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cik0001528988:CounterpartyCreditRiskMember 2025-01-01 2025-12-31 0001528988 cik0001528988:GeographicAssetClassRiskMember 2025-01-01 2025-12-31 0001528988 cik0001528988:CommonShareMember 2025-10-01 2025-12-31 0001528988 cik0001528988:CommonShareMember 2025-07-01 2025-09-30 0001528988 cik0001528988:CommonShareMember 2025-01-01 2025-03-31 0001528988 cik0001528988:CommonShareMember 2024-10-01 2024-12-31 0001528988 cik0001528988:CommonShareMember 2024-07-01 2024-09-30 0001528988 cik0001528988:CommonShareMember 2024-04-01 2024-06-30 0001528988 cik0001528988:CommonShareMember 2024-01-01 2024-03-31 0001528988 cik0001528988:CommonShareMember 2025-04-01 2025-06-30 0001528988 cik0001528988:CommonShareMember 2025-12-31 pure shares iso4217:USD iso4217:USD shares 0001528988 false N-CSR BlackRock Utilities, Infrastructure & Power Opportunities Trust <div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">BlackRock Utilities, Infrastructure &amp; Power Opportunities Trust</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;display:inline;">’</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;display:inline;">s</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;display:inline;"> (</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;display:inline;">BUI</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;display:inline;">) (the “</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;display:inline;">Trust</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;display:inline;">”)</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> investment objectives are to provide total return and income through a combination </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">of current income and long-term capital appreciation. The Trust seeks to achieve its investment objectives by investing, under normal market conditions, at least 80% of its total </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">assets in equity securities issued by companies that are engaged in the utilities, infrastructure and power opportunities business segments anywhere in the world. The Trust </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">may invest directly in such securities or synthetically through the use of derivatives.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:left"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">On November 10, 2025, the Trust changed its investment objectives and removed the options writing strategy as a principal investment strategy.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:left"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">No assurance can be given that the Trust’s investment objectives will be achieved.</div></div></div> 24064735 <div><div style="clear:both;margin-top:12.00pt;position:relative;width:100%"><div style="float:left;line-height:13.50pt;text-align:left;width:7.87pt"><div style="color:#000000;font-family:Arial Narrow;font-size:11.5pt;font-style:italic;font-weight:bold;display:inline;">9.</div></div><div style="float:left;line-height:13.50pt;margin-left:8.13pt;text-align:left;width:538.00pt"><div style="color:#000000;font-family:Arial Narrow;font-size:11.5pt;font-style:italic;font-weight:bold;display:inline;">PRINCIPAL RISKS</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:16.5pt;display:inline;"> </div></div></div><div style="clear:both;position:relative"> </div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">In the normal course of business, each</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Trust</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">invests in securities or other instruments and may enter into certain transactions, and such activities subject each</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Trust to various </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">(iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate or price <div style="display:inline;">fluctuations</div>. Local, regional or global events such as </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Trusts and their </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">investments.</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">BDJ</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">’</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">s, BME’s, BST’s and BUI’s prospectuses provide details of the risks to which each</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Trust is subject.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">The</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Trusts</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">be subject to mandatory and discretionary liquidity fees under certain circumstances.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Illiquidity Risk:</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Each Trust may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">otherwise illiquid, including private placement securities. A Trust may not be able to readily dispose of such investments at prices that approximate those at which a Trust could </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">sell such investments if they were more widely traded and, as a result of such illiquidity, a Trust may have to sell other investments or engage in borrowing transactions if </div></div> </div><div style="line-height:11.00pt;margin-top:0.00pt;text-align:justify"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">necessary to raise funds to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting a Trust’s NAV and ability to make </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">dividend distributions. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">below investment grade public debt securities.</div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Market Risk:</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;">  </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Each</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Trust may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">periods of declining interest rates, which would force each</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Trust to reinvest in lower yielding securities. Each</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Trust</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">may also be exposed to reinvestment risk, which is the risk </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">that income from each</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Trust’s portfolio will decline if each</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Trust invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">below each</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Trust portfolio’s current earnings rate.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Valuation Risk: </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">A</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Trust may invest in illiquid investments. An illiquid investment is any investment that a</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Trust reasonably expects cannot be sold or disposed of in current market conditions </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Trust may  experience difficulty in selling illiquid </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Trust’s NAV to experience significant </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Trust may lose value, regardless of the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">individual results of the securities and other instruments in which a</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Trust invests. A</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Trust’s ability to value its investments may also be impacted by technological issues and/or </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">errors by pricing services or other third-party service providers.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">The price a Trust could receive upon the sale of any particular portfolio investment may differ from a Trust</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">’</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">s valuation of the investment, particularly for securities that trade in </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">a Trust</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">’</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Trust, and a Trust could realize a greater </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">than expected loss or lesser than expected gain upon the sale of the investment. </div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Counterparty Credit Risk:</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">The Trusts may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Trusts manage counterparty credit risk by </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">those counterparties. Financial assets, which potentially expose the Trusts to market, issuer and counterparty credit risks, consist principally of financial instruments and </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">receivables due from counterparties. The extent of the Trusts</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">’</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Trusts.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">instrument. Losses can also occur if the counterparty does not perform under the contract.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">For OTC options purchased, each</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Trust bears the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral held by the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Trusts should the counterparty fail to perform under the contracts. Options written by the Trusts do not typically give rise to counterparty credit risk, as options written generally </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">obligate the Trusts, and not the counterparty, to perform. The Trusts may be exposed to counterparty credit risk with respect to options written to the extent each</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Trust</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">deposits </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">collateral with its counterparty to a written option.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">With exchange-traded options purchased, there is less counterparty credit risk to the Trusts since the exchange or clearinghouse, as counterparty to such instruments, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">While offset rights may exist under applicable law, a Trust does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">(including the bankruptcy or insolvency).</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Geographic/Asset Class Risk:</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">investment will have a material impact on the NAV of a fund. The investment concentrations within each</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Trust’s portfolio are disclosed in its Schedule of Investments.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:left"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">As of period end, the Trusts listed below invested a significant portion of their assets in securities in the following sectors:</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:0.1pt;display:inline;"> </div></div></div><div style="line-height:0.1pt;margin-top:-0.1pt;text-align:left"> </div><div style="margin-top:6pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;empty-cells:show;margin-left:12pt;width:535pt"> <tr style="height:13.13pt"> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:483.86pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:italic;margin-left:0.0pt;display:inline;">Sectors</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:51.14pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:italic;display:inline;">Trust Name</div></div></div></td></tr> <tr style="height:11.63pt"> <td style="background-color:azure;vertical-align:Bottom;width:483.86pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">Energy</div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;width:51.14pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:6pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">BGR, BCX</div></div></div></td></tr> <tr style="height:10pt"> <td style="vertical-align:Bottom;width:483.86pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">Financials</div></div></div></td> <td style="vertical-align:Bottom;width:51.14pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:6pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">BDJ, BTX</div></div></div></td></tr> <tr style="height:10pt"> <td style="background-color:azure;vertical-align:Bottom;width:483.86pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">Health Care</div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;width:51.14pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:6pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">BMEZ, BME</div></div></div></td></tr> <tr style="height:10pt"> <td style="vertical-align:Bottom;width:483.86pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">Information Technology</div></div></div></td> <td style="vertical-align:Bottom;width:51.14pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:6pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">CII, BSTZ, BST</div></div></div></td></tr> <tr style="height:10pt"> <td style="background-color:azure;vertical-align:Bottom;width:483.86pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">Materials</div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;width:51.14pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:6pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">BCX</div></div></div></td></tr> <tr style="height:10.5pt"> <td style="vertical-align:Bottom;width:483.86pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">Utilities</div></div></div></td> <td style="vertical-align:Bottom;width:51.14pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:6pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">BUI</div></div></div></td></tr></table></div><div style="line-height:11.00pt;margin-top:8pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Changes in economic conditions affecting such sectors would have a greater impact on the Trusts and could affect the value, income and/or liquidity of positions in such </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">securities.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Certain</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Trusts</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Trust and could affect the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">income from, or the value or liquidity of, the Trust’s portfolio. Investment percentages in specific sectors are presented in the Schedules of Investments.</div></div></div><div style="line-height:11.00pt;margin-top:0.00pt;text-align:justify"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Certain</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Trusts</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">invest a substantial amount of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">this manner, it assumes the risk that economic, regulatory, political and social conditions in those countries may have a significant impact on their investment performance and </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">could affect the income from, or the value or liquidity of, the Trust</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">’</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">as a result adversely affect the Trust’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">practices as used in the United States. Foreign securities markets may also be  more volatile and less liquid than U.S. securities and may be less subject to governmental </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedules of Investments.</div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Certain</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Trusts invest a significant portion of their assets in securities of issuers located in the United States.</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">A decrease in imports or exports, changes in trade regulations, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">continue, they may have an adverse impact on the U.S. economy and the issuers in which the Trusts invest.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Certain</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Trusts invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Trusts</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">’</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> investments.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be, significant and have a severe </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">as other sectors.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Certain</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Trusts invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers. Investments in Chinese </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">securities, including certain Hong Kong-listed securities, involve risks specific to China. China may be subject to considerable degrees of economic, political and social </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">interest rate fluctuations and higher rates of inflation. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">the Chinese economy and the Fund’s investments. Reduction in spending on Chinese products and services, supply chain diversification, institution of tariffs, sanctions or </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, measures may </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or <div style="display:inline;">restrict </div>the ability to own or transfer fund assets and may also include retaliatory </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">actions, such as seizure of fund assets.</div></div></div><div style="line-height:11.00pt;margin-top:9.00pt;text-align:left"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;display:inline;">Risk Factors</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">This section contains a discussion of the general risks of investing in each Trust. The net asset value and market price of, and dividends paid on, the common shares will </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">fluctuate with and be affected by, among other things, the risks more fully described below. As with any fund, there can be no guarantee that a Trust will meet its investment </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">objective or that the Trust’s performance will be positive for any period of time. Each risk noted below is applicable to each Trust unless the specific Trust or Trusts are noted </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">in a parenthetical. The order of the below risk factors does not indicate the significance of any particular risk factor.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Non-Diversification Risk (BGR, BCX and BTX):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> The Trust is a non-diversified fund. Because the Trust may invest in securities of a smaller number of issuers, it may be more </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">exposed to the risks associated with and developments affecting an individual issuer than a fund that invests more widely.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Limited Term Risk (BMEZ, BTX and BSTZ):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> In accordance with the Trust’s Agreement and Declaration of Trust, the Trust intends to dissolve as of the first business day </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">following the twelfth anniversary of the effective date of the Trust’s initial registration statement (the “Dissolution Date”); provided that the Board may, by a vote of a majority of </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">the Board and seventy-five percent (75%) of the members of the Board who either (i) have been a member of the Board for a period of at least thirty-six months (or since the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">commencement of the Trust’s operations, if less than thirty-six months) or (ii) were nominated to serve as a member of the Board by a majority of the Continuing Trustees then </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">members of the Board (a “Board Action Vote”), without shareholder approval, extend the Dissolution Date: (i) once for up to one year, and (ii) once for up to an additional six </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">months, to a date up to and including eighteen months after the initial Dissolution Date (which date shall then become the Dissolution Date). As of a date within twelve months </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">preceding the Dissolution Date (as may be extended as described above), the Board may, by a Board Action Vote, cause the Trust to conduct a tender offer to all common </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">shareholders to purchase 100% of the then outstanding common shares of the Trust at a price equal to the net asset value (“NAV”) per common share on the expiration date </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">of the tender offer (an “Eligible Tender Offer”). The Board has established that the Trust must have at least $200 million of aggregate net assets immediately following the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">completion of an Eligible Tender Offer to ensure the continued viability of the Trust (the “Dissolution Threshold”). In an Eligible Tender Offer, the Trust will offer to purchase all </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">common shares held by each common shareholder; provided that if the payment for properly tendered common shares would result in the Trust having aggregate net assets </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">below the Dissolution Threshold, the Eligible Tender Offer will be canceled and no common shares will be repurchased pursuant to the Eligible Tender Offer. Instead, the Trust </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">will begin (or continue) liquidating its portfolio and proceed to dissolve on or about the Dissolution Date. If the payment for properly tendered common shares would result in </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">the Trust having aggregate net assets greater than or equal to the Dissolution Threshold, all common shares properly tendered and not withdrawn will be purchased by the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Trust pursuant to the terms of the Eligible Tender Offer. Following the completion of an Eligible Tender Offer, the Board may, by a Board Action Vote, eliminate the Dissolution </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Date without shareholder approval and provide for the Trust’s perpetual existence.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Unless the limited term provision of the Trust’s Agreement and Declaration of Trust is amended by shareholders in accordance with the Agreement and Declaration of Trust, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">or unless the Trust completes an Eligible Tender Offer and converts to perpetual existence, the Trust will dissolve on or about the first business day following the Dissolution </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Date. </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;display:inline;">The Trust is not a so called “target date” or “life cycle” fund whose asset allocation becomes more conservative over time as its target date, often associated </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">with retirement, approaches. In addition, the Trust is not a “target term” fund and thus does not seek to return its initial public offering price per common share </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">upon dissolution. </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">As the assets of the Trust will be liquidated in connection with its dissolution, the Trust may be required to sell portfolio securities when it otherwise would </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">not, including at times when market conditions are not favorable, which may cause the Trust to lose money. In addition, as the Trust approaches the Dissolution Date, the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Manager may invest the proceeds of sold, matured or called securities in money market mutual funds, cash, cash equivalents, securities issued or guaranteed by the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">U.S. government or its instrumentalities or agencies, high quality, short-term money market instruments, short-term debt securities, certificates of deposit, bankers’ </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">acceptances and other bank obligations, commercial paper or other liquid debt securities, which may adversely affect the Trust’s investment performance. Rather than </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">reinvesting proceeds received from sales of or payments received in respect of portfolio securities, the Trust may distribute such proceeds in one or more liquidating </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">distributions prior to the final dissolution, which may cause the Trust’s fixed expenses to increase when expressed as a percentage of net assets attributable to common </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">shares, or the Trust may invest the proceeds in lower yielding securities or hold the proceeds in cash or cash equivalents, which may adversely affect the performance of the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Trust. The final distribution of net assets upon dissolution may be more than, equal to or less than $20.00 per common share. Because the Trust may adopt a plan of liquidation </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">and make liquidating distributions in advance of the Dissolution Date, the total value of the Trust’s assets returned to common shareholders upon dissolution will be impacted </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">by decisions of the Board and the Manager regarding the timing of adopting a plan of liquidation and making liquidating distributions. This may result in common shareholders </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">receiving liquidating distributions with a value more or less than the value that would have been received if the Trust had liquidated all of its assets on the Dissolution Date, or </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">any other potential date for liquidation, and distributed the proceeds thereof to shareholders.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">If the Trust conducts an Eligible Tender Offer, the Trust anticipates that funds to pay the aggregate purchase price of shares accepted for purchase pursuant to the tender offer </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">will be first derived from any cash on hand and then from the proceeds from the sale of portfolio investments held by the Trust. The risks related to the disposition of securities </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">in connection with the Trust’s dissolution also would be present in connection with the disposition of securities in connection with an Eligible Tender Offer. It is likely that during </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">the pendency of a tender offer, and possibly for a time thereafter, the Trust will hold a greater than normal percentage of its total assets in cash and cash equivalents, which may </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">impede the Trust’s ability to achieve its investment objectives and decrease returns to shareholders. The tax effect of any such dispositions of portfolio investments will depend </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">on the difference between the price at which the investments are sold and the tax basis of the Trust in the investments.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Any capital gains recognized on such dispositions, as reduced by any capital losses the Trust realizes in the year of such dispositions and by any available capital loss </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">carryforwards, will be distributed to shareholders as capital gain dividends (to the extent of net long-term capital gains over net short-term capital losses) or ordinary dividends </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">(to the extent of net short-term capital gains over net long-term capital losses) during or with respect to such year, and such distributions will generally be taxable to common </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">shareholders. If the Trust’s tax basis for the investments sold is less than the sale proceeds, the Trust will recognize capital gains, which the Trust intends to distribute to </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">common shareholders. In addition, the Trust’s purchase of tendered common shares pursuant to an Eligible Tender Offer will have tax consequences for tendering common </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">shareholders and may have tax consequences for non-tendering common shareholders.</div></div></div><div style="line-height:11.00pt;margin-top:0.00pt;text-align:justify"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">The purchase of common shares by the Trust pursuant to an Eligible Tender Offer will have the effect of increasing the proportionate interest in the Trust of non-tendering </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">common shareholders. All common shareholders remaining after an Eligible Tender Offer will be subject to any increased risks associated with the reduction in the Trust’s </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">assets resulting from payment for the tendered common shares, such as greater volatility due to decreased diversification and proportionately higher expenses. The reduced </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">assets of the Trust as a result of an Eligible Tender Offer may result in less investment flexibility for the Trust and may have an adverse effect on the Trust’s investment </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">performance. Such reduction in the Trust’s assets may also cause common shares of the Trust to become thinly traded or otherwise negatively impact secondary trading of </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">common shares. A reduction in assets, and the corresponding increase in the Trust’s expense ratio, could result in lower returns and put the Trust at a disadvantage relative </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">to its peers and potentially cause the Trust’s common shares to trade at a wider discount, or smaller premium, to NAV than they otherwise would. Furthermore, the portfolio of </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">the Trust following an Eligible Tender Offer could be significantly different and, therefore, common shareholders retaining an investment in the Trust could be subject to greater </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">risk. For example, the Trust may be required to sell its more liquid, higher quality portfolio investments to purchase common shares that are tendered in an Eligible Tender Offer, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">which would leave a less liquid, lower quality portfolio for remaining shareholders. The prospects of an Eligible Tender Offer may attract arbitrageurs who would purchase the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">common shares prior to the tender offer for the sole purpose of tendering those shares which could have the effect of exacerbating the risks described herein for shareholders </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">retaining an investment in the Trust following an Eligible Tender Offer.</div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">The Trust is not required to conduct an Eligible Tender Offer. If the Trust conducts an Eligible Tender Offer, there can be no assurance that the payment for tendered common </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">shares would not result in the Trust having aggregate net assets below the Dissolution Threshold, in which case the Eligible Tender Offer will be canceled, no common shares </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">will be repurchased pursuant to the Eligible Tender Offer and the Trust will liquidate on the Dissolution Date (subject to possible extensions). Following the completion of an </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Eligible Tender Offer in which the payment for tendered common shares would result in the Trust having aggregate net assets greater than or equal to the Dissolution </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Threshold, the Board may, by a Board Action Vote, eliminate the Dissolution Date without shareholder approval and provide for the Trust’s perpetual existence. Thereafter, the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Trust will have a perpetual existence. There is no guarantee that the Board will eliminate the Dissolution Date following the completion of an Eligible Tender Offer so that the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Trust will have a perpetual existence. The Manager may have a conflict of interest in recommending to the Board that the Dissolution Date be eliminated and the Trust have a </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">perpetual existence. The Trust is not required to conduct additional tender offers following an Eligible Tender Offer and conversion to perpetual existence. Therefore, remaining </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">common shareholders may not have another opportunity to participate in a tender offer. Shares of closed-end management investment companies frequently trade at a </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">discount from their NAV, and as a result remaining common shareholders may only be able to sell their shares at a discount to NAV.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Although it is anticipated that the Trust will have distributed substantially all of its net assets to shareholders as soon as practicable after the Dissolution Date, securities for </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">which no market exists or securities trading at depressed prices, if any, may be placed in a liquidating trust. Securities placed in a liquidating trust may be held for an indefinite </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">period of time, potentially several years or longer, until they can be sold or pay out all of their cash flows. During such time, the shareholders will continue to be exposed to the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">risks associated with the Trust and the value of their interest in the liquidating trust will fluctuate with the value of the liquidating trust’s remaining assets.  Additionally, the tax </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">treatment of the liquidating trust’s assets may differ from the tax treatment applicable to such assets when held by the Trust. To the extent the costs associated with a liquidating </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">trust exceed the value of the remaining securities, the liquidating trust trustees may determine to dispose of the remaining securities in a manner of their choosing. The Trust </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">cannot predict the amount, if any, of securities that will be required to be placed in a liquidating trust or how long it will take to sell or otherwise dispose of such securities.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Investment and Market Discount Risk:</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> An investment in the Trust’s common shares is subject to investment risk, including the possible loss of the entire amount that you </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">invest. As with any stock, the price of the Trust’s common shares will fluctuate with market conditions and other factors. If shares are sold, the price received may be more or </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">less than the original investment. Common shares are designed for long-term investors and the Trust should not be treated as a trading vehicle. Shares of closed-end </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">management investment companies frequently trade at a discount from their net asset value. This risk is separate and distinct from the risk that the Trust’s net asset value </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">could decrease as a result of its investment activities. At any point in time an investment in the Trust’s common shares may be worth less than the original amount invested, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">even after taking into account distributions paid by the Trust. During periods in which the Trust may use leverage, the Trust’s investment, market discount and certain other risks </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">will be magnified.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Equity Securities Risk:</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">economic conditions.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Common Stock Risk:</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Common stocks represent equity ownership in a company. Stock markets are volatile. The price of common stock will fluctuate and can decline and </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">reduce the value of a portfolio investing in equities. The value of common stock purchased by the Trust could decline if the financial condition of the companies the Trust invests </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">in declines or if overall market and economic conditions deteriorate. The value of equity securities may also decline due to factors that affect a particular industry or industries, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">such as labor shortages or an increase in production costs and competitive conditions within an industry. In addition, the value may decline due to general market conditions </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">that are not specifically related to a company or industry, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">changes in inflation, interest or currency rates or generally adverse investor sentiment.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Small and Mid-Capitalization Company Risk:</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Companies with small or mid-size market capitalizations will normally have more limited product lines, markets and financial </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">resources and will be dependent upon a more limited management group than larger capitalized companies. In addition, it is more difficult to get information on smaller </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by large investors and are followed by relatively few securities </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">analysts.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Preferred Securities Risk:</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Preferred securities may pay fixed or adjustable rates of return. Preferred securities are subject to issuer-specific and market risks applicable </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">generally to equity securities. In addition, a company’s preferred securities generally pay dividends only after the company makes required payments to holders of its bonds </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes in the company’s </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than preferred securities of larger companies.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Convertible Securities Risk (BGR, BDJ, BOE, BGY, BMEZ, BME, BTX, BCX, BSTZ, BST and BUI):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> The market value of a convertible security performs like that of a regular </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">debt security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">be able to pay interest, principal or dividends when due, and their market value may change based on changes in the issuer’s credit rating or the market’s perception of the </div></div> </div><div style="line-height:11.00pt;margin-top:0.00pt;text-align:justify"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may <div style="display:inline;">be </div>converted, a convertible security is also subject to the same types </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">of market and issuer risks that apply to the underlying common stock, including the potential for increased volatility in the price of the convertible security. </div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Warrants Risk (BGR, BOE, BGY, BMEZ, BME, BTX, BCX, BSTZ, BST and BUI):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> If the price of the underlying stock does not rise above the exercise price before the warrant </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">expires, the warrant generally expires without any value and the Trust will lose any amount it paid for the warrant. Thus, investments in warrants may involve substantially more </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">the price of the underlying stock.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Depositary Receipts Risk (BGR, BOE, BGY, BMEZ, BME, BTX, BCX, BSTZ, BST and BUI):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Depositary receipts are generally subject to the same risks as the foreign </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">securities that they evidence or into which they may be converted.  In addition to investment risks associated with the underlying issuer, depositary receipts expose the Trust </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">to additional risks associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">parties with whom the depository bank establishes the programs, currency risk and the risk of an illiquid market for depositary receipts.  The issuers of unsponsored depositary </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">receipts are not obligated to disclose information that is, in the United States, considered material. Therefore, there may be less information available regarding these issuers </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">and there may not be a correlation between such information and the market value of the depositary receipts. While depositary receipts provide an alternative to directly </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">purchasing underlying foreign securities in their respective markets and currencies, they continue to be subject to many of the risks associated with investing directly in foreign </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">securities, including political, economic, and currency risk.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">REIT Investment Risk (BDJ, BOE, BGY, BMEZ, BME, BSTZ, BST and BUI):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Investments in REITs involve unique risks. REITs may have limited financial resources, may </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">trade less frequently and in limited volume, may engage in dilutive offerings of securities and may be more volatile than other securities. REIT issuers may also fail to maintain </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">their exemptions from investment company registration or fail to qualify for the “dividends paid deduction” under the Internal Revenue Code of 1986, as amended, which allows </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">REITs to reduce their corporate taxable income for dividends paid to their shareholders.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Master Limited Partnerships Risk (BGR, BCX, BSTZ, BST and BUI): </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">The common units of a master limited partnership (“MLP”) are listed and traded on U.S. securities </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">exchanges and their value fluctuates predominantly based on prevailing market conditions and the success of the MLP. Unlike owners of common stock of a corporation, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">owners of common units have limited voting rights and have no ability to annually elect directors. In the event of liquidation, common units have preference over subordinated </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">units, but not over debt or preferred units, to the remaining assets of the MLP.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Canadian Royalty Trust Risk (BGR, BCX and BUI):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Canadian Royalty Trusts are exposed to many of the same risks as energy and natural resources companies, such as </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">commodity pricing risk, supply and demand risk and depletion and exploration risk.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Initial Public Offerings (“IPOs”) Risk (BOE, BMEZ, BME, BTX, BSTZ and BST):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> The Trust may invest in shares of companies through IPOs.  Securities issued in IPOs have </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">no trading history, and information about the companies may be available for limited periods of time.  In addition, the prices of securities sold in IPOs may be highly volatile or </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">may decline shortly after the IPO.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Investments in Unseasoned Companies (BDJ, BOE, BGY, BMEZ, BME, BTX, BCX and BSTZ):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> The Trust may invest in the securities of smaller, less seasoned companies. </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">These investments may present greater opportunities for growth, but also involve greater risks than customarily are associated with investments in securities of more </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">established companies.  Some of the companies in which the Trust may invest may be start-up companies which may have insubstantial operational or earnings histories or </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">may have limited products, markets, financial resources or management depth.  Some may also be emerging companies at the research and development stage with no </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">products or technologies to market or approved for marketing.  Securities of emerging companies may lack an active secondary market and may be subject to more abrupt or </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">erratic price movements than securities of larger, more established companies or stock market averages in general.  Competitors of certain companies may have substantially </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">greater financial resources than many of the companies in which the Trust may invest.  Further, an unseasoned company is more at risk of loss in an adverse market due to </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">its lack of financial resources and ability to sustain itself for an extended period of time in such a market.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Dividend-Paying Equity Securities Risk (CII, BDJ, BOE, BGY and BME):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Dividends on common equity securities that the Trust may hold are not fixed but are declared at </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">the discretion of an issuer’s board of directors. Companies that have historically paid dividends on their securities are not required to continue to pay dividends on such </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">securities. There is no guarantee that the issuers of the common equity securities in which the Trust invests will declare dividends in the future or that, if declared, they will </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">remain at current levels or increase over time. Therefore, there is the possibility that such companies could reduce or eliminate the payment of dividends in the future. Dividend </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">producing equity securities, in particular those whose market price is closely related to their yield, may exhibit greater sensitivity to interest rate changes. The Trust’s </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">investments in dividend producing equity securities may also limit its potential for appreciation during a broad market advance.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">The prices of dividend producing equity securities can be highly volatile. Investors should not assume that the Trust’s investments in these securities will necessarily reduce the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">volatility of the Trust’s NAV or provide “protection,” compared to other types of equity securities, when markets perform poorly.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Investment Style Risk:</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Under certain market conditions, growth investments have performed better during the later stages of economic expansion and value investments </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">have performed better during periods of economic recovery. Therefore, these investment styles may over time go in and out of favor. At times when the investment style used </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">by the Trust is out of favor, the Trust may underperform other equity funds that use different investment styles.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Debt Securities Risk (BGR, BOE, BMEZ, BME, BCX, BSTZ, BST and BUI): </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk, extension risk, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">and prepayment risk, each of which are described in further detail below:</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:-2.41%;display:inline;">•</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:11pt;display:inline;">Credit Risk</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> — </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be able to make payments of interest and principal when </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Trust’s investment in that issuer. The </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:0.00pt;text-align:justify"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:-2.41%;display:inline;">•</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:11pt;display:inline;">Interest Rate Risk</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> — </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">The market value of bonds and other fixed-income securities changes in response to interest rate changes and other factors. Interest rate risk is </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise.</div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.00%;display:inline;">The Trust may be subject to a greater risk of rising interest rates during a period of historically low interest rates. For example, if interest rates increase by 1%, assuming </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.00%;display:inline;">a current portfolio duration of ten years, and all other factors being equal, the value of the Trust’s investments would be expected to decrease by 10%. (Duration is a </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.00%;display:inline;">measure of the price sensitivity of a debt security or portfolio of debt securities to relative changes in interest rates.) The magnitude of these fluctuations in the market </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.00%;display:inline;">price of bonds and other fixed-income securities is generally greater for those securities with longer maturities. Fluctuations in the market price of the Trust’s </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.00%;display:inline;">investments will not affect interest income derived from instruments already owned by the Trust, but will be reflected in the Trust’s net asset value. The Trust may lose </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;display:inline;">money if short-term or long-term interest rates rise sharply in a manner not anticipated by Trust management.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.00%;display:inline;">To the extent the Trust invests in debt securities that may be prepaid at the option of the obligor (such as mortgage-backed securities), the sensitivity of such securities </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.00%;display:inline;">to changes in interest rates may increase (to the detriment of the Trust) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.00%;display:inline;">reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the net </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;display:inline;">asset value of the Trust to the extent that it invests in floating rate debt securities.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.00%;display:inline;">These basic principles of bond prices also apply to U.S. Government securities. A security backed by the “full faith and credit” of the U.S. Government is guaranteed only </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.00%;display:inline;">as to its stated interest rate and face value at maturity, not its current market price. Just like other fixed-income securities, government-guaranteed securities will </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;display:inline;">fluctuate in value when interest rates change.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.00%;display:inline;">A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from funds </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.00%;display:inline;">that hold large amounts of fixed-income securities. Heavy redemptions could cause the Trust to sell assets at inopportune times or at a loss or depressed value and </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;display:inline;">could hurt the Trust’s performance.</div></div></div><div style="line-height:11.00pt;margin-left:10pt;margin-top:9.00pt;text-align:left"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">•</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:11pt;display:inline;">Extension Risk</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> — </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these obligations to fall. </div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:-2.41%;display:inline;">•</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:11pt;display:inline;">Prepayment Risk</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> — </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and the Trust may have to invest </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">the proceeds in securities with lower yields.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">High Yield Bonds Risk (BGR, BOE, BMEZ, BME, BCX, BSTZ, BST and BUI):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Although junk bonds generally pay higher rates of interest than investment grade bonds, junk </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">bonds are high risk investments that are considered speculative and may cause income and principal losses for the Trust.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">U.S. Government Obligations Risk (CII, BMEZ, BME, BCX, BSTZ and BUI):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Certain securities in which the Trust may invest, including securities issued by certain </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">U.S. Government agencies and U.S. Government sponsored enterprises, are not guaranteed by the U.S. Government or supported by the full faith and credit of the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">United States. In addition, circumstances could arise that could prevent the timely payment of interest or principal on U.S. Government obligations, such as reaching the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">legislative “debt ceiling.” Such non-payment could result in losses to the Trust and substantial negative consequences for the U.S. economy and the global financial system.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Structured Securities Risk (BMEZ, BME, BCX, BSTZ and BST):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Because structured securities of the type in which the Trust may invest typically involve no credit </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">enhancement, their credit risk generally will be equivalent to that of the underlying instruments, index or reference obligation and will also be subject to counterparty risk. The </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Trust may have the right to receive payments only from the structured security, and generally does not have direct rights against the issuer or the entity that sold the assets to </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">be securitized. In addition to the general risks associated with debt securities discussed herein, structured securities carry additional risks, including, but not limited to: the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">possibility that distributions from collateral securities will not be adequate to make interest or other payments; the quality of the collateral may decline in value or default; and </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">the possibility that the structured securities are subordinate to other classes. The Trust is permitted to invest in a class of structured securities that is either subordinated or </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">unsubordinated to the right of payment of another class. Subordinated structured securities typically have higher yields and present greater risks than unsubordinated </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">structured securities. Structured securities are typically sold in private placement transactions, and there currently is no active trading market for structured securities. </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Structured securities are based upon the movement of one or more factors, including currency exchange rates, interest rates, reference bonds and stock indices, and changes </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">in interest rates and impact of these factors may cause significant price fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">on the structured security to be reduced to zero. Certain issuers of such structured securities may be deemed to be “investment companies” as defined in the Investment </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Company Act. As a result, the Trust’s investment in such securities may be limited by certain investment restrictions contained in the Investment Company Act.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:left"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;display:inline;">Derivatives Risk</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">: The Trust’s use of derivatives may increase its costs, reduce the Trust’s returns and/or increase volatility.  Derivatives involve significant risks, including:</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:-2.41%;display:inline;">•</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:11pt;display:inline;">Leverage Risk</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> — </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">The Trust’s use of derivatives can magnify the Trust’s gains and losses. Relatively small market movements may result in large changes in the value </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">of a derivatives position and can result in losses that greatly exceed the amount originally invested.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:-2.41%;display:inline;">•</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:11pt;display:inline;">Market Risk </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> — </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Some derivatives are more sensitive to interest rate changes and market price fluctuations than other securities. The Trust could also suffer losses </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">related to its derivatives positions as a result of unanticipated market movements, which losses are potentially unlimited. Finally, the Manager may not be able to predict </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">correctly the direction of securities prices, interest rates and other economic factors, which could cause the Trust’s derivatives positions to lose value.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:-2.41%;display:inline;">•</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:11pt;display:inline;">Counterparty Risk </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> — </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will be unable or unwilling to fulfill its </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">contractual obligation, and the related risks of having concentrated exposure to such a counterparty.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:-2.41%;display:inline;">•</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:11pt;display:inline;">Illiquidity Risk </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> — </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">The possible lack of a liquid secondary market for derivatives and the resulting inability of the Trust to sell or otherwise close a derivatives position </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">could expose the Trust to losses and could make derivatives more difficult for the Trust to value accurately.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:0.00pt;text-align:justify"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:-2.41%;display:inline;">•</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:11pt;display:inline;">Operational Risk </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> — </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">The use of derivatives includes the risk of potential operational issues, including documentation issues, settlement issues, systems failures, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">inadequate controls and human error.</div></div><div style="line-height:11.00pt;margin-left:10pt;margin-top:9.00pt;text-align:left"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">•</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:11pt;display:inline;">Legal Risk </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> — </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:-2.41%;display:inline;">•</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:11pt;display:inline;">Volatility and Correlation Risk </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> — </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">A risk of the Trust’s use of derivatives is that the fluctuations in their values may not correlate with the overall securities markets.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:-2.41%;display:inline;">•</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:11pt;display:inline;">Valuation Risk </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> — </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Valuation for derivatives may not be readily available in the market. Valuation may be more difficult in times of market turmoil since many investors </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">and market makers may be reluctant to purchase complex instruments or quote prices for them.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:-2.41%;display:inline;">•</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:11pt;display:inline;">Hedging Risk </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> — </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Hedges are sometimes subject to imperfect matching between the derivative and the underlying security, and there can be no assurance that the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Trust’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:-2.41%;display:inline;">•</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:11pt;display:inline;">Tax Risk </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> — </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Certain aspects of the tax treatment of derivative instruments, including swap agreements and commodity-linked derivative instruments, are currently </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">unclear and may be affected by changes in legislation, regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">investment in an underlying asset and may adversely affect the timing, character and amount of income the Trust realizes from its investments.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Foreign Securities Risk:</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Trust will lose money. These </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">risks include:</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:-2.41%;display:inline;">•</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:11pt;display:inline;">The Trust generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">business and may be subject to only limited or no regulatory oversight.</div></div></div><div style="line-height:11.00pt;margin-left:10pt;margin-top:9.00pt;text-align:left"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">•</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:11pt;display:inline;">Changes in foreign currency exchange rates can affect the value of the Trust’s portfolio.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:-2.41%;display:inline;">•</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:11pt;display:inline;">The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">product, reinvestment of capital, resources and balance of payments position.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:-2.41%;display:inline;">•</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:11pt;display:inline;">The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or impose substantial restrictions through capital controls </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">and/or sanctions on foreign investments in the capital markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">currency, securities, derivatives or other assets.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:-2.41%;display:inline;">•</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:11pt;display:inline;">Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">have laws to protect investors that are comparable to U.S. securities laws.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:-2.41%;display:inline;">•</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:11pt;display:inline;">Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">clearance of U.S. investments.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:-2.41%;display:inline;">•</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:11pt;display:inline;">The Trust’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of foreign withholding taxes materially decreases, due </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">to, for example, a change in tax regulation or approach in the foreign country, accruals in the Trust’s net asset value for such refunds may be written down partially or </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">in full, which will adversely affect the Trust’s net asset value.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:-2.41%;display:inline;">•</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:11pt;display:inline;">The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">of certain of the Trust’s investments.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Foreign Currency Transactions Risk (BGR, BDJ, BME and BCX):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> The Trust may invest in forward foreign currency exchange contracts. Forward foreign currency exchange </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">contracts do not eliminate movements in the value of non-U.S. currencies and securities but rather allow the Trust to establish a fixed rate of exchange for a future point in time. </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">This strategy can have the effect of reducing returns and minimizing opportunities for gain.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Emerging Markets Risk:</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less liquidity than developed markets.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">China Investments Risk (BGR):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities, are subject to risks specific to China. China </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">may be subject to considerable degrees of economic, political and social instability. Despite significant economic and market reforms in recent decades, the Chinese </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">government’s control over certain sectors and enterprises and significant regulation of investment and industry are still pervasive. Chinese companies are subject to the risk </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">that Chinese authorities can intervene in their operations and structure. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other countries, including </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">military conflicts in response to such events, may disrupt China’s economy and markets and result in a greater risk of currency fluctuations, currency non-convertibility, interest </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">rate fluctuations and higher inflation.</div></div></div><div style="line-height:11.00pt;margin-top:0.00pt;text-align:justify"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">China has experienced security concerns, such as terrorism and strained international relations. Additionally, China is alleged to have participated in state-sponsored cyberattacks</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;"> against foreign companies and foreign governments. Actual and threatened responses to such activity and strained international relations, including </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">purchasing restrictions, sanctions, export controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and Chinese </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">issuers in which the Fund invests. Incidents involving China’s or the region’s security may adversely affect the Chinese economy and markets and the Fund’s investments. The </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Chinese economy is highly reliant on trade. A reduction in spending on Chinese products and services, supply chain diversification, the institution of additional tariffs or other </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">trade barriers (including as a result of heightened trade tensions or a trade war between China and the United States or in response to actual or alleged Chinese cyber activity) </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. Certain companies may be subject to economic </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">or trade restrictions (but not investment restrictions) imposed by the United States or other governments due to national security, human rights or other concerns of such </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">government. So long as these restrictions do not include restrictions on investments, the Fund may invest in such companies. Other economic challenges for China include </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">indebtedness, weak consumer demand, and an aging population. China continues to face pressure from its trading partners over its exporting of its excess industrial capacity </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">and overall approach to economic management.</div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">The United States and China have been engaged in an ongoing trade war with one another, which has led to trade frictions between their economies and negative flow-on </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">consequences on global markets and other nations closely affiliated with those countries. The current political climate has intensified concerns about an ongoing trade war </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">between China and the United States, as each country has imposed tariffs on the other country’s products. These actions may trigger a significant reduction in international </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">trade, the oversupply of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies and/or large segments of China’s </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">export industry, which could have a negative impact on the Fund’s performance. In addition, there is a risk that further capital controls and/or sanctions may be imposed, which </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">could include the prohibition of, or restrictions on, the ability to own or transfer currency, securities, derivatives or other assets and may also include retaliatory actions, such as </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">seizure of assets. Any of these actions could severely impair the Fund’s ability to purchase, sell, transfer, receive, deliver or otherwise obtain exposure to Chinese securities </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">and assets, including the ability to transfer the Fund’s assets or income back into the United States, and could negatively impact the value and/or liquidity of such assets or </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">otherwise adversely affect the Fund’s operations, causing the Fund to decline in value. Events such as these and their consequences are difficult to predict and it is unclear </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">whether further tariffs may be imposed or other escalating actions may be taken in the future. From time to time, China has experienced outbreaks of infectious illnesses. The </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">country may be subject to other public health threats, infectious illnesses, diseases or similar issues in the future. Any spread of an infectious illness, public health threat or </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">similar issue could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Chinese economy, which in turn could adversely affect the Fund’s investments.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Chinese companies, including those listed on U.S. exchanges, are not subject to the same degree of regulatory requirements, accounting standards or auditor oversight as </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">companies in more developed countries. As a result, information about the Chinese securities in which the Fund invests may be less reliable or complete. Chinese companies </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">with securities listed on U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, which would significantly decrease </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">the liquidity and value of the securities. There may be significant obstacles to obtaining information necessary for investigations into or litigation against Chinese companies, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">and shareholders may have limited legal remedies. Many Chinese companies listed on U.S. exchanges use variable interest entities or “VIEs” in their structure as a result of </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">foreign ownership restrictions. Any change in the operations of entities in a VIE structure, the status of VIE contractual arrangements or the legal or regulatory environment in </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">China could result in significant, and possibly permanent and/or total, losses for investments in VIE issuers. The Fund does not select investments based on investor protection </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">considerations.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">China Risk — Risk of Investing through Stock Connect (BGR):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Investing in eligible ETFs and A-shares (“Stock Connect Securities”) through Stock Connect is subject to </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">trading, clearance, settlement and other procedures, which could pose risks to the Fund. Trading through Stock Connect is subject to the Daily Quota, which may restrict the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Fund’s ability to invest in Stock Connect Securities through Stock Connect on a timely basis and could affect the Fund’s ability to effectively pursue its investment strategy. </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Stock Connect will only operate on days when both the Chinese and Hong Kong markets are open for trading and when banking services are available in both markets on the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">corresponding settlement days. Therefore, an investment in Stock Connect Securities through Stock Connect may subject the Fund to the risk of price fluctuations on days </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">when the Chinese markets are open, but Stock Connect is not trading.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">China Risk — Withholding Income Tax Risk (BGR):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> According to PRC tax regulations, a 10% withholding income tax is imposed on PRC sourced dividends and interests </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">from non-government bonds paid to a non-PRC tax resident enterprise, unless the rate is reduced under an applicable tax treaty. From a technical perspective, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">withholding income tax is also applicable to capital gains realized by foreign investors on the disposal of PRC equity interests.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:left"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">There are however certain tax exemptions available, some temporary in nature, highlighted below.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">On November 14, 2014, the Ministry of Finance (“MoF”), China Securities Regulatory Commission and the State Taxation Administration (“STA”), acting with State Council’s </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">approval, jointly released Circular 79, which temporarily exempts Qualified Foreign Institutional Investors (“QFIIs”) and Renminbi Qualified Foreign Institutional </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Investors (“RQFIIs”) from tax on capital gains derived from the trading of shares and other equity interest investments on or after November 17, 2014. Subsequently, Circulars </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">81 and 127 were issued to temporarily exempt tax on capital gains derived from trading of equity securities of companies domiciled in the PRC that trade on Chinese </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">stock exchanges (“A-Shares”) through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program, as applicable (each, a “Stock </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Connect” and collectively, “Stock Connects”). The duration of the temporary exemptions is not stated in the circulars and is subject to termination by the PRC tax authorities </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">with or without notice.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">On November 22, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional investors are temporarily exempt from withholding income tax with </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">respect to interest income on bonds derived from the PRC bond market from November 7, 2018 to November 6, 2021. On November 22, 2021, the MoF and STA issued Public </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. On January 15, 2026, it was announced via Public Notice 5 of 2026 that the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">exemption was extended through December 31, 2027.</div></div></div><div style="line-height:11.00pt;margin-top:0.00pt;text-align:justify"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">China Risk — Value Added Tax (“VAT”) Risk (BGR):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> From May 1, 2016, VAT applies to certain income derived by the Fund, including PRC sourced interest income on </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">non-government bonds and trading gains. There are however certain tax exemptions available, some temporary in nature, highlighted below. VAT exemptions currently apply </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">to capital gains from trading of QFII and RQFII products, A-Shares traded on the Stock Connects and debt securities traded in the China Interbank Bond Market.</div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">On November 7, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional investors are temporarily exempt from VAT with respect to interest </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">income on bonds derived from the PRC bond market from November 7, 2018 to November 6, 2021. On November 22, 2021, the MoF and STA jointly issued Public Notice 34 to </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">extend the temporary exemption from November 7, 2021 to December 31, 2025. However, on July 31, 2025, the MoF and STA jointly issued Public Notice No 4 of 2025, stating </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">that VAT will apply with respect to interest income derived from treasury bonds, local government bonds and financial bonds issued on or after August 8, 2025. It is understood </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">that Public Notice No 4 of 2025 does not supersede the afore-mentioned exemption for foreign institutional investors. This exemption was extended through December 31, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">2027.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Any changes in PRC tax law, future clarifications thereof, and/or subsequent retroactive enforcement by the PRC tax authorities may result in a loss which could be material </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">to the Fund. There is a risk the PRC tax authorities may withdraw the temporary tax exemptions in the future and seek to collect taxes realized on the sale of A-Shares or PCR </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">sourced interest income on non-government bonds received by the Fund without giving any prior notice. If the temporary tax exemptions are withdrawn, any taxes may be </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">directly borne by or indirectly passed on to the Fund and may result in a substantial impact to its net asset value. As with any net asset value adjustment, investors may be </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">advantaged or disadvantaged depending on when the investors purchased and/or sold the shares of the Fund. There will be no retrospective restatement of the Fund’s net </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">asset value.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">BlackRock will keep the provisioning policy for tax liability under review and may, in its discretion from time to time, make a provision for potential tax liabilities if in its opinion </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">such provision is warranted or as further clarified by the PRC in notifications.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Concentration Risk (BGR, BMEZ, BME, BTX, BCX, BSTZ and BST):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> The Trust’s strategy of concentrating in a particular industry means that its performance will be closely </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">tied to the performance of a particular market segment. The Trust’s concentration in these companies may present more risks than if it were broadly diversified over numerous </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">industries and sectors of the economy. A downturn in these companies would have a larger impact on the Trust than on a mutual fund that does not concentrate in such </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">companies. At times, the performance of these companies will lag the performance of other industries or the broader market as a whole.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Science and Technology Risk (BSTZ and BST):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> The Trust’s investments in science and technology companies expose the Trust to special risks. For example, rapid </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">advances in science and technology might cause existing products to become obsolete, and the Trust’s returns could suffer to the extent it holds an affected company’s shares. </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Companies in a number of science and technology industries are also subject to more government regulations and approval processes than many other industries. This fact </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">may affect a company’s overall profitability and cause its stock price to be more volatile. Earnings disappointments and intense competition for market share can result in sharp </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">price declines. Profitability of science and technology companies can be negatively impacted by aggressive pricing from competitors, research and development costs, and the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">availability and prices of components. Additionally, science and technology companies are dependent upon consumer and business acceptance as new technologies evolve.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Health Sciences and Healthcare Companies Risk (BMEZ and BME):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> The Trust’s investments in health sciences companies are subject to a number of risks, including the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">adverse impact of legislative actions and government regulations. These actions and regulations can affect the approval process for patents, medical devices and drugs, the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">funding of research and medical care programs, and the operation and licensing of facilities and personnel. The goods and services of health sciences companies are subject </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">to risks of rapid technological change and obsolescence, product liability litigation, and intense price and other competitive pressures.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Energy Sector Risk (BGR):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> The market value of securities in the energy sector may decline for many reasons, including, among others, changes in energy prices, energy </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">supply and demand, government regulations and energy conservation efforts. Energy companies can be significantly affected by the supply of, and demand for, specific </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">products (e.g., oil and natural gas) and services, exploration and production spending, government subsidization, world events and general economic conditions. In 2020, the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">energy sector has experienced increased volatility. In particular, significant market volatility occurred and is continuing in the crude oil markets as well as the oil futures markets, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">which resulted in the market price of the front month futures contract falling fell below zero for a period of time.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Energy and Natural Resources Risk (BCX):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> The Trust’s investments in energy and natural resources companies are especially affected by variations in the commodities </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">markets (that may be due to market events, regulatory developments or other factors that the Trust cannot control) and these companies may lack the resources and the broad </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">business lines to weather hard times. Energy companies can be significantly affected by the supply of and demand for specific products and services, the supply of and </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">demand for oil and gas, the price of oil and gas, exploration and production spending, government regulation, world events and economic conditions. Natural resources </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">companies can be significantly affected by events relating to international political developments, energy conservation, the success of exploration projects, commodity prices, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">and tax and government regulations.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Commodities Related Investments Risk (BCX):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Exposure to the commodities markets may subject the <div style="display:inline;">Trust </div>to greater volatility than investments in traditional securities. </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">The value of commodity-linked derivative investments may be affected by changes in overall market movements, commodity index volatility, changes in inflation, interest rates, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">or factors affecting a particular industry or commodity, such as drought, floods, weather, embargoes, tariffs and international economic, political and regulatory developments.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Commodities Market Risk (BCX):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Stocks of companies engaged in commodities related industries, such as energy or natural resources companies, are especially affected </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">by variations in the commodities markets (that may be due to market events, regulatory developments or other factors that the Trust cannot control) and these companies may </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">lack the resources and the broad business lines to weather hard times.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Risks of Investing in Utilities, Infrastructure and Power Opportunities Issuers (BUI): </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Investments in issuers in the Utilities, Infrastructure and Power Opportunities </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">business segments are subject to certain risks, including the following, among others:</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:-2.41%;display:inline;">•</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:11pt;display:inline;">Utilities Companies Risk</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> — </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">A variety of factors may adversely affect the business or operations of Utilities issuers, including, but not limited to: high interest costs in </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">connection with capital construction and improvement programs; governmental regulation of rates charged to customers (including the potential that costs incurred by </div></div></div> <div style="line-height:11.00pt;margin-left:23.5pt;margin-top:0.00pt;text-align:justify"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the utility change more rapidly than the rate the utility is permitted to charge its customers); costs associated with compliance with and changes in environmental and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">other regulations; effects of economic slowdowns and surplus capacity; increased competition from other providers of utility services; inexperience with and potential </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">losses resulting from a developing deregulatory environment; costs associated with reduced availability of certain types of fuel; the effects of energy conservation </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">policies; effects of a national energy policy; technological innovations; potential impact of terrorist activities; the impact of natural or man-made disasters; regulation by </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">various governmental authorities, including the imposition of special tariffs; and changes in tax laws, regulatory policies and accounting standards.</div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: -2.41%; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">Infrastructure Companies Risk</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> — </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Infrastructure issuers may be susceptible to a variety of factors that may adversely affect their business and operations, including, but </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">not limited to: high interest costs in connection with capital construction programs; high leverage; costs associated with environmental and other regulations; surplus </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">capacity costs; and reduced investment in public and private infrastructure projects. A slowdown in new infrastructure projects in developing or developed markets may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">constrain the abilities of Infrastructure issuers to grow in global markets. Other developments, such as significant changes in population levels or changes in the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">urbanization and industrialization of developing countries, may reduce demand for products or services provided by Infrastructure issuers.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: -2.41%; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">Power Opportunities Companies Risk</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> — </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">A variety of factors may adversely affect the business or operations of Power Opportunities issuers, including, but not limited </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">to: research and development costs related to new technologies; the success or failure of efforts to develop or implement new or existing technologies; government </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">regulation (including environmental regulation); world events and economic conditions, the cyclical nature of the energy sector; intense competition; events relating to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">domestic and international political developments; energy conservation; environmental costs and liabilities; and the success of exploration projects.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Innovative Securities Risk (BTX)</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">: There can be no assurance that a company identified as innovative by the Manager will ultimately introduce a new product or service or that </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">such product or service may not be significantly delayed.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Supply and Demand Risk (BGR): </div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">A decrease in the production of natural gas, natural gas liquids (“NGLs”), crude oil, coal or other energy commodities or a decrease in the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">volume of such commodities available for transportation, mining, processing, storage or distribution may adversely impact the financial performance of energy and natural </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">resources companies. Production declines and volume decreases could be caused by various factors, including catastrophic events affecting production, depletion of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">resources, labor difficulties, environmental proceedings, increased regulations, equipment failures and unexpected maintenance problems, import supply disruption, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">increased competition from alternative energy sources or commodity prices. Alternatively, a sustained decline in demand for such commodities could also adversely affect the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">financial performance of energy and natural resources companies. Factors which could lead to a decline in demand include economic recession or other adverse economic </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">conditions, higher fuel taxes or governmental regulations, increases in fuel economy, consumer shifts to the use of alternative fuel sources, changes in commodity prices, or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">weather.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Depletion and Exploration Risk (BGR): </div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Many energy and natural resources companies are either engaged in the production of natural gas, NGLs, crude oil, refined </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">petroleum products or coal, or are engaged in transporting, storing, distributing and processing these items on behalf of shippers. To maintain or grow their revenues, these </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">companies or their customers need to maintain or expand their reserves through exploration of new sources of supply, through the development of existing sources, through </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">acquisitions, or through long-term contracts to acquire reserves. The financial performance of energy and natural resources companies may be adversely affected if they, or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">the companies to whom they provide the service, are unable to cost-effectively acquire additional reserves sufficient to replace the natural decline.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Commodity Pricing Risk (BGR):</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> The operations and financial performance of energy and natural resources companies may be directly affected by energy commodity prices, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">especially those energy and natural resources companies which own the underlying energy commodity. Commodity prices fluctuate for several reasons, including changes in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">market and economic conditions, the impact of weather on demand, levels of domestic production and imported commodities, energy conservation, domestic and foreign </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">governmental regulation and taxation and the availability of local, intrastate and interstate transportation systems. Volatility of commodity prices, which may lead to a reduction </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">in production or supply, may also negatively impact the performance of energy and natural resources companies which are solely involved in the transportation, processing, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">storing, distribution or marketing of commodities. Volatility of commodity prices may also make it more difficult for energy and natural resources companies to raise capital to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">the extent the market perceives that their performance may be directly or indirectly tied to commodity prices.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:left"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Leverage Risk: </div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">The Trust’s use of leverage may increase or decrease from time to time in its discretion and the Trust may, in the future, determine not to use leverage.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The use of leverage creates an opportunity for increased common share net investment income dividends, but also creates risks for the holders of common shares. The Trust </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">cannot assure you that the use of leverage will result in a higher yield on the common shares. Any leveraging strategy the Trust employs may not be successful.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:left"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Leverage involves risks and special considerations for common shareholders, including:</div></div></div><div style="line-height:11.00pt;margin-left:10pt;margin-top:9.00pt;text-align:left"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">the likelihood of greater volatility of net asset value, market price and dividend rate of the common shares than a comparable portfolio without leverage;</div></div></div><div style="line-height:11.00pt;margin-left:10pt;margin-top:9.00pt;text-align:left"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">the risk that fluctuations in interest rates or dividend rates on any leverage that the Trust must pay will reduce the return to the common shareholders;</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: -2.41%; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">the effect of leverage in a declining market, which is likely to cause a greater decline in the net asset value of the common shares than if the Trust were not leveraged, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">which may result in a greater decline in the market price of the common shares;</div></div></div><div style="line-height:11.00pt;margin-left:10pt;margin-top:9.00pt;text-align:left"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">leverage may increase operating costs, which may reduce total return.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Any decline in the net asset value of the Trust’s investments will be borne entirely by the holders of common shares. Therefore, if the market value of the Trust’s portfolio </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">declines, leverage will result in a greater decrease in net asset value to the holders of common shares than if the Trust were not leveraged. This greater net asset value </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">decrease will also tend to cause a greater decline in the market price for the common shares.</div></div></div><div style="line-height:11.00pt;margin-top:0.00pt;text-align:justify"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Reverse Repurchase Agreements Risk (BDJ, BMEZ, BME, BTX, BCX, BSTZ, BST and BUI):</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> Reverse repurchase agreements involve the sale of securities held by the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Trust with an agreement to repurchase the securities at an agreed-upon price, date and interest payment. Reverse repurchase agreements involve the risk that the other party </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">may fail to return the securities in a timely manner or at all. The Trust could lose money if it is unable to recover the securities and the value of the collateral held by the Trust, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">including the value of the investments made with cash collateral, is less than the value of the securities. These events could also trigger adverse tax consequences for the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trust. In addition, reverse repurchase agreements involve the risk that the interest income earned in the investment of the proceeds will be less than the interest expense.</div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Dollar Rolls Risk (BMEZ, BME, BTX, BSTZ and BST):</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> Dollar rolls involve the risk that the market value of the securities that the Trust is committed to buy may decline below </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">the price of the securities the Trust has sold. These transactions may involve leverage.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">When-Issued and Delayed Delivery Securities and Forward Commitments Risk (BDJ, BMEZ, BME, BCX and BSTZ):</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> When-issued and delayed delivery securities and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">forward commitments involve the risk that the security the Trust buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">party to the transaction will not meet its obligation. If this occurs, the Trust may lose both the investment opportunity for the assets it set aside to pay for the security and any </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">gain in the security’s price.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Short Sales Risk (BDJ, BGY, BMEZ, BME, BCX, BSTZ, BST and BUI):</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> Because making short sales in securities that it does not own exposes the Trust to the risks </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">associated with those securities, such short sales involve speculative exposure risk. The Trust will incur a loss as a result of a short sale if the price of the security increases </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">between the date of the short sale and the date on which the Trust replaces the security sold short.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Repurchase Agreements and Purchase and Sale Contracts Risk (BDJ, BMEZ, BME, BCX and BSTZ):</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> If the other party to a repurchase agreement or purchase and sale </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">contract defaults on its obligation under the agreement, the Trust may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">to repurchase the security in either situation and the market value of the security declines, the Trust may lose money.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Risks Associated with Private Company Investments (BDJ, BMEZ, BTX, BSTZ and BST):</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> Private companies are generally not subject to SEC reporting requirements, are </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">not required to maintain their accounting records in accordance with generally accepted accounting principles, and are not required to maintain effective internal controls over </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">financial reporting. As a result, the Manager may not have timely or accurate information about the business, financial condition and results of operations of the private </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">companies in which the Trust invests. There is risk that the Trust may invest on the basis of incomplete or inaccurate information, which may adversely affect the Trust’s </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">investment performance. Private companies in which the Trust may invest may have limited financial resources, shorter operating histories, more asset concentration risk, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">narrower product lines and smaller market shares than larger businesses, which tend to render such private companies more vulnerable to competitors’ actions and market </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">conditions, as well as general economic downturns.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">These companies generally have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion or maintain their </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">competitive position. These companies may have difficulty accessing the capital markets to meet future capital needs, which may limit their ability to grow or to repay their </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">outstanding indebtedness upon maturity. In addition, the Trust’s investment also may be structured as pay-in-kind securities with minimal or no cash interest or dividends until </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">the company meets certain growth and liquidity objectives.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Typically, investments in private companies are in restricted securities that are not traded in public markets and subject to substantial holding periods, so that the Trust may not </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">be able to resell some of its holdings for extended periods, which may be several years. There can be no assurance that the Trust will be able to realize the value of private </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">company investments in a timely manner.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: -2.41%; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">Late-Stage Private Companies Risk (BMEZ and BTX)</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> — </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Investments in late-stage private companies involve greater risks than investments in shares of companies </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">that have traded publicly on an exchange for extended periods of time. These investments may present significant opportunities for capital appreciation but involve a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">high degree of risk that may result in significant decreases in the value of these investments. The Trust may not be able to sell such investments when the Manager </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">deems it appropriate to do so because they are not publicly traded. As such, these investments are generally considered to be illiquid until a company’s public offering </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">(which may never occur) and are often subject to additional contractual restrictions on resale following any public offering that may prevent the Trust from selling its </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">shares of these companies for a period of time. See “Illiquid Investments Risk.” Market conditions, developments within a company, investor perception or regulatory </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">decisions may adversely affect a late-stage private company and delay or prevent such a company from ultimately offering its securities to the public. If a company does </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">issue shares in an IPO, IPOs are risky and volatile and may cause the value of the Trust’s investment to decrease significantly.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: -2.41%; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">Pre-IPO Securities Risk</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> — </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Investments in pre-IPO securities involve greater risks than investments in shares of companies that have traded publicly on an exchange </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">for extended periods of time. These investments may present significant opportunities for capital appreciation but involve a high degree of risk that may result in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">significant decreases in the value of these investments. Issuers of pre-IPO securities may not have established products, experienced management or earnings history. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">The Trust may not be able to sell such investments when the Manager deems it appropriate to do so because they are not publicly traded. As such, these investments </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">are generally considered to be illiquid until a company’s public offering (which may never occur) and are often subject to additional contractual restrictions on resale </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">following any public offering that may prevent the Trust from selling its shares of these companies for a period of time. See “Illiquid Investments Risk.” Market conditions, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">developments within a company, investor perception or regulatory decisions may adversely affect an issuer of pre-IPO securities and delay or prevent such an issuer </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">from ultimately offering its securities to the public. If a company does issue shares in an IPO, IPOs are risky and volatile and may cause the value of the Trust’s </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">investment to decrease significantly.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Illiquid Investments Risk: </div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">The Trust may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">are otherwise illiquid, including private placement securities. The Trust may not be able to readily dispose of such investments at prices that approximate those at which the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Trust could sell such investments if they were more widely traded and, as a result of such illiquidity, the Trust may have to sell other investments or engage in borrowing </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">transactions if necessary to raise cash to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting the Trust’s net asset </div></div> </div><div style="line-height:11.00pt;margin-top:0.00pt;text-align:justify"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">value and ability to make dividend distributions. The financial markets in general, and certain segments of the mortgage-related securities markets in particular, have in recent </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">years experienced periods of extreme secondary market supply and demand imbalance, resulting in a loss of liquidity during which market prices were suddenly and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">substantially below traditional measures of intrinsic value. During such periods, some investments could be sold only at arbitrary prices and with substantial losses. Periods of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">such market dislocation may occur again at any time. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">the same risks as investing in below investment grade public debt securities.</div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investment Companies and ETFs Risk (BMEZ, BME, BTX, BCX, BSTZ, BST and BUI):</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> Subject to the limitations set forth in the Investment Company Act and the rules </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">thereunder, the Trust may acquire shares in other investment companies and in ETFs, some of which may be affiliated investment companies. The market value of the shares </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">of other investment companies and ETFs may differ from their net asset value. As an investor in investment companies and ETFs, the Trust would bear its ratable share of that </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">entity’s expenses, including its investment advisory and administration fees, while continuing to pay its own advisory and administration fees and other expenses (to the extent </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">not offset by the Manager through waivers). As a result, shareholders will be absorbing duplicate levels of fees with respect to investments in other investment companies and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">ETFs (to the extent not offset by the Manager through waivers).</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The securities of other investment companies and ETFs in which the Trust may invest may be leveraged. As a result, the Trust may be indirectly exposed to leverage through </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">an investment in such securities. An investment in securities of other investment companies and ETFs that use leverage may expose the Trust to higher volatility in the market </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">value of such securities and the possibility that the Trust’s long-term returns on such securities (and, indirectly, the long-term returns of shares of the Trust) will be diminished.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">As with other investments, investments in other investment companies, including ETFs, are subject to market and selection risk. To the extent the Trust is held by an affiliated </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">fund, the ability of the Trust itself to hold other investment companies may be limited.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Subsidiary Risk (BCX):</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> By investing in the Subsidiary, the Trust is indirectly exposed to the risks associated with the Subsidiary’s investments. The commodity-related </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">instruments held by the Subsidiary are generally similar to those that are permitted to be held by the Trust and are subject to the same risks that apply to similar investments </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">if held directly by the Trust (see “Commodities Related Investments Risk” above). There can be no assurance that the investment objective of the Subsidiary will be achieved. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The Subsidiary is not registered under the Investment Company Act, and, unless otherwise noted, is not subject to all the investor protections of the Investment Company Act. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">However, the Trust wholly owns and controls the Subsidiary, and the Trust and the Subsidiary are both managed by the Manager, making it unlikely that the Subsidiary will take </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">action contrary to the interests of the Trust and its shareholders. The Board has oversight responsibility for the investment activities of the Trust, including its investment in the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Subsidiary, and the Trust’s role as sole shareholder of the Subsidiary. The Subsidiary is subject to the same investment restrictions and limitations, and follows the same </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">compliance policies and procedures, as the Trust. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Trust and/or the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Subsidiary to operate as described and could adversely affect the Trust.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Securities Lending Risk (BDJ, BGY, BMEZ, BME, BTX, BCX, BSTZ, BST and BUI):</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> The Trust may engage in securities lending. Securities lending involves the risk that the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Trust may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Trust could also lose money in the event of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">tax consequences for the Trust.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Risk of Investing in the United States (BGR, CII, BDJ, BOE, BMEZ, BME, BTX, BCX, BSTZ, BST and BUI):</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> Certain changes in the U.S. economy, such as when the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Trust has exposure.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Market Risk and Selection Risk:</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> Market risk is the risk that one or more markets in which the Trust invests will go down in value, including the possibility that the markets will </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues like </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">pandemics or epidemics, recessions, or other events could have a significant impact on the Trust and its investments. Selection risk is the risk that the securities selected by </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Trust management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">This means you may lose money.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Shareholder Activism Risk</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">: Shareholder activism involving closed-end funds has recently been increasing. Shareholder activism can take many forms, including engaging </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">in public campaigns to demand that the Trust consider significant transactions such as a tender offer, merger or liquidation or to attempt to influence the Trust’s corporate </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">governance and/or management, commencing proxy contests to attempt to elect the activists’ representatives or others to the Trust’s Board of Trustees, or to seek other </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">actions such as a termination of the Trust’s investment advisory contract with its current investment manager or commencing litigation. If the Trust becomes the subject of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">shareholder activism, then management and the Board may be required to divert significant resources and attention to respond to the activist and the Trust may incur </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">substantial costs defending against such activism if management and the Board determine that the activist’s demands are not in the best interest of the Trust. Further, the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trust’s share price could be <div style="display:inline;">subject </div>to <div style="display:inline;">significant </div>fluctuation or otherwise be adversely affected by the events, risks and uncertainties of any shareholder activism.</div></div></div> <div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Illiquidity Risk:</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Each Trust may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">otherwise illiquid, including private placement securities. A Trust may not be able to readily dispose of such investments at prices that approximate those at which a Trust could </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">sell such investments if they were more widely traded and, as a result of such illiquidity, a Trust may have to sell other investments or engage in borrowing transactions if </div></div><div style="line-height:11.00pt;margin-top:0.00pt;text-align:justify"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">necessary to raise funds to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting a Trust’s NAV and ability to make </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">dividend distributions. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">below investment grade public debt securities.</div></div> <div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Market Risk:</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;">  </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Each</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Trust may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">periods of declining interest rates, which would force each</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Trust to reinvest in lower yielding securities. Each</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Trust</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">may also be exposed to reinvestment risk, which is the risk </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">that income from each</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Trust’s portfolio will decline if each</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Trust invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">below each</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Trust portfolio’s current earnings rate.</div></div> <div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Valuation Risk: </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">A</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Trust may invest in illiquid investments. An illiquid investment is any investment that a</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Trust reasonably expects cannot be sold or disposed of in current market conditions </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Trust may  experience difficulty in selling illiquid </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Trust’s NAV to experience significant </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Trust may lose value, regardless of the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">individual results of the securities and other instruments in which a</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Trust invests. A</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Trust’s ability to value its investments may also be impacted by technological issues and/or </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">errors by pricing services or other third-party service providers.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">The price a Trust could receive upon the sale of any particular portfolio investment may differ from a Trust</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">’</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">s valuation of the investment, particularly for securities that trade in </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">a Trust</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">’</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Trust, and a Trust could realize a greater </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">than expected loss or lesser than expected gain upon the sale of the investment. </div></div></div> <div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Counterparty Credit Risk:</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">The Trusts may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Trusts manage counterparty credit risk by </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">those counterparties. Financial assets, which potentially expose the Trusts to market, issuer and counterparty credit risks, consist principally of financial instruments and </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">receivables due from counterparties. The extent of the Trusts</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">’</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Trusts.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">instrument. Losses can also occur if the counterparty does not perform under the contract.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">For OTC options purchased, each</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Trust bears the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral held by the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Trusts should the counterparty fail to perform under the contracts. Options written by the Trusts do not typically give rise to counterparty credit risk, as options written generally </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">obligate the Trusts, and not the counterparty, to perform. The Trusts may be exposed to counterparty credit risk with respect to options written to the extent each</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Trust</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">deposits </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">collateral with its counterparty to a written option.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">With exchange-traded options purchased, there is less counterparty credit risk to the Trusts since the exchange or clearinghouse, as counterparty to such instruments, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">While offset rights may exist under applicable law, a Trust does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">(including the bankruptcy or insolvency).</div></div></div> <div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Geographic/Asset Class Risk:</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">investment will have a material impact on the NAV of a fund. The investment concentrations within each</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Trust’s portfolio are disclosed in its Schedule of Investments.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:left"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">As of period end, the Trusts listed below invested a significant portion of their assets in securities in the following sectors:</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:0.1pt;display:inline;"> </div></div></div><div style="line-height:0.1pt;margin-top:-0.1pt;text-align:left"> </div><div style="margin-top:6pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;empty-cells:show;margin-left:12pt;width:535pt"> <tr style="height:13.13pt"> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:483.86pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:italic;margin-left:0.0pt;display:inline;">Sectors</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:51.14pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:italic;display:inline;">Trust Name</div></div></div></td></tr> <tr style="height:11.63pt"> <td style="background-color:azure;vertical-align:Bottom;width:483.86pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">Energy</div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;width:51.14pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:6pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">BGR, BCX</div></div></div></td></tr> <tr style="height:10pt"> <td style="vertical-align:Bottom;width:483.86pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">Financials</div></div></div></td> <td style="vertical-align:Bottom;width:51.14pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:6pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">BDJ, BTX</div></div></div></td></tr> <tr style="height:10pt"> <td style="background-color:azure;vertical-align:Bottom;width:483.86pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">Health Care</div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;width:51.14pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:6pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">BMEZ, BME</div></div></div></td></tr> <tr style="height:10pt"> <td style="vertical-align:Bottom;width:483.86pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">Information Technology</div></div></div></td> <td style="vertical-align:Bottom;width:51.14pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:6pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">CII, BSTZ, BST</div></div></div></td></tr> <tr style="height:10pt"> <td style="background-color:azure;vertical-align:Bottom;width:483.86pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">Materials</div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;width:51.14pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:6pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">BCX</div></div></div></td></tr> <tr style="height:10.5pt"> <td style="vertical-align:Bottom;width:483.86pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">Utilities</div></div></div></td> <td style="vertical-align:Bottom;width:51.14pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:6pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">BUI</div></div></div></td></tr></table></div><div style="line-height:11.00pt;margin-top:8pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Changes in economic conditions affecting such sectors would have a greater impact on the Trusts and could affect the value, income and/or liquidity of positions in such </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">securities.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Certain</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Trusts</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Trust and could affect the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">income from, or the value or liquidity of, the Trust’s portfolio. Investment percentages in specific sectors are presented in the Schedules of Investments.</div></div></div><div style="line-height:11.00pt;margin-top:0.00pt;text-align:justify"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Certain</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Trusts</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">invest a substantial amount of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">this manner, it assumes the risk that economic, regulatory, political and social conditions in those countries may have a significant impact on their investment performance and </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">could affect the income from, or the value or liquidity of, the Trust</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">’</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">as a result adversely affect the Trust’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">practices as used in the United States. Foreign securities markets may also be  more volatile and less liquid than U.S. securities and may be less subject to governmental </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedules of Investments.</div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Certain</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Trusts invest a significant portion of their assets in securities of issuers located in the United States.</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">A decrease in imports or exports, changes in trade regulations, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">continue, they may have an adverse impact on the U.S. economy and the issuers in which the Trusts invest.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Certain</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Trusts invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Trusts</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">’</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> investments.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be, significant and have a severe </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">as other sectors.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Certain</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Trusts invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers. Investments in Chinese </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">securities, including certain Hong Kong-listed securities, involve risks specific to China. China may be subject to considerable degrees of economic, political and social </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">interest rate fluctuations and higher rates of inflation. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">the Chinese economy and the Fund’s investments. Reduction in spending on Chinese products and services, supply chain diversification, institution of tariffs, sanctions or </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, measures may </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or <div style="display:inline;">restrict </div>the ability to own or transfer fund assets and may also include retaliatory </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">actions, such as seizure of fund assets.</div></div></div> <div><div style="clear:both;margin-top:12.00pt;position:relative;width:100%"><div style="float:left;line-height:13.50pt;text-align:left;width:13.11pt"><div style="color:#000000;font-family:Arial Narrow;font-size:11.5pt;font-style:italic;font-weight:bold;display:inline;">10.</div></div><div style="float:left;line-height:13.50pt;margin-left:2.89pt;text-align:left;width:538.00pt"><div style="color:#000000;font-family:Arial Narrow;font-size:11.5pt;font-style:italic;font-weight:bold;line-height:16.5pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:11.5pt;font-style:italic;font-weight:bold;display:inline;">CAPITAL SHARE TRANSACTIONS </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:16.5pt;display:inline;"> </div></div></div><div style="clear:both;position:relative"> </div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Each</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Trust is authorized to issue an unlimited number of shares, with the exception of CII, all of which were initially classified as Common Shares. CII is authorized to issue </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">200 million Common Shares. The par value for each Trust’s Common Shares is $0.001, except for CII, which is $0.10. The Board is authorized, however, to reclassify any </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">unissued Common Shares to Preferred Shares without the approval of Common Shareholders.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">BDJ and BUI have each filed a prospectus with the SEC allowing them to issue an additional 40,000,000 and 8,000,000 Common Shares, respectively, through an equity Shelf </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Offering.</div> Under the Shelf Offerings, BDJ and BUI, subject to market conditions, may raise additional equity capital from time to time in varying amounts and utilizing various </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">offering methods at a net price at or above each Trust’s NAV per Common Share (calculated within 48 hours of pricing). As of period end, 40,000,000 and 6,159,012 Common </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Shares, respectively, remain available for issuance under the Shelf Offerings. During the year ended December 31, 2025, BDJ and BUI issued 0 and 1,373,141 shares, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">respectively, under the Trust</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">’</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">s respective current Shelf Offering and the Trust</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">’</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">s prior Shelf Offering. See Additional Information — Shelf Offering Program for additional </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">information.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">BME and BST had previously filed a prospectus with the SEC allowing the Funds to issue an additional 4,000,000 and 18,000,000 Common Shares, respectively, through a </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Shelf Offering. The Funds are no longer actively engaged in a Shelf Offering and have no effective registration statement or current prospectus for the sale of Common Shares.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Initial costs incurred by each of BDJ and BUI in connection with their Shelf Offerings are recorded as “Deferred offering costs” in the Statements of Assets and Liabilities. As </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">shares are sold, a portion of the costs attributable to the shares sold will be charged against paid-in-capital. Any remaining deferred charges at the end of the Shelf Offering </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">period will be charged to expense.</div></div></div><div style="line-height:11.00pt;margin-top:0.00pt;text-align:left"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">For the periods shown, shares issued and outstanding increased by the following amounts as a result of shares issued through the Shelf Offering:</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:0.1pt;display:inline;"> </div></div><div style="line-height:0.1pt;margin-top:-0.1pt;text-align:left"> </div><div style="margin-top:6pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;empty-cells:show;margin-left:12pt;width:535pt"> <tr style="height:13.13pt"> <td style="vertical-align:Bottom;width:460.28pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td colspan="2" style="vertical-align:Bottom;width:74.71pt"><div style="line-height:11.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:8.03%;margin-right:0%;padding-bottom:1pt"><div style="text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">Year Ended</div></div></div></div></td></tr> <tr style="height:13.25pt"> <td style="background-color:azure;border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:460.28pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:italic;margin-left:0.0pt;display:inline;">Trust Name</div></div></div></td> <td style="background-color:azure;border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:42.18pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:4pt;margin-right:5pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:italic;display:inline;">12/31/25</div></div></div></td> <td style="background-color:azure;border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:32.53pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:5pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:italic;display:inline;">12/31/24</div></div></div></td></tr> <tr style="height:11.63pt"> <td style="vertical-align:Bottom;width:460.28pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">BST</div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:42.18pt"><div style="line-height:10pt;margin-left:6pt;margin-right:7pt;text-align:right;width:29.18pt"><div style="display:flex;margin-left:auto;width:29.18pt"><div style="display:flex;white-space:nowrap;width:29.18pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:29.18pt;display:inline;">—</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:32.53pt"><div style="line-height:10pt;margin-left:7pt;text-align:right;width:25.53pt"><div style="display:flex;margin-left:auto;width:25.53pt"><div style="display:flex;white-space:nowrap;width:25.53pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:25.53pt;display:inline;">236,917</div></div></div></div></td></tr> <tr style="height:10.5pt"> <td style="background-color:azure;vertical-align:Bottom;width:460.28pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">BUI</div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:42.18pt"><div style="line-height:10pt;margin-left:6pt;margin-right:7pt;text-align:right;width:29.18pt"><div style="display:flex;margin-left:auto;width:29.18pt"><div style="display:flex;white-space:nowrap;width:29.18pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:29.18pt;display:inline;">1,373,141</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:32.53pt"><div style="line-height:10pt;margin-left:7pt;text-align:right;width:25.53pt"><div style="display:flex;margin-left:auto;width:25.53pt"><div style="display:flex;white-space:nowrap;width:25.53pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:25.53pt;display:inline;">55,243</div></div></div></div></td></tr></table></div><div style="line-height:11.00pt;margin-top:8pt;text-align:left"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">For the periods shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:0.1pt;display:inline;"> </div></div></div><div style="line-height:0.1pt;margin-top:-0.1pt;text-align:left"> </div><div style="margin-top:6pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;empty-cells:show;margin-left:12pt;width:535pt"> <tr style="height:13.13pt"> <td style="vertical-align:Bottom;width:463.93pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td colspan="2" style="vertical-align:Bottom;width:71.06pt"><div style="line-height:11.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:8.44%;margin-right:0%;padding-bottom:1pt"><div style="text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">Year Ended</div></div></div></div></td></tr> <tr style="height:13.25pt"> <td style="background-color:azure;border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:463.93pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:italic;margin-left:0.0pt;display:inline;">Trust Name</div></div></div></td> <td style="background-color:azure;border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:38.53pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:4pt;margin-right:5pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:italic;display:inline;">12/31/25</div></div></div></td> <td style="background-color:azure;border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:32.53pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:5pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:italic;display:inline;">12/31/24</div></div></div></td></tr> <tr style="height:11.63pt"> <td style="vertical-align:Bottom;width:463.93pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">CII</div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:38.53pt"><div style="line-height:10pt;margin-left:6pt;margin-right:7pt;text-align:right;width:25.53pt"><div style="display:flex;margin-left:auto;width:25.53pt"><div style="display:flex;white-space:nowrap;width:25.53pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:25.53pt;display:inline;">65,565</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:32.53pt"><div style="line-height:10pt;margin-left:7pt;text-align:right;width:25.53pt"><div style="display:flex;margin-left:auto;width:25.53pt"><div style="display:flex;white-space:nowrap;width:25.53pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:25.53pt;display:inline;">—</div></div></div></div></td></tr> <tr style="height:10pt"> <td style="background-color:azure;vertical-align:Bottom;width:463.93pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">BST</div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:38.53pt"><div style="line-height:10pt;margin-left:6pt;margin-right:7pt;text-align:right;width:25.53pt"><div style="display:flex;margin-left:auto;width:25.53pt"><div style="display:flex;white-space:nowrap;width:25.53pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:25.53pt;display:inline;">—</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:32.53pt"><div style="line-height:10pt;margin-left:7pt;text-align:right;width:25.53pt"><div style="display:flex;margin-left:auto;width:25.53pt"><div style="display:flex;white-space:nowrap;width:25.53pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:25.53pt;display:inline;">43,442</div></div></div></div></td></tr> <tr style="height:10.5pt"> <td style="vertical-align:Bottom;width:463.93pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">BUI</div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:38.53pt"><div style="line-height:10pt;margin-left:6pt;margin-right:7pt;text-align:right;width:25.53pt"><div style="display:flex;margin-left:auto;width:25.53pt"><div style="display:flex;white-space:nowrap;width:25.53pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:25.53pt;display:inline;">139,744</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:32.53pt"><div style="line-height:10pt;margin-left:7pt;text-align:right;width:25.53pt"><div style="display:flex;margin-left:auto;width:25.53pt"><div style="display:flex;white-space:nowrap;width:25.53pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:25.53pt;display:inline;">21,581</div></div></div></div></td></tr></table></div> <div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">BDJ and BUI have each filed a prospectus with the SEC allowing them to issue an additional 40,000,000 and 8,000,000 Common Shares, respectively, through an equity Shelf </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Offering.</div> 8000000 <div style="line-height:11.00pt;margin-top:0.00pt;text-align:left"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;display:inline;">BlackRock Utilities, Infrastructure &amp; Power Opportunities Trust (BUI)</div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">The Trust’s investment objectives are to provide total return and income through a combination of current income and long-term capital appreciation. The Trust’s investment </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">objectives may be changed by the Board of Trustees of the Trust (the “Board”) without prior shareholder approval.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">The Trust seeks to achieve its investment objectives by investing primarily in equity securities issued by companies that are engaged in the Utilities, Infrastructure or Power </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Opportunities business segments (as defined below) anywhere in the world.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Under normal market conditions, the Trust will invest at least 80% of its total assets in equity securities issued by companies that are engaged in the Utilities, Infrastructure or </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Power Opportunities business segments. The Trust’s investments in derivatives will be counted toward the Trust’s 80% policy to the extent that they provide investment </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">exposure to the securities included within that policy or to one or more market risk factors associated with such securities. The Trust considers the “Utilities” business segment </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">to include products, technologies and services connected to the management, ownership operation, construction, development or financing of facilities used to generate, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">transmit or distribute electricity, water, natural resources or telecommunications, the “Infrastructure” business segment to include companies that own or operate infrastructure </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">assets or that are involved in the development, construction, distribution or financing of infrastructure assets (as described herein), and the “Power Opportunities” business </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">segment to include companies with a significant involvement in, supporting, or necessary to renewable energy technology and development, alternative fuels, energy </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">efficiency, automotive and sustainable mobility and technologies that enable or support the growth and adoption of new power and energy sources. Such companies may </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">include, among others, electrical equipment producers (such as wind turbine manufacturers), producers of industrial and specialty chemicals (such as building insulation </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">producers) and semi-conductor and equipment companies (such as solar panel manufacturers).</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">The Trust may invest in companies of any market capitalization. Under normal circumstances, the Trust invests a substantial amount of its total assets in foreign issuers, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">issuers that primarily trade in a market located outside the United States or issuers that do a substantial amount of business outside the United States. Although the Trust </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">expects to invest primarily in companies located in developed countries, it may invest in companies located in emerging markets. Equity securities in which the Trust may invest </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">include common stocks, preferred stocks, convertible securities, warrants, depositary receipts, exchange-traded funds, equity interests in real estate investment trusts, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Canadian Royalty Trusts and master limited partnerships (“MLPs”). The Trust will not invest more than 25% of the value of its total assets in MLPs. The Trust may invest directly </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">in equity securities or synthetically through the use of derivatives.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">The Trust may invest up to 20% of its total assets in equity securities issued by companies that are not engaged in the Utilities, Infrastructure or Power Opportunities business </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">segments and debt securities issued by any issuer, including up to 10% of its total assets in non-investment grade debt securities. The Trust’s investments in non-investment </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">grade securities and those deemed to be of similar quality are considered speculative with respect to the issuer’s capacity to pay interest and repay principal and are commonly </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">referred to as “junk” or “high yield” securities.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">During temporary defensive periods (i.e., in response to adverse market, economic or political conditions), the Trust may invest up to 100% of its total assets in liquid, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">short-term investments, including high quality, short-term securities. The Trust may not achieve its investment objectives under these circumstances. BlackRock Advisors, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">LLC’s (the “Manager”) and BlackRock International Limited’s (“BIL” and together with the Manager, the “Advisors”), the Trust’s sub-advisor, determination that they are </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">temporarily unable to follow the Trust’s investment strategy or that it is impractical to do so will generally occur only in situations in which a market disruption event has occurred </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">and where trading in the securities selected through application of the Trust’s investment strategy is extremely limited or absent.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">The Trust may purchase and sell futures contracts, enter into various interest rate transactions such as swaps, caps, floors or collars, currency transactions such as currency </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">forward contracts, currency futures contracts, currency swaps or options on currency or currency futures and swap contracts (including, but not limited to, credit default swaps) </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">and may purchase and sell exchange-listed and over-the-counter put and call options on securities and swap contracts, financial indices and futures contracts and use other </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">derivative instruments or management techniques for duration management and other risk management purposes, including to attempt to protect against possible changes in </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">the market value of the Trust’s portfolio resulting from trends in the securities markets and changes in interest rates or to protect the Trust’s unrealized gains in the value of its </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">portfolio securities, to facilitate the sale of portfolio securities for investment purposes, to establish a position in the securities markets as a temporary substitute for purchasing </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">particular securities or to enhance income or gain.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">The Trust may lend securities with a value up to 33 1/3% of its total assets (including such loans) to financial institutions that provide cash or securities issued or guaranteed </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">by the U.S. Government as collateral.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">The Trust may also engage in short sales of securities. The Trust will not make a short sale if, after giving effect to such sale, the market value of all securities sold short </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">exceeds 15% of the value of its total assets or the Trust’s aggregate short sales of a particular class of securities exceeds 15% of the outstanding securities of that class. The </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Trust may make short sales “against the box” without respect to such limitations. In this type of short sale, at the time of the sale the Trust owns or has the immediate and </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">unconditional right to acquire at no additional cost the identical security.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Unless otherwise stated herein, the Trust’s investment objectives and policies are non-fundamental policies and may be changed by the Board without prior shareholder </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">approval. The Trust’s policy to invest at least 80% of its total assets in equity securities issued by companies that are engaged in the Utilities, Infrastructure and Power </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Opportunities business segments may be changed by the Board; however, if this policy changes, the Trust will provide shareholders at least 60 days’ written notice before </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">implementation of the change in compliance with rules of the Securities and Exchange Commission.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Leverage:</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:11.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">The Trust currently does not intend to borrow money or issue debt securities or preferred shares. Although it has no present intention to do so, the Trust reserves </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">the right to borrow money from banks or other financial institutions, or issue debt securities or preferred shares, in the future if it believes that market conditions would be </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">conducive to the successful implementation of a leveraging strategy through borrowing money or issuing debt securities or preferred shares. Any such leveraging will not be </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">fully achieved until the proceeds resulting from the use of leverage have been invested in accordance with the Trust’s investment objectives and policies.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:left"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">The Trust may enter into reverse repurchase agreements with respect to its portfolio investments subject to certain investment restrictions.</div></div></div><div style="line-height:11.00pt;margin-top:0.00pt;text-align:left"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">The Trust may enter into derivative securities transactions that have leverage embedded in them.</div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">The Trust may also borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">transactions which otherwise might require untimely dispositions of Trust securities.</div></div></div> <div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Non-Diversification Risk (BGR, BCX and BTX):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> The Trust is a non-diversified fund. Because the Trust may invest in securities of a smaller number of issuers, it may be more </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">exposed to the risks associated with and developments affecting an individual issuer than a fund that invests more widely.</div></div> <div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Limited Term Risk (BMEZ, BTX and BSTZ):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> In accordance with the Trust’s Agreement and Declaration of Trust, the Trust intends to dissolve as of the first business day </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">following the twelfth anniversary of the effective date of the Trust’s initial registration statement (the “Dissolution Date”); provided that the Board may, by a vote of a majority of </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">the Board and seventy-five percent (75%) of the members of the Board who either (i) have been a member of the Board for a period of at least thirty-six months (or since the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">commencement of the Trust’s operations, if less than thirty-six months) or (ii) were nominated to serve as a member of the Board by a majority of the Continuing Trustees then </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">members of the Board (a “Board Action Vote”), without shareholder approval, extend the Dissolution Date: (i) once for up to one year, and (ii) once for up to an additional six </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">months, to a date up to and including eighteen months after the initial Dissolution Date (which date shall then become the Dissolution Date). As of a date within twelve months </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">preceding the Dissolution Date (as may be extended as described above), the Board may, by a Board Action Vote, cause the Trust to conduct a tender offer to all common </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">shareholders to purchase 100% of the then outstanding common shares of the Trust at a price equal to the net asset value (“NAV”) per common share on the expiration date </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">of the tender offer (an “Eligible Tender Offer”). The Board has established that the Trust must have at least $200 million of aggregate net assets immediately following the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">completion of an Eligible Tender Offer to ensure the continued viability of the Trust (the “Dissolution Threshold”). In an Eligible Tender Offer, the Trust will offer to purchase all </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">common shares held by each common shareholder; provided that if the payment for properly tendered common shares would result in the Trust having aggregate net assets </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">below the Dissolution Threshold, the Eligible Tender Offer will be canceled and no common shares will be repurchased pursuant to the Eligible Tender Offer. Instead, the Trust </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">will begin (or continue) liquidating its portfolio and proceed to dissolve on or about the Dissolution Date. If the payment for properly tendered common shares would result in </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">the Trust having aggregate net assets greater than or equal to the Dissolution Threshold, all common shares properly tendered and not withdrawn will be purchased by the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Trust pursuant to the terms of the Eligible Tender Offer. Following the completion of an Eligible Tender Offer, the Board may, by a Board Action Vote, eliminate the Dissolution </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Date without shareholder approval and provide for the Trust’s perpetual existence.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Unless the limited term provision of the Trust’s Agreement and Declaration of Trust is amended by shareholders in accordance with the Agreement and Declaration of Trust, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">or unless the Trust completes an Eligible Tender Offer and converts to perpetual existence, the Trust will dissolve on or about the first business day following the Dissolution </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Date. </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;display:inline;">The Trust is not a so called “target date” or “life cycle” fund whose asset allocation becomes more conservative over time as its target date, often associated </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">with retirement, approaches. In addition, the Trust is not a “target term” fund and thus does not seek to return its initial public offering price per common share </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">upon dissolution. </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">As the assets of the Trust will be liquidated in connection with its dissolution, the Trust may be required to sell portfolio securities when it otherwise would </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">not, including at times when market conditions are not favorable, which may cause the Trust to lose money. In addition, as the Trust approaches the Dissolution Date, the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Manager may invest the proceeds of sold, matured or called securities in money market mutual funds, cash, cash equivalents, securities issued or guaranteed by the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">U.S. government or its instrumentalities or agencies, high quality, short-term money market instruments, short-term debt securities, certificates of deposit, bankers’ </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">acceptances and other bank obligations, commercial paper or other liquid debt securities, which may adversely affect the Trust’s investment performance. Rather than </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">reinvesting proceeds received from sales of or payments received in respect of portfolio securities, the Trust may distribute such proceeds in one or more liquidating </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">distributions prior to the final dissolution, which may cause the Trust’s fixed expenses to increase when expressed as a percentage of net assets attributable to common </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">shares, or the Trust may invest the proceeds in lower yielding securities or hold the proceeds in cash or cash equivalents, which may adversely affect the performance of the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Trust. The final distribution of net assets upon dissolution may be more than, equal to or less than $20.00 per common share. Because the Trust may adopt a plan of liquidation </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">and make liquidating distributions in advance of the Dissolution Date, the total value of the Trust’s assets returned to common shareholders upon dissolution will be impacted </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">by decisions of the Board and the Manager regarding the timing of adopting a plan of liquidation and making liquidating distributions. This may result in common shareholders </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">receiving liquidating distributions with a value more or less than the value that would have been received if the Trust had liquidated all of its assets on the Dissolution Date, or </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">any other potential date for liquidation, and distributed the proceeds thereof to shareholders.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">If the Trust conducts an Eligible Tender Offer, the Trust anticipates that funds to pay the aggregate purchase price of shares accepted for purchase pursuant to the tender offer </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">will be first derived from any cash on hand and then from the proceeds from the sale of portfolio investments held by the Trust. The risks related to the disposition of securities </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">in connection with the Trust’s dissolution also would be present in connection with the disposition of securities in connection with an Eligible Tender Offer. It is likely that during </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">the pendency of a tender offer, and possibly for a time thereafter, the Trust will hold a greater than normal percentage of its total assets in cash and cash equivalents, which may </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">impede the Trust’s ability to achieve its investment objectives and decrease returns to shareholders. The tax effect of any such dispositions of portfolio investments will depend </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">on the difference between the price at which the investments are sold and the tax basis of the Trust in the investments.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Any capital gains recognized on such dispositions, as reduced by any capital losses the Trust realizes in the year of such dispositions and by any available capital loss </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">carryforwards, will be distributed to shareholders as capital gain dividends (to the extent of net long-term capital gains over net short-term capital losses) or ordinary dividends </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">(to the extent of net short-term capital gains over net long-term capital losses) during or with respect to such year, and such distributions will generally be taxable to common </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">shareholders. If the Trust’s tax basis for the investments sold is less than the sale proceeds, the Trust will recognize capital gains, which the Trust intends to distribute to </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">common shareholders. In addition, the Trust’s purchase of tendered common shares pursuant to an Eligible Tender Offer will have tax consequences for tendering common </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">shareholders and may have tax consequences for non-tendering common shareholders.</div></div></div><div style="line-height:11.00pt;margin-top:0.00pt;text-align:justify"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">The purchase of common shares by the Trust pursuant to an Eligible Tender Offer will have the effect of increasing the proportionate interest in the Trust of non-tendering </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">common shareholders. All common shareholders remaining after an Eligible Tender Offer will be subject to any increased risks associated with the reduction in the Trust’s </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">assets resulting from payment for the tendered common shares, such as greater volatility due to decreased diversification and proportionately higher expenses. The reduced </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">assets of the Trust as a result of an Eligible Tender Offer may result in less investment flexibility for the Trust and may have an adverse effect on the Trust’s investment </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">performance. Such reduction in the Trust’s assets may also cause common shares of the Trust to become thinly traded or otherwise negatively impact secondary trading of </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">common shares. A reduction in assets, and the corresponding increase in the Trust’s expense ratio, could result in lower returns and put the Trust at a disadvantage relative </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">to its peers and potentially cause the Trust’s common shares to trade at a wider discount, or smaller premium, to NAV than they otherwise would. Furthermore, the portfolio of </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">the Trust following an Eligible Tender Offer could be significantly different and, therefore, common shareholders retaining an investment in the Trust could be subject to greater </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">risk. For example, the Trust may be required to sell its more liquid, higher quality portfolio investments to purchase common shares that are tendered in an Eligible Tender Offer, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">which would leave a less liquid, lower quality portfolio for remaining shareholders. The prospects of an Eligible Tender Offer may attract arbitrageurs who would purchase the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">common shares prior to the tender offer for the sole purpose of tendering those shares which could have the effect of exacerbating the risks described herein for shareholders </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">retaining an investment in the Trust following an Eligible Tender Offer.</div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">The Trust is not required to conduct an Eligible Tender Offer. If the Trust conducts an Eligible Tender Offer, there can be no assurance that the payment for tendered common </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">shares would not result in the Trust having aggregate net assets below the Dissolution Threshold, in which case the Eligible Tender Offer will be canceled, no common shares </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">will be repurchased pursuant to the Eligible Tender Offer and the Trust will liquidate on the Dissolution Date (subject to possible extensions). Following the completion of an </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Eligible Tender Offer in which the payment for tendered common shares would result in the Trust having aggregate net assets greater than or equal to the Dissolution </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Threshold, the Board may, by a Board Action Vote, eliminate the Dissolution Date without shareholder approval and provide for the Trust’s perpetual existence. Thereafter, the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Trust will have a perpetual existence. There is no guarantee that the Board will eliminate the Dissolution Date following the completion of an Eligible Tender Offer so that the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Trust will have a perpetual existence. The Manager may have a conflict of interest in recommending to the Board that the Dissolution Date be eliminated and the Trust have a </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">perpetual existence. The Trust is not required to conduct additional tender offers following an Eligible Tender Offer and conversion to perpetual existence. Therefore, remaining </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">common shareholders may not have another opportunity to participate in a tender offer. Shares of closed-end management investment companies frequently trade at a </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">discount from their NAV, and as a result remaining common shareholders may only be able to sell their shares at a discount to NAV.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Although it is anticipated that the Trust will have distributed substantially all of its net assets to shareholders as soon as practicable after the Dissolution Date, securities for </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">which no market exists or securities trading at depressed prices, if any, may be placed in a liquidating trust. Securities placed in a liquidating trust may be held for an indefinite </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">period of time, potentially several years or longer, until they can be sold or pay out all of their cash flows. During such time, the shareholders will continue to be exposed to the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">risks associated with the Trust and the value of their interest in the liquidating trust will fluctuate with the value of the liquidating trust’s remaining assets.  Additionally, the tax </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">treatment of the liquidating trust’s assets may differ from the tax treatment applicable to such assets when held by the Trust. To the extent the costs associated with a liquidating </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">trust exceed the value of the remaining securities, the liquidating trust trustees may determine to dispose of the remaining securities in a manner of their choosing. The Trust </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">cannot predict the amount, if any, of securities that will be required to be placed in a liquidating trust or how long it will take to sell or otherwise dispose of such securities.</div></div></div> <div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Investment and Market Discount Risk:</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> An investment in the Trust’s common shares is subject to investment risk, including the possible loss of the entire amount that you </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">invest. As with any stock, the price of the Trust’s common shares will fluctuate with market conditions and other factors. If shares are sold, the price received may be more or </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">less than the original investment. Common shares are designed for long-term investors and the Trust should not be treated as a trading vehicle. Shares of closed-end </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">management investment companies frequently trade at a discount from their net asset value. This risk is separate and distinct from the risk that the Trust’s net asset value </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">could decrease as a result of its investment activities. At any point in time an investment in the Trust’s common shares may be worth less than the original amount invested, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">even after taking into account distributions paid by the Trust. During periods in which the Trust may use leverage, the Trust’s investment, market discount and certain other risks </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">will be magnified.</div></div> <div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Equity Securities Risk:</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">economic conditions.</div></div> <div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Common Stock Risk:</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Common stocks represent equity ownership in a company. Stock markets are volatile. The price of common stock will fluctuate and can decline and </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">reduce the value of a portfolio investing in equities. The value of common stock purchased by the Trust could decline if the financial condition of the companies the Trust invests </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">in declines or if overall market and economic conditions deteriorate. The value of equity securities may also decline due to factors that affect a particular industry or industries, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">such as labor shortages or an increase in production costs and competitive conditions within an industry. In addition, the value may decline due to general market conditions </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">that are not specifically related to a company or industry, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">changes in inflation, interest or currency rates or generally adverse investor sentiment.</div></div> <div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Small and Mid-Capitalization Company Risk:</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Companies with small or mid-size market capitalizations will normally have more limited product lines, markets and financial </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">resources and will be dependent upon a more limited management group than larger capitalized companies. In addition, it is more difficult to get information on smaller </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by large investors and are followed by relatively few securities </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">analysts.</div></div> <div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Preferred Securities Risk:</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Preferred securities may pay fixed or adjustable rates of return. Preferred securities are subject to issuer-specific and market risks applicable </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">generally to equity securities. In addition, a company’s preferred securities generally pay dividends only after the company makes required payments to holders of its bonds </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes in the company’s </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than preferred securities of larger companies.</div></div> <div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Convertible Securities Risk (BGR, BDJ, BOE, BGY, BMEZ, BME, BTX, BCX, BSTZ, BST and BUI):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> The market value of a convertible security performs like that of a regular </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">debt security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">be able to pay interest, principal or dividends when due, and their market value may change based on changes in the issuer’s credit rating or the market’s perception of the </div></div><div style="line-height:11.00pt;margin-top:0.00pt;text-align:justify"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may <div style="display:inline;">be </div>converted, a convertible security is also subject to the same types </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">of market and issuer risks that apply to the underlying common stock, including the potential for increased volatility in the price of the convertible security. </div></div> <div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Warrants Risk (BGR, BOE, BGY, BMEZ, BME, BTX, BCX, BSTZ, BST and BUI):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> If the price of the underlying stock does not rise above the exercise price before the warrant </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">expires, the warrant generally expires without any value and the Trust will lose any amount it paid for the warrant. Thus, investments in warrants may involve substantially more </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">the price of the underlying stock.</div></div></div> <div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Depositary Receipts Risk (BGR, BOE, BGY, BMEZ, BME, BTX, BCX, BSTZ, BST and BUI):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Depositary receipts are generally subject to the same risks as the foreign </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">securities that they evidence or into which they may be converted.  In addition to investment risks associated with the underlying issuer, depositary receipts expose the Trust </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">to additional risks associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">parties with whom the depository bank establishes the programs, currency risk and the risk of an illiquid market for depositary receipts.  The issuers of unsponsored depositary </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">receipts are not obligated to disclose information that is, in the United States, considered material. Therefore, there may be less information available regarding these issuers </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">and there may not be a correlation between such information and the market value of the depositary receipts. While depositary receipts provide an alternative to directly </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">purchasing underlying foreign securities in their respective markets and currencies, they continue to be subject to many of the risks associated with investing directly in foreign </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">securities, including political, economic, and currency risk.</div></div> <div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">REIT Investment Risk (BDJ, BOE, BGY, BMEZ, BME, BSTZ, BST and BUI):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Investments in REITs involve unique risks. REITs may have limited financial resources, may </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">trade less frequently and in limited volume, may engage in dilutive offerings of securities and may be more volatile than other securities. REIT issuers may also fail to maintain </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">their exemptions from investment company registration or fail to qualify for the “dividends paid deduction” under the Internal Revenue Code of 1986, as amended, which allows </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">REITs to reduce their corporate taxable income for dividends paid to their shareholders.</div></div> <div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Master Limited Partnerships Risk (BGR, BCX, BSTZ, BST and BUI): </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">The common units of a master limited partnership (“MLP”) are listed and traded on U.S. securities </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">exchanges and their value fluctuates predominantly based on prevailing market conditions and the success of the MLP. Unlike owners of common stock of a corporation, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">owners of common units have limited voting rights and have no ability to annually elect directors. In the event of liquidation, common units have preference over subordinated </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">units, but not over debt or preferred units, to the remaining assets of the MLP.</div></div> <div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Canadian Royalty Trust Risk (BGR, BCX and BUI):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Canadian Royalty Trusts are exposed to many of the same risks as energy and natural resources companies, such as </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">commodity pricing risk, supply and demand risk and depletion and exploration risk.</div></div> <div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Initial Public Offerings (“IPOs”) Risk (BOE, BMEZ, BME, BTX, BSTZ and BST):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> The Trust may invest in shares of companies through IPOs.  Securities issued in IPOs have </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">no trading history, and information about the companies may be available for limited periods of time.  In addition, the prices of securities sold in IPOs may be highly volatile or </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">may decline shortly after the IPO.</div> <div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Investments in Unseasoned Companies (BDJ, BOE, BGY, BMEZ, BME, BTX, BCX and BSTZ):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> The Trust may invest in the securities of smaller, less seasoned companies. </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">These investments may present greater opportunities for growth, but also involve greater risks than customarily are associated with investments in securities of more </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">established companies.  Some of the companies in which the Trust may invest may be start-up companies which may have insubstantial operational or earnings histories or </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">may have limited products, markets, financial resources or management depth.  Some may also be emerging companies at the research and development stage with no </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">products or technologies to market or approved for marketing.  Securities of emerging companies may lack an active secondary market and may be subject to more abrupt or </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">erratic price movements than securities of larger, more established companies or stock market averages in general.  Competitors of certain companies may have substantially </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">greater financial resources than many of the companies in which the Trust may invest.  Further, an unseasoned company is more at risk of loss in an adverse market due to </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">its lack of financial resources and ability to sustain itself for an extended period of time in such a market.</div></div> <div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Dividend-Paying Equity Securities Risk (CII, BDJ, BOE, BGY and BME):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Dividends on common equity securities that the Trust may hold are not fixed but are declared at </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">the discretion of an issuer’s board of directors. Companies that have historically paid dividends on their securities are not required to continue to pay dividends on such </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">securities. There is no guarantee that the issuers of the common equity securities in which the Trust invests will declare dividends in the future or that, if declared, they will </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">remain at current levels or increase over time. Therefore, there is the possibility that such companies could reduce or eliminate the payment of dividends in the future. Dividend </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">producing equity securities, in particular those whose market price is closely related to their yield, may exhibit greater sensitivity to interest rate changes. The Trust’s </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">investments in dividend producing equity securities may also limit its potential for appreciation during a broad market advance.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">The prices of dividend producing equity securities can be highly volatile. Investors should not assume that the Trust’s investments in these securities will necessarily reduce the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">volatility of the Trust’s NAV or provide “protection,” compared to other types of equity securities, when markets perform poorly.</div></div></div> <div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Investment Style Risk:</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Under certain market conditions, growth investments have performed better during the later stages of economic expansion and value investments </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">have performed better during periods of economic recovery. Therefore, these investment styles may over time go in and out of favor. At times when the investment style used </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">by the Trust is out of favor, the Trust may underperform other equity funds that use different investment styles.</div></div> <div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Debt Securities Risk (BGR, BOE, BMEZ, BME, BCX, BSTZ, BST and BUI): </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk, extension risk, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">and prepayment risk, each of which are described in further detail below:</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:-2.41%;display:inline;">•</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:11pt;display:inline;">Credit Risk</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> — </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be able to make payments of interest and principal when </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Trust’s investment in that issuer. The </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:0.00pt;text-align:justify"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:-2.41%;display:inline;">•</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:11pt;display:inline;">Interest Rate Risk</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> — </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">The market value of bonds and other fixed-income securities changes in response to interest rate changes and other factors. Interest rate risk is </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise.</div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.00%;display:inline;">The Trust may be subject to a greater risk of rising interest rates during a period of historically low interest rates. For example, if interest rates increase by 1%, assuming </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.00%;display:inline;">a current portfolio duration of ten years, and all other factors being equal, the value of the Trust’s investments would be expected to decrease by 10%. (Duration is a </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.00%;display:inline;">measure of the price sensitivity of a debt security or portfolio of debt securities to relative changes in interest rates.) The magnitude of these fluctuations in the market </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.00%;display:inline;">price of bonds and other fixed-income securities is generally greater for those securities with longer maturities. Fluctuations in the market price of the Trust’s </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.00%;display:inline;">investments will not affect interest income derived from instruments already owned by the Trust, but will be reflected in the Trust’s net asset value. The Trust may lose </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;display:inline;">money if short-term or long-term interest rates rise sharply in a manner not anticipated by Trust management.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.00%;display:inline;">To the extent the Trust invests in debt securities that may be prepaid at the option of the obligor (such as mortgage-backed securities), the sensitivity of such securities </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.00%;display:inline;">to changes in interest rates may increase (to the detriment of the Trust) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.00%;display:inline;">reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the net </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;display:inline;">asset value of the Trust to the extent that it invests in floating rate debt securities.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.00%;display:inline;">These basic principles of bond prices also apply to U.S. Government securities. A security backed by the “full faith and credit” of the U.S. Government is guaranteed only </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.00%;display:inline;">as to its stated interest rate and face value at maturity, not its current market price. Just like other fixed-income securities, government-guaranteed securities will </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;display:inline;">fluctuate in value when interest rates change.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.00%;display:inline;">A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from funds </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.00%;display:inline;">that hold large amounts of fixed-income securities. Heavy redemptions could cause the Trust to sell assets at inopportune times or at a loss or depressed value and </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;display:inline;">could hurt the Trust’s performance.</div></div></div><div style="line-height:11.00pt;margin-left:10pt;margin-top:9.00pt;text-align:left"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">•</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:11pt;display:inline;">Extension Risk</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> — </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these obligations to fall. </div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:-2.41%;display:inline;">•</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:11pt;display:inline;">Prepayment Risk</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> — </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and the Trust may have to invest </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">the proceeds in securities with lower yields.</div></div></div> <div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">High Yield Bonds Risk (BGR, BOE, BMEZ, BME, BCX, BSTZ, BST and BUI):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Although junk bonds generally pay higher rates of interest than investment grade bonds, junk </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">bonds are high risk investments that are considered speculative and may cause income and principal losses for the Trust.</div></div> <div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">U.S. Government Obligations Risk (CII, BMEZ, BME, BCX, BSTZ and BUI):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Certain securities in which the Trust may invest, including securities issued by certain </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">U.S. Government agencies and U.S. Government sponsored enterprises, are not guaranteed by the U.S. Government or supported by the full faith and credit of the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">United States. In addition, circumstances could arise that could prevent the timely payment of interest or principal on U.S. Government obligations, such as reaching the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">legislative “debt ceiling.” Such non-payment could result in losses to the Trust and substantial negative consequences for the U.S. economy and the global financial system.</div></div> <div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Structured Securities Risk (BMEZ, BME, BCX, BSTZ and BST):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Because structured securities of the type in which the Trust may invest typically involve no credit </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">enhancement, their credit risk generally will be equivalent to that of the underlying instruments, index or reference obligation and will also be subject to counterparty risk. The </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Trust may have the right to receive payments only from the structured security, and generally does not have direct rights against the issuer or the entity that sold the assets to </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">be securitized. In addition to the general risks associated with debt securities discussed herein, structured securities carry additional risks, including, but not limited to: the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">possibility that distributions from collateral securities will not be adequate to make interest or other payments; the quality of the collateral may decline in value or default; and </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">the possibility that the structured securities are subordinate to other classes. The Trust is permitted to invest in a class of structured securities that is either subordinated or </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">unsubordinated to the right of payment of another class. Subordinated structured securities typically have higher yields and present greater risks than unsubordinated </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">structured securities. Structured securities are typically sold in private placement transactions, and there currently is no active trading market for structured securities. </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Structured securities are based upon the movement of one or more factors, including currency exchange rates, interest rates, reference bonds and stock indices, and changes </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">in interest rates and impact of these factors may cause significant price fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">on the structured security to be reduced to zero. Certain issuers of such structured securities may be deemed to be “investment companies” as defined in the Investment </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Company Act. As a result, the Trust’s investment in such securities may be limited by certain investment restrictions contained in the Investment Company Act.</div></div> <div style="line-height:11.00pt;margin-top:8.00pt;text-align:left"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;display:inline;">Derivatives Risk</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">: The Trust’s use of derivatives may increase its costs, reduce the Trust’s returns and/or increase volatility.  Derivatives involve significant risks, including:</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:-2.41%;display:inline;">•</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:11pt;display:inline;">Leverage Risk</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> — </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">The Trust’s use of derivatives can magnify the Trust’s gains and losses. Relatively small market movements may result in large changes in the value </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">of a derivatives position and can result in losses that greatly exceed the amount originally invested.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:-2.41%;display:inline;">•</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:11pt;display:inline;">Market Risk </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> — </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Some derivatives are more sensitive to interest rate changes and market price fluctuations than other securities. The Trust could also suffer losses </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">related to its derivatives positions as a result of unanticipated market movements, which losses are potentially unlimited. Finally, the Manager may not be able to predict </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">correctly the direction of securities prices, interest rates and other economic factors, which could cause the Trust’s derivatives positions to lose value.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:-2.41%;display:inline;">•</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:11pt;display:inline;">Counterparty Risk </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> — </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will be unable or unwilling to fulfill its </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">contractual obligation, and the related risks of having concentrated exposure to such a counterparty.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:-2.41%;display:inline;">•</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:11pt;display:inline;">Illiquidity Risk </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> — </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">The possible lack of a liquid secondary market for derivatives and the resulting inability of the Trust to sell or otherwise close a derivatives position </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">could expose the Trust to losses and could make derivatives more difficult for the Trust to value accurately.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:0.00pt;text-align:justify"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:-2.41%;display:inline;">•</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:11pt;display:inline;">Operational Risk </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> — </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">The use of derivatives includes the risk of potential operational issues, including documentation issues, settlement issues, systems failures, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">inadequate controls and human error.</div></div><div style="line-height:11.00pt;margin-left:10pt;margin-top:9.00pt;text-align:left"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">•</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:11pt;display:inline;">Legal Risk </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> — </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:-2.41%;display:inline;">•</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:11pt;display:inline;">Volatility and Correlation Risk </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> — </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">A risk of the Trust’s use of derivatives is that the fluctuations in their values may not correlate with the overall securities markets.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:-2.41%;display:inline;">•</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:11pt;display:inline;">Valuation Risk </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> — </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Valuation for derivatives may not be readily available in the market. Valuation may be more difficult in times of market turmoil since many investors </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">and market makers may be reluctant to purchase complex instruments or quote prices for them.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:-2.41%;display:inline;">•</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:11pt;display:inline;">Hedging Risk </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> — </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Hedges are sometimes subject to imperfect matching between the derivative and the underlying security, and there can be no assurance that the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Trust’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:-2.41%;display:inline;">•</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:11pt;display:inline;">Tax Risk </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> — </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Certain aspects of the tax treatment of derivative instruments, including swap agreements and commodity-linked derivative instruments, are currently </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">unclear and may be affected by changes in legislation, regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">investment in an underlying asset and may adversely affect the timing, character and amount of income the Trust realizes from its investments.</div></div></div> <div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Foreign Securities Risk:</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Trust will lose money. These </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">risks include:</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:-2.41%;display:inline;">•</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:11pt;display:inline;">The Trust generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">business and may be subject to only limited or no regulatory oversight.</div></div></div><div style="line-height:11.00pt;margin-left:10pt;margin-top:9.00pt;text-align:left"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">•</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:11pt;display:inline;">Changes in foreign currency exchange rates can affect the value of the Trust’s portfolio.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:-2.41%;display:inline;">•</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:11pt;display:inline;">The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">product, reinvestment of capital, resources and balance of payments position.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:-2.41%;display:inline;">•</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:11pt;display:inline;">The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or impose substantial restrictions through capital controls </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">and/or sanctions on foreign investments in the capital markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">currency, securities, derivatives or other assets.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:-2.41%;display:inline;">•</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:11pt;display:inline;">Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">have laws to protect investors that are comparable to U.S. securities laws.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:-2.41%;display:inline;">•</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:11pt;display:inline;">Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">clearance of U.S. investments.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:-2.41%;display:inline;">•</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:11pt;display:inline;">The Trust’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of foreign withholding taxes materially decreases, due </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">to, for example, a change in tax regulation or approach in the foreign country, accruals in the Trust’s net asset value for such refunds may be written down partially or </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">in full, which will adversely affect the Trust’s net asset value.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:-2.41%;display:inline;">•</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:11pt;display:inline;">The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">of certain of the Trust’s investments.</div></div></div> <div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Foreign Currency Transactions Risk (BGR, BDJ, BME and BCX):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> The Trust may invest in forward foreign currency exchange contracts. Forward foreign currency exchange </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">contracts do not eliminate movements in the value of non-U.S. currencies and securities but rather allow the Trust to establish a fixed rate of exchange for a future point in time. </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">This strategy can have the effect of reducing returns and minimizing opportunities for gain.</div></div> <div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Emerging Markets Risk:</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less liquidity than developed markets.</div></div> <div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">China Investments Risk (BGR):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities, are subject to risks specific to China. China </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">may be subject to considerable degrees of economic, political and social instability. Despite significant economic and market reforms in recent decades, the Chinese </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">government’s control over certain sectors and enterprises and significant regulation of investment and industry are still pervasive. Chinese companies are subject to the risk </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">that Chinese authorities can intervene in their operations and structure. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other countries, including </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">military conflicts in response to such events, may disrupt China’s economy and markets and result in a greater risk of currency fluctuations, currency non-convertibility, interest </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">rate fluctuations and higher inflation.</div></div><div style="line-height:11.00pt;margin-top:0.00pt;text-align:justify"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">China has experienced security concerns, such as terrorism and strained international relations. Additionally, China is alleged to have participated in state-sponsored cyberattacks</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;"> against foreign companies and foreign governments. Actual and threatened responses to such activity and strained international relations, including </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">purchasing restrictions, sanctions, export controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and Chinese </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">issuers in which the Fund invests. Incidents involving China’s or the region’s security may adversely affect the Chinese economy and markets and the Fund’s investments. The </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Chinese economy is highly reliant on trade. A reduction in spending on Chinese products and services, supply chain diversification, the institution of additional tariffs or other </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">trade barriers (including as a result of heightened trade tensions or a trade war between China and the United States or in response to actual or alleged Chinese cyber activity) </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. Certain companies may be subject to economic </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">or trade restrictions (but not investment restrictions) imposed by the United States or other governments due to national security, human rights or other concerns of such </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">government. So long as these restrictions do not include restrictions on investments, the Fund may invest in such companies. Other economic challenges for China include </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">indebtedness, weak consumer demand, and an aging population. China continues to face pressure from its trading partners over its exporting of its excess industrial capacity </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">and overall approach to economic management.</div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">The United States and China have been engaged in an ongoing trade war with one another, which has led to trade frictions between their economies and negative flow-on </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">consequences on global markets and other nations closely affiliated with those countries. The current political climate has intensified concerns about an ongoing trade war </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">between China and the United States, as each country has imposed tariffs on the other country’s products. These actions may trigger a significant reduction in international </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">trade, the oversupply of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies and/or large segments of China’s </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">export industry, which could have a negative impact on the Fund’s performance. In addition, there is a risk that further capital controls and/or sanctions may be imposed, which </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">could include the prohibition of, or restrictions on, the ability to own or transfer currency, securities, derivatives or other assets and may also include retaliatory actions, such as </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">seizure of assets. Any of these actions could severely impair the Fund’s ability to purchase, sell, transfer, receive, deliver or otherwise obtain exposure to Chinese securities </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">and assets, including the ability to transfer the Fund’s assets or income back into the United States, and could negatively impact the value and/or liquidity of such assets or </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">otherwise adversely affect the Fund’s operations, causing the Fund to decline in value. Events such as these and their consequences are difficult to predict and it is unclear </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">whether further tariffs may be imposed or other escalating actions may be taken in the future. From time to time, China has experienced outbreaks of infectious illnesses. The </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">country may be subject to other public health threats, infectious illnesses, diseases or similar issues in the future. Any spread of an infectious illness, public health threat or </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">similar issue could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Chinese economy, which in turn could adversely affect the Fund’s investments.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Chinese companies, including those listed on U.S. exchanges, are not subject to the same degree of regulatory requirements, accounting standards or auditor oversight as </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">companies in more developed countries. As a result, information about the Chinese securities in which the Fund invests may be less reliable or complete. Chinese companies </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">with securities listed on U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, which would significantly decrease </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">the liquidity and value of the securities. There may be significant obstacles to obtaining information necessary for investigations into or litigation against Chinese companies, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">and shareholders may have limited legal remedies. Many Chinese companies listed on U.S. exchanges use variable interest entities or “VIEs” in their structure as a result of </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">foreign ownership restrictions. Any change in the operations of entities in a VIE structure, the status of VIE contractual arrangements or the legal or regulatory environment in </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">China could result in significant, and possibly permanent and/or total, losses for investments in VIE issuers. The Fund does not select investments based on investor protection </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">considerations.</div></div></div> <div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">China Risk — Risk of Investing through Stock Connect (BGR):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Investing in eligible ETFs and A-shares (“Stock Connect Securities”) through Stock Connect is subject to </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">trading, clearance, settlement and other procedures, which could pose risks to the Fund. Trading through Stock Connect is subject to the Daily Quota, which may restrict the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Fund’s ability to invest in Stock Connect Securities through Stock Connect on a timely basis and could affect the Fund’s ability to effectively pursue its investment strategy. </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Stock Connect will only operate on days when both the Chinese and Hong Kong markets are open for trading and when banking services are available in both markets on the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">corresponding settlement days. Therefore, an investment in Stock Connect Securities through Stock Connect may subject the Fund to the risk of price fluctuations on days </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">when the Chinese markets are open, but Stock Connect is not trading.</div> <div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">China Risk — Withholding Income Tax Risk (BGR):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> According to PRC tax regulations, a 10% withholding income tax is imposed on PRC sourced dividends and interests </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">from non-government bonds paid to a non-PRC tax resident enterprise, unless the rate is reduced under an applicable tax treaty. From a technical perspective, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">withholding income tax is also applicable to capital gains realized by foreign investors on the disposal of PRC equity interests.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:left"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">There are however certain tax exemptions available, some temporary in nature, highlighted below.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">On November 14, 2014, the Ministry of Finance (“MoF”), China Securities Regulatory Commission and the State Taxation Administration (“STA”), acting with State Council’s </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">approval, jointly released Circular 79, which temporarily exempts Qualified Foreign Institutional Investors (“QFIIs”) and Renminbi Qualified Foreign Institutional </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Investors (“RQFIIs”) from tax on capital gains derived from the trading of shares and other equity interest investments on or after November 17, 2014. Subsequently, Circulars </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">81 and 127 were issued to temporarily exempt tax on capital gains derived from trading of equity securities of companies domiciled in the PRC that trade on Chinese </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">stock exchanges (“A-Shares”) through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program, as applicable (each, a “Stock </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Connect” and collectively, “Stock Connects”). The duration of the temporary exemptions is not stated in the circulars and is subject to termination by the PRC tax authorities </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">with or without notice.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">On November 22, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional investors are temporarily exempt from withholding income tax with </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">respect to interest income on bonds derived from the PRC bond market from November 7, 2018 to November 6, 2021. On November 22, 2021, the MoF and STA issued Public </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. On January 15, 2026, it was announced via Public Notice 5 of 2026 that the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">exemption was extended through December 31, 2027.</div></div></div> <div style="line-height:11.00pt;margin-top:0.00pt;text-align:justify"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">China Risk — Value Added Tax (“VAT”) Risk (BGR):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> From May 1, 2016, VAT applies to certain income derived by the Fund, including PRC sourced interest income on </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">non-government bonds and trading gains. There are however certain tax exemptions available, some temporary in nature, highlighted below. VAT exemptions currently apply </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">to capital gains from trading of QFII and RQFII products, A-Shares traded on the Stock Connects and debt securities traded in the China Interbank Bond Market.</div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">On November 7, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional investors are temporarily exempt from VAT with respect to interest </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">income on bonds derived from the PRC bond market from November 7, 2018 to November 6, 2021. On November 22, 2021, the MoF and STA jointly issued Public Notice 34 to </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">extend the temporary exemption from November 7, 2021 to December 31, 2025. However, on July 31, 2025, the MoF and STA jointly issued Public Notice No 4 of 2025, stating </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">that VAT will apply with respect to interest income derived from treasury bonds, local government bonds and financial bonds issued on or after August 8, 2025. It is understood </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">that Public Notice No 4 of 2025 does not supersede the afore-mentioned exemption for foreign institutional investors. This exemption was extended through December 31, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">2027.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Any changes in PRC tax law, future clarifications thereof, and/or subsequent retroactive enforcement by the PRC tax authorities may result in a loss which could be material </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">to the Fund. There is a risk the PRC tax authorities may withdraw the temporary tax exemptions in the future and seek to collect taxes realized on the sale of A-Shares or PCR </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">sourced interest income on non-government bonds received by the Fund without giving any prior notice. If the temporary tax exemptions are withdrawn, any taxes may be </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">directly borne by or indirectly passed on to the Fund and may result in a substantial impact to its net asset value. As with any net asset value adjustment, investors may be </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">advantaged or disadvantaged depending on when the investors purchased and/or sold the shares of the Fund. There will be no retrospective restatement of the Fund’s net </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">asset value.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">BlackRock will keep the provisioning policy for tax liability under review and may, in its discretion from time to time, make a provision for potential tax liabilities if in its opinion </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">such provision is warranted or as further clarified by the PRC in notifications.</div></div></div> <div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Concentration Risk (BGR, BMEZ, BME, BTX, BCX, BSTZ and BST):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> The Trust’s strategy of concentrating in a particular industry means that its performance will be closely </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">tied to the performance of a particular market segment. The Trust’s concentration in these companies may present more risks than if it were broadly diversified over numerous </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">industries and sectors of the economy. A downturn in these companies would have a larger impact on the Trust than on a mutual fund that does not concentrate in such </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">companies. At times, the performance of these companies will lag the performance of other industries or the broader market as a whole.</div></div> <div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Science and Technology Risk (BSTZ and BST):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> The Trust’s investments in science and technology companies expose the Trust to special risks. For example, rapid </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">advances in science and technology might cause existing products to become obsolete, and the Trust’s returns could suffer to the extent it holds an affected company’s shares. </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Companies in a number of science and technology industries are also subject to more government regulations and approval processes than many other industries. This fact </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">may affect a company’s overall profitability and cause its stock price to be more volatile. Earnings disappointments and intense competition for market share can result in sharp </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">price declines. Profitability of science and technology companies can be negatively impacted by aggressive pricing from competitors, research and development costs, and the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">availability and prices of components. Additionally, science and technology companies are dependent upon consumer and business acceptance as new technologies evolve.</div></div> <div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Health Sciences and Healthcare Companies Risk (BMEZ and BME):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> The Trust’s investments in health sciences companies are subject to a number of risks, including the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">adverse impact of legislative actions and government regulations. These actions and regulations can affect the approval process for patents, medical devices and drugs, the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">funding of research and medical care programs, and the operation and licensing of facilities and personnel. The goods and services of health sciences companies are subject </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">to risks of rapid technological change and obsolescence, product liability litigation, and intense price and other competitive pressures.</div></div> <div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Energy Sector Risk (BGR):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> The market value of securities in the energy sector may decline for many reasons, including, among others, changes in energy prices, energy </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">supply and demand, government regulations and energy conservation efforts. Energy companies can be significantly affected by the supply of, and demand for, specific </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">products (e.g., oil and natural gas) and services, exploration and production spending, government subsidization, world events and general economic conditions. In 2020, the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">energy sector has experienced increased volatility. In particular, significant market volatility occurred and is continuing in the crude oil markets as well as the oil futures markets, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">which resulted in the market price of the front month futures contract falling fell below zero for a period of time.</div></div> <div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Energy and Natural Resources Risk (BCX):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> The Trust’s investments in energy and natural resources companies are especially affected by variations in the commodities </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">markets (that may be due to market events, regulatory developments or other factors that the Trust cannot control) and these companies may lack the resources and the broad </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">business lines to weather hard times. Energy companies can be significantly affected by the supply of and demand for specific products and services, the supply of and </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">demand for oil and gas, the price of oil and gas, exploration and production spending, government regulation, world events and economic conditions. Natural resources </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">companies can be significantly affected by events relating to international political developments, energy conservation, the success of exploration projects, commodity prices, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">and tax and government regulations.</div></div> <div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Commodities Related Investments Risk (BCX):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Exposure to the commodities markets may subject the <div style="display:inline;">Trust </div>to greater volatility than investments in traditional securities. </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">The value of commodity-linked derivative investments may be affected by changes in overall market movements, commodity index volatility, changes in inflation, interest rates, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">or factors affecting a particular industry or commodity, such as drought, floods, weather, embargoes, tariffs and international economic, political and regulatory developments.</div></div> <div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Commodities Market Risk (BCX):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Stocks of companies engaged in commodities related industries, such as energy or natural resources companies, are especially affected </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">by variations in the commodities markets (that may be due to market events, regulatory developments or other factors that the Trust cannot control) and these companies may </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">lack the resources and the broad business lines to weather hard times.</div></div> <div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Risks of Investing in Utilities, Infrastructure and Power Opportunities Issuers (BUI): </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Investments in issuers in the Utilities, Infrastructure and Power Opportunities </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">business segments are subject to certain risks, including the following, among others:</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:-2.41%;display:inline;">•</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:11pt;display:inline;">Utilities Companies Risk</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> — </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">A variety of factors may adversely affect the business or operations of Utilities issuers, including, but not limited to: high interest costs in </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">connection with capital construction and improvement programs; governmental regulation of rates charged to customers (including the potential that costs incurred by </div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:0.00pt;text-align:justify"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the utility change more rapidly than the rate the utility is permitted to charge its customers); costs associated with compliance with and changes in environmental and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">other regulations; effects of economic slowdowns and surplus capacity; increased competition from other providers of utility services; inexperience with and potential </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">losses resulting from a developing deregulatory environment; costs associated with reduced availability of certain types of fuel; the effects of energy conservation </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">policies; effects of a national energy policy; technological innovations; potential impact of terrorist activities; the impact of natural or man-made disasters; regulation by </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">various governmental authorities, including the imposition of special tariffs; and changes in tax laws, regulatory policies and accounting standards.</div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: -2.41%; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">Infrastructure Companies Risk</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> — </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Infrastructure issuers may be susceptible to a variety of factors that may adversely affect their business and operations, including, but </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">not limited to: high interest costs in connection with capital construction programs; high leverage; costs associated with environmental and other regulations; surplus </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">capacity costs; and reduced investment in public and private infrastructure projects. A slowdown in new infrastructure projects in developing or developed markets may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">constrain the abilities of Infrastructure issuers to grow in global markets. Other developments, such as significant changes in population levels or changes in the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">urbanization and industrialization of developing countries, may reduce demand for products or services provided by Infrastructure issuers.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: -2.41%; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">Power Opportunities Companies Risk</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> — </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">A variety of factors may adversely affect the business or operations of Power Opportunities issuers, including, but not limited </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">to: research and development costs related to new technologies; the success or failure of efforts to develop or implement new or existing technologies; government </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">regulation (including environmental regulation); world events and economic conditions, the cyclical nature of the energy sector; intense competition; events relating to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">domestic and international political developments; energy conservation; environmental costs and liabilities; and the success of exploration projects.</div></div></div> <div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Innovative Securities Risk (BTX)</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">: There can be no assurance that a company identified as innovative by the Manager will ultimately introduce a new product or service or that </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">such product or service may not be significantly delayed.</div></div> <div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Supply and Demand Risk (BGR): </div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">A decrease in the production of natural gas, natural gas liquids (“NGLs”), crude oil, coal or other energy commodities or a decrease in the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">volume of such commodities available for transportation, mining, processing, storage or distribution may adversely impact the financial performance of energy and natural </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">resources companies. Production declines and volume decreases could be caused by various factors, including catastrophic events affecting production, depletion of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">resources, labor difficulties, environmental proceedings, increased regulations, equipment failures and unexpected maintenance problems, import supply disruption, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">increased competition from alternative energy sources or commodity prices. Alternatively, a sustained decline in demand for such commodities could also adversely affect the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">financial performance of energy and natural resources companies. Factors which could lead to a decline in demand include economic recession or other adverse economic </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">conditions, higher fuel taxes or governmental regulations, increases in fuel economy, consumer shifts to the use of alternative fuel sources, changes in commodity prices, or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">weather.</div></div> <div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Depletion and Exploration Risk (BGR): </div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Many energy and natural resources companies are either engaged in the production of natural gas, NGLs, crude oil, refined </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">petroleum products or coal, or are engaged in transporting, storing, distributing and processing these items on behalf of shippers. To maintain or grow their revenues, these </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">companies or their customers need to maintain or expand their reserves through exploration of new sources of supply, through the development of existing sources, through </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">acquisitions, or through long-term contracts to acquire reserves. The financial performance of energy and natural resources companies may be adversely affected if they, or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">the companies to whom they provide the service, are unable to cost-effectively acquire additional reserves sufficient to replace the natural decline.</div></div> <div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Commodity Pricing Risk (BGR):</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> The operations and financial performance of energy and natural resources companies may be directly affected by energy commodity prices, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">especially those energy and natural resources companies which own the underlying energy commodity. Commodity prices fluctuate for several reasons, including changes in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">market and economic conditions, the impact of weather on demand, levels of domestic production and imported commodities, energy conservation, domestic and foreign </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">governmental regulation and taxation and the availability of local, intrastate and interstate transportation systems. Volatility of commodity prices, which may lead to a reduction </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">in production or supply, may also negatively impact the performance of energy and natural resources companies which are solely involved in the transportation, processing, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">storing, distribution or marketing of commodities. Volatility of commodity prices may also make it more difficult for energy and natural resources companies to raise capital to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">the extent the market perceives that their performance may be directly or indirectly tied to commodity prices.</div></div> <div style="line-height:11.00pt;margin-top:8.00pt;text-align:left"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Leverage Risk: </div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">The Trust’s use of leverage may increase or decrease from time to time in its discretion and the Trust may, in the future, determine not to use leverage.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The use of leverage creates an opportunity for increased common share net investment income dividends, but also creates risks for the holders of common shares. The Trust </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">cannot assure you that the use of leverage will result in a higher yield on the common shares. Any leveraging strategy the Trust employs may not be successful.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:left"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Leverage involves risks and special considerations for common shareholders, including:</div></div></div><div style="line-height:11.00pt;margin-left:10pt;margin-top:9.00pt;text-align:left"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">the likelihood of greater volatility of net asset value, market price and dividend rate of the common shares than a comparable portfolio without leverage;</div></div></div><div style="line-height:11.00pt;margin-left:10pt;margin-top:9.00pt;text-align:left"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">the risk that fluctuations in interest rates or dividend rates on any leverage that the Trust must pay will reduce the return to the common shareholders;</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: -2.41%; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">the effect of leverage in a declining market, which is likely to cause a greater decline in the net asset value of the common shares than if the Trust were not leveraged, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">which may result in a greater decline in the market price of the common shares;</div></div></div><div style="line-height:11.00pt;margin-left:10pt;margin-top:9.00pt;text-align:left"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">leverage may increase operating costs, which may reduce total return.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Any decline in the net asset value of the Trust’s investments will be borne entirely by the holders of common shares. Therefore, if the market value of the Trust’s portfolio </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">declines, leverage will result in a greater decrease in net asset value to the holders of common shares than if the Trust were not leveraged. This greater net asset value </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">decrease will also tend to cause a greater decline in the market price for the common shares.</div></div></div> <div style="line-height:11.00pt;margin-top:0.00pt;text-align:justify"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Reverse Repurchase Agreements Risk (BDJ, BMEZ, BME, BTX, BCX, BSTZ, BST and BUI):</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> Reverse repurchase agreements involve the sale of securities held by the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Trust with an agreement to repurchase the securities at an agreed-upon price, date and interest payment. Reverse repurchase agreements involve the risk that the other party </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">may fail to return the securities in a timely manner or at all. The Trust could lose money if it is unable to recover the securities and the value of the collateral held by the Trust, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">including the value of the investments made with cash collateral, is less than the value of the securities. These events could also trigger adverse tax consequences for the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trust. In addition, reverse repurchase agreements involve the risk that the interest income earned in the investment of the proceeds will be less than the interest expense.</div></div> <div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Dollar Rolls Risk (BMEZ, BME, BTX, BSTZ and BST):</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> Dollar rolls involve the risk that the market value of the securities that the Trust is committed to buy may decline below </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">the price of the securities the Trust has sold. These transactions may involve leverage.</div></div> <div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">When-Issued and Delayed Delivery Securities and Forward Commitments Risk (BDJ, BMEZ, BME, BCX and BSTZ):</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> When-issued and delayed delivery securities and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">forward commitments involve the risk that the security the Trust buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">party to the transaction will not meet its obligation. If this occurs, the Trust may lose both the investment opportunity for the assets it set aside to pay for the security and any </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">gain in the security’s price.</div></div> <div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Short Sales Risk (BDJ, BGY, BMEZ, BME, BCX, BSTZ, BST and BUI):</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> Because making short sales in securities that it does not own exposes the Trust to the risks </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">associated with those securities, such short sales involve speculative exposure risk. The Trust will incur a loss as a result of a short sale if the price of the security increases </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">between the date of the short sale and the date on which the Trust replaces the security sold short.</div></div> <div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Repurchase Agreements and Purchase and Sale Contracts Risk (BDJ, BMEZ, BME, BCX and BSTZ):</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> If the other party to a repurchase agreement or purchase and sale </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">contract defaults on its obligation under the agreement, the Trust may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">to repurchase the security in either situation and the market value of the security declines, the Trust may lose money.</div></div> <div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Risks Associated with Private Company Investments (BDJ, BMEZ, BTX, BSTZ and BST):</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> Private companies are generally not subject to SEC reporting requirements, are </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">not required to maintain their accounting records in accordance with generally accepted accounting principles, and are not required to maintain effective internal controls over </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">financial reporting. As a result, the Manager may not have timely or accurate information about the business, financial condition and results of operations of the private </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">companies in which the Trust invests. There is risk that the Trust may invest on the basis of incomplete or inaccurate information, which may adversely affect the Trust’s </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">investment performance. Private companies in which the Trust may invest may have limited financial resources, shorter operating histories, more asset concentration risk, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">narrower product lines and smaller market shares than larger businesses, which tend to render such private companies more vulnerable to competitors’ actions and market </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">conditions, as well as general economic downturns.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">These companies generally have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion or maintain their </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">competitive position. These companies may have difficulty accessing the capital markets to meet future capital needs, which may limit their ability to grow or to repay their </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">outstanding indebtedness upon maturity. In addition, the Trust’s investment also may be structured as pay-in-kind securities with minimal or no cash interest or dividends until </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">the company meets certain growth and liquidity objectives.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Typically, investments in private companies are in restricted securities that are not traded in public markets and subject to substantial holding periods, so that the Trust may not </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">be able to resell some of its holdings for extended periods, which may be several years. There can be no assurance that the Trust will be able to realize the value of private </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">company investments in a timely manner.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: -2.41%; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">Late-Stage Private Companies Risk (BMEZ and BTX)</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> — </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Investments in late-stage private companies involve greater risks than investments in shares of companies </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">that have traded publicly on an exchange for extended periods of time. These investments may present significant opportunities for capital appreciation but involve a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">high degree of risk that may result in significant decreases in the value of these investments. The Trust may not be able to sell such investments when the Manager </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">deems it appropriate to do so because they are not publicly traded. As such, these investments are generally considered to be illiquid until a company’s public offering </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">(which may never occur) and are often subject to additional contractual restrictions on resale following any public offering that may prevent the Trust from selling its </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">shares of these companies for a period of time. See “Illiquid Investments Risk.” Market conditions, developments within a company, investor perception or regulatory </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">decisions may adversely affect a late-stage private company and delay or prevent such a company from ultimately offering its securities to the public. If a company does </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">issue shares in an IPO, IPOs are risky and volatile and may cause the value of the Trust’s investment to decrease significantly.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: -2.41%; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">Pre-IPO Securities Risk</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> — </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Investments in pre-IPO securities involve greater risks than investments in shares of companies that have traded publicly on an exchange </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">for extended periods of time. These investments may present significant opportunities for capital appreciation but involve a high degree of risk that may result in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">significant decreases in the value of these investments. Issuers of pre-IPO securities may not have established products, experienced management or earnings history. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">The Trust may not be able to sell such investments when the Manager deems it appropriate to do so because they are not publicly traded. As such, these investments </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">are generally considered to be illiquid until a company’s public offering (which may never occur) and are often subject to additional contractual restrictions on resale </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">following any public offering that may prevent the Trust from selling its shares of these companies for a period of time. See “Illiquid Investments Risk.” Market conditions, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">developments within a company, investor perception or regulatory decisions may adversely affect an issuer of pre-IPO securities and delay or prevent such an issuer </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">from ultimately offering its securities to the public. If a company does issue shares in an IPO, IPOs are risky and volatile and may cause the value of the Trust’s </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">investment to decrease significantly.</div></div></div> <div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Illiquid Investments Risk: </div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">The Trust may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">are otherwise illiquid, including private placement securities. The Trust may not be able to readily dispose of such investments at prices that approximate those at which the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Trust could sell such investments if they were more widely traded and, as a result of such illiquidity, the Trust may have to sell other investments or engage in borrowing </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">transactions if necessary to raise cash to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting the Trust’s net asset </div></div><div style="line-height:11.00pt;margin-top:0.00pt;text-align:justify"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">value and ability to make dividend distributions. The financial markets in general, and certain segments of the mortgage-related securities markets in particular, have in recent </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">years experienced periods of extreme secondary market supply and demand imbalance, resulting in a loss of liquidity during which market prices were suddenly and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">substantially below traditional measures of intrinsic value. During such periods, some investments could be sold only at arbitrary prices and with substantial losses. Periods of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">such market dislocation may occur again at any time. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">the same risks as investing in below investment grade public debt securities.</div></div> <div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investment Companies and ETFs Risk (BMEZ, BME, BTX, BCX, BSTZ, BST and BUI):</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> Subject to the limitations set forth in the Investment Company Act and the rules </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">thereunder, the Trust may acquire shares in other investment companies and in ETFs, some of which may be affiliated investment companies. The market value of the shares </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">of other investment companies and ETFs may differ from their net asset value. As an investor in investment companies and ETFs, the Trust would bear its ratable share of that </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">entity’s expenses, including its investment advisory and administration fees, while continuing to pay its own advisory and administration fees and other expenses (to the extent </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">not offset by the Manager through waivers). As a result, shareholders will be absorbing duplicate levels of fees with respect to investments in other investment companies and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">ETFs (to the extent not offset by the Manager through waivers).</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The securities of other investment companies and ETFs in which the Trust may invest may be leveraged. As a result, the Trust may be indirectly exposed to leverage through </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">an investment in such securities. An investment in securities of other investment companies and ETFs that use leverage may expose the Trust to higher volatility in the market </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">value of such securities and the possibility that the Trust’s long-term returns on such securities (and, indirectly, the long-term returns of shares of the Trust) will be diminished.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">As with other investments, investments in other investment companies, including ETFs, are subject to market and selection risk. To the extent the Trust is held by an affiliated </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">fund, the ability of the Trust itself to hold other investment companies may be limited.</div></div></div> <div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Subsidiary Risk (BCX):</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> By investing in the Subsidiary, the Trust is indirectly exposed to the risks associated with the Subsidiary’s investments. The commodity-related </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">instruments held by the Subsidiary are generally similar to those that are permitted to be held by the Trust and are subject to the same risks that apply to similar investments </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">if held directly by the Trust (see “Commodities Related Investments Risk” above). There can be no assurance that the investment objective of the Subsidiary will be achieved. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The Subsidiary is not registered under the Investment Company Act, and, unless otherwise noted, is not subject to all the investor protections of the Investment Company Act. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">However, the Trust wholly owns and controls the Subsidiary, and the Trust and the Subsidiary are both managed by the Manager, making it unlikely that the Subsidiary will take </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">action contrary to the interests of the Trust and its shareholders. The Board has oversight responsibility for the investment activities of the Trust, including its investment in the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Subsidiary, and the Trust’s role as sole shareholder of the Subsidiary. The Subsidiary is subject to the same investment restrictions and limitations, and follows the same </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">compliance policies and procedures, as the Trust. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Trust and/or the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Subsidiary to operate as described and could adversely affect the Trust.</div></div> <div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Securities Lending Risk (BDJ, BGY, BMEZ, BME, BTX, BCX, BSTZ, BST and BUI):</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> The Trust may engage in securities lending. Securities lending involves the risk that the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Trust may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Trust could also lose money in the event of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">tax consequences for the Trust.</div></div> <div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Risk of Investing in the United States (BGR, CII, BDJ, BOE, BMEZ, BME, BTX, BCX, BSTZ, BST and BUI):</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> Certain changes in the U.S. economy, such as when the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Trust has exposure.</div></div> <div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Market Risk and Selection Risk:</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> Market risk is the risk that one or more markets in which the Trust invests will go down in value, including the possibility that the markets will </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues like </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">pandemics or epidemics, recessions, or other events could have a significant impact on the Trust and its investments. Selection risk is the risk that the securities selected by </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Trust management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">This means you may lose money.</div></div> <div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Shareholder Activism Risk</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">: Shareholder activism involving closed-end funds has recently been increasing. Shareholder activism can take many forms, including engaging </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">in public campaigns to demand that the Trust consider significant transactions such as a tender offer, merger or liquidation or to attempt to influence the Trust’s corporate </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">governance and/or management, commencing proxy contests to attempt to elect the activists’ representatives or others to the Trust’s Board of Trustees, or to seek other </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">actions such as a termination of the Trust’s investment advisory contract with its current investment manager or commencing litigation. If the Trust becomes the subject of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">shareholder activism, then management and the Board may be required to divert significant resources and attention to respond to the activist and the Trust may incur </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">substantial costs defending against such activism if management and the Board determine that the activist’s demands are not in the best interest of the Trust. Further, the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trust’s share price could be <div style="display:inline;">subject </div>to <div style="display:inline;">significant </div>fluctuation or otherwise be adversely affected by the events, risks and uncertainties of any shareholder activism.</div></div> <div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">The following table and example are intended to assist shareholders in understanding the various costs and expenses directly or indirectly associated with investing in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">BUI</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">’</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">s common shares.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 0.1pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; border-top:0.5pt solid #000000;empty-cells:show;margin-left:12pt;width:535pt"> <tr style="height:13pt"> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:469.36pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-right: 5pt; text-align: center; white-space: nowrap; font-size: 9pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:65.64pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:3pt;margin-right:6pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">BUI</div></div></div></div></td></tr> <tr style="height:11.5pt"> <td style="background-color:azure;vertical-align:Bottom;width:469.36pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:5pt;text-align:Left;white-space:nowrap;width:"><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="font-weight:bolder;display:inline;">Shareholder Transaction Expenses</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:65.64pt"><div style="line-height:0.5pt;margin-left:5pt;margin-right:4pt;text-align:right;width:52.64pt"><div style="display:flex;margin:auto;width:52.64pt"><div style="display:flex;white-space:nowrap;width:48.64pt"> </div></div></div></td></tr> <tr style="height:10pt"> <td style="vertical-align:Bottom;width:469.36pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:5pt;text-align:Left;white-space:nowrap;width:"><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 load (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;">(a)</div></div></div></td> <td style="vertical-align:Bottom;width:65.64pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:3pt;margin-right:6pt;text-align:Center;white-space:nowrap;width:52.64pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 33.88pt; letter-spacing: 0px; top: 0px;display:inline;">1.00%</div></div></div></td></tr> <tr style="height:10pt"> <td style="background-color:azure;vertical-align:Bottom;width:469.36pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:5pt;text-align:Left;white-space:nowrap;width:"><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;">Offering expenses borne by the Trust (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;">(a)</div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;width:65.64pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:3pt;margin-right:6pt;text-align:Center;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 33.88pt; letter-spacing: 0px; top: 0px;display:inline;">0.02%</div></div></div></td></tr> <tr style="height:40pt"> <td style="vertical-align:Bottom;width:469.36pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:5pt;text-align:Left;white-space:nowrap;width:"><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;">Dividend reinvestment plan fees</div></div></div></td> <td style="vertical-align:Bottom;width:65.64pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:3pt;margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3pt; letter-spacing: 0px; top: 0px;display:inline;">$0.02</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><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;">per</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><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;">share</div> </div><div style="margin-left:3pt;margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3pt; letter-spacing: 0px; top: 0px;display:inline;">for</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><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;">open</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><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;">market</div> </div><div style="margin-left:3pt;margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3pt; letter-spacing: 0px; top: 0px;display:inline;">purchases</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><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;">of</div> </div><div style="margin-left:3pt;margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3pt; letter-spacing: 0px; top: 0px;display:inline;">common</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><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;">shares</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;">(b)</div> <div style="clear:right"> </div></div></div></td></tr></table><div style="clear:both;margin-top:0.0pt;position:relative;width:100%"><div style="float:left;line-height:7pt;margin-left:12pt;text-align:left;width:6pt"><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;">(a)</div></div><div style="float:left;line-height:10.0pt;margin-left:3.7pt;text-align:justify;width:532.3pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; 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;">If the common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses. Trust shareholders </div></div></div><div style="clear:both;position:relative;width:100%"><div style="float:left;line-height:10.0pt;margin-left:28.25pt;text-align:left;width:525.75pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">will pay all offering expenses involved with an offering.</div></div></div><div style="clear:both;margin-top:0.00pt;position:relative;width:100%"><div style="float:left;line-height:7pt;margin-left:12pt;text-align:left;width:6pt"><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;">(b)</div></div><div style="float:left;line-height:10.0pt;margin-left:3.7pt;text-align:justify;width:532.3pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; 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;">Computershare Trust Company, N.A.’s (the “Reinvestment Plan Agent”) fees for the handling of the reinvestment of dividends will be paid by BUI. However, shareholders will pay a </div></div></div><div style="clear:both;position:relative;width:100%"><div style="float:left;line-height:10.0pt;margin-left:28.25pt;text-align:justify;width:525.75pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">$0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. Shareholders will also be charged a $0.02 per share </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">fee if a shareholder directs the Reinvestment Plan Agent to sell the common shares held in a dividend reinvestment account. Per share fees include any applicable brokerage </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">commissions the Reinvestment Plan Agent is required to pay.</div></div></div> <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">The following table and example are intended to assist shareholders in understanding the various costs and expenses directly or indirectly associated with investing in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">BUI</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">’</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">s common shares.</div> as a percentage of offering price 0.01 as a percentage of offering price 0.0002 0.02 <div style="margin-top: 0px; margin-bottom: 0px;"> </div> <table style="text-align:start; border-top:0.5pt solid #000000;empty-cells:show;margin-left:12pt;width:535pt"> <tr style="height:10pt"> <td style="background-color:azure;vertical-align:Bottom;width:469.36pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:5pt;text-align:Left;white-space:nowrap;width:"><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="font-weight:bolder;display:inline;">Estimated Annual Expenses</div></div><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;"> (as a percentage of net assets attributable to common shares)</div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:65.64pt"><div style="line-height:0.5pt;margin-left:5pt;margin-right:4pt;text-align:right;width:52.64pt"><div style="display:flex;margin:auto;width:52.64pt"><div style="display:flex;white-space:nowrap;width:48.64pt"> </div></div></div></td></tr> <tr style="height:10pt"> <td style="vertical-align:Bottom;width:469.36pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:5pt;text-align:Left;white-space:nowrap;width:"><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;">Investment advisory 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;">(c)(d)</div></div></div></td> <td style="vertical-align:Bottom;width:65.64pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:3pt;margin-right:6pt;text-align:Center;white-space:nowrap;width:52.64pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 33.88pt; 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: 8pt; letter-spacing: 0px; top: 0px;display:inline;">% </div></div></div></td></tr> <tr style="height:10pt"> <td style="background-color:azure;vertical-align:Bottom;width:469.36pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:5pt;text-align:Left;white-space:nowrap;width:"><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 expenses</div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;width:65.64pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:3pt;margin-right:6pt;text-align:Center;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 33.88pt; letter-spacing: 0px; top: 0px;display:inline;">0.09</div></div></div></td></tr> <tr style="height:10pt"> <td style="vertical-align:Bottom;width:469.36pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:5pt;text-align:Left;white-space:nowrap;width:"><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;">Total annual expenses</div></div></div></td> <td style="vertical-align:Bottom;width:65.64pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:3pt;margin-right:6pt;text-align:Center;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 33.88pt; letter-spacing: 0px; top: 0px;display:inline;">1.09</div></div></div></td></tr> <tr style="height:10pt"> <td style="background-color:azure;vertical-align:Bottom;width:469.36pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:5pt;text-align:Left;white-space:nowrap;width:"><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</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;">(d)</div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;width:65.64pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:3pt;margin-right:6pt;text-align:Center;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 40.09pt; letter-spacing: 0px; top: 0px;display:inline;">—</div></div></div></td></tr> <tr style="height:13pt"> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:469.36pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-right:5pt;text-align:Left;white-space:nowrap;width:"><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;">Total annual Trust operating expenses after fee waivers</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;">(d)</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:65.64pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:3pt;margin-right:6pt;text-align:Center;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 33.88pt; letter-spacing: 0px; top: 0px;display:inline;">1.09</div></div></div></td></tr></table><div style="clear:both;margin-top:0.00pt;position:relative;width:100%"><div style="float:left;line-height:7pt;margin-left:12pt;text-align:left;width:5.72pt"><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;">(c)</div></div><div style="float:left;line-height:10.0pt;margin-left:3.98pt;text-align:justify;width:532.30pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; 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;">BUI currently pays the Manager a contractual investment advisory fee at an annual rate of 1.00% based on BUI’s average daily managed assets. “Managed Assets” means the total </div></div></div><div style="clear:both;position:relative;width:100%"><div style="float:left;line-height:10.0pt;margin-left:28.25pt;text-align:justify;width:525.75pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">assets of BUI (including any assets attributable to money borrowed for investment purposes) minus the sum of BUI’s accrued liabilities (other than money borrowed for investment </div></div></div><div style="clear:both;position:relative;width:100%"><div style="float:left;line-height:10.0pt;margin-left:28.25pt;text-align:left;width:525.75pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">purposes).</div></div></div><div style="clear:both;margin-top:0.00pt;position:relative;width:100%"><div style="float:left;line-height:7pt;margin-left:12pt;text-align:left;width:6pt"><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;">(d)</div></div><div style="float:left;line-height:10.0pt;margin-left:3.7pt;text-align:justify;width:532.3pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; 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;">BUI and the Manager have entered into a fee waiver agreement (the “Fee Waiver Agreement”), pursuant to which the Manager has contractually agreed to waive the investment </div></div></div><div style="clear:both;position:relative;width:100%"><div style="float:left;line-height:10.0pt;margin-left:28.25pt;text-align:justify;width:525.75pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">advisory fees with respect to any portion of BUI’s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds managed by the Manager </div></div></div><div style="clear:both;position:relative;width:100%"><div style="float:left;line-height:10.0pt;margin-left:28.25pt;text-align:justify;width:525.75pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">or its affiliates that have a contractual management fee, through June 30, 2027. In addition, pursuant to the Fee Waiver Agreement, the Manager has contractually agreed to waive its </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">investment advisory fees by the amount of investment advisory fees BUI pays to the Manager indirectly through its investment in money market funds managed by the Manager or its </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">affiliates, through June 30, 2027. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by BUI (upon the vote of a majority of 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;">Trustees who are not “interested persons” (as defined in the Investment Company Act) of BUI or a majority of the outstanding voting securities of BUI), upon 90 days’ written notice by </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">BUI to the Manager.</div></div></div> as a percentage of net assets attributable to common shares 0.01 0.0009 0.0109 0 0.0109 <div style="clear:both;margin-top:0.00pt;position:relative;width:100%"><div style="float:left;line-height:7pt;margin-left:12pt;text-align:left;width:6pt"><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;">(b)</div></div><div style="float:left;line-height:10.0pt;margin-left:3.7pt;text-align:justify;width:532.3pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; 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;">Computershare Trust Company, N.A.’s (the “Reinvestment Plan Agent”) fees for the handling of the reinvestment of dividends will be paid by BUI. However, shareholders will pay a </div></div></div><div style="clear:both;position:relative;width:100%"><div style="float:left;line-height:10.0pt;margin-left:28.25pt;text-align:justify;width:525.75pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">$0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. Shareholders will also be charged a $0.02 per share </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">fee if a shareholder directs the Reinvestment Plan Agent to sell the common shares held in a dividend reinvestment account. Per share fees include any applicable brokerage </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">commissions the Reinvestment Plan Agent is required to pay.</div></div></div> <div style="clear:both;margin-top:0.00pt;position:relative;width:100%"><div style="float:left;line-height:7pt;margin-left:12pt;text-align:left;width:6pt"><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;">(d)</div></div><div style="float:left;line-height:10.0pt;margin-left:3.7pt;text-align:justify;width:532.3pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; 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;">BUI and the Manager have entered into a fee waiver agreement (the “Fee Waiver Agreement”), pursuant to which the Manager has contractually agreed to waive the investment </div></div></div><div style="clear:both;position:relative;width:100%"><div style="float:left;line-height:10.0pt;margin-left:28.25pt;text-align:justify;width:525.75pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">advisory fees with respect to any portion of BUI’s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds managed by the Manager </div></div></div><div style="clear:both;position:relative;width:100%"><div style="float:left;line-height:10.0pt;margin-left:28.25pt;text-align:justify;width:525.75pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">or its affiliates that have a contractual management fee, through June 30, 2027. In addition, pursuant to the Fee Waiver Agreement, the Manager has contractually agreed to waive its </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">investment advisory fees by the amount of investment advisory fees BUI pays to the Manager indirectly through its investment in money market funds managed by the Manager or its </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">affiliates, through June 30, 2027. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by BUI (upon the vote of a majority of 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;">Trustees who are not “interested persons” (as defined in the Investment Company Act) of BUI or a majority of the outstanding voting securities of BUI), upon 90 days’ written notice by </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">BUI to the Manager.</div></div></div> <div style="line-height:11.00pt;margin-top:9.00pt;text-align:left"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">The following example illustrates BUI</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">’</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">s expenses (including the sales load of $10.00 and offering costs of $0.16) that shareholders would pay on a $1,000 investment in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">common shares, assuming (i) total net annual expenses of 1.09% of net assets attributable to common shares and (ii) a 5% annual return:</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 0.1pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:0.1pt;margin-top:-0.1pt;text-align:left"> </div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; border-bottom:0.5pt solid #000000;empty-cells:show;margin-left:7.07pt;width:544.87pt"> <tr style="height:8.75pt"> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:416pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-right: 3pt; text-align: left; white-space: nowrap; font-size: 9pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:24.6pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:1pt;margin-right:1pt;text-align-last:Justify;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;">1 Year</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:27.88pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:1pt;margin-right:1pt;text-align-last:Justify;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;">3 Years</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:27.88pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:1pt;margin-right:1pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">5 Years</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:31.52pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:1pt;margin-right:1pt;text-align-last:Justify;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;">10 Years</div></div></div></td> <td style="vertical-align: bottom; width: 6pt; padding-bottom: 0.5pt;"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 3pt; text-align: center; white-space: nowrap; font-size: 8pt;"><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></div></td> <td style="vertical-align: bottom; width: 11pt; padding-bottom: 0.5pt;"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 8pt; text-align: center; white-space: nowrap; font-size: 8pt;"><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></div></td></tr> <tr style="height:11.25pt"> <td style="background-color:azure;vertical-align:Bottom;width:416pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:3pt;text-align:Left;white-space:nowrap;width:auto"><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;">Total expenses incurred</div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:24.6pt"><div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:18.6pt"><div style="display:flex;margin-left:auto;width:18.6pt"><div style="display:flex;white-space:nowrap;width:18.6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 18.6pt; letter-spacing: 0px; top: 0px;display:inline;">$ </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 18.6pt; letter-spacing: 0px; top: 0px;display:inline;">21</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:27.88pt"><div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:21.88pt"><div style="display:flex;margin-left:auto;width:21.88pt"><div style="display:flex;white-space:nowrap;width:21.88pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.88pt; letter-spacing: 0px; top: 0px;display:inline;">$ </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.88pt; letter-spacing: 0px; top: 0px;display:inline;">44</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:27.88pt"><div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:21.88pt"><div style="display:flex;margin-left:auto;width:21.88pt"><div style="display:flex;white-space:nowrap;width:21.88pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.88pt; letter-spacing: 0px; top: 0px;display:inline;">$ </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.88pt; letter-spacing: 0px; top: 0px;display:inline;">70</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:31.52pt"><div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:25.52pt"><div style="display:flex;margin-left:auto;width:25.52pt"><div style="display:flex;white-space:nowrap;width:25.52pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 25.52pt; letter-spacing: 0px; top: 0px;display:inline;">$ </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 25.52pt; letter-spacing: 0px; top: 0px;display:inline;">142</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:6pt"><div style="line-height:0.5pt;margin-left:3pt;margin-right:3pt;text-align:right"><div style="display:flex;margin-left:auto;width:auto"><div style="display:flex;white-space:nowrap;width:2.0pt"> </div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:11pt"><div style="line-height:0.5pt;margin-left:3pt;margin-right:4pt;text-align:right"><div style="display:flex;margin-left:auto;width:auto"><div style="display:flex;white-space:nowrap;width:2.0pt"> </div></div></div></td></tr></table></div> 21 44 70 142 <div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The example should not be considered a representation of future expenses. The example assumes that the estimated “Other expenses” set forth in the Estimated Annual </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Expenses table are accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. BUI’s actual rate of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">return may be greater or less than the hypothetical 5% return shown in the example.</div></div> <div style="line-height:13.00pt;margin-top:0.00pt;text-align:left"><div style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;display:inline;">Share Price Data</div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">The following tables summarize each Trust</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">’</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">s highest and lowest daily closing market prices on the NYSE per common share, the NAV per common share, and the premium to </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">or discount from NAV, on the date of each of the high and low market prices.  The trading volume indicates the number of common shares traded on the NYSE during the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">respective quarters.</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:0.1pt;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; border-bottom:0.5pt solid #000000;empty-cells:show;margin-left:12pt;width:535pt"> <tr style="height:46.5pt"> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:237.88pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-right:6pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;"> </div></div></div></td> <td colspan="2" style="vertical-align:Bottom;width:79.78pt"><div style="line-height:11.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:7.52%;margin-right:12.53%;padding-bottom:1pt"><div style="text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:italic;display:inline;">NYSE Market Price</div> <br/></div><div style="text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:italic;display:inline;">Per Common Share</div></div></div></div></td> <td colspan="2" style="vertical-align:Bottom;width:83.78pt"><div style="line-height:11.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:11.94%;margin-right:11.94%;padding-bottom:1pt"><div style="text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:italic;display:inline;">NAV per Common</div> <br/></div><div style="text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:italic;display:inline;">Share on Date of</div> <br/></div><div style="text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:italic;display:inline;">Market Price</div></div></div></div></td> <td colspan="2" style="vertical-align:Bottom;width:69.88pt"><div style="line-height:11.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:14.31%;margin-right:14.31%;padding-bottom:1pt"><div style="text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:italic;display:inline;">Premium/</div> <br/></div><div style="text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:italic;display:inline;">(Discount)</div> <br/></div><div style="text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:italic;display:inline;">on Date of</div> <br/></div><div style="text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:italic;display:inline;">Market Price</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:10pt;display:inline;"> </div></div></div></div></td> <td style="vertical-align:Bottom;width:63.69pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:8pt;margin-right:6pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;"> </div></div></div></td></tr> <tr style="height:13pt"> <td style="background-color:azure;border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:237.88pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">BUI — During Quarter Ended</div></div></div></td> <td style="background-color:azure;border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:37.89pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:4pt;margin-right:8pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">High</div></div></div></td> <td style="background-color:azure;border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:41.89pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:8pt;margin-right:8pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">Low</div></div></div></td> <td style="background-color:azure;border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:41.89pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:8pt;margin-right:8pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">High</div></div></div></td> <td style="background-color:azure;border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:41.89pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:8pt;margin-right:8pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">Low</div></div></div></td> <td style="background-color:azure;border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:34.94pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:8pt;margin-right:8pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">High</div></div></div></td> <td style="background-color:azure;border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:34.94pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:8pt;margin-right:8pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">Low</div></div></div></td> <td style="background-color:azure;border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:63.69pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:8pt;margin-right:6pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">Trading Volume</div></div></div></td></tr> <tr style="height:11.5pt"> <td style="vertical-align:Bottom;width:237.88pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">December 31, 2025</div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:37.89pt"><div style="line-height:10pt;margin-left:6pt;margin-right:10pt;text-align:right;width:21.89pt"><div style="display:flex;margin-left:auto;width:21.89pt"><div style="display:flex;white-space:nowrap;width:21.89pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.89pt;display:inline;">$ </div><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.89pt;display:inline;">27.27</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:41.89pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.89pt"><div style="display:flex;margin-left:auto;width:21.89pt"><div style="display:flex;white-space:nowrap;width:21.89pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.89pt;display:inline;">$ </div><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.89pt;display:inline;">24.90</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:41.89pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.89pt"><div style="display:flex;margin-left:auto;width:21.89pt"><div style="display:flex;white-space:nowrap;width:21.89pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.89pt;display:inline;">$ </div><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.89pt;display:inline;">26.12</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:41.89pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.89pt"><div style="display:flex;margin-left:auto;width:21.89pt"><div style="display:flex;white-space:nowrap;width:21.89pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.89pt;display:inline;">$ </div><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.89pt;display:inline;">24.66</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:34.94pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:14.94pt"><div style="display:flex;margin-left:auto;width:14.94pt"><div style="display:flex;white-space:nowrap;width:14.94pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:14.94pt;display:inline;">4.40</div></div><div style="display:flex;width:14.94pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;display:inline;">% </div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:34.94pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:14.94pt"><div style="display:flex;margin-left:auto;width:14.94pt"><div style="display:flex;white-space:nowrap;width:14.94pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:14.94pt;display:inline;">0.97</div></div><div style="display:flex;width:14.94pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;display:inline;">% </div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:63.69pt"><div style="line-height:10pt;margin-left:10pt;margin-right:4pt;text-align:right;width:45.69pt"><div style="display:flex;margin-left:auto;width:45.69pt"><div style="display:flex;white-space:nowrap;width:45.69pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:45.69pt;display:inline;">4,536,542</div></div></div></div></td></tr> <tr style="height:10pt"> <td style="background-color:azure;vertical-align:Bottom;width:237.88pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">September 30, 2025</div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:37.89pt"><div style="line-height:10pt;margin-left:6pt;margin-right:10pt;text-align:right;width:21.89pt"><div style="display:flex;margin-left:auto;width:21.89pt"><div style="display:flex;white-space:nowrap;width:21.89pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.89pt;display:inline;">27.37</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:41.89pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.89pt"><div style="display:flex;margin-left:auto;width:21.89pt"><div style="display:flex;white-space:nowrap;width:21.89pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.89pt;display:inline;">25.63</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:41.89pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.89pt"><div style="display:flex;margin-left:auto;width:21.89pt"><div style="display:flex;white-space:nowrap;width:21.89pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.89pt;display:inline;">25.38</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:41.89pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.89pt"><div style="display:flex;margin-left:auto;width:21.89pt"><div style="display:flex;white-space:nowrap;width:21.89pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.89pt;display:inline;">25.46</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:34.94pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:14.94pt"><div style="display:flex;margin-left:auto;width:14.94pt"><div style="display:flex;white-space:nowrap;width:14.94pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:14.94pt;display:inline;">7.84</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:34.94pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:14.94pt"><div style="display:flex;margin-left:auto;width:14.94pt"><div style="display:flex;white-space:nowrap;width:14.94pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:14.94pt;display:inline;">0.67</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:63.69pt"><div style="line-height:10pt;margin-left:10pt;margin-right:4pt;text-align:right;width:45.69pt"><div style="display:flex;margin-left:auto;width:45.69pt"><div style="display:flex;white-space:nowrap;width:45.69pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:45.69pt;display:inline;">3,757,000</div></div></div></div></td></tr> <tr style="height:10pt"> <td style="vertical-align:Bottom;width:237.88pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">June 30, 2025</div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:37.89pt"><div style="line-height:10pt;margin-left:6pt;margin-right:10pt;text-align:right;width:21.89pt"><div style="display:flex;margin-left:auto;width:21.89pt"><div style="display:flex;white-space:nowrap;width:21.89pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.89pt;display:inline;">25.75</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:41.89pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.89pt"><div style="display:flex;margin-left:auto;width:21.89pt"><div style="display:flex;white-space:nowrap;width:21.89pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.89pt;display:inline;">20.72</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:41.89pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.89pt"><div style="display:flex;margin-left:auto;width:21.89pt"><div style="display:flex;white-space:nowrap;width:21.89pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.89pt;display:inline;">24.95</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:41.89pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.89pt"><div style="display:flex;margin-left:auto;width:21.89pt"><div style="display:flex;white-space:nowrap;width:21.89pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.89pt;display:inline;">20.64</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:34.94pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:14.94pt"><div style="display:flex;margin-left:auto;width:14.94pt"><div style="display:flex;white-space:nowrap;width:14.94pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:14.94pt;display:inline;">3.21</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:34.94pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:14.94pt"><div style="display:flex;margin-left:auto;width:14.94pt"><div style="display:flex;white-space:nowrap;width:14.94pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:14.94pt;display:inline;">0.39</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:63.69pt"><div style="line-height:10pt;margin-left:10pt;margin-right:4pt;text-align:right;width:45.69pt"><div style="display:flex;margin-left:auto;width:45.69pt"><div style="display:flex;white-space:nowrap;width:45.69pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:45.69pt;display:inline;">3,636,815</div></div></div></div></td></tr> <tr style="height:10pt"> <td style="background-color:azure;vertical-align:Bottom;width:237.88pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">March 31, 2025</div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:37.89pt"><div style="line-height:10pt;margin-left:6pt;margin-right:10pt;text-align:right;width:21.89pt"><div style="display:flex;margin-left:auto;width:21.89pt"><div style="display:flex;white-space:nowrap;width:21.89pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.89pt;display:inline;">23.74</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:41.89pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.89pt"><div style="display:flex;margin-left:auto;width:21.89pt"><div style="display:flex;white-space:nowrap;width:21.89pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.89pt;display:inline;">22.20</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:41.89pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.89pt"><div style="display:flex;margin-left:auto;width:21.89pt"><div style="display:flex;white-space:nowrap;width:21.89pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.89pt;display:inline;">23.92</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:41.89pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.89pt"><div style="display:flex;margin-left:auto;width:21.89pt"><div style="display:flex;white-space:nowrap;width:21.89pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.89pt;display:inline;">22.28</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:34.94pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:14.94pt"><div style="display:flex;margin-left:auto;width:14.94pt"><div style="display:flex;white-space:nowrap;width:14.94pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:14.94pt;display:inline;">(0.75</div></div><div style="display:flex;width:14.94pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;display:inline;">)</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:34.94pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:14.94pt"><div style="display:flex;margin-left:auto;width:14.94pt"><div style="display:flex;white-space:nowrap;width:14.94pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:14.94pt;display:inline;">(0.36</div></div><div style="display:flex;width:14.94pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;display:inline;">)</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:63.69pt"><div style="line-height:10pt;margin-left:10pt;margin-right:4pt;text-align:right;width:45.69pt"><div style="display:flex;margin-left:auto;width:45.69pt"><div style="display:flex;white-space:nowrap;width:45.69pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:45.69pt;display:inline;">3,240,144</div></div></div></div></td></tr> <tr style="height:10pt"> <td style="vertical-align:Bottom;width:237.88pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">December 31, 2024</div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:37.89pt"><div style="line-height:10pt;margin-left:6pt;margin-right:10pt;text-align:right;width:21.89pt"><div style="display:flex;margin-left:auto;width:21.89pt"><div style="display:flex;white-space:nowrap;width:21.89pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.89pt;display:inline;">24.37</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:41.89pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.89pt"><div style="display:flex;margin-left:auto;width:21.89pt"><div style="display:flex;white-space:nowrap;width:21.89pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.89pt;display:inline;">22.12</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:41.89pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.89pt"><div style="display:flex;margin-left:auto;width:21.89pt"><div style="display:flex;white-space:nowrap;width:21.89pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.89pt;display:inline;">24.41</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:41.89pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.89pt"><div style="display:flex;margin-left:auto;width:21.89pt"><div style="display:flex;white-space:nowrap;width:21.89pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.89pt;display:inline;">22.44</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:34.94pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:14.94pt"><div style="display:flex;margin-left:auto;width:14.94pt"><div style="display:flex;white-space:nowrap;width:14.94pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:14.94pt;display:inline;">(0.16</div></div><div style="display:flex;width:14.94pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;display:inline;">)</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:34.94pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:14.94pt"><div style="display:flex;margin-left:auto;width:14.94pt"><div style="display:flex;white-space:nowrap;width:14.94pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:14.94pt;display:inline;">(1.43</div></div><div style="display:flex;width:14.94pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;display:inline;">)</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:63.69pt"><div style="line-height:10pt;margin-left:10pt;margin-right:4pt;text-align:right;width:45.69pt"><div style="display:flex;margin-left:auto;width:45.69pt"><div style="display:flex;white-space:nowrap;width:45.69pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:45.69pt;display:inline;">3,031,403</div></div></div></div></td></tr> <tr style="height:10pt"> <td style="background-color:azure;vertical-align:Bottom;width:237.88pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">September 30, 2024</div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:37.89pt"><div style="line-height:10pt;margin-left:6pt;margin-right:10pt;text-align:right;width:21.89pt"><div style="display:flex;margin-left:auto;width:21.89pt"><div style="display:flex;white-space:nowrap;width:21.89pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.89pt;display:inline;">24.83</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:41.89pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.89pt"><div style="display:flex;margin-left:auto;width:21.89pt"><div style="display:flex;white-space:nowrap;width:21.89pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.89pt;display:inline;">22.14</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:41.89pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.89pt"><div style="display:flex;margin-left:auto;width:21.89pt"><div style="display:flex;white-space:nowrap;width:21.89pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.89pt;display:inline;">24.43</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:41.89pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.89pt"><div style="display:flex;margin-left:auto;width:21.89pt"><div style="display:flex;white-space:nowrap;width:21.89pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.89pt;display:inline;">22.30</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:34.94pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:14.94pt"><div style="display:flex;margin-left:auto;width:14.94pt"><div style="display:flex;white-space:nowrap;width:14.94pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:14.94pt;display:inline;">1.64</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:34.94pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:14.94pt"><div style="display:flex;margin-left:auto;width:14.94pt"><div style="display:flex;white-space:nowrap;width:14.94pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:14.94pt;display:inline;">(0.72</div></div><div style="display:flex;width:14.94pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;display:inline;">)</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:63.69pt"><div style="line-height:10pt;margin-left:10pt;margin-right:4pt;text-align:right;width:45.69pt"><div style="display:flex;margin-left:auto;width:45.69pt"><div style="display:flex;white-space:nowrap;width:45.69pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:45.69pt;display:inline;">2,940,462</div></div></div></div></td></tr> <tr style="height:10pt"> <td style="vertical-align:Bottom;width:237.88pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">June 30, 2024</div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:37.89pt"><div style="line-height:10pt;margin-left:6pt;margin-right:10pt;text-align:right;width:21.89pt"><div style="display:flex;margin-left:auto;width:21.89pt"><div style="display:flex;white-space:nowrap;width:21.89pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.89pt;display:inline;">23.03</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:41.89pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.89pt"><div style="display:flex;margin-left:auto;width:21.89pt"><div style="display:flex;white-space:nowrap;width:21.89pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.89pt;display:inline;">20.20</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:41.89pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.89pt"><div style="display:flex;margin-left:auto;width:21.89pt"><div style="display:flex;white-space:nowrap;width:21.89pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.89pt;display:inline;">22.97</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:41.89pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.89pt"><div style="display:flex;margin-left:auto;width:21.89pt"><div style="display:flex;white-space:nowrap;width:21.89pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.89pt;display:inline;">21.24</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:34.94pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:14.94pt"><div style="display:flex;margin-left:auto;width:14.94pt"><div style="display:flex;white-space:nowrap;width:14.94pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:14.94pt;display:inline;">0.26</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:34.94pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:14.94pt"><div style="display:flex;margin-left:auto;width:14.94pt"><div style="display:flex;white-space:nowrap;width:14.94pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:14.94pt;display:inline;">(4.90</div></div><div style="display:flex;width:14.94pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;display:inline;">)</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:63.69pt"><div style="line-height:10pt;margin-left:10pt;margin-right:4pt;text-align:right;width:45.69pt"><div style="display:flex;margin-left:auto;width:45.69pt"><div style="display:flex;white-space:nowrap;width:45.69pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:45.69pt;display:inline;">3,430,077</div></div></div></div></td></tr> <tr style="height:10.5pt"> <td style="background-color:azure;vertical-align:Bottom;width:237.88pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">March 31, 2024</div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:37.89pt"><div style="line-height:10pt;margin-left:6pt;margin-right:10pt;text-align:right;width:21.89pt"><div style="display:flex;margin-left:auto;width:21.89pt"><div style="display:flex;white-space:nowrap;width:21.89pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.89pt;display:inline;">22.24</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:41.89pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.89pt"><div style="display:flex;margin-left:auto;width:21.89pt"><div style="display:flex;white-space:nowrap;width:21.89pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.89pt;display:inline;">20.57</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:41.89pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.89pt"><div style="display:flex;margin-left:auto;width:21.89pt"><div style="display:flex;white-space:nowrap;width:21.89pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.89pt;display:inline;">22.28</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:41.89pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.89pt"><div style="display:flex;margin-left:auto;width:21.89pt"><div style="display:flex;white-space:nowrap;width:21.89pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.89pt;display:inline;">21.47</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:34.94pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:14.94pt"><div style="display:flex;margin-left:auto;width:14.94pt"><div style="display:flex;white-space:nowrap;width:14.94pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:14.94pt;display:inline;">(0.18</div></div><div style="display:flex;width:14.94pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;display:inline;">)</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:34.94pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:14.94pt"><div style="display:flex;margin-left:auto;width:14.94pt"><div style="display:flex;white-space:nowrap;width:14.94pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:14.94pt;display:inline;">(4.19</div></div><div style="display:flex;width:14.94pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;display:inline;">)</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:63.69pt"><div style="line-height:10pt;margin-left:10pt;margin-right:4pt;text-align:right;width:45.69pt"><div style="display:flex;margin-left:auto;width:45.69pt"><div style="display:flex;white-space:nowrap;width:45.69pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:45.69pt;display:inline;">3,733,789</div></div></div></div></td></tr></table><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">As of December 31, 2025, BUI</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">’</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">s market price, NAV per Common Share, and premium/(discount) to NAV per Common Share were $25.69, $24.56, and 4.60%, respectively.</div></div> 27.27 24.9 26.12 24.66 0.044 0.0097 27.37 25.63 25.38 25.46 0.0784 0.0067 25.75 20.72 24.95 20.64 0.0321 0.0039 23.74 22.2 23.92 22.28 -0.0075 -0.0036 24.37 22.12 24.41 22.44 -0.0016 -0.0143 24.83 22.14 24.43 22.3 0.0164 -0.0072 23.03 20.2 22.97 21.24 0.0026 -0.049 22.24 20.57 22.28 21.47 -0.0018 -0.0419 25.69 24.56 0.046 If the common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses. Trust shareholders will pay all offering expenses involved with an offering. BUI and the Manager have entered into a fee waiver agreement (the “Fee Waiver Agreement”), pursuant to which the Manager has contractually agreed to waive the investment advisory fees with respect to any portion of BUI’s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds managed by the Manager or its affiliates that have a contractual management fee, through June 30, 2026. In addition, pursuant to the Fee Waiver Agreement, the Manager has contractually agreed to waive its investment advisory fees by the amount of investment advisory fees BUI pays to the Manager indirectly through its investment in money market funds managed by the Manager or its affiliates, through June 30, 2026. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by BUI (upon the vote of a majority of the Trustees who are not “interested persons” (as defined in the Investment Company Act) of BUI or a majority of the outstanding voting securities of BUI), upon 90 days’ written notice by BUI to the Manager. Computershare Trust Company, N.A.’s (the “Reinvestment Plan Agent”) fees for the handling of the reinvestment of dividends will be paid by BUI. However, shareholders will pay a $0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. Shareholders will also be charged a $0.02 per share fee if a shareholder directs the Reinvestment Plan Agent to sell the common shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay. BUI currently pays the Manager a contractual investment advisory fee at an annual rate of 1.00% based on BUI’s average daily managed assets. “Managed Assets” means the total assets of BUI (including any assets attributable to money borrowed for investment purposes) minus the sum of BUI’s accrued liabilities (other than money borrowed for investment purposes).