Class	Class A	Class C	Class I	Class W
Shareholder Transaction Expenses
Maximum sales charge on your investment (as a percentage of offering price) 1	2.50% 2	None	None	None
Dividend Reinvestment and Cash Purchase Plan Fees	None	None	None	None
Early Withdrawal Charge	None 3	1.00% 3	None	None
Exchange Fee	None	None	None	None

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.

Other Transaction Expenses [Abstract]

Annual Expenses [Table Text Block]

Annual Expenses (as a percentage of average net assets attributable to Common Shares)
Management Fees 4	1.07%	1.07%	1.07%	1.07%
Service Fee	0.25%	0.25%	None	None
Distribution Fee 5	None	0.50%	None	None
Interest Expense on Borrowed Funds	2.08%	2.08%	2.08%	2.08%
Other Operating Expenses 6	0.51%	0.51%	0.51%	0.51%
Total Annual Expenses	3.91%	4.41%	3.66%	3.66%
Fee Waivers/Reimbursements/Recoupment 7	(0.31)%	(0.31)%	(0.31)%	(0.31)%
Net Annual Expenses 8	3.60%	4.10%	3.35%	3.35%

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,

other

investment-related

costs, leverage expenses, extraordinary expenses,

other expenses not incurred in the ordinary course of business, expenses of any counsel or other persons or services

retained by the Fund’s Board members who are not

“

interested persons,

”

as that term is defined in the 1940 Act,

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:

2.76

3.26

2.51

%, and

2.51

for Class A, Class C, Class I, and Class W shares, respectively.

Other Annual Expenses [Abstract]

Expense Example [Table Text Block]

Examples

The following Examples show the amount of the expenses that an investor in the Fund would bear on a $1,000 investment

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

remains invested over the entire 10-year period. As a result, no EWCs are included in the listed expense amounts.

The second table assumes that the $1,000 investment is tendered and repurchased at the end of each period shown.

As a result, EWCs are imposed on certain of those repurchases.

The Examples assume that all dividends and other distributions are reinvested at NAV and that the percentage amounts

listed under Net Annual Expenses in the previous table remain the same in the years shown (except that the Fee

Waivers/Reimbursements only apply for the first year). The tables and the assumption in the Examples of a 5% annual

return are required by regulations of the SEC applicable to all investment companies. The assumed 5% annual return

is not a prediction of, and does not represent, the projected or actual performance of the Fund's Common Shares.

For more complete descriptions of certain of the Fund's costs and expenses, see

“

Classes of Shares,

”

“

Sales Charges,

”

and

“

Investment Management and Other Service Providers.

”

Example #1 — No Repurchases		1 Year	3 Years	5 Years	10 Years
You would pay the following expenses on a $1,000 investment, assuming a 5% annual return and borrowings by the Fund in an amount equal to 25% of its Managed Assets.
Class A Common Shares	$	61	142	227	453
Class C Common Shares	$	44	140	239	500
Class I Common Shares	$	34	110	191	407
Class W Common Shares	$	34	110	191	407

Example #2 — With Repurchases at Period End		1 Year	3 Years	5 Years	10 Years
You would pay the following expenses on a $1,000 investment, assuming a 5% annual return, borrowings by the Fund in an amount equal to 25% of its Managed Assets, and the tender and repurchase of the entire investment at the end of each period shown.
Class A Common Shares	$	61	142	227	453
Class C Common Shares	$	54	140	239	500
Class I Common Shares	$	34	110	191	407
Class W Common Shares	$	34	110	191	407

The purpose of each table is to assist you in understanding the various costs and expenses that an investor in the

Fund will bear directly or indirectly. See

“

Classes of Shares - Choosing a Share Class.

”

The foregoing Examples should not be considered a representation of future expenses and actual expenses may be

greater or less than those shown.

Purpose of Fee Table , Note [Text Block]

This table is intended to assist investors in understanding the various costs and expenses directly or indirectly associated

with investing in the Fund. The cost you pay to invest in the Fund varies depending upon which class of Common

Shares you purchase. In accordance with SEC requirements, the table below shows the expenses of the Fund, including

interest expense on borrowings, as a percentage of the average net assets of the Fund and not as a percentage of

gross assets or Managed Assets. By showing expenses as a percentage of the average net assets, expenses are not

expressed as a percentage of all of the assets that are invested for the Fund. The table below assumes that the Fund

has borrowed an amount equal to 25% of its Managed Assets. For information about the Fund’s expense ratios if the

Fund had not borrowed, see

“

Risk Factors and Special Considerations - Annual Expenses Without Borrowings.

”

Investors

investing in the Fund through an intermediary should consult the Appendix to this Prospectus, which includes information

regarding financial intermediary specific sales charges and related discount policies that apply to purchases through

certain specified intermediaries.

Basis of Transaction Fees, Note [Text Block]

as a percentage of offering price

Other Expenses, Note [Text Block]

Other Operating Expenses are estimated amounts for the current fiscal year.

Management Fee not based on Net Assets, Note [Text Block]

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.

General Description of Registrant [Abstract]

Investment Objectives and Practices [Text Block]

INVESTMENT OBJECTIVE AND POLICIES

Investment Objective

The Fund's investment

objective

is to provide investors with a high level of monthly income. The investment objective

is fundamental and may not be changed without a majority vote of the shareholders of the Fund. See

“

Description of

the Fund – Fundamental and Non-Fundamental Investment Policies of the Fund

”

later in this Prospectus.

Fundamental Policies

Industry Concentration.

The Fund may invest in any industry. The Fund may not invest more than 25% of its total

assets, measured at the time of investment, in any single industry.

Borrower Diversification.

The Fund is diversified, as such term is defined in the 1940 Act. A diversified fund may

not, as to 75% of its total assets, invest more than 5% of its total assets in any one issuer and may not purchase

more than 10% of the outstanding voting securities of any one issuer (other than securities issues or guaranteed

by the U.S. government or any of its agencies or instrumentalities, or other investment companies). The Fund will

consider the borrower on a loan, including a loan participation, to be the issuer of such loan. With respect to no

more than 25% of its total assets, the Fund may make investments that are not subject to the foregoing restrictions.

These fundamental policies may only be changed with approval by a majority of all shareholders. See

“

Description of

the Fund – Fundamental and Non-Fundamental Investment Policies of the Fund

”

later in this Prospectus.

Investment Policies

The Investment Adviser and Sub-Adviser follow certain investment policies set by the Fund's Board. Some of those

policies are set forth below. Please refer to the SAI for additional information on these and other investment policies.

Use of Leverage.

The Fund may borrow money and issue Preferred Shares to the fullest extent permitted by the 1940

Act. See

“

Investment Objective and Policies - Policy on Borrowing

”

and

“

Investment Objective and Policies - Policy on

Issuance of Preferred Shares.

”

Policy on Borrowing

The Fund has a policy of borrowing for investment purposes. The Fund seeks to use proceeds from borrowing to acquire

loans and other investments which pay interest at a rate higher than the rate the Fund pays on borrowings. Accordingly,

borrowing has the potential to increase the Fund's total income available to holders of its Common Shares. The Fund

may also borrow to finance the repurchase of its Common Shares or to meet cash requirements.

The Fund may issue notes, commercial paper, or other evidences of indebtedness and may be required to secure

repayment by mortgaging, pledging, or otherwise granting a security interest in the Fund's assets. The terms of any

such borrowings will be subject to the provisions of the 1940 Act and they will also be subject to the more restrictive

terms of any credit agreements relating to borrowings and, to the extent the Fund seeks a rating for borrowings, to

additional guidelines imposed by rating agencies, which are expected to be more restrictive than the provisions of

the 1940 Act. The Fund is permitted to borrow an amount up to 33

∕

%, or such other percentage permitted by law,

of its total assets (including the amount borrowed) less all liabilities other than borrowings. See

“

Risk Factors and

Special Considerations - Leverage

”

and

“

Risk Factors and Special Considerations - Restrictive Covenants and 1940

Act Restrictions.

”

Policy on Issuance of Preferred Shares

The Fund has a policy which permits it to issue Preferred Shares for investment purposes. The Fund seeks to use the

proceeds from Preferred Shares to acquire loans and other investments which pay interest at a rate higher than the

dividends payable on Preferred Shares. The terms of the issuance of Preferred Shares are subject to the 1940 Act

and to additional guidelines imposed by rating agencies, which are more restrictive than the provisions of the 1940

Act. Under the 1940 Act, the Fund may issue Preferred Shares so long as immediately after any issuance of Preferred

Shares the value of the Fund's total assets (less all Fund liabilities and indebtedness that is not senior indebtedness)

is at least twice the amount of the Fund's senior indebtedness plus the involuntary liquidation preference of all outstanding

Preferred Shares. See

“

Risk Factors and Special Considerations - Leverage.

”

As of June 6, 2025 the Fund had

Preferred Shares outstanding.

Risk Factors [Table Text Block]

Limited Secondary Market for Loans:

Because of the limited secondary market for loans, the Fund may be limited

in its ability to sell loans in its portfolio in a timely fashion and/or at a favorable price. Transactions in loans typically

settle on a delayed basis and typically take longer than 7 days to settle. As a result the Fund may not receive the

proceeds from a sale of a floating rate loan for a significant period of time. Delay in the receipts of settlement proceeds

may impair the ability of the Fund to meet its repurchase obligations and may increase the amounts the Fund may be

required to borrow. It may also limit the ability of the Fund to repay debt, pay dividends, or to take advantage of new

investment opportunities.

Although the re-sale, or secondary market for loans has grown substantially in recent years,

both in overall size and number of market participants, there is no organized exchange or board of trade on which

loans are traded. Instead, the secondary market for loans is a private, unregulated inter-dealer or inter-bank re-sale

market.

Loans usually trade in large denominations and trades can be infrequent and the market for loans may experience

volatility. The market has limited transparency so that information about actual trades may be difficult to obtain. Accordingly,

some loans will be relatively illiquid.

In addition, loans may require the consent of the borrower and/or the agent prior to sale or assignment. These consent

requirements can delay or impede the Fund’s ability to sell loans and can adversely affect the price that can be obtained.

These considerations may cause the Fund to sell assets at lower prices than it would otherwise consider to meet

cash needs or cause the Fund to maintain a greater portion of its assets in cash equivalents than it would otherwise,

which could negatively impact performance. The Fund may seek to avoid the necessity of selling assets to meet such

needs by the use of borrowings.

From time to time, the occurrence of one or more of the factors described above may create a cascading effect where

the market for debt instruments (including the market for loans) first experiences volatility and then decreased liquidity.

Such conditions, or other similar conditions, may then adversely affect the value of loans and other instruments,

widening spreads against higher-quality debt instruments, and making it harder to sell loans at prices at which they

have historically or recently traded, thereby further reducing liquidity. For example, during the global liquidity crisis in

the second half of 2008, the average price of loans in the Morningstar

LSTA

US Leveraged Loan Index (which includes

loans of the type in which the Fund invests) declined by 32% (which included a decline of 3.06% on a single day).

Additionally, during the recent COVID-19 pandemic, the same index declined by 12.37% in March 2020 (which included

a decline of 3.74% on a single day).

Declines in the Fund's share price or other market developments (which may be more severe than these prior declines)

may lead to increased repurchases, which could cause the Fund to have to sell loans and other instruments at disadvantageous

prices and inhibit the ability of the Fund to retain its assets in the hope of greater stabilization in the secondary markets.

In addition, these or similar circumstances could cause the Fund to sell its highest quality and most liquid loans and

other investments in order to satisfy an initial wave of repurchases while leaving the Fund with a remaining portfolio

of lower-quality and less liquid investments. In anticipation of such circumstances, the Fund may also need to maintain

a larger portion of its assets in liquid instruments than usual. However, there can be no assurance that the Fund will

foresee the need to maintain greater liquidity or that actual efforts to maintain a larger portion of assets in liquid

investments would successfully mitigate the foregoing risks.

During its monthly repurchase offers, the Fund is required to maintain a percentage of its portfolio, equal to the value

of the repurchase amounts, in securities that can be sold or disposed of at approximately the price at which the Fund

has valued the investment, within a period equal to the period between a repurchase request deadline and the repurchase

payment deadline, or of assets that mature by the next repurchase payment deadline. The requirement to keep a

portion of the portfolio in liquid securities, however, could negatively impact performance.

Liquidity:

If a security is illiquid, the Fund might be unable to sell the security at a time when the Fund’s manager

might wish to sell, or at all. Further, the lack of an established secondary market may make it more difficult to value

illiquid securities, exposing the Fund to the risk that the prices at which it sells illiquid securities will be less than the

prices at which they were valued when held by the Fund, which could cause the Fund to lose money. The prices of

illiquid securities may be more volatile than more liquid securities, and the risks associated with illiquid securities

may be greater in times of financial stress. Certain securities that are liquid when purchased may later become illiquid,

particularly in times of overall economic distress or due to geopolitical events such as sanctions, trading halts, or

wars. In addition, markets or securities may become illiquid quickly.

Manager:

The Fund is subject to manager risk because it is an actively managed investment portfolio. The Investment

Adviser, the Sub-Adviser, or each individual portfolio manager will make judgments and apply investment techniques

and risk analyses in making investment decisions, but there can be no guarantee that these decisions will produce

the desired results. The Fund’s portfolio may fail to produce the intended results, and the Fund’s portfolio may underperform

other comparable funds because of portfolio management decisions related to, among other things, the selection of

investments, portfolio construction, risk assessments, and/or the outlook on market trends and opportunities.

Market:

The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic

conditions, governmental actions or intervention, market disruptions caused by trade disputes or other factors, political

developments, and other factors. Prices of equity securities tend to rise and fall more dramatically than those of debt

instruments. Additionally, legislative, regulatory or tax policies or developments may adversely impact the investment

techniques available to a manager, add to costs, and impair the ability of the Fund to achieve its investment objectives.

Market Disruption and Geopolitical:

The Fund is subject to the risk that geopolitical events will disrupt securities

markets and adversely affect global economies and markets. Due to the increasing interdependence among global

economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or

foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics,

trade disputes,

tariffs and other restrictions on trade or economic sanctions, rapid technological developments (such

as artificial intelligence technologies), and other geopolitical events that have led, and may continue to lead, to increased

market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets, generally.

For example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures,

declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn

in economies throughout the world. The economic impacts of COVID-19 have created a unique challenge for real estate

markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition

may negatively impact the occupancy rates of commercial real estate over time. Natural and environmental disasters

and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by

Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could

affect the value of the Fund’s investments, including beyond the Fund’s direct exposure to Russian issuers or nearby

geographic regions. Furthermore, the prolonged conflict between Hamas and Israel, and the potential expansion of

the conflict in the surrounding areas and the involvement of other nations in such conflict, such as the Houthi movement's

attacks on marine vessels in the Red Sea, could further destabilize the Middle East region and introduce new uncertainties

in global markets, including the oil and natural gas markets. The extent and duration of the military action, sanctions,

and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks

and foreign (non-U.S.) banks have experienced financial difficulties and, in some cases, failures. There can be no

certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other

banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is

possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect

adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes

in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual

issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment,

and other factors affecting the value of the Fund’s investments. Any of these occurrences could disrupt the operations

of the Fund and of the Fund’s service providers.

Mortgage- and/or Asset-Backed Securities:

Defaults on, or low credit quality or liquidity of, the underlying assets of

the asset-backed (including mortgage-backed) securities may impair the value of these securities and result in losses.

There may be limitations on the enforceability of any security interest or collateral granted with respect to those underlying

assets, and the value of collateral may not satisfy the obligation upon default. These securities also present a higher

degree of prepayment and extension risk and interest rate risk than do other types of debt instruments.

Small movements

in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain asset-backed

securities. The value of longer-term securities generally changes more in response to changes in market interest rates

than shorter-term securities.

These securities may be affected significantly by government regulation, market interest rates, market perception of

the creditworthiness of an issuer servicer, and loan-to-value ratio of the underlying assets. During an economic downturn,

the mortgages, commercial or consumer loans, trade or credit card receivables, installment purchase obligations,

leases, or other debt obligations underlying an asset-backed security may experience an increase in defaults as borrowers

experience difficulties in repaying their loans which may cause the valuation of such securities to be more volatile

and may reduce the value of such securities. These risks are particularly heightened for investments in asset-backed

securities that contain sub-prime loans, which are loans made to borrowers with weakened credit histories and often

have higher default rates. In addition, certain types of real estate may be adversely affected by changing usage trends,

such as office buildings as a result of work-from-home practices and commercial facilities as a result of an increase

in online shopping, which could in turn result in defaults and declines in value of mortgage-backed securities secured

by such properties.

Operational:

The

Fund, its service providers, and other market participants increasingly depend on complex information

technology and communications systems to conduct business functions. These systems are subject to a number of

different threats

operational and information security

risks that could adversely affect the Fund and its shareholders,

despite the efforts of the Fund and its service providers to adopt technologies, processes, and practices intended

to mitigate these risks.

The use of artificial intelligence (

“

”

) and machine learning could exacerbate operational and

information security risks or result in cyber security incidents that implicate personal data.

Cyber-attacks, disruptions,

or failures that affect the Fund’s service providers, counterparties, market participants, or issuers of securities held

by the Fund may adversely affect the Fund and its shareholders, including by causing losses or impairing the Fund’s

operations. Information relating to the Fund’s investments

delivered electronically, which can give rise to a number

of risks, including, but not limited to, the risks that such communications may not be secure and may contain computer

viruses or other defects, may not be accurately replicated on other systems, or may be intercepted, deleted or interfered

with, without the knowledge of the sender or the intended recipient.

Other Investment Companies:

The main risk of investing in other investment companies, including ETFs, is the risk

that the value of an investment company’s underlying investments might decrease. Shares of investment companies

that are listed on an exchange may trade at a discount or premium from their net asset value. You will pay a proportionate

share of the expenses of those other investment companies (including management fees, administration fees, and

custodial fees) in addition to the Fund’s expenses. The investment policies of the other investment companies may

not be the same as those of the Fund; as a result, an investment in the other investment companies may be subject

to additional or different risks than those to which the Fund is typically subject.

ETFs are exchange-traded investment companies that are, in many cases, designed to provide investment results

corresponding to an index. Additional risks of investments in ETFs include that: (i) an active trading market for an

ETF’s shares may not develop or be maintained; or (ii) trading may be halted if the listing exchanges’ officials deem

such action appropriate, the shares are delisted from an exchange, or the activation of market-wide

“

circuit breakers

”

(which are tied to large decreases in stock prices) halts trading of an ETF’s shares. Other investment companies

include Holding Company Depositary Receipts (

“

HOLDRs

”

). Because HOLDRs concentrate in the stocks of a particular

industry, trends in that industry may have a dramatic impact on their value. In addition, shares of ETFs may trade at

a premium or discount to net asset value and are subject to secondary market trading risks. Secondary markets may

be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods in times of market

stress because market makers and authorized participants may step away from making a market in an ETF’s shares,

which could cause a material decline in the ETF’s net asset value.

Prepayment and Extension:

Many types of debt instruments are subject to prepayment and extension risk. Prepayment

risk is the risk that the issuer of a debt instrument will pay back the principal earlier than expected. This risk is heightened

in a falling market interest rate environment. Prepayment may expose the Fund to a lower rate of return upon reinvestment

of principal. Also, if a debt instrument subject to prepayment has been purchased at a premium, the value of the

premium would be lost in the event of prepayment. Extension risk is the risk that the issuer of a debt instrument will

pay back the principal later than expected. This risk is heightened in a rising market interest rate environment. This

may negatively affect performance, as the value of the debt instrument decreases when principal payments are made

later than expected. Additionally, the Fund may be prevented from investing proceeds it would have received at a given

time at the higher prevailing interest rates.

Loans typically have a 6-12 month call protection and may be prepaid

partially or in full after the call protection period without penalty.

Ranking of Senior Indebtedness:

The rights of lenders to receive payments of interest and repayments of principal

of any borrowings made by the Fund under the credit facility program are senior to the rights of holders of Common

Shares and Preferred Shares with respect to the payment of dividends or upon liquidation.

Repurchase Agreements:

In the event that the other party to a repurchase agreement defaults on its obligations,

the Fund would generally seek to sell the underlying security serving as collateral for the repurchase agreement. However,

the value of collateral may be insufficient to satisfy the counterparty's obligation and/or the Fund may encounter

delay and incur costs before being able to sell the security. Such a delay may involve loss of interest or a decline in

price of the security, which could result in a loss. In addition, if the Fund is characterized by a court as an unsecured

creditor, it would be at risk of losing some or all of the principal and interest involved in the transaction.

Restrictive Covenants and 1940 Act Restrictions:

The credit agreements governing the credit facility program (

“

Credit

Agreements

”

) include usual and customary covenants for this type of transaction, including limits on the Fund’s ability

to: (i) issue Preferred Shares; (ii) incur liens or pledge portfolio securities; (iii) change its investment objective or

fundamental investment restrictions without the approval of lenders; (iv) make changes in any of its business objectives,

purposes, or operations that could result in a material adverse effect; (v) make any changes in its capital structure;

(vi) amend Fund documents in a manner which could adversely affect the rights, interests, or obligations of any of the

lenders; (vii) engage in any business other than the businesses currently engaged in; (viii) create, incur, assume, or

permit to exist certain debt except for certain specified types of debt; and (ix) permit any of its Employee Retirement

Income Security Act of 1974 (

“

ERISA

”

) affiliates to cause or permit to occur an event that could result in the imposition

of a lien under the Internal Revenue Code of 1986, as amended (the

“

Code

”

) or ERISA. In addition, the Credit Agreements

do not permit the Fund’s asset coverage ratio (as defined in the Credit Agreements) to fall below 300% at any time

(

“

Credit Agreement Asset Coverage Test

”

). These covenants or guidelines could impede the manager from fully managing

the Fund's portfolio in accordance with the investment objectives and policies.

Under the requirements of the 1940 Act, the Fund must have asset coverage of at least 300% immediately after any

borrowing under a credit facility program. For this purpose, asset coverage means the ratio which the value of the

total assets of the Fund, less liabilities and indebtedness not represented by senior securities, bears to the aggregate

amount of borrowings represented by senior securities issued by the Fund.

The Credit Agreements limit the Fund’s ability to pay dividends or make other distributions on the Common Shares,

or purchase or redeem Common Shares, unless the Fund complies with the Credit Agreement Asset Coverage Test.

In addition, the Credit Agreements do not permit the Fund to declare dividends or other distributions or purchase or

redeem Common Shares: (i) at any time that an event of default under the credit agreement has occurred and is

continuing; or (ii) if, after giving effect to such declaration, the Fund would not meet the Credit Agreement Asset Coverage

Test set forth in the Credit Agreements.

Securities Lending:

To generate additional income, the Fund may lend portfolio securities, on a short- or long-term

basis, in an amount up to 33

∕

% of the Fund’s total assets, to broker-dealers, major banks, or other recognized

domestic institutional borrowers of securities. When the Fund lends its securities, it is responsible for investing the

cash collateral it receives from the borrower of the securities, and the Fund could incur losses in connection with the

investment of such cash collateral. As with other extensions of credit, there are risks of delay in recovery or even loss

of rights in the collateral should the borrower default or fail financially. The Fund intends to engage in lending portfolio

securities only when such lending is fully secured by investment grade collateral held by an independent agent.

The Fund seeks to minimize investment risk by limiting the investment of cash collateral to high-quality instruments

of short maturity. In the event of a borrower default, the Fund will be protected to the extent the Fund is able to exercise

its rights in the collateral promptly and the value of such collateral is sufficient to purchase replacement securities.

The Fund is protected by its securities lending agent, which has agreed to indemnify the Fund from losses resulting

from borrower default.

Short-Term Debt Instruments and Cash:

Some of the Senior Loans in which the Fund invests are in the form of revolving

credits. In order to permit the Fund to meet its obligations under such loans and to advance additional funds on short

notice, the Fund normally maintains unused borrowing capacity that equals or exceeds the total of all unfunded portions

of loans in its portfolio. Short-term debt instruments are subject to the risk of the issuer’s inability or unwillingness

to meet principal and interest payments on the debt obligation and also may be subject to price volatility due to such

factors as market interest rates, market perception of the creditworthiness of the issuer, and general market liquidity.

Because short-term debt instruments pay interest at a fixed-rate, when market interest rates decline, the value of

the Fund’s short-term debt instruments can be expected to rise, and when market interest rates rise, the value of

short-term debt instruments can be expected to decline.

Special Situations:

“

special situation

”

arises when, in a manager’s opinion, securities of a particular company will

appreciate in value within a reasonable period because of unique circumstances applicable to the company. Special

situations investments often involve much greater risk than is inherent in ordinary investments. Investments in special

situation companies may not appreciate and the Fund’s performance could suffer if an anticipated development does

not occur or does not produce the anticipated result.

Temporary Defensive Positions:

When market conditions make it advisable, the Fund may hold a portion of its assets

in cash and short-term interest bearing instruments. Moreover, in periods when, in the opinion of the manager, a

temporary defensive position is appropriate, up to 100% of the Fund’s assets may be held in cash, short-term interest

bearing instruments and/or any other securities the manager considers consistent with a temporary defensive position.

The Fund may not achieve its investment objective when pursuing a temporary defensive position.

Unsecured Debt Instruments and Subordinated Loans:

Unsecured loans and subordinated loans share the same

credit risks as those discussed under

“

Risk Factors and Special Considerations - Credit for Loans

”

except that unsecured

loans are not secured by any collateral of the borrower and subordinated loans are not the most senior debt in a

borrower’s capital structure. Unsecured loans do not enjoy the security associated with collateralization and may pose

a greater risk of nonpayment of interest or loss of principal than do secured loans. The primary additional risk in a

subordinated loan is the potential loss in the event of default by the issuer of the loan. Subordinated loans in an

insolvency bear an increased share, relative to senior secured lenders, of the ultimate risk that the borrower’s assets

are insufficient to meet its obligations to its creditors.

Valuation of Loans:

The Fund values its assets every day the New York Stock Exchange is open for regular trading.

However, because the secondary market for floating rate loans is limited, it may be difficult to value loans, exposing

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

held by the Fund. Reliable market value quotations may not be readily available for some loans, and determining the

fair valuation of such loans may require more research than for securities that trade in a more active secondary market.

In addition, elements of judgment may play a greater role in the valuation of loans than for more securities that trade

in a more developed secondary market because there is less reliable, objective market value data available. If the

Fund purchases a relatively large portion of a loan, the limitations of the secondary market may inhibit the Fund from

selling a portion of the loan and reducing its exposure to a borrower when the manager deems it advisable to do so.

Even if the Fund itself does not own a relatively large portion of a particular loan, the Fund, in combination with other

similar accounts under management by the same portfolio managers, may own large portions of loans. The aggregate

amount of holdings could create similar risks if and when the portfolio managers decide to sell those loans. These

risks could include, for example, the risk that the sale of an initial portion of the loan could be at a price lower than

the price at which the loan was valued by the Fund, the risk that the initial sale could adversely impact the price at

which additional portions of the loan are sold, and the risk that the foregoing events could warrant a reduced valuation

being assigned to the remaining portion of the loan still owned by the Fund.

When-Issued, Delayed Delivery, and Forward Commitment Transactions:

When-issued, delayed delivery, and forward

commitment transactions involve the risk that the security the Fund buys will lose value prior to its delivery. These

transactions may result in leverage. The use of leverage may exaggerate any increase or decrease in the net asset

value, causing the Fund to be more volatile. The use of leverage may increase expenses and increase the impact of

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

its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the

security and any gain in the security’s price.

Effects of Leverage [Text Block]

Effect of Leverage

To cover the annual interest payments on the borrowings for the current fiscal year (assuming that the current rate

remains in effect for the entire fiscal year and assuming that the Fund borrows an amount equal to 25% of its Managed

Assets as of June 6, 2025) the Fund would need to experience an annual return of

1.38

% on its portfolio (including

the assets purchased with the assumed leverage) to cover such annual interest.

The following table is designed to illustrate the effect on return to a holder of the Fund's Common Shares of the

leverage created by the Fund's use of borrowing, using the average annual interest rate of 7.15% for the fiscal year

ended February 28, 2025, assuming the Fund has used leverage by borrowing an amount equal to 25% of the Fund's

Managed Assets and assuming hypothetical annual returns on the Fund's portfolio of minus 10% to plus 10%. As

can be seen, leverage generally increases the return to shareholders when portfolio return is positive and decreases

return when the portfolio return is negative. Actual returns may be greater or less than those appearing in the table.

Assumed Portfolio Return, net of expenses 1	-10%	-5%	0%	5%	10%
Corresponding Return to Common Shareholders 2	-15.41%	-8.75%	-2.08%	4.59%	11.25%

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.

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.

Effects of Leverage [Table Text Block]

Assumed Portfolio Return, net of expenses 1	-10%	-5%	0%	5%	10%
Corresponding Return to Common Shareholders 2	-15.41%	-8.75%	-2.08%	4.59%	11.25%

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.

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.

Return at Minus Ten [Percent]

(15.41%)

^[1],[2]

Return at Minus Five [Percent]

(8.75%)

^[1],[2]

Return at Zero [Percent]

(2.08%)

^[1],[2]

Return at Plus Five [Percent]

4.59%

^[1],[2]

Return at Plus Ten [Percent]

11.25%

^[1],[2]

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Outstanding Securities [Table Text Block]

Status of Shares

The following table sets forth information about the Fund's outstanding Common Shares as of June 6, 2025:

Title of Class	Number Authorized	Number Held By the Fund or for its Own Account	Number Outstanding
Class A Common Shares	Unlimited	0	9,425,097.98
Class C Common Shares	Unlimited	0	275,317.26
Class I Common Shares	Unlimited	0	657,482.85
Class W Common Shares	Unlimited	0	296,910.00

Liquidity [Member]

General Description of Registrant [Abstract]

Risk [Text Block]