></tr><tr style="height:13pt"><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:264.97pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:6pt;margin-right:18.47pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">Service Fee</div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:65.07pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">0.25%</div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:61.41pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">0.25%</div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:59.09pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:56.45pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div></div></td></tr><tr style="height:13pt"><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:264.97pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:6pt;margin-right:18.47pt;text-align:Left;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Distribution Fee</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">5</div></div> <div style="clear:right"> </div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:65.07pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:61.41pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">0.50%</div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:59.09pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:56.45pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div></div></td></tr><tr style="height:13pt"><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:264.97pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:6pt;margin-right:18.47pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">Interest Expense on Borrowed Funds</div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:65.07pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"><div style="display:inline;"><div style="-sec-ix-hidden:hidden139386906;display:inline;">[ ]</div></div>%</div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:61.41pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"><div style="display:inline;"><div style="-sec-ix-hidden:hidden139386907;display:inline;">[ ]</div></div>%</div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:59.09pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"><div style="display:inline;"><div style="-sec-ix-hidden:hidden139386908;display:inline;">[ ]</div></div>%</div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:56.45pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"><div style="display:inline;"><div style="-sec-ix-hidden:hidden139386909;display:inline;">[ ]</div></div>%</div></div></div></td></tr><tr style="height:13pt"><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:264.97pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:6pt;margin-right:18.47pt;text-align:Left;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Other Operating Expenses</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">6</div></div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:65.07pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"><div style="-sec-ix-hidden:Fact_139386910;display:inline;">[ ]</div>%</div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:61.41pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"><div style="-sec-ix-hidden:Fact_139386911;display:inline;">[ ]</div>%</div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:59.09pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"><div style="-sec-ix-hidden:Fact_139386912;display:inline;">[ ]</div>%</div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:56.45pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"><div style="-sec-ix-hidden:Fact_139386913;display:inline;">[ ]</div>%</div></div></div></td></tr><tr style="height:13pt"><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:264.97pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:6pt;margin-right:18.47pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">Total Annual Expenses</div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:65.07pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"><div style="-sec-ix-hidden:hidden139386914;display:inline;">[ ]</div>%</div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:61.41pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"><div style="-sec-ix-hidden:hidden139386915;display:inline;">[ ]</div>%</div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:59.09pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"><div style="-sec-ix-hidden:hidden139386916;display:inline;">[ ]</div>%</div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:56.45pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"><div style="-sec-ix-hidden:hidden139386917;display:inline;">[ ]</div>%</div></div></div></td></tr><tr style="height:13pt"><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:264.97pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:6pt;margin-right:18.47pt;text-align:Left;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fee Waivers/Reimbursements/Recoupment</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">7</div></div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:65.07pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"><div style="-sec-ix-hidden:Fact_139386918;display:inline;">[ ]</div>%</div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:61.41pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"><div style="-sec-ix-hidden:Fact_139386919;display:inline;">[ ]</div>%</div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:59.09pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"><div style="-sec-ix-hidden:Fact_139386920;display:inline;">[ ]</div>%</div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:56.45pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"><div style="-sec-ix-hidden:Fact_139386921;display:inline;">[ ]</div>%</div></div></div></td></tr><tr style="height:10.5pt"><td style="background-color:#D8D8D8;padding-bottom:2pt;padding-top:4pt;vertical-align:middle;width:264.97pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:6pt;margin-right:18.47pt;text-align:Left;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Net Annual Expenses</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">8</div></div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:2pt;padding-top:4pt;vertical-align:middle;width:65.07pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"><div style="-sec-ix-hidden:Fact_139386922;display:inline;">[ ]</div>%</div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:2pt;padding-top:4pt;vertical-align:middle;width:61.41pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"><div style="-sec-ix-hidden:Fact_139386923;display:inline;">[ ]</div>%</div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:2pt;padding-top:4pt;vertical-align:middle;width:59.09pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"><div style="-sec-ix-hidden:Fact_139386924;display:inline;">[ ]</div>%</div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:2pt;padding-top:4pt;vertical-align:middle;width:56.45pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"><div style="-sec-ix-hidden:Fact_139386925;display:inline;">[ ]</div>%</div></div></div></td></tr></table><div><div style="clear:both;margin-top:6.50pt;position:relative;width:100%"><div style="float:left;line-height:10.0pt;text-align:left;width:3.9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">1</div></div><div style="float:left;line-height:10.0pt;margin-left:12.1pt;text-align:justify;width:486.0pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">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 </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">authorized dealers from its own assets.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 7.44pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </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"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">2</div></div><div style="float:left;line-height:10.0pt;margin-left:12.1pt;text-align:left;width:486.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Reduced for purchases of $100,000 and over for Class A Common Shares, please see </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Sales Charges.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 7.44pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </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"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">3</div></div><div style="float:left;line-height:10.0pt;margin-left:12.1pt;text-align:justify;width:486.0pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">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 </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">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 </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">purchase will incur a 1.00% EWC. See </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Sales Charges - Early Withdrawal Charge.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> No EWC will be charged on redemptions that are due to the closing of shareholder accounts </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">having a value of less than $1,000.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 7.44pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;empty-cells:show;width:507pt"><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:264.97pt"><div style="line-height:11.5pt;text-align:left"><div style="margin-left:6pt;margin-right:18.47pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-redline:true;display:inline;font-weight:bold;display:inline;">Class</div></div></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:65.07pt"><div style="line-height:11.5pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-redline:true;display:inline;font-weight:bold;display:inline;">Class A</div></div></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:61.41pt"><div style="line-height:11.5pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-redline:true;display:inline;font-weight:bold;display:inline;">Class C</div></div></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:59.09pt"><div style="line-height:11.5pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-redline:true;display:inline;font-weight:bold;display:inline;">Class I</div></div></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:56.45pt"><div style="line-height:11.5pt;text-align:left"><div style="margin-left:18.47pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-redline:true;display:inline;font-weight:bold;display:inline;">Class W</div></div></div></div></td></tr><tr style="height:15pt"><td colspan="2" style="padding-bottom:4pt;padding-top:3.125pt;vertical-align:middle;width:330.04pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:6pt;margin-right:18.47pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-redline:true;display:inline;font-weight:bold;display:inline;">Shareholder Transaction Expenses</div></div></div></div></td><td style="padding-bottom:4pt;padding-top:3.125pt;vertical-align:middle;white-space:nowrap;width:61.41pt"><div style="line-height:0.5pt;margin-left:18.475pt;margin-right:18.475pt;text-align:center;width:24.46pt"><div style="display:flex;margin:auto;width:2.0pt"><div style="display:flex;white-space:nowrap;width:2.0pt"> </div></div></div></td><td style="padding-bottom:4pt;padding-top:3.125pt;vertical-align:middle;white-space:nowrap;width:59.09pt"><div style="line-height:0.5pt;margin-left:18.475pt;margin-right:18.475pt;text-align:center;width:22.14pt"><div style="display:flex;margin:auto;width:2.0pt"><div style="display:flex;white-space:nowrap;width:2.0pt"> </div></div></div></td><td style="padding-bottom:4pt;padding-top:3.125pt;vertical-align:middle;white-space:nowrap;width:56.45pt"><div style="line-height:0.5pt;margin-left:18.475pt;margin-right:6pt;text-align:center;width:25.48pt"><div style="display:flex;margin:auto;width:2.0pt"><div style="display:flex;white-space:nowrap;width:2.0pt"> </div></div></div></td></tr><tr style="height:13pt"><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:264.97pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:6pt;margin-right:18.47pt;text-align:Left;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Maximum sales charge on your investment (as a percentage of offering price)</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">1</div></div> <div style="clear:right"> </div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:65.07pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.50%</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">2</div></div> <div style="clear:right"> </div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:61.41pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:59.09pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:56.45pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div></div></td></tr><tr style="height:13pt"><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:264.97pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:6pt;margin-right:18.47pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">Dividend Reinvestment and Cash Purchase Plan Fees</div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:65.07pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:61.41pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:59.09pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:56.45pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div></div></td></tr><tr style="height:13pt"><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:264.97pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:6pt;margin-right:18.47pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">Early Withdrawal Charge</div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:65.07pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">3</div></div> <div style="clear:right"> </div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:61.41pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.00%</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">3</div></div> <div style="clear:right"> </div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:59.09pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:56.45pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div></div></td></tr><tr style="height:13pt"><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:264.97pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:6pt;margin-right:18.47pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">Exchange Fee</div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:65.07pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:61.41pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:59.09pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:56.45pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></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:330.04pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:6pt;margin-right:18.47pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-redline:true;display:inline;font-weight:bold;display:inline;">Annual Expenses (as a percentage of average net assets attributable to Common Shares)</div></div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:61.41pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: -30.7pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"> </div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:59.09pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: -29.54pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"> </div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:56.45pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:18.47pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: -31.21pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"> </div></div></div></td></tr><tr style="height:13pt"><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:264.97pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:6pt;margin-right:18.47pt;text-align:Left;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Management Fees</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">4</div></div> <div style="clear:right"> </div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:65.07pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">1.07%</div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:61.41pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">1.07%</div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:59.09pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">1.07%</div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:56.45pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">1.07%</div></div></div></td></tr><tr style="height:13pt"><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:264.97pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:6pt;margin-right:18.47pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">Service Fee</div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:65.07pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">0.25%</div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:61.41pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">0.25%</div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:59.09pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:56.45pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div></div></td></tr><tr style="height:13pt"><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:264.97pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:6pt;margin-right:18.47pt;text-align:Left;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Distribution Fee</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">5</div></div> <div style="clear:right"> </div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:65.07pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:61.41pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">0.50%</div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:59.09pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:56.45pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div></div></td></tr><tr style="height:13pt"><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:264.97pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:6pt;margin-right:18.47pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">Interest Expense on Borrowed Funds</div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:65.07pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"><div style="display:inline;"><div style="-sec-ix-hidden:hidden139386906;display:inline;">[ ]</div></div>%</div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:61.41pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"><div style="display:inline;"><div style="-sec-ix-hidden:hidden139386907;display:inline;">[ ]</div></div>%</div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:59.09pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"><div style="display:inline;"><div style="-sec-ix-hidden:hidden139386908;display:inline;">[ ]</div></div>%</div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:56.45pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"><div style="display:inline;"><div style="-sec-ix-hidden:hidden139386909;display:inline;">[ ]</div></div>%</div></div></div></td></tr><tr style="height:13pt"><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:264.97pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:6pt;margin-right:18.47pt;text-align:Left;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Other Operating Expenses</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">6</div></div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:65.07pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"><div style="-sec-ix-hidden:Fact_139386910;display:inline;">[ ]</div>%</div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:61.41pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"><div style="-sec-ix-hidden:Fact_139386911;display:inline;">[ ]</div>%</div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:59.09pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"><div style="-sec-ix-hidden:Fact_139386912;display:inline;">[ ]</div>%</div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:56.45pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"><div style="-sec-ix-hidden:Fact_139386913;display:inline;">[ ]</div>%</div></div></div></td></tr><tr style="height:13pt"><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:264.97pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:6pt;margin-right:18.47pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">Total Annual Expenses</div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:65.07pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"><div style="-sec-ix-hidden:hidden139386914;display:inline;">[ ]</div>%</div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:61.41pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"><div style="-sec-ix-hidden:hidden139386915;display:inline;">[ ]</div>%</div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:59.09pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"><div style="-sec-ix-hidden:hidden139386916;display:inline;">[ ]</div>%</div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:56.45pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"><div style="-sec-ix-hidden:hidden139386917;display:inline;">[ ]</div>%</div></div></div></td></tr><tr style="height:13pt"><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:264.97pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:6pt;margin-right:18.47pt;text-align:Left;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fee Waivers/Reimbursements/Recoupment</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">7</div></div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:65.07pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"><div style="-sec-ix-hidden:Fact_139386918;display:inline;">[ ]</div>%</div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:61.41pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"><div style="-sec-ix-hidden:Fact_139386919;display:inline;">[ ]</div>%</div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:59.09pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"><div style="-sec-ix-hidden:Fact_139386920;display:inline;">[ ]</div>%</div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:56.45pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"><div style="-sec-ix-hidden:Fact_139386921;display:inline;">[ ]</div>%</div></div></div></td></tr><tr style="height:10.5pt"><td style="background-color:#D8D8D8;padding-bottom:2pt;padding-top:4pt;vertical-align:middle;width:264.97pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:6pt;margin-right:18.47pt;text-align:Left;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Net Annual Expenses</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">8</div></div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:2pt;padding-top:4pt;vertical-align:middle;width:65.07pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"><div style="-sec-ix-hidden:Fact_139386922;display:inline;">[ ]</div>%</div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:2pt;padding-top:4pt;vertical-align:middle;width:61.41pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"><div style="-sec-ix-hidden:Fact_139386923;display:inline;">[ ]</div>%</div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:2pt;padding-top:4pt;vertical-align:middle;width:59.09pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:18.47pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"><div style="-sec-ix-hidden:Fact_139386924;display:inline;">[ ]</div>%</div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:2pt;padding-top:4pt;vertical-align:middle;width:56.45pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:18.47pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"><div style="-sec-ix-hidden:Fact_139386925;display:inline;">[ ]</div>%</div></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"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">4</div></div><div style="float:left;line-height:10.0pt;margin-left:12.1pt;text-align:justify;width:486.0pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">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 </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Managed </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Assets,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> please see </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Description of the Fund – Investment Adviser/Sub-Adviser</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> earlier in this Prospectus.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 7.44pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </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"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">5</div></div><div style="float:left;line-height:10.0pt;margin-left:12.1pt;text-align:justify;width:486.0pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">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 </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">more than the economic equivalent of the maximum front-end sales charges permitted by the Financial Industry Regulatory Authority.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 7.44pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </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"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">6</div></div><div style="float:left;line-height:10.0pt;margin-left:12.1pt;text-align:left;width:486.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Other Operating Expenses are estimated amounts for the current fiscal year.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 7.44pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </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"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">7</div></div><div style="float:left;line-height:10.0pt;margin-left:12.1pt;text-align:justify;width:486.0pt"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">The Investment Adviser is contractually obligated to limit expenses of the Fund through </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">[</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">July 1, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">2026]</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> to the following: </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">[</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Class A Common Shares - 0.90% of Managed Assets </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">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 </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">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</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">]</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">. The obligation is </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">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 </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">expenses of the Fund through </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">[</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">July 1, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">2026]</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> to the following:</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">[</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> Class A Common Shares - 0.80% of Managed Assets plus 0.45% of average daily net assets; Class C Common </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">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 </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Class W Common Shares - 0.80% of Managed Assets plus 0.20%</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">]</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> of average daily net assets. These limitations do not extend to interest, taxes, investment-related costs, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">leverage expenses, extraordinary expenses, and Acquired Fund Fees and Expenses. Termination or modification of these obligations requires approval by the Fund’s Board.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 7.44pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </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"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">8</div></div><div style="float:left;line-height:10.0pt;margin-left:12.1pt;text-align:justify;width:486.0pt"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">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 </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">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: </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">[</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">2.99%, 3.49%, 2.74%, and 2.74%</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">]</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> for Class A, Class C, Class I, and Class W shares, respectively.</div></div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div> as a percentage of offering price 0.025 0 0 0 0 0 0 0 0 0.01 0 0 0 0 0 0 as a percentage of average net assets attributable to Common Shares 0.0107 0.0107 0.0107 0.0107 0.0025 0.0025 0 0 0 0.005 0 0 Other Operating Expenses are estimated amounts for the current fiscal year. <div style="line-height:13.02pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Examples</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 11.16pt; line-height: 13.02pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="line-height:10.974pt;text-align:justify"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The following Examples show the amount of the expenses that an investor in the Fund would bear on a $1,000 investment </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">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 </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">remains invested over the entire 10-year period. As a result, no EWCs are included in the listed expense amounts. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The second table assumes that the $1,000 investment is tendered and repurchased at the end of each period shown. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">As a result, EWCs are imposed on certain of those repurchases.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:10.974pt;margin-top:6.01pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The Examples assume that all dividends and other distributions are reinvested at NAV and that the percentage amounts </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">listed under Net Annual Expenses in the previous table remain the same in the years shown (except that the Fee </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Waivers/Reimbursements only apply for the first year). The tables and the assumption in the Examples of a 5% annual </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">return are required by regulations of the SEC applicable to all investment companies. The assumed 5% annual return </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">is not a prediction of, and does not represent, the projected or actual performance of the Fund's Common Shares. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">For more complete descriptions of certain of the Fund's costs and expenses, see </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">Classes of Shares,</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> “</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> Sales Charges,</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> ”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">Investment Management and Other Service Providers.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div></div></div><div style="line-height: 1pt; margin-top: 0pt; text-align: left; font-size: 1pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="margin-top:0.0pt"><table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;margin-left:0.01pt;width:506.99pt"><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"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Example #1</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 2.5pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">—</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">No Repurchases</div></div></div></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"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"> </div></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"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"> </div></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"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-redline:true;display:inline;font-weight:bold;display:inline;">1 Year</div></div></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"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-redline:true;display:inline;font-weight:bold;display:inline;">3 Years</div></div></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"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-redline:true;display:inline;font-weight:bold;display:inline;">5 Years</div></div></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"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-redline:true;display:inline;font-weight:bold;display:inline;">10 Years</div></div></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"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">You would pay the following expenses on a $1,000 investment, assuming a 5% annual return and borrowings by the </div></div><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">Fund in an amount equal to 25% of its Managed Assets.</div></div></div></td></tr><tr style="height:15pt"><td style="background-color:#CCD6F0;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:170.33pt"><div style="line-height:11.16pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">Class A Common Shares</div></div></div></td><td style="background-color:#CCD6F0;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:33.52pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"> </div></div></div></td><td style="background-color:#CCD6F0;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:39.52pt"><div style="line-height:11.16pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">$</div></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;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:hidden139386927;display:inline;">[ ]</div></div></div></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;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:hidden139386935;display:inline;">[ ]</div></div></div></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;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:hidden139386944;display:inline;">[ ]</div></div></div></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;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:hidden139386952;display:inline;">[ ]</div></div></div></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"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">Class C Common Shares</div></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"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"> </div></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"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">$</div></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"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:hidden139386928;display:inline;">[ ]</div></div></div></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"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:hidden139386936;display:inline;">[ ]</div></div></div></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"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:hidden139386945;display:inline;">[ ]</div></div></div></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"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:hidden139386953;display:inline;">[ ]</div></div></div></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;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">Class I Common Shares</div></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;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"> </div></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;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">$</div></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;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:hidden139386929;display:inline;">[ ]</div></div></div></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;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:hidden139386937;display:inline;">[ ]</div></div></div></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;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:hidden139386946;display:inline;">[ ]</div></div></div></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;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:hidden139386997;display:inline;">[ ]</div></div></div></div></div></td></tr><tr style="height:12pt"><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"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">Class W Common Shares</div></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"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"> </div></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"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">$</div></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"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:hidden139386930;display:inline;">[ ]</div></div></div></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"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:hidden139386938;display:inline;">[ ]</div></div></div></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"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:hidden139386947;display:inline;">[ ]</div></div></div></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"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:hidden139386998;display:inline;">[ ]</div></div></div></div></div></td></tr></table></div><div style="line-height:10.974pt;margin-top:6pt;text-align:left"><div style="margin-top: 6pt; font-size: 9.3pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height: 1pt; margin-top: 0pt; text-align: left; font-size: 1pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="margin-top:0.0pt"><table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;margin-left:0.01pt;width:506.98pt"><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"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Example #2</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 2.5pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">—</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">With Repurchases at Period End</div></div></div></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"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"> </div></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"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"> </div></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"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-redline:true;display:inline;font-weight:bold;display:inline;">1 Year</div></div></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"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-redline:true;display:inline;font-weight:bold;display:inline;">3 Years</div></div></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"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-redline:true;display:inline;font-weight:bold;display:inline;">5 Years</div></div></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"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-redline:true;display:inline;font-weight:bold;display:inline;">10 Years</div></div></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"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">You would pay the following expenses on a $1,000 investment, assuming a 5% annual return, borrowings by the </div></div><div style="margin-left:3pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">Fund in an amount equal to 25% of its Managed Assets, and the tender and repurchase of the entire investment at </div></div><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">the end of each period shown.</div></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;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">Class A Common Shares</div></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;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"> </div></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;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">$</div></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;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:hidden139386931;display:inline;">[ ]</div></div></div></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;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:hidden139386940;display:inline;">[ ]</div></div></div></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;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:hidden139386948;display:inline;">[ ]</div></div></div></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;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:hidden139386999;display:inline;">[ ]</div></div></div></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"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">Class C Common Shares</div></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"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"> </div></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"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">$</div></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"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:hidden139386932;display:inline;">[ ]</div></div></div></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"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:hidden139386941;display:inline;">[ ]</div></div></div></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"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:hidden139386949;display:inline;">[ ]</div></div></div></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"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:hidden139387000;display:inline;">[ ]</div></div></div></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;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">Class I Common Shares</div></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;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"> </div></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;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">$</div></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;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:hidden139386933;display:inline;">[ ]</div></div></div></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;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:hidden139386942;display:inline;">[ ]</div></div></div></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;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:hidden139386950;display:inline;">[ ]</div></div></div></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;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:hidden139387001;display:inline;">[ ]</div></div></div></div></div></td></tr><tr style="height:12pt"><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"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">Class W Common Shares</div></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"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;"> </div></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"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">$</div></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"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:hidden139386934;display:inline;">[ ]</div></div></div></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"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:hidden139386943;display:inline;">[ ]</div></div></div></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"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:hidden139386951;display:inline;">[ ]</div></div></div></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"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:hidden139387002;display:inline;">[ ]</div></div></div></div></div></td></tr></table></div><div style="line-height:10.974pt;margin-top:6pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The purpose of each table is to assist you in understanding the various costs and expenses that an investor in the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">Fund will bear directly or indirectly. See </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">Classes of Shares - Choosing a Share Class.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">The foregoing Examples should not be considered a representation of future expenses and actual expenses may be </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">greater or less than those shown.</div></div></div></div> <div style="line-height:13.5pt;text-align:center"><div style="background-color:#D8D8D8;margin-left:0%"><div style="margin-left:0%"><div style="margin-top:4pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">INVESTMENT OBJECTIVE AND POLICIES</div></div></div></div></div></div><div style="clear: both; max-height: 0px;"> </div><div style="line-height:13.02pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Investment Objective</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 11.16pt; line-height: 13.02pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="line-height:10.974pt;text-align:justify"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The Fund's investment ob<div style="display:inline;">jec</div>tive is to provide investors with a high level of monthly income. The investment objective </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">is fundamental and may not be changed without a majority vote of the shareholders of the Fund. See </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">Description of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund – Fundamental and Non-Fundamental Investment Policies of the Fund</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> later in this Prospectus.</div></div></div><div style="line-height:2.3pt;margin-top:6.0pt;text-align:left"></div><div style="line-height:13.02pt;margin-top:8.0pt;text-align:left"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Fundamental Policies</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 11.16pt; line-height: 13.02pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">1.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Industry Concentration.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may invest in any industry. The Fund may not invest more than 25% of its total </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">assets, measured at the time of investment, in any single industry.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="clear: both; position: relative; max-height: 0px;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">2.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Borrower Diversification.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund is diversified, as such term is defined in the 1940 Act. A diversified fund may </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">not, as to 75% of its total assets, invest more than 5% of its total assets in any one issuer and may not purchase </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">more than 10% of the outstanding voting securities of any one issuer (other than securities issues or guaranteed </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">by the U.S. government or any of its agencies or instrumentalities, or other investment companies). The Fund will </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">consider the borrower on a loan, including a loan participation, to be the issuer of such loan. With respect to no </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">more than 25% of its total assets, the Fund may make investments that are not subject to the foregoing restrictions.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="clear: both; position: relative; max-height: 0px;"> </div><div style="line-height:10.974pt;margin-top:6.826pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">These fundamental policies may only be changed with approval by a majority of all shareholders. See </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">Description of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund – Fundamental and Non-Fundamental Investment Policies of the Fund</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> later in this Prospectus.</div></div></div><div style="line-height:2.3pt;margin-top:6.01pt;text-align:left"></div><div style="line-height:13.02pt;margin-top:8.00pt;text-align:left"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Investment Policies</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 11.16pt; line-height: 13.02pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></div><div style="line-height:10.974pt;margin-top:0.00pt;text-align:justify"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The Investment Adviser and Sub-Adviser follow certain investment policies set by the Fund's Board. Some of those </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">policies are set forth below. Please refer to the SAI for additional information on these and other investment policies.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Use of Leverage.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may borrow money and issue Preferred Shares to the fullest extent permitted by the 1940 </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Act. See </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">Investment Objective and Policies - Policy on Borrowing</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">Investment Objective and Policies - Policy on </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">Issuance of Preferred Shares.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div></div></div><div style="line-height:2.3pt;margin-top:6.00pt;text-align:left"></div><div style="line-height:13.02pt;margin-top:8.00pt;text-align:left"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Policy on Borrowing</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 11.16pt; line-height: 13.02pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></div><div style="line-height:10.974pt;margin-top:0.00pt;text-align:justify"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The Fund has a policy of borrowing for investment purposes. The Fund seeks to use proceeds from borrowing to acquire </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">loans and other investments which pay interest at a rate higher than the rate the Fund pays on borrowings. Accordingly, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">borrowing has the potential to increase the Fund's total income available to holders of its Common Shares. The Fund </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">may also borrow to finance the repurchase of its Common Shares or to meet cash requirements.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The Fund may issue notes, commercial paper, or other evidences of indebtedness and may be required to secure </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">repayment by mortgaging, pledging, or otherwise granting a security interest in the Fund's assets. The terms of any </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">such borrowings will be subject to the provisions of the 1940 Act and they will also be subject to the more restrictive </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">terms of any credit agreements relating to borrowings and, to the extent the Fund seeks a rating for borrowings, to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">additional guidelines imposed by rating agencies, which are expected to be more restrictive than the provisions of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the 1940 Act. The Fund is permitted to borrow an amount up to 33</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 6pt; position: relative; top: -2.66pt; letter-spacing: 0px;display:inline;"> 1</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">∕</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 6pt; letter-spacing: 0px; top: 0px;display:inline;">3</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">%, or such other percentage permitted by law, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">of its total assets (including the amount borrowed) less all liabilities other than borrowings. See </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">Risk Factors and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Special Considerations - Leverage</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">Risk Factors and Special Considerations - Restrictive Covenants and 1940 </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">Act Restrictions.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div></div></div><div style="line-height:13.02pt;margin-top:8.00pt;text-align:left"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Policy on Issuance of Preferred Shares</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 11.16pt; line-height: 13.02pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></div><div style="line-height:10.974pt;margin-top:0.00pt;text-align:justify"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The Fund has a policy which permits it to issue Preferred Shares for investment purposes. The Fund seeks to use the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">proceeds from Preferred Shares to acquire loans and other investments which pay interest at a rate higher than the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">dividends payable on Preferred Shares. The terms of the issuance of Preferred Shares are subject to the 1940 Act </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">and to additional guidelines imposed by rating agencies, which are more restrictive than the provisions of the 1940 </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Act. Under the 1940 Act, the Fund may issue Preferred Shares so long as immediately after any issuance of Preferred </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Shares the value of the Fund's total assets (less all Fund liabilities and indebtedness that is not senior indebtedness) </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">is at least twice the amount of the Fund's senior indebtedness plus the involuntary liquidation preference of all outstanding </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Preferred Shares. See </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">Risk Factors and Special Considerations - Leverage.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> As of June 6, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">2025</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> the Fund had </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">[</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">no</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">]</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">Preferred Shares outstanding.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> <div style="line-height:13.02pt;margin-top:8.00pt;text-align:left"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Effect of Leverage</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 11.16pt; line-height: 13.02pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></div><div style="line-height:10.974pt;margin-top:0.00pt;text-align:justify"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">To cover the annual interest payments on the borrowings for the current fiscal year (assuming that the current rate </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">remains in effect for the entire fiscal year and assuming that the Fund borrows an amount equal to 25% of its Managed </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Assets as of June 6, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">2025</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">) the Fund would need to experience an annual return of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">[</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">1.62</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">]</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">% on its portfolio (including </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">the assets purchased with the assumed leverage) to cover such annual interest.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The following table is designed to illustrate the effect on return to a holder of the Fund's Common Shares of the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">leverage created by the Fund's use of borrowing, using the average annual interest rate of 7.15% for the fiscal year </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">ended February </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">28</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">2025</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">, assuming the Fund has used leverage by borrowing an amount equal to 25% of the Fund's </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Managed Assets and assuming hypothetical annual returns on the Fund's portfolio of minus 10% to plus 10%. As </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">can be seen, leverage generally increases the return to shareholders when portfolio return is positive and decreases </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">return when the portfolio return is negative. Actual returns may be greater or less than those appearing in the table.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div></div></div><div style="line-height: 1pt; margin-top: 0pt; text-align: left; font-size: 1pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><table cellpadding="0" cellspacing="0" style="text-align:start; border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;empty-cells:show;width:507pt"><tr style="height:16.5pt"><td style="background-color:#D8D8D8;border-bottom:0.5pt solid #000000;padding-bottom:3.125pt;padding-top:3.125pt;vertical-align:middle;width:177.63pt"><div style="line-height:10.0pt;text-align:left"><div style="margin-left:6pt;margin-right:27.13pt;text-align:Left;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Assumed Portfolio Return, net of expenses</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">1</div></div> <div style="clear:right"> </div></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;white-space:nowrap;width:72.64pt"><div style="line-height:10.0pt;margin-left:27.125pt;margin-right:27.125pt;text-align:center;width:18.39pt"><div style="display:flex;margin:auto;width:20.39pt"><div style="display:flex;white-space:nowrap;width:20.39pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">-10%</div></div> </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;white-space:nowrap;width:68.56pt"><div style="line-height:10.0pt;margin-left:27.125pt;margin-right:27.125pt;text-align:center;width:14.31pt"><div style="display:flex;margin:auto;width:16.3pt"><div style="display:flex;white-space:nowrap;width:16.3pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">-5%</div></div> </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;white-space:nowrap;width:66.24pt"><div style="line-height:10.0pt;margin-left:27.125pt;margin-right:27.125pt;text-align:center;width:11.99pt"><div style="display:flex;margin:auto;width:13.99pt"><div style="display:flex;white-space:nowrap;width:13.99pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">0%</div></div> </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;white-space:nowrap;width:66.24pt"><div style="line-height:10.0pt;margin-left:27.125pt;margin-right:27.125pt;text-align:center;width:11.99pt"><div style="display:flex;margin:auto;width:13.99pt"><div style="display:flex;white-space:nowrap;width:13.99pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">5%</div></div> </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;white-space:nowrap;width:55.7pt"><div style="line-height:10.0pt;margin-left:27.125pt;margin-right:6pt;text-align:center;width:16.07pt"><div style="display:flex;margin:auto;width:18.07pt"><div style="display:flex;white-space:nowrap;width:18.07pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">10%</div></div> </div></div></td></tr><tr style="height:12.5pt"><td style="padding-bottom:2pt;padding-top:3.125pt;vertical-align:middle;width:177.63pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:6pt;margin-right:27.13pt;text-align:Left;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Corresponding Return to Common Shareholders</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">2</div></div></div></div></td><td style="padding-bottom:2pt;padding-top:3.125pt;vertical-align:middle;white-space:nowrap;width:72.64pt"><div style="line-height:9pt;margin-left:27.125pt;margin-right:27.125pt;text-align:center;width:18.39pt"><div style="display:flex;margin:auto;width:20.39pt"><div style="-sec-ix-redline:true;display:flex;margin:auto;width:20.39pt"><div style="display:flex;white-space:nowrap;width:20.39pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 8.03pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:Fact_139387009;display:inline;">[%]</div></div></div></div> </div></div></td><td style="padding-bottom:2pt;padding-top:3.125pt;vertical-align:middle;white-space:nowrap;width:68.56pt"><div style="line-height:9pt;margin-left:27.125pt;margin-right:27.125pt;text-align:center;width:14.31pt"><div style="display:flex;margin:auto;width:16.3pt"><div style="-sec-ix-redline:true;display:flex;margin:auto;width:16.3pt"><div style="display:flex;white-space:nowrap;width:16.3pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.94pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:Fact_139387010;display:inline;">[%]</div></div></div></div> </div></div></td><td style="padding-bottom:2pt;padding-top:3.125pt;vertical-align:middle;white-space:nowrap;width:66.24pt"><div style="line-height:9pt;margin-left:27.125pt;margin-right:27.125pt;text-align:center;width:11.99pt"><div style="display:flex;margin:auto;width:13.99pt"><div style="-sec-ix-redline:true;display:flex;margin:auto;width:13.99pt"><div style="display:flex;white-space:nowrap;width:13.99pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 1.63pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:Fact_139387011;display:inline;">[%]</div></div></div></div> </div></div></td><td style="padding-bottom:2pt;padding-top:3.125pt;vertical-align:middle;white-space:nowrap;width:66.24pt"><div style="line-height:9pt;margin-left:27.125pt;margin-right:27.125pt;text-align:center;width:11.99pt"><div style="display:flex;margin:auto;width:13.99pt"><div style="-sec-ix-redline:true;display:flex;margin:auto;width:13.99pt"><div style="display:flex;white-space:nowrap;width:13.99pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 1.63pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:Fact_139387012;display:inline;">[%]</div></div></div></div> </div></div></td><td style="padding-bottom:2pt;padding-top:3.125pt;vertical-align:middle;white-space:nowrap;width:55.7pt"><div style="line-height:9pt;margin-left:27.125pt;margin-right:6pt;text-align:center;width:16.07pt"><div style="display:flex;margin:auto;width:18.07pt"><div style="-sec-ix-redline:true;display:flex;margin:auto;width:18.07pt"><div style="display:flex;white-space:nowrap;width:18.07pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 5.71pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:Fact_139387013;display:inline;">[%]</div></div></div></div> </div></div></td></tr></table><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">1</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">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.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 7.44pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="clear: both; position: relative; max-height: 0px;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">2</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">In order to compute the Corresponding Return to Common Shares Shareholders, the Assumed Portfolio Return is multiplied by the total value of the Fund's assets at the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">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 </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">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 </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">of the fiscal year to determine the Corresponding Return to Common Shareholders.</div><div style="clear: both; position: relative; max-height: 0px;"> </div> <div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The following table is designed to illustrate the effect on return to a holder of the Fund's Common Shares of the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">leverage created by the Fund's use of borrowing, using the average annual interest rate of 7.15% for the fiscal year </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">ended February </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">28</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">2025</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">, assuming the Fund has used leverage by borrowing an amount equal to 25% of the Fund's </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Managed Assets and assuming hypothetical annual returns on the Fund's portfolio of minus 10% to plus 10%. As </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">can be seen, leverage generally increases the return to shareholders when portfolio return is positive and decreases </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">return when the portfolio return is negative. Actual returns may be greater or less than those appearing in the table.</div> <table cellpadding="0" cellspacing="0" style="text-align:start; border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;empty-cells:show;width:507pt"><tr style="height:16.5pt"><td style="background-color:#D8D8D8;border-bottom:0.5pt solid #000000;padding-bottom:3.125pt;padding-top:3.125pt;vertical-align:middle;width:177.63pt"><div style="line-height:10.0pt;text-align:left"><div style="margin-left:6pt;margin-right:27.13pt;text-align:Left;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Assumed Portfolio Return, net of expenses</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">1</div></div> <div style="clear:right"> </div></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;white-space:nowrap;width:72.64pt"><div style="line-height:10.0pt;margin-left:27.125pt;margin-right:27.125pt;text-align:center;width:18.39pt"><div style="display:flex;margin:auto;width:20.39pt"><div style="display:flex;white-space:nowrap;width:20.39pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">-10%</div></div> </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;white-space:nowrap;width:68.56pt"><div style="line-height:10.0pt;margin-left:27.125pt;margin-right:27.125pt;text-align:center;width:14.31pt"><div style="display:flex;margin:auto;width:16.3pt"><div style="display:flex;white-space:nowrap;width:16.3pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">-5%</div></div> </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;white-space:nowrap;width:66.24pt"><div style="line-height:10.0pt;margin-left:27.125pt;margin-right:27.125pt;text-align:center;width:11.99pt"><div style="display:flex;margin:auto;width:13.99pt"><div style="display:flex;white-space:nowrap;width:13.99pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">0%</div></div> </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;white-space:nowrap;width:66.24pt"><div style="line-height:10.0pt;margin-left:27.125pt;margin-right:27.125pt;text-align:center;width:11.99pt"><div style="display:flex;margin:auto;width:13.99pt"><div style="display:flex;white-space:nowrap;width:13.99pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">5%</div></div> </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;white-space:nowrap;width:55.7pt"><div style="line-height:10.0pt;margin-left:27.125pt;margin-right:6pt;text-align:center;width:16.07pt"><div style="display:flex;margin:auto;width:18.07pt"><div style="display:flex;white-space:nowrap;width:18.07pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">10%</div></div> </div></div></td></tr><tr style="height:12.5pt"><td style="padding-bottom:2pt;padding-top:3.125pt;vertical-align:middle;width:177.63pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:6pt;margin-right:27.13pt;text-align:Left;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Corresponding Return to Common Shareholders</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">2</div></div></div></div></td><td style="padding-bottom:2pt;padding-top:3.125pt;vertical-align:middle;white-space:nowrap;width:72.64pt"><div style="line-height:9pt;margin-left:27.125pt;margin-right:27.125pt;text-align:center;width:18.39pt"><div style="display:flex;margin:auto;width:20.39pt"><div style="-sec-ix-redline:true;display:flex;margin:auto;width:20.39pt"><div style="display:flex;white-space:nowrap;width:20.39pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 8.03pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:Fact_139387009;display:inline;">[%]</div></div></div></div> </div></div></td><td style="padding-bottom:2pt;padding-top:3.125pt;vertical-align:middle;white-space:nowrap;width:68.56pt"><div style="line-height:9pt;margin-left:27.125pt;margin-right:27.125pt;text-align:center;width:14.31pt"><div style="display:flex;margin:auto;width:16.3pt"><div style="-sec-ix-redline:true;display:flex;margin:auto;width:16.3pt"><div style="display:flex;white-space:nowrap;width:16.3pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3.94pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:Fact_139387010;display:inline;">[%]</div></div></div></div> </div></div></td><td style="padding-bottom:2pt;padding-top:3.125pt;vertical-align:middle;white-space:nowrap;width:66.24pt"><div style="line-height:9pt;margin-left:27.125pt;margin-right:27.125pt;text-align:center;width:11.99pt"><div style="display:flex;margin:auto;width:13.99pt"><div style="-sec-ix-redline:true;display:flex;margin:auto;width:13.99pt"><div style="display:flex;white-space:nowrap;width:13.99pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 1.63pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:Fact_139387011;display:inline;">[%]</div></div></div></div> </div></div></td><td style="padding-bottom:2pt;padding-top:3.125pt;vertical-align:middle;white-space:nowrap;width:66.24pt"><div style="line-height:9pt;margin-left:27.125pt;margin-right:27.125pt;text-align:center;width:11.99pt"><div style="display:flex;margin:auto;width:13.99pt"><div style="-sec-ix-redline:true;display:flex;margin:auto;width:13.99pt"><div style="display:flex;white-space:nowrap;width:13.99pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 1.63pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:Fact_139387012;display:inline;">[%]</div></div></div></div> </div></div></td><td style="padding-bottom:2pt;padding-top:3.125pt;vertical-align:middle;white-space:nowrap;width:55.7pt"><div style="line-height:9pt;margin-left:27.125pt;margin-right:6pt;text-align:center;width:16.07pt"><div style="display:flex;margin:auto;width:18.07pt"><div style="-sec-ix-redline:true;display:flex;margin:auto;width:18.07pt"><div style="display:flex;white-space:nowrap;width:18.07pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 5.71pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:Fact_139387013;display:inline;">[%]</div></div></div></div> </div></div></td></tr></table><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">1</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">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.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 7.44pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="clear: both; position: relative; max-height: 0px;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">2</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">In order to compute the Corresponding Return to Common Shares Shareholders, the Assumed Portfolio Return is multiplied by the total value of the Fund's assets at the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">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 </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">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 </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">of the fiscal year to determine the Corresponding Return to Common Shareholders.</div><div style="clear: both; position: relative; max-height: 0px;"> </div> <div style="line-height:11.16pt;text-align:justify"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Limited Secondary Market for Loans:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> Because of the limited secondary market for loans, the Fund may be limited </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">in its ability to sell loans in its portfolio in a timely fashion and/or at a favorable price. Transactions in loans typically </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">settle on a delayed basis and typically take longer than 7 days to settle. As a result the Fund may not receive the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">proceeds from a sale of a floating rate loan for a significant period of time. Delay in the receipts of settlement proceeds </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">may impair the ability of the Fund to meet its repurchase obligations and may increase the amounts the Fund may be </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">required to borrow. It may also limit the ability of the Fund to repay debt, pay dividends, or to take advantage of new </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">investment opportunities.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> Although the re-sale, or secondary market for loans has grown substantially in recent years, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">both in overall size and number of market participants, there is no organized exchange or board of trade on which </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">loans are traded. Instead, the secondary market for loans is a private, unregulated inter-dealer or inter-bank re-sale </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">market.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:10.974pt;margin-top:6pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Loans usually trade in large denominations and trades can be infrequent and the market for loans may experience </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">volatility. The market has limited transparency so that information about actual trades may be difficult to obtain. Accordingly, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">some loans will be relatively illiquid.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6.0pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">In addition, loans may require the consent of the borrower and/or the agent prior to sale or assignment. These consent </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">requirements can delay or impede the Fund’s ability to sell loans and can adversely affect the price that can be obtained.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6.01pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">These considerations may cause the Fund to sell assets at lower prices than it would otherwise consider to meet </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">cash needs or cause the Fund to maintain a greater portion of its assets in cash equivalents than it would otherwise, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">which could negatively impact performance. The Fund may seek to avoid the necessity of selling assets to meet such </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">needs by the use of borrowings.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">From time to time, the occurrence of one or more of the factors described above may create a cascading effect where </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the market for debt instruments (including the market for loans) first experiences volatility and then decreased liquidity. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Such conditions, or other similar conditions, may then adversely affect the value of loans and other instruments, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">widening spreads against higher-quality debt instruments, and making it harder to sell loans at prices at which they </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">have historically or recently traded, thereby further reducing liquidity. For example, during the global liquidity crisis in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the second half of 2008, the average price of loans in the Morningstar</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 6.5pt; position: relative; top: -4.25pt; letter-spacing: 0px;display:inline;">®</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> LSTA</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 6.5pt; position: relative; top: -4.25pt; letter-spacing: 0px;display:inline;">®</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> US Leveraged Loan Index (which includes </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">loans of the type in which the Fund invests) declined by 32% (which included a decline of 3.06% on a single day). </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Additionally, during the recent COVID-19 pandemic, the same index declined by 12.37% in March 2020 (which included </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">a decline of 3.74% on a single day).</div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Declines in the Fund's share price or other market developments (which may be more severe than these prior declines) </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">may lead to increased repurchases, which could cause the Fund to have to sell loans and other instruments at disadvantageous </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">prices and inhibit the ability of the Fund to retain its assets in the hope of greater stabilization in the secondary markets. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">In addition, these or similar circumstances could cause the Fund to sell its highest quality and most liquid loans and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">other investments in order to satisfy an initial wave of repurchases while leaving the Fund with a remaining portfolio </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">of lower-quality and less liquid investments. In anticipation of such circumstances, the Fund may also need to maintain </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">a larger portion of its assets in liquid instruments than usual. However, there can be no assurance that the Fund will </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">foresee the need to maintain greater liquidity or that actual efforts to maintain a larger portion of assets in liquid </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">investments would successfully mitigate the foregoing risks.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">During its monthly repurchase offers, the Fund is required to maintain a percentage of its portfolio, equal to the value </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">of the repurchase amounts, in securities that can be sold or disposed of at approximately the price at which the Fund </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">has valued the investment, within a period equal to the period between a repurchase request deadline and the repurchase </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">payment deadline, or of assets that mature by the next repurchase payment deadline. The requirement to keep a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">portion of the portfolio in liquid securities, however, could negatively impact performance.</div></div></div><div style="line-height:11.16pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Liquidity:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> If a security is illiquid, the Fund might be unable to sell the security at a time when the Fund’s manager </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">might wish to sell, or at all. Further, the lack of an established secondary market may make it more difficult to value </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">illiquid securities, exposing the Fund to the risk that the prices at which it sells illiquid securities will be less than the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">prices at which they were valued when held by the Fund, which could cause the Fund to lose money. The prices of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">illiquid securities may be more volatile than more liquid securities, and the risks associated with illiquid securities </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">may be greater in times of financial stress. Certain securities that are liquid when purchased may later become illiquid, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">particularly in times of overall economic distress or due to geopolitical events such as sanctions, trading halts, or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">wars.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> In addition, markets or securities may become illiquid quickly.</div></div></div></div><div style="line-height:11.16pt;text-align:justify"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Manager:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund is subject to manager risk because it is an actively managed investment portfolio. The Investment </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Adviser, the Sub-Adviser, or each individual portfolio manager will make judgments and apply investment techniques </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">and risk analyses in making investment decisions, but there can be no guarantee that these decisions will produce </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the desired results. The Fund’s portfolio may fail to produce the intended results, and the Fund’s portfolio may underperform </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">other comparable funds because of portfolio management decisions related to, among other things, the selection of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">investments, portfolio construction, risk assessments, and/or the outlook on market trends and opportunities.</div></div><div style="line-height:11.16pt;margin-top:6pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Market:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">conditions, governmental actions or intervention, market disruptions caused by trade disputes or other factors, political </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">developments, and other factors. Prices of equity securities tend to rise and fall more dramatically than those of debt </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">instruments. Additionally, legislative, regulatory or tax policies or developments may adversely impact the investment </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">techniques available to a manager, add to costs, and impair the ability of the Fund to achieve its investment objectives.</div></div></div><div style="line-height:11.16pt;margin-top:6pt;text-align:justify"><div style="margin-top:6pt"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Market Disruption and Geopolitical:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund is subject to the risk that geopolitical events will disrupt securities </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">markets and adversely affect global economies and markets. Due to the increasing interdependence among global </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">tariffs </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">and other </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">restrictions on trade or economic sanctions, rapid technological developments (such as artificial </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">intelligence technologies), and other </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">geopolitical events that have led, and may continue to lead, to increased market </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">volatility and may have adverse short- or long-term effects on U.S. and global economies and markets, generally. For </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">economies throughout the world. The economic impacts of COVID-19 have created a unique challenge for real estate </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">may negatively impact the occupancy rates of commercial real estate over time. Natural and environmental disasters </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">affect the value of the Fund’s investments, including beyond the Fund’s direct exposure to Russian issuers or nearby </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">geographic regions. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">Furthermore, the prolonged conflict between Hamas and Israel, and the potential expansion of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the conflict in the surrounding areas and the involvement of other nations in such conflict, such as the Houthi movement's </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">attacks on marine vessels in the Red Sea, could further destabilize the Middle East region and introduce new uncertainties </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">in global markets, including the oil and natural gas markets.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> The extent and duration of the military action, sanctions, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">and foreign (non-U.S.) banks have </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">experienced financial difficulties and, in some cases, failures. There can be no </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">and other factors affecting the value of the Fund’s investments. Any of these occurrences could disrupt the operations </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">of the Fund and of the Fund’s service providers.</div></div></div></div><div style="line-height:11.16pt;margin-top:6pt;text-align:justify"><div style="margin-top:6pt"></div></div><div style="line-height:11.16pt;margin-top:6pt;text-align:justify"><div style="margin-top:6pt"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Mortgage-</div></div><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> and</div></div><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> /</div></div><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> or</div></div><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> Asset-</div></div><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> Backed Securities</div></div><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> :</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> Defaults on,</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> or</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> low</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> credit quality or liquidity</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> of,</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> the underlying</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> assets</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the asset-backed (including mortgage-backed)</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> securities may impair the value</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> of these securities</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> result in losses</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> .</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">There</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> may be limitations on </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> enforceability </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> of any security</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> interest</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> or</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> collateral granted with respect to those underlying </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">assets,</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> and the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> value of collateral</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> may</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> not satisfy the obligation</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> upon</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> default</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> .</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> These</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> securities also present a higher </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">degree of prepayment and extension risk and interest rate risk than do other types of debt instruments</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> Small movements </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">in interest rates</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> (</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> both increases and</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> decreases)</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> may quickly</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> and significantly reduce the value of certain asset-backed </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">securities</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> The value of longer-term securities generally changes more in response to changes in market interest rates </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">than shorter-term securities</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div><div style="line-height:10.974pt;margin-top:6pt;text-align:justify"><div style="margin-top:6pt"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">These securities may be affected significantly by government regulation</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">market interest rates</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">market</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> perception of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the creditworthiness of an issuer servicer, and loan-to-value ratio </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">of the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">underlying assets.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> During an economic downturn,</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the mortgages, commercial or consumer loans, trade or credit card receivables, installment purchase obligations, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">leases, or other debt obligations underlying an asset-</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">backed security may experience an increase in defaults as borrowers </div></div></div></div> <div style="line-height:10.974pt;margin-top:6pt;text-align:justify"><div style="margin-top:6pt"></div></div><div style="line-height:10.974pt;text-align:justify"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">experience difficulties in repaying their loans which may cause the valuation of such securities to be more volatile </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">and may reduce the value of such securities. These risks are particularly heightened for investments in asset-backed </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">securities that contain sub-prime loans, which are loans made to borrowers with weakened credit histories and often </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">have higher default rates. In addition, certain types of real estate may be adversely affected by changing usage trends, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">such as office buildings as a result of work-</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">from</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">-</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">home practices and commercial facilities as a result of an increase </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">in online shopping, which could in turn result in defaults and declines in value of mortgage-backed securities secured </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">by such properties</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">.</div></div></div><div style="line-height:11.16pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Operational:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> The</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> Fund, its service providers, and other market participants increasingly depend on complex information </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">technology and communications systems to conduct business functions. These systems are subject to a number of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">different threats or risks that could adversely affect the Fund and its shareholders, despite the efforts of the Fund </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">and its service providers to adopt technologies, processes, and practices intended to mitigate these risks. Cyber-attacks, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">disruptions, or failures that affect the Fund’s service providers, counterparties, market participants, or issuers of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses or impairing </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the Fund’s operations. Information relating to the Fund’s investments has been and will in the future be delivered </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">electronically, which can give rise to a number of risks, including, but not limited to, the risks that such communications </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">may not be secure and may contain computer viruses or other defects, may not be accurately replicated on other </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">systems, or may be intercepted, deleted or interfered with, without the knowledge of the sender or the intended recipient.</div></div></div><div style="line-height:11.16pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Other Investment Companies:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> The main risk of investing in other investment companies, including ETFs, is the risk </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">that the value of an investment company’s underlying investments might decrease. Shares of investment companies </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">that are listed on an exchange may trade at a discount or premium from their net asset value. You will pay a proportionate </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">share of the expenses of those other investment companies (including management fees, administration fees, and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">custodial fees) in addition to the Fund’s expenses. The investment policies of the other investment companies may </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">not be the same as those of the Fund; as a result, an investment in the other investment companies may be subject </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">to additional or different risks than those to which the Fund is typically subject.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">ETFs are exchange-traded investment companies that are, in many cases, designed to provide investment results </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">corresponding to an index. Additional risks of investments in ETFs include that: (i) an active trading market for an </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">ETF’s shares may not develop or be maintained; or (ii) trading may be halted if the listing exchanges’ officials deem </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">such action appropriate, the shares are delisted from an exchange, or the activation of market-wide </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">circuit breakers</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">(which are tied to large decreases in stock prices) halts trading of an ETF’s shares. Other investment companies </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">include Holding Company Depositary Receipts (</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">HOLDRs</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">). Because HOLDRs concentrate in the stocks of a particular </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">industry, trends in that industry may have a dramatic impact on their value. In addition, shares of ETFs may trade at </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">a premium or discount to net asset value and are subject to secondary market trading risks. Secondary markets may </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods in times of market </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">stress because market makers and authorized participants may step away from making a market in an ETF’s shares, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">which could cause a material decline in the ETF’s net asset value.</div></div></div><div style="line-height:11.16pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Prepayment and Extension:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> Many types of debt instruments are subject to prepayment and extension risk. Prepayment </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">risk is the risk that the issuer of a debt instrument will pay back the principal earlier than expected. This risk is heightened </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">in a falling market interest rate environment. Prepayment may expose the Fund to a lower rate of return upon reinvestment </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">of principal. Also, if a debt instrument subject to prepayment has been purchased at a premium, the value of the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">premium would be lost in the event of prepayment. Extension risk is the risk that the issuer of a debt instrument will </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">pay back the principal later than expected. This risk is heightened in a rising market interest rate environment. This </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">may negatively affect performance, as the value of the debt instrument decreases when principal payments are made </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">later than expected. Additionally, the Fund may be prevented from investing proceeds it would have received at a given </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">time at the higher prevailing interest rates.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> Loans typically have a 6-12 month call protection and may be prepaid </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">partially or in full after the call protection period without penalty.</div></div></div><div style="line-height:11.16pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Ranking of Senior Indebtedness:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> The rights of lenders to receive payments of interest and repayments of principal </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">of any borrowings made by the Fund under the credit facility program are senior to the rights of holders of Common </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">Shares and Preferred Shares with respect to the payment of dividends or upon liquidation.</div></div></div><div style="line-height:11.16pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Repurchase Agreements:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> In the event that the other party to a repurchase agreement defaults on its obligations, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the Fund would generally seek to sell the underlying security serving as collateral for the repurchase agreement. However, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the value of collateral may be insufficient to satisfy the counterparty's obligation and/or the Fund may encounter </div></div></div> <div style="line-height:11.16pt;text-align:justify"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">delay and incur costs before being able to sell the security. Such a delay may involve loss of interest or a decline in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">price of the security, which could result in a loss. In addition, if the Fund is characterized by a court as an unsecured </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">creditor, it would be at risk of losing some or all of the principal and interest involved in the transaction.</div></div><div style="line-height:11.16pt;margin-top:6pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Restrictive Covenants and 1940 Act Restrictions:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> The credit agreements governing the credit facility program (</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> “</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> Credit </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Agreements</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">) include usual and customary covenants for this type of transaction, including limits on the Fund’s ability </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">to: (i) issue Preferred Shares; (ii) incur liens or pledge portfolio securities; (iii) change its investment objective or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">fundamental investment restrictions without the approval of lenders; (iv) make changes in any of its business objectives, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">purposes, or operations that could result in a material adverse effect; (v) make any changes in its capital structure; </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">(vi) amend Fund documents in a manner which could adversely affect the rights, interests, or obligations of any of the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">lenders; (vii) engage in any business other than the businesses currently engaged in; (viii) create, incur, assume, or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">permit to exist certain debt except for certain specified types of debt; and (ix) permit any of its Employee Retirement </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Income Security Act of 1974 (</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">ERISA</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">) affiliates to cause or permit to occur an event that could result in the imposition </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">of a lien under the Internal Revenue Code of 1986, as amended (the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">Code</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">) or ERISA. In addition, the Credit Agreements </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">do not permit the Fund’s asset coverage ratio (as defined in the Credit Agreements) to fall below 300% at any time </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">(</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">Credit Agreement Asset Coverage Test</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">). These covenants or guidelines could impede the manager from fully managing </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund's portfolio in accordance with the investment objectives and policies.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Under the requirements of the 1940 Act, the Fund must have asset coverage of at least 300% immediately after any </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">borrowing under a credit facility program. For this purpose, asset coverage means the ratio which the value of the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">total assets of the Fund, less liabilities and indebtedness not represented by senior securities, bears to the aggregate </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">amount of borrowings represented by senior securities issued by the Fund.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6.0pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The Credit Agreements limit the Fund’s ability to pay dividends or make other distributions on the Common Shares, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">or purchase or redeem Common Shares, unless the Fund complies with the Credit Agreement Asset Coverage Test. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">In addition, the Credit Agreements do not permit the Fund to declare dividends or other distributions or purchase or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">redeem Common Shares: (i) at any time that an event of default under the credit agreement has occurred and is </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">continuing; or (ii) if, after giving effect to such declaration, the Fund would not meet the Credit Agreement Asset Coverage </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">Test set forth in the Credit Agreements.</div></div></div><div style="line-height:11.16pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Securities Lending:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> To generate additional income, the Fund may lend portfolio securities, on a short- or long-term </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">basis, in an amount up to 33 </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 6pt; position: relative; top: -2.66pt; letter-spacing: 0px;display:inline;"> 1</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">∕</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 6pt; letter-spacing: 0px; top: 0px;display:inline;">3</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">% of the Fund’s total assets, to broker-dealers, major banks, or other recognized </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">domestic institutional borrowers of securities. When the Fund lends its securities, it is responsible for investing the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">cash collateral it receives from the borrower of the securities, and the Fund could incur losses in connection with the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">investment of such cash collateral. As with other extensions of credit, there are risks of delay in recovery or even loss </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">of rights in the collateral should the borrower default or fail financially. The Fund intends to engage in lending portfolio </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">securities only when such lending is fully secured by investment grade collateral held by an independent agent.</div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> seeks to minimize </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">investment risk </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">by</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> limiting the investment of cash collateral to high-quality instruments </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">of short maturity</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">In the event of a borrower default</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">, the Fund will </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">be protected </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">to the extent the Fund is able to exercise </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">its rights </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">the collateral promptly and the</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> value</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> of such collateral is sufficient to purchase replacement securities</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> . </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">Fund is protected by its securities lending agent,</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> which has agreed to indemnify the Fund from losses resulting</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">from borrower default</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">.</div></div></div></div><div style="line-height:11.16pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Short-Term Debt Instruments and Cash:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> Some of the Senior Loans in which the Fund invests are in the form of revolving </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">credits. In order to permit the Fund to meet its obligations under such loans and to advance additional funds on short </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">notice, the Fund normally maintains unused borrowing capacity that equals or exceeds the total of all unfunded portions </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">of loans in its portfolio. Short-term debt instruments are subject to the risk of the issuer’s inability or unwillingness </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">to meet principal and interest payments on the debt obligation and also may be subject to price volatility due to such </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">factors as market interest rates, market perception of the creditworthiness of the issuer, and general market liquidity.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Because short-term debt instruments pay interest at a fixed-rate, when market interest rates decline, the value of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the Fund’s short-term debt instruments can be expected to rise, and when market interest rates rise, the value of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">short-term debt instruments can be expected to decline.</div></div></div><div style="line-height:11.16pt;text-align:justify"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Special Situations:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> A </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> “</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> special situation</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> ”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> arises when, in a manager’s opinion, securities of a particular company will </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">appreciate in value within a reasonable period because of unique circumstances applicable to the company. Special </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">situations investments often involve much greater risk than is inherent in ordinary investments. Investments in special </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">situation companies may not appreciate and the Fund’s performance could suffer if an anticipated development does </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">not occur or does not produce the anticipated result.</div></div><div style="line-height:11.16pt;margin-top:6pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Temporary Defensive Positions:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> When market conditions make it advisable, the Fund may hold a portion of its assets </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">in cash and short-term interest bearing instruments. Moreover, in periods when, in the opinion of the manager, a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">temporary defensive position is appropriate, up to 100% of the Fund’s assets may be held in cash, short-term interest </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">bearing instruments and/or any other securities the manager considers consistent with a temporary defensive position. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may not achieve its investment objective when pursuing a temporary defensive position.</div></div></div><div style="line-height:11.16pt;margin-top:6pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Unsecured Debt Instruments and Subordinated Loans:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> Unsecured loans and subordinated loans share the same </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">credit risks as those discussed under </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">Risk Factors and Special Considerations - Credit for Loans</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> except that unsecured </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">loans are not secured by any collateral of the borrower and subordinated loans are not the most senior debt in a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">borrower’s capital structure. Unsecured loans do not enjoy the security associated with collateralization and may pose </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">a greater risk of nonpayment of interest or loss of principal than do secured loans. The primary additional risk in a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">subordinated loan is the potential loss in the event of default by the issuer of the loan. Subordinated loans in an </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">insolvency bear an increased share, relative to senior secured lenders, of the ultimate risk that the borrower’s assets </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">are insufficient to meet its obligations to its creditors.</div></div></div><div style="line-height:11.16pt;margin-top:6pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Valuation of Loans:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund values its assets every day the New York Stock Exchange is open for regular trading. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">However, because the secondary market for floating rate loans is limited, it may be difficult to value loans, exposing </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the Fund to the risk that the price at which it sells loans will be less than the price at which they were valued when </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">held by the Fund. Reliable market value quotations may not be readily available for some loans, and determining the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">fair valuation of such loans may require more research than for securities that trade in a more active secondary market. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">In addition, elements of judgment may play a greater role in the valuation of loans than for more securities that trade </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">in a more developed secondary market because there is less reliable, objective market value data available. If the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Fund purchases a relatively large portion of a loan, the limitations of the secondary market may inhibit the Fund from </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">selling a portion of the loan and reducing its exposure to a borrower when the manager deems it advisable to do so. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Even if the Fund itself does not own a relatively large portion of a particular loan, the Fund, in combination with other </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">similar accounts under management by the same portfolio managers, may own large portions of loans. The aggregate </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">amount of holdings could create similar risks if and when the portfolio managers decide to sell those loans. These </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">risks could include, for example, the risk that the sale of an initial portion of the loan could be at a price lower than </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the price at which the loan was valued by the Fund, the risk that the initial sale could adversely impact the price at </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">which additional portions of the loan are sold, and the risk that the foregoing events could warrant a reduced valuation </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">being assigned to the remaining portion of the loan still owned by the Fund.</div></div></div><div style="line-height:11.16pt;margin-top:6pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">When-Issued, Delayed Delivery, and Forward Commitment Transactions:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> When-issued, delayed delivery, and forward </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">commitment transactions involve the risk that the security the Fund buys will lose value prior to its delivery. These </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">transactions may result in leverage. The use of leverage may exaggerate any increase or decrease in the net asset </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">value, causing the Fund to be more volatile. The use of leverage may increase expenses and increase the impact of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the Fund’s other risks. There also is the risk that the security will not be issued or that the other party will not meet </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">security and any gain in the security’s price.</div></div></div> <div style="line-height:11.16pt;text-align:justify"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Limited Secondary Market for Loans:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> Because of the limited secondary market for loans, the Fund may be limited </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">in its ability to sell loans in its portfolio in a timely fashion and/or at a favorable price. Transactions in loans typically </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">settle on a delayed basis and typically take longer than 7 days to settle. As a result the Fund may not receive the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">proceeds from a sale of a floating rate loan for a significant period of time. Delay in the receipts of settlement proceeds </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">may impair the ability of the Fund to meet its repurchase obligations and may increase the amounts the Fund may be </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">required to borrow. It may also limit the ability of the Fund to repay debt, pay dividends, or to take advantage of new </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">investment opportunities.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> Although the re-sale, or secondary market for loans has grown substantially in recent years, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">both in overall size and number of market participants, there is no organized exchange or board of trade on which </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">loans are traded. Instead, the secondary market for loans is a private, unregulated inter-dealer or inter-bank re-sale </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">market.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:10.974pt;margin-top:6pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Loans usually trade in large denominations and trades can be infrequent and the market for loans may experience </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">volatility. The market has limited transparency so that information about actual trades may be difficult to obtain. Accordingly, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">some loans will be relatively illiquid.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6.0pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">In addition, loans may require the consent of the borrower and/or the agent prior to sale or assignment. These consent </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">requirements can delay or impede the Fund’s ability to sell loans and can adversely affect the price that can be obtained.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6.01pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">These considerations may cause the Fund to sell assets at lower prices than it would otherwise consider to meet </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">cash needs or cause the Fund to maintain a greater portion of its assets in cash equivalents than it would otherwise, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">which could negatively impact performance. The Fund may seek to avoid the necessity of selling assets to meet such </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">needs by the use of borrowings.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">From time to time, the occurrence of one or more of the factors described above may create a cascading effect where </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the market for debt instruments (including the market for loans) first experiences volatility and then decreased liquidity. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Such conditions, or other similar conditions, may then adversely affect the value of loans and other instruments, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">widening spreads against higher-quality debt instruments, and making it harder to sell loans at prices at which they </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">have historically or recently traded, thereby further reducing liquidity. For example, during the global liquidity crisis in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the second half of 2008, the average price of loans in the Morningstar</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 6.5pt; position: relative; top: -4.25pt; letter-spacing: 0px;display:inline;">®</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> LSTA</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 6.5pt; position: relative; top: -4.25pt; letter-spacing: 0px;display:inline;">®</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> US Leveraged Loan Index (which includes </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">loans of the type in which the Fund invests) declined by 32% (which included a decline of 3.06% on a single day). </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Additionally, during the recent COVID-19 pandemic, the same index declined by 12.37% in March 2020 (which included </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">a decline of 3.74% on a single day).</div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Declines in the Fund's share price or other market developments (which may be more severe than these prior declines) </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">may lead to increased repurchases, which could cause the Fund to have to sell loans and other instruments at disadvantageous </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">prices and inhibit the ability of the Fund to retain its assets in the hope of greater stabilization in the secondary markets. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">In addition, these or similar circumstances could cause the Fund to sell its highest quality and most liquid loans and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">other investments in order to satisfy an initial wave of repurchases while leaving the Fund with a remaining portfolio </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">of lower-quality and less liquid investments. In anticipation of such circumstances, the Fund may also need to maintain </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">a larger portion of its assets in liquid instruments than usual. However, there can be no assurance that the Fund will </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">foresee the need to maintain greater liquidity or that actual efforts to maintain a larger portion of assets in liquid </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">investments would successfully mitigate the foregoing risks.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">During its monthly repurchase offers, the Fund is required to maintain a percentage of its portfolio, equal to the value </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">of the repurchase amounts, in securities that can be sold or disposed of at approximately the price at which the Fund </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">has valued the investment, within a period equal to the period between a repurchase request deadline and the repurchase </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">payment deadline, or of assets that mature by the next repurchase payment deadline. The requirement to keep a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">portion of the portfolio in liquid securities, however, could negatively impact performance.</div></div></div> <div style="line-height:11.16pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Liquidity:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> If a security is illiquid, the Fund might be unable to sell the security at a time when the Fund’s manager </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">might wish to sell, or at all. Further, the lack of an established secondary market may make it more difficult to value </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">illiquid securities, exposing the Fund to the risk that the prices at which it sells illiquid securities will be less than the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">prices at which they were valued when held by the Fund, which could cause the Fund to lose money. The prices of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">illiquid securities may be more volatile than more liquid securities, and the risks associated with illiquid securities </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">may be greater in times of financial stress. Certain securities that are liquid when purchased may later become illiquid, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">particularly in times of overall economic distress or due to geopolitical events such as sanctions, trading halts, or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">wars.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> In addition, markets or securities may become illiquid quickly.</div></div></div></div> <div style="line-height:11.16pt;text-align:justify"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Manager:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund is subject to manager risk because it is an actively managed investment portfolio. The Investment </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Adviser, the Sub-Adviser, or each individual portfolio manager will make judgments and apply investment techniques </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">and risk analyses in making investment decisions, but there can be no guarantee that these decisions will produce </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the desired results. The Fund’s portfolio may fail to produce the intended results, and the Fund’s portfolio may underperform </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">other comparable funds because of portfolio management decisions related to, among other things, the selection of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">investments, portfolio construction, risk assessments, and/or the outlook on market trends and opportunities.</div></div> <div style="line-height:11.16pt;margin-top:6pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Market:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">conditions, governmental actions or intervention, market disruptions caused by trade disputes or other factors, political </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">developments, and other factors. Prices of equity securities tend to rise and fall more dramatically than those of debt </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">instruments. Additionally, legislative, regulatory or tax policies or developments may adversely impact the investment </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">techniques available to a manager, add to costs, and impair the ability of the Fund to achieve its investment objectives.</div></div></div> <div style="line-height:11.16pt;margin-top:6pt;text-align:justify"><div style="margin-top:6pt"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Market Disruption and Geopolitical:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund is subject to the risk that geopolitical events will disrupt securities </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">markets and adversely affect global economies and markets. Due to the increasing interdependence among global </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">tariffs </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">and other </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">restrictions on trade or economic sanctions, rapid technological developments (such as artificial </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">intelligence technologies), and other </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">geopolitical events that have led, and may continue to lead, to increased market </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">volatility and may have adverse short- or long-term effects on U.S. and global economies and markets, generally. For </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">economies throughout the world. The economic impacts of COVID-19 have created a unique challenge for real estate </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">may negatively impact the occupancy rates of commercial real estate over time. Natural and environmental disasters </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">affect the value of the Fund’s investments, including beyond the Fund’s direct exposure to Russian issuers or nearby </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">geographic regions. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">Furthermore, the prolonged conflict between Hamas and Israel, and the potential expansion of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the conflict in the surrounding areas and the involvement of other nations in such conflict, such as the Houthi movement's </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">attacks on marine vessels in the Red Sea, could further destabilize the Middle East region and introduce new uncertainties </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">in global markets, including the oil and natural gas markets.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> The extent and duration of the military action, sanctions, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">and foreign (non-U.S.) banks have </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">experienced financial difficulties and, in some cases, failures. There can be no </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">and other factors affecting the value of the Fund’s investments. Any of these occurrences could disrupt the operations </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">of the Fund and of the Fund’s service providers.</div></div></div></div> <div style="line-height:11.16pt;margin-top:6pt;text-align:justify"><div style="margin-top:6pt"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Mortgage-</div></div><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> and</div></div><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> /</div></div><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> or</div></div><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> Asset-</div></div><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> Backed Securities</div></div><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> :</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> Defaults on,</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> or</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> low</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> credit quality or liquidity</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> of,</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> the underlying</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> assets</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the asset-backed (including mortgage-backed)</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> securities may impair the value</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> of these securities</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> result in losses</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> .</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">There</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> may be limitations on </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> enforceability </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> of any security</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> interest</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> or</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> collateral granted with respect to those underlying </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">assets,</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> and the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> value of collateral</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> may</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> not satisfy the obligation</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> upon</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> default</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> .</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> These</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> securities also present a higher </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">degree of prepayment and extension risk and interest rate risk than do other types of debt instruments</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> Small movements </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">in interest rates</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> (</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> both increases and</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> decreases)</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> may quickly</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> and significantly reduce the value of certain asset-backed </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">securities</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> The value of longer-term securities generally changes more in response to changes in market interest rates </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">than shorter-term securities</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div><div style="line-height:10.974pt;margin-top:6pt;text-align:justify"><div style="margin-top:6pt"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">These securities may be affected significantly by government regulation</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">market interest rates</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">market</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> perception of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the creditworthiness of an issuer servicer, and loan-to-value ratio </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">of the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">underlying assets.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> During an economic downturn,</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the mortgages, commercial or consumer loans, trade or credit card receivables, installment purchase obligations, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">leases, or other debt obligations underlying an asset-</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">backed security may experience an increase in defaults as borrowers </div></div></div></div><div style="line-height:10.974pt;text-align:justify"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">experience difficulties in repaying their loans which may cause the valuation of such securities to be more volatile </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">and may reduce the value of such securities. These risks are particularly heightened for investments in asset-backed </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">securities that contain sub-prime loans, which are loans made to borrowers with weakened credit histories and often </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">have higher default rates. In addition, certain types of real estate may be adversely affected by changing usage trends, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">such as office buildings as a result of work-</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">from</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">-</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">home practices and commercial facilities as a result of an increase </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">in online shopping, which could in turn result in defaults and declines in value of mortgage-backed securities secured </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">by such properties</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">.</div></div></div> <div style="line-height:11.16pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Operational:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> The</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> Fund, its service providers, and other market participants increasingly depend on complex information </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">technology and communications systems to conduct business functions. These systems are subject to a number of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">different threats or risks that could adversely affect the Fund and its shareholders, despite the efforts of the Fund </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">and its service providers to adopt technologies, processes, and practices intended to mitigate these risks. Cyber-attacks, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">disruptions, or failures that affect the Fund’s service providers, counterparties, market participants, or issuers of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses or impairing </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the Fund’s operations. Information relating to the Fund’s investments has been and will in the future be delivered </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">electronically, which can give rise to a number of risks, including, but not limited to, the risks that such communications </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">may not be secure and may contain computer viruses or other defects, may not be accurately replicated on other </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">systems, or may be intercepted, deleted or interfered with, without the knowledge of the sender or the intended recipient.</div></div></div> <div style="line-height:11.16pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Other Investment Companies:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> The main risk of investing in other investment companies, including ETFs, is the risk </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">that the value of an investment company’s underlying investments might decrease. Shares of investment companies </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">that are listed on an exchange may trade at a discount or premium from their net asset value. You will pay a proportionate </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">share of the expenses of those other investment companies (including management fees, administration fees, and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">custodial fees) in addition to the Fund’s expenses. The investment policies of the other investment companies may </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">not be the same as those of the Fund; as a result, an investment in the other investment companies may be subject </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">to additional or different risks than those to which the Fund is typically subject.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">ETFs are exchange-traded investment companies that are, in many cases, designed to provide investment results </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">corresponding to an index. Additional risks of investments in ETFs include that: (i) an active trading market for an </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">ETF’s shares may not develop or be maintained; or (ii) trading may be halted if the listing exchanges’ officials deem </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">such action appropriate, the shares are delisted from an exchange, or the activation of market-wide </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">circuit breakers</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">(which are tied to large decreases in stock prices) halts trading of an ETF’s shares. Other investment companies </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">include Holding Company Depositary Receipts (</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">HOLDRs</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">). Because HOLDRs concentrate in the stocks of a particular </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">industry, trends in that industry may have a dramatic impact on their value. In addition, shares of ETFs may trade at </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">a premium or discount to net asset value and are subject to secondary market trading risks. Secondary markets may </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods in times of market </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">stress because market makers and authorized participants may step away from making a market in an ETF’s shares, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">which could cause a material decline in the ETF’s net asset value.</div></div></div> <div style="line-height:11.16pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Prepayment and Extension:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> Many types of debt instruments are subject to prepayment and extension risk. Prepayment </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">risk is the risk that the issuer of a debt instrument will pay back the principal earlier than expected. This risk is heightened </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">in a falling market interest rate environment. Prepayment may expose the Fund to a lower rate of return upon reinvestment </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">of principal. Also, if a debt instrument subject to prepayment has been purchased at a premium, the value of the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">premium would be lost in the event of prepayment. Extension risk is the risk that the issuer of a debt instrument will </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">pay back the principal later than expected. This risk is heightened in a rising market interest rate environment. This </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">may negatively affect performance, as the value of the debt instrument decreases when principal payments are made </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">later than expected. Additionally, the Fund may be prevented from investing proceeds it would have received at a given </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">time at the higher prevailing interest rates.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> Loans typically have a 6-12 month call protection and may be prepaid </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">partially or in full after the call protection period without penalty.</div></div></div> <div style="line-height:11.16pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Ranking of Senior Indebtedness:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> The rights of lenders to receive payments of interest and repayments of principal </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">of any borrowings made by the Fund under the credit facility program are senior to the rights of holders of Common </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">Shares and Preferred Shares with respect to the payment of dividends or upon liquidation.</div></div></div> <div style="line-height:11.16pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Repurchase Agreements:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> In the event that the other party to a repurchase agreement defaults on its obligations, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the Fund would generally seek to sell the underlying security serving as collateral for the repurchase agreement. However, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the value of collateral may be insufficient to satisfy the counterparty's obligation and/or the Fund may encounter </div></div></div><div style="line-height:11.16pt;text-align:justify"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">delay and incur costs before being able to sell the security. Such a delay may involve loss of interest or a decline in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">price of the security, which could result in a loss. In addition, if the Fund is characterized by a court as an unsecured </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">creditor, it would be at risk of losing some or all of the principal and interest involved in the transaction.</div></div> <div style="line-height:11.16pt;margin-top:6pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Restrictive Covenants and 1940 Act Restrictions:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> The credit agreements governing the credit facility program (</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> “</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> Credit </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Agreements</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">) include usual and customary covenants for this type of transaction, including limits on the Fund’s ability </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">to: (i) issue Preferred Shares; (ii) incur liens or pledge portfolio securities; (iii) change its investment objective or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">fundamental investment restrictions without the approval of lenders; (iv) make changes in any of its business objectives, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">purposes, or operations that could result in a material adverse effect; (v) make any changes in its capital structure; </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">(vi) amend Fund documents in a manner which could adversely affect the rights, interests, or obligations of any of the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">lenders; (vii) engage in any business other than the businesses currently engaged in; (viii) create, incur, assume, or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">permit to exist certain debt except for certain specified types of debt; and (ix) permit any of its Employee Retirement </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Income Security Act of 1974 (</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">ERISA</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">) affiliates to cause or permit to occur an event that could result in the imposition </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">of a lien under the Internal Revenue Code of 1986, as amended (the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">Code</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">) or ERISA. In addition, the Credit Agreements </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">do not permit the Fund’s asset coverage ratio (as defined in the Credit Agreements) to fall below 300% at any time </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">(</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">Credit Agreement Asset Coverage Test</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">). These covenants or guidelines could impede the manager from fully managing </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund's portfolio in accordance with the investment objectives and policies.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Under the requirements of the 1940 Act, the Fund must have asset coverage of at least 300% immediately after any </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">borrowing under a credit facility program. For this purpose, asset coverage means the ratio which the value of the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">total assets of the Fund, less liabilities and indebtedness not represented by senior securities, bears to the aggregate </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">amount of borrowings represented by senior securities issued by the Fund.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6.0pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The Credit Agreements limit the Fund’s ability to pay dividends or make other distributions on the Common Shares, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">or purchase or redeem Common Shares, unless the Fund complies with the Credit Agreement Asset Coverage Test. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">In addition, the Credit Agreements do not permit the Fund to declare dividends or other distributions or purchase or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">redeem Common Shares: (i) at any time that an event of default under the credit agreement has occurred and is </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">continuing; or (ii) if, after giving effect to such declaration, the Fund would not meet the Credit Agreement Asset Coverage </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">Test set forth in the Credit Agreements.</div></div></div> <div style="line-height:11.16pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Securities Lending:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> To generate additional income, the Fund may lend portfolio securities, on a short- or long-term </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">basis, in an amount up to 33 </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 6pt; position: relative; top: -2.66pt; letter-spacing: 0px;display:inline;"> 1</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">∕</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 6pt; letter-spacing: 0px; top: 0px;display:inline;">3</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">% of the Fund’s total assets, to broker-dealers, major banks, or other recognized </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">domestic institutional borrowers of securities. When the Fund lends its securities, it is responsible for investing the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">cash collateral it receives from the borrower of the securities, and the Fund could incur losses in connection with the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">investment of such cash collateral. As with other extensions of credit, there are risks of delay in recovery or even loss </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">of rights in the collateral should the borrower default or fail financially. The Fund intends to engage in lending portfolio </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">securities only when such lending is fully secured by investment grade collateral held by an independent agent.</div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> seeks to minimize </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">investment risk </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">by</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> limiting the investment of cash collateral to high-quality instruments </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">of short maturity</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">In the event of a borrower default</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">, the Fund will </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">be protected </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">to the extent the Fund is able to exercise </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">its rights </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">the collateral promptly and the</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> value</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> of such collateral is sufficient to purchase replacement securities</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> . </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">Fund is protected by its securities lending agent,</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> which has agreed to indemnify the Fund from losses resulting</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">from borrower default</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">.</div></div></div></div> <div style="line-height:11.16pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Short-Term Debt Instruments and Cash:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> Some of the Senior Loans in which the Fund invests are in the form of revolving </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">credits. In order to permit the Fund to meet its obligations under such loans and to advance additional funds on short </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">notice, the Fund normally maintains unused borrowing capacity that equals or exceeds the total of all unfunded portions </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">of loans in its portfolio. Short-term debt instruments are subject to the risk of the issuer’s inability or unwillingness </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">to meet principal and interest payments on the debt obligation and also may be subject to price volatility due to such </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">factors as market interest rates, market perception of the creditworthiness of the issuer, and general market liquidity.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Because short-term debt instruments pay interest at a fixed-rate, when market interest rates decline, the value of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the Fund’s short-term debt instruments can be expected to rise, and when market interest rates rise, the value of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">short-term debt instruments can be expected to decline.</div></div></div> <div style="line-height:11.16pt;text-align:justify"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Special Situations:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> A </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> “</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> special situation</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> ”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> arises when, in a manager’s opinion, securities of a particular company will </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">appreciate in value within a reasonable period because of unique circumstances applicable to the company. Special </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">situations investments often involve much greater risk than is inherent in ordinary investments. Investments in special </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">situation companies may not appreciate and the Fund’s performance could suffer if an anticipated development does </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">not occur or does not produce the anticipated result.</div></div> <div style="line-height:11.16pt;margin-top:6pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Temporary Defensive Positions:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> When market conditions make it advisable, the Fund may hold a portion of its assets </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">in cash and short-term interest bearing instruments. Moreover, in periods when, in the opinion of the manager, a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">temporary defensive position is appropriate, up to 100% of the Fund’s assets may be held in cash, short-term interest </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">bearing instruments and/or any other securities the manager considers consistent with a temporary defensive position. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may not achieve its investment objective when pursuing a temporary defensive position.</div></div></div> <div style="line-height:11.16pt;margin-top:6pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Unsecured Debt Instruments and Subordinated Loans:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> Unsecured loans and subordinated loans share the same </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">credit risks as those discussed under </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">Risk Factors and Special Considerations - Credit for Loans</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> except that unsecured </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">loans are not secured by any collateral of the borrower and subordinated loans are not the most senior debt in a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">borrower’s capital structure. Unsecured loans do not enjoy the security associated with collateralization and may pose </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">a greater risk of nonpayment of interest or loss of principal than do secured loans. The primary additional risk in a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">subordinated loan is the potential loss in the event of default by the issuer of the loan. Subordinated loans in an </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">insolvency bear an increased share, relative to senior secured lenders, of the ultimate risk that the borrower’s assets </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">are insufficient to meet its obligations to its creditors.</div></div></div> <div style="line-height:11.16pt;margin-top:6pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Valuation of Loans:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund values its assets every day the New York Stock Exchange is open for regular trading. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">However, because the secondary market for floating rate loans is limited, it may be difficult to value loans, exposing </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the Fund to the risk that the price at which it sells loans will be less than the price at which they were valued when </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">held by the Fund. Reliable market value quotations may not be readily available for some loans, and determining the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">fair valuation of such loans may require more research than for securities that trade in a more active secondary market. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">In addition, elements of judgment may play a greater role in the valuation of loans than for more securities that trade </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">in a more developed secondary market because there is less reliable, objective market value data available. If the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Fund purchases a relatively large portion of a loan, the limitations of the secondary market may inhibit the Fund from </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">selling a portion of the loan and reducing its exposure to a borrower when the manager deems it advisable to do so. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Even if the Fund itself does not own a relatively large portion of a particular loan, the Fund, in combination with other </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">similar accounts under management by the same portfolio managers, may own large portions of loans. The aggregate </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">amount of holdings could create similar risks if and when the portfolio managers decide to sell those loans. These </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">risks could include, for example, the risk that the sale of an initial portion of the loan could be at a price lower than </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the price at which the loan was valued by the Fund, the risk that the initial sale could adversely impact the price at </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">which additional portions of the loan are sold, and the risk that the foregoing events could warrant a reduced valuation </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">being assigned to the remaining portion of the loan still owned by the Fund.</div></div></div> <div style="line-height:11.16pt;margin-top:6pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">When-Issued, Delayed Delivery, and Forward Commitment Transactions:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> When-issued, delayed delivery, and forward </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">commitment transactions involve the risk that the security the Fund buys will lose value prior to its delivery. These </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">transactions may result in leverage. The use of leverage may exaggerate any increase or decrease in the net asset </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">value, causing the Fund to be more volatile. The use of leverage may increase expenses and increase the impact of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the Fund’s other risks. There also is the risk that the security will not be issued or that the other party will not meet </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">security and any gain in the security’s price.</div></div></div> <div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Each Common Share of the Fund has one vote and shares equally in dividends and distributions, when and if, declared </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">by the Fund, and in the Fund's net assets upon liquidation.</div> <div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">There are no preemptive or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">conversion rights applicable to any of the Common Shares.</div> <div style="line-height:13.02pt;margin-top:8.00pt;text-align:left"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Status of Shares</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 11.16pt; line-height: 13.02pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></div><div style="line-height:10.974pt;margin-top:0.00pt;text-align:left"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">The following table sets forth information about the Fund's outstanding Common Shares as of June 6, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">2025</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">:</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 0.93pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:1.0pt;margin-top:6.00pt;text-align:left"><div style="margin-top:6pt"> </div></div><table cellpadding="0" cellspacing="0" style="text-align:start; border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;empty-cells:show;width:507pt"><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:261.15pt"><div style="line-height:11.5pt;text-align:left"><div style="margin-left:6pt;margin-right:14.65pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-redline:true;display:inline;font-weight:bold;display:inline;">Title of Class</div></div></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:90.97pt"><div style="line-height:11.5pt;text-align:left"><div style="margin-left:12.65pt;margin-right:12.65pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-redline:true;display:inline;font-weight:bold;display:inline;">Number Authorized</div></div></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:88.06pt"><div style="line-height:11.5pt;text-align:left"><div style="margin-left:12.65pt;margin-right:12.65pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-redline:true;display:inline;font-weight:bold;display:inline;">Number Held By</div></div> <br/></div><div style="margin-left:12.65pt;margin-right:12.65pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8.5pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-redline:true;display:inline;font-weight:bold;display:inline;">the Fund or for its</div></div> <br/></div><div style="margin-left:12.65pt;margin-right:12.65pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8.5pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-redline:true;display:inline;font-weight:bold;display:inline;">Own Account</div></div></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:66.82pt"><div style="line-height:11.5pt;text-align:left"><div style="margin-left:12.65pt;margin-right:10pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-redline:true;display:inline;font-weight:bold;display:inline;">Number</div></div> <br/></div><div style="margin-left:12.65pt;margin-right:10pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8.5pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-redline:true;display:inline;font-weight:bold;display:inline;">Outstanding</div></div></div></div></td></tr><tr style="height:15pt"><td style="padding-bottom:4pt;padding-top:3.125pt;vertical-align:middle;width:261.15pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:6pt;margin-right:14.65pt;text-align:Left;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class A Common Shares</div></div></div></div></td><td style="padding-bottom:4pt;padding-top:3.125pt;vertical-align:middle;white-space:nowrap;width:90.97pt"><div style="line-height:9pt;margin-left:14.65pt;margin-right:14.65pt;text-align:center;width:61.67pt"><div style="display:flex;margin:auto;width:29.91pt"><div style="display:flex;white-space:nowrap;width:29.91pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">Unlimited</div></div> </div></div></td><td style="padding-bottom:4pt;padding-top:3.125pt;vertical-align:middle;white-space:nowrap;width:88.06pt"><div style="line-height:9pt;margin-left:14.65pt;margin-right:14.65pt;text-align:center;width:58.76pt"><div style="display:flex;margin:auto;width:6.09pt"><div style="-sec-ix-redline:true;display:flex;margin:auto;width:6.09pt"><div style="display:flex;white-space:nowrap;width:6.09pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0</div></div></div> </div></div></td><td style="padding-bottom:4pt;padding-top:3.125pt;vertical-align:middle;white-space:nowrap;width:66.82pt"><div style="line-height:9pt;margin-left:14.65pt;margin-right:6pt;text-align:center;width:39.67pt"><div style="display:flex;margin:auto;width:6.91pt"><div style="-sec-ix-redline:true;display:flex;margin:auto;width:6.91pt"><div style="display:flex;white-space:nowrap;width:6.91pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:hidden139387021;display:inline;">[ ]</div></div></div></div> </div></div></td></tr><tr style="height:13pt"><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:261.15pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:6pt;margin-right:14.65pt;text-align:Left;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class C Common Shares</div></div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;white-space:nowrap;width:90.97pt"><div style="line-height:9pt;margin-left:14.65pt;margin-right:14.65pt;text-align:center;width:61.67pt"><div style="display:flex;margin:auto;width:29.91pt"><div style="display:flex;white-space:nowrap;width:29.91pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">Unlimited</div></div> </div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;white-space:nowrap;width:88.06pt"><div style="line-height:9pt;margin-left:14.65pt;margin-right:14.65pt;text-align:center;width:58.76pt"><div style="display:flex;margin:auto;width:6.09pt"><div style="-sec-ix-redline:true;display:flex;margin:auto;width:6.09pt"><div style="display:flex;white-space:nowrap;width:6.09pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0</div></div></div> </div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;white-space:nowrap;width:66.82pt"><div style="line-height:9pt;margin-left:14.65pt;margin-right:6pt;text-align:center;width:39.67pt"><div style="display:flex;margin:auto;width:6.91pt"><div style="-sec-ix-redline:true;display:flex;margin:auto;width:6.91pt"><div style="display:flex;white-space:nowrap;width:6.91pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:hidden139387022;display:inline;">[ ]</div></div></div></div> </div></div></td></tr><tr style="height:13pt"><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:261.15pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:6pt;margin-right:14.65pt;text-align:Left;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class I Common Shares</div></div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;white-space:nowrap;width:90.97pt"><div style="line-height:9pt;margin-left:14.65pt;margin-right:14.65pt;text-align:center;width:61.67pt"><div style="display:flex;margin:auto;width:29.91pt"><div style="display:flex;white-space:nowrap;width:29.91pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">Unlimited</div></div> </div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;white-space:nowrap;width:88.06pt"><div style="line-height:9pt;margin-left:14.65pt;margin-right:14.65pt;text-align:center;width:58.76pt"><div style="display:flex;margin:auto;width:6.09pt"><div style="-sec-ix-redline:true;display:flex;margin:auto;width:6.09pt"><div style="display:flex;white-space:nowrap;width:6.09pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0</div></div></div> </div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;white-space:nowrap;width:66.82pt"><div style="line-height:9pt;margin-left:14.65pt;margin-right:6pt;text-align:center;width:39.67pt"><div style="display:flex;margin:auto;width:6.91pt"><div style="-sec-ix-redline:true;display:flex;margin:auto;width:6.91pt"><div style="display:flex;white-space:nowrap;width:6.91pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:hidden139387023;display:inline;">[ ]</div></div></div></div> </div></div></td></tr><tr style="height:10.5pt"><td style="background-color:#D8D8D8;padding-bottom:2pt;padding-top:4pt;vertical-align:middle;width:261.15pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:6pt;margin-right:14.65pt;text-align:Left;white-space:nowrap"><div style="-sec-ix-redline:true;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class W Common Shares</div></div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:2pt;padding-top:4pt;vertical-align:middle;white-space:nowrap;width:90.97pt"><div style="line-height:9pt;margin-left:14.65pt;margin-right:14.65pt;text-align:center;width:61.67pt"><div style="display:flex;margin:auto;width:29.91pt"><div style="display:flex;white-space:nowrap;width:29.91pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;-sec-ix-redline:true;display:inline;">Unlimited</div></div> </div></div></td><td style="background-color:#D8D8D8;padding-bottom:2pt;padding-top:4pt;vertical-align:middle;white-space:nowrap;width:88.06pt"><div style="line-height:9pt;margin-left:14.65pt;margin-right:14.65pt;text-align:center;width:58.76pt"><div style="display:flex;margin:auto;width:6.09pt"><div style="-sec-ix-redline:true;display:flex;margin:auto;width:6.09pt"><div style="display:flex;white-space:nowrap;width:6.09pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0</div></div></div> </div></div></td><td style="background-color:#D8D8D8;padding-bottom:2pt;padding-top:4pt;vertical-align:middle;white-space:nowrap;width:66.82pt"><div style="line-height:9pt;margin-left:14.65pt;margin-right:6pt;text-align:center;width:39.67pt"><div style="display:flex;margin:auto;width:6.91pt"><div style="-sec-ix-redline:true;display:flex;margin:auto;width:6.91pt"><div style="display:flex;white-space:nowrap;width:6.91pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:hidden139387024;display:inline;">[ ]</div></div></div></div> </div></div></td></tr></table> Class A Common Shares 0 Class C Common Shares 0 Class I Common Shares 0 Class W Common Shares 0 <div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">All Common Shares have equal rights to the payment of dividends and the distribution </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">of assets upon liquidation.</div> <div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">In the event </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">of any voluntary or involuntary liquidation, dissolution, or winding up of the affairs of the Fund, holders of Preferred </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Shares would be entitled to receive a preferential liquidating distribution (expected to equal the original purchase </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">price per share plus accumulated and unpaid dividends thereon, whether or not earned or declared) before any distribution </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">of assets is made to holders of Common Shares.</div> 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.” 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, 2026] 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, 2026] 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: [2.99%, 3.49%, 2.74%, and 2.74%] for Class A, Class C, Class I, and Class W shares, respectively. In order to compute the Corresponding Return to Common Shares 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.