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2025-12-31 0000832327 cik0000832327:CorporateLoansRiskMember 2025-01-01 2025-12-31 0000832327 cik0000832327:VariableandFloatingRateInstrumentRiskMember 2025-01-01 2025-12-31 0000832327 cik0000832327:CommonSharesMember 2025-01-01 2025-12-31 0000832327 cik0000832327:CommonSharesMember 2024-10-01 2024-12-31 0000832327 cik0000832327:CommonSharesMember 2024-07-01 2024-09-30 0000832327 cik0000832327:CommonSharesMember 2024-04-01 2024-06-30 0000832327 cik0000832327:CommonSharesMember 2024-01-01 2024-03-31 0000832327 cik0000832327:CommonSharesMember 2025-01-01 2025-03-31 0000832327 cik0000832327:CommonSharesMember 2025-04-01 2025-06-30 0000832327 cik0000832327:CommonSharesMember 2025-07-01 2025-09-30 0000832327 cik0000832327:CommonSharesMember 2025-10-01 2025-12-31 pure shares iso4217:USD iso4217:USD shares 0000832327 false N-CSR BlackRock Income Trust, Inc. <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;">Investment Objective</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;">BlackRock Income Trust, Inc.</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;">BKT</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;">Fund</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 objective is to manage a portfolio of high-quality securities to achieve both preservation of capital and high </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">monthly income. The Fund seeks to achieve its investment objective by investing at least 65% of its assets in mortgage-backed securities. The Fund invests at least 80% of its </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">assets in securities that are (i) issued or guaranteed by the U.S. government or one of its agencies or instrumentalities or (ii) rated at the time of investment either AAA by S&amp;P </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Global Ratings ("S&amp;P") or Aaa by Moody’s Investors Service, Inc ("Moody</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"). The Fund 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 March 24, 2025, BlackRock Enhanced Government Fund, Inc. was reorganized into the Fund.</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 September 12, 2025, the Board approved the terms of the issuance of transferable rights (one Right for each outstanding Share owned on the Record Date of </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">September 29, 2025). Rights entitle the holder to purchase one new Share for every 3 Rights held.</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 Fund’s investment objective will be achieved.</div></div></div> 32388952 200000000 <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;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;">Fund</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;">Fund 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 fluctuations. 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 Funds and their </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;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 Fund 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 Fund may not be able to readily dispose of such investments at prices that approximate those at which a Fund 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 Fund may have to sell other investments or engage in borrowing transactions if </div><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 Fund’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><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;">Fund 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;">Fund 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;">Fund</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;">Fund’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;">Fund invests the proceeds from <div style="display:inline;">matured</div>, 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;">Fund 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;margin-left:0%;display:inline;">Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal </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;">securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">available information on the financial condition of municipal security issuers than for issuers of other 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;">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;">Fund 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;">Fund 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;">Fund 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;">Fund’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;">Fund 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;">Fund 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;">Fund’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 Fund could receive upon the sale of any particular portfolio investment may differ from a Fund</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 Fund</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 Fund, and a Fund 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 Funds 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 Funds 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 Funds 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 Funds</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 Funds.</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;">With exchange-traded futures and centrally cleared swaps, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">instruments, 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 </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.</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;">Fund’s portfolio are disclosed in its Schedule of 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;">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;">Funds invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">redemption features.</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 Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates during a period of historically low interest </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Funds</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;"> performance.</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;">Funds 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 Funds invest.</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;">Funds</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</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 significant portion of  their</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;">assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;"> securities. When a fund concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. Changes in </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">percentages in these securities are presented in the Schedules of <div style="display:inline;">Investments</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;font-weight:bold;display:inline;">Risk Factors</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 Fund. 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 Fund 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 Fund’s performance will be positive for any period of time. Each risk noted below is applicable to each Fund unless the specific Fund or Funds 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.</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 Fund’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 Fund’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 Fund 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 Fund’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 Fund’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 Fund. During periods in which the Fund may use leverage, the Fund’s investment, market discount and certain other </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">risks 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;">Concentration Risk (BIT):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> The Fund’s strategy of concentrating in mortgage related securities means that its performance will be closely tied to the performance of a </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">particular market segment. The Fund’s concentration in these securities may present more risks than if it were broadly diversified over numerous industries and sectors of the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">economy. A downturn in these securities would have a larger impact on the Fund than on a mutual fund that does not concentrate in such securities. At times, the performance </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">of these securities 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;">Debt Securities Risk:</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, and prepayment risk, each of which are described in </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">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 Fund’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: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;">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><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 Fund 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 Fund’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 Fund’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 Fund, but will be reflected in the Fund’s net asset value. The Fund 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 Fund 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 Fund 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 Fund) 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 Fund 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 Fund 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 Fund’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 Fund 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;">U.S. Government Obligations Risk:</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Certain securities in which the Fund may invest, including securities issued by certain U.S. Government agencies and U.S. Government </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">sponsored enterprises, are not guaranteed by the U.S. Government or supported by the full faith and credit of the United States. In addition, circumstances could arise that </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">could prevent the timely payment of interest or principal on U.S. Government obligations, such as reaching the legislative “debt ceiling.” Such non-payment could result in </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">losses to the Fund 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;">U.S. Government Mortgage-Related Securities Risk (FRA, BKT and BLW):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> There are a number of important differences among the agencies and instrumentalities of the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">U.S. Government that issue mortgage-related securities and among the securities that they issue. Mortgage-related securities guaranteed by the Government National </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Mortgage Association (“GNMA” or “Ginnie Mae”) are guaranteed as to the timely payment of principal and interest by GNMA and such guarantee is backed by the full faith and </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">credit of the United States. GNMA securities also are supported by the right of GNMA to borrow funds from the U.S. Treasury to make payments under its guarantee. </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;">Mortgage-related securities issued by Fannie Mae or Freddie Mac are solely the obligations of Fannie Mae or Freddie Mac, as the case may be, and are not backed by or </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">entitled to the full faith and credit of the United States but are supported by the right of the issuer to borrow from the Treasury.</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;">Mortgage- and Asset-Backed Securities Risks (FRA, BKT, BLW and BIT): </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Mortgage- and asset-backed securities represent interests in “pools” of mortgages or other </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">assets, including consumer loans or receivables held in trust. Mortgage- and asset-backed securities are subject to credit, interest rate, prepayment and extension risks. These </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn. Small movements in interest rates (both </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed 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;">Senior Loans Risk (DSU, FRA, BLW and BIT):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> There is less readily available, reliable information about most senior loans than is the case for many other types of securities. </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">An economic downturn generally leads to a higher non-payment rate, and a senior loan may lose significant value before a default occurs. Moreover, any specific collateral </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">used to secure a senior loan may decline in value or become illiquid, which would adversely affect the senior loan’s value. No active trading market may exist for certain senior </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">loans, which may impair the ability of the Fund to realize full value in the event of the need to sell a senior loan and which may make it difficult to value senior loans. Although </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">senior loans in which the Fund will invest generally will be secured by specific collateral, there can be no assurance that liquidation of such collateral would satisfy the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">borrower’s obligation in the event of non-payment of scheduled interest or principal or that such collateral could be readily liquidated. To the extent that a senior loan is </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">collateralized by stock in the borrower or its subsidiaries, such stock may lose all of its value in the event of the bankruptcy of the borrower. Uncollateralized senior loans involve </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">a greater risk of loss.</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;">Second Lien Loans Risk (BIT):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Second lien loans generally are subject to similar risks as those associated with investments in senior loans. Because second lien loans are </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">subordinated or unsecured and thus lower in priority of payment to senior loans, they are subject to the additional risk that the cash flow of the borrower and property securing </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower.</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;">CLO Risk (BIT and FRA):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> In addition to the general risks associated with fixed-income securities discussed herein, CLOs carry additional risks, including: (i) the possibility that </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the possibility </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">that the CLO securities are subordinate to other classes; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">disputes with the issuer or unexpected investment results. The credit quality of CLOs depends primarily upon the quality of the underlying assets and the level of credit support </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">and/or enhancement provided. The underlying assets (e.g., loans) of CLOs are subject to prepayments, which shorten the weighted average maturity and may lower the return </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">of the securities issued by the CLOs. The value of CLO securities also may change because of changes in the market’s perception of the creditworthiness of the servicing </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">agent for the pool, the originator of the pool, or the financial institution or fund providing the credit support or enhancement. Furthermore, the leveraged nature of each </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">subordinated class may magnify the adverse impact on such class of changes in the value of the assets, changes in the distributions on the assets, defaults and recoveries on </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">the assets, capital gains and losses on the assets, prepayment on assets and availability, price and interest rates of assets. CLOs are typically privately offered and sold, and </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">thus are not registered under the securities laws. Additionally, when the Fund purchases a newly issued CLO security in the primary market (rather than from the secondary </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">market), there often may be a delayed settlement period. As a result, investments in CLOs may be characterized by the Fund as illiquid securities; however, an active dealer </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">market may exist which would allow such securities to be considered liquid in some circumstances. Finally, CLOs are limited recourse and may not be paid in full and may be </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">subject to up to 100% loss.</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 Loan Assignments and Participations (BLW):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> As the purchaser of an assignment, the Fund typically succeeds to all the rights and obligations of the assigning </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">institution and becomes a lender under the credit agreement with respect to the debt obligation; however, the Fund may not be able unilaterally to enforce all rights and </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">remedies under the loan and with regard to any associated collateral. Because assignments may be arranged through private negotiations between potential assignees and </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">potential assignors, the rights and obligations acquired by the Fund as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">lender. In addition, if the loan is foreclosed, the Fund could become part owner of any collateral and could bear the costs and liabilities of owning and disposing of the collateral. </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">The Fund may be required to pass along to a purchaser that buys a loan from the Fund by way of assignment a portion of any fees to which the Fund is entitled under the loan. </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">In connection with purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">loan, nor any rights of set-off against the borrower, and the Fund may not directly benefit from any collateral supporting the loan in which it has purchased the participation. As </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">a result, the Fund will be subject to the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling a </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">participation, the Fund may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.</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;">Corporate Loans Risk (DSU):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Commercial banks and other financial institutions or institutional investors make corporate loans to companies that need capital to grow or </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">restructure. Borrowers generally pay interest on corporate loans at rates that change in response to changes in market interest rates such as the Secured Overnight Financing </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Rate (“SOFR”) or the prime rates of U.S. banks. As a result, the value of corporate loan investments is generally less exposed to the adverse effects of shifts in market interest </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">rates than investments that pay a fixed rate of interest. The market for corporate loans may be subject to irregular trading activity and wide bid/ask spreads. In addition, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of corporate loans may not be readily available to make additional </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">investments or to meet the Fund’s redemption obligations. To the extent the extended settlement process gives rise to short-term liquidity needs, the Fund may hold additional </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">cash, sell investments or temporarily borrow from banks and other lenders. The corporate loans in which the Fund invests are usually rated below investment grade.</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;">Variable and Floating Rate Instrument Risk (DSU, FRA and BLW):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Variable and floating rate securities provide for periodic adjustment in the interest rate paid on the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">securities. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities with fixed interest rates, but may decline in value if their </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">coupon rates do not reset as high, or as quickly, as comparable market interest rates, and generally carry lower yields than fixed securities of the same maturity. These </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">securities will not generally increase in value if interest rates decline. A decline in interest rates may result in a reduction in income received from variable and floating rate </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">securities held by the Fund and may adversely affect the value of the Fund’s shares.  These securities may be subject to greater illiquidity risk than other fixed-income </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">securities, meaning the absence of an active market for these securities could make it difficult for the Fund to dispose of them at any given time. Floating rate securities </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">generally are subject to legal or contractual restrictions on resale, may trade infrequently, and their value may be impaired when the Fund needs to liquidate such loans. </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Benchmark interest rates may not accurately track market interest rates. Although floating rate securities are less sensitive to interest rate risk than fixed-rate securities, they </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">are subject to credit risk and default risk, which could impair their value.</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;">Unrated Securities Risk (BIT):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Because the Fund may purchase securities that are not rated by any rating organization, the Managers may, after assessing their credit </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">quality, internally assign ratings to certain of those securities in categories similar to those of rating organizations. Some unrated securities may not have an active trading </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">market or may be difficult to value, which means the Fund might have difficulty selling them promptly at an acceptable price. To the extent that the Fund invests in unrated </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">securities, the Fund’s ability to achieve its investment objectives will be more dependent on the Managers’ credit analysis than would be the case when the Fund invests in </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">rated 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;">High Yield Bonds Risk (DSU, FRA, BLW and BIT):</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 bonds are high risk </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">investments that are considered speculative and may cause income and principal losses for the Fund.</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;">Distressed Securities Risk (DSU and FRA):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Distressed securities are speculative and involve substantial risks in addition to the risks of investing in junk bonds. The Fund </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">will generally not receive interest payments on the distressed securities and may incur costs to protect its investment. In addition, distressed securities involve the substantial </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">risk that principal will not be repaid. These securities may present a substantial risk of default or may be in default at the time of investment. The Fund may incur additional </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">expenses to the extent it is required to seek recovery upon a default in the payment of principal of or interest on its portfolio holdings. In any reorganization or liquidation </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">proceeding relating to a portfolio company, the Fund may lose its entire investment or may be required to accept cash or securities with a value less than its original investment.  </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale.</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;">Collateralized Bond Obligations Risk (BLW):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> The pool of high yield securities underlying collateralized bond obligations is typically separated into groupings called tranches </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">representing different degrees of credit quality. The higher quality tranches have greater degrees of protection and pay lower interest rates. The lower tranches, with greater </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">risk, pay higher interest rates.</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;">Collateralized Debt Obligations Risk (FRA):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> In addition to the typical risks associated with fixed-income securities and asset-backed securities, collateralized debt </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">obligations (“CDOs”), including collateralized loan obligations, carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">not be adequate to make interest or other payments; (ii) the risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">statistical rating organization; (iii) the Fund may invest in tranches of CDOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">legal documents could lead to disputes among investors regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs; (vii) the risk of forced “fire sale” liquidation due to technical </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">defaults such as coverage test failures; and (viii) the CDO’s manager may 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;">Sovereign Debt Risk (FRA, BLW and BIT):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies.</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;">Municipal Securities Risks (BIT):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Municipal securities risks include the ability of the issuer to repay the obligation, the relative lack of information about certain issuers of </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">municipal securities, and the possibility of future legislative changes which could affect the market for and value of municipal securities. Budgetary constraints of local, state, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">and federal governments upon which the issuers may be relying for funding may also impact municipal securities. These risks include:</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;">General Obligation Bonds Risks</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;">Timely payments depend on the issuer’s credit quality, ability to raise tax revenues and ability to maintain an adequate tax base.</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;">Revenue Bonds Risks</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;">These payments depend on the money earned by the particular facility or class of facilities, or the amount of revenues derived from another </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">source.</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;">Private Activity Bonds Risks</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;">Municipalities and other public authorities issue private activity bonds to finance development of industrial facilities for use by a private </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">enterprise. The private enterprise pays the principal and interest on the bond, and the issuer does not pledge its full faith, credit and taxing power for repayment. The </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Fund’s investments may consist of private activity bonds that may subject certain shareholders to an alternative minimum tax.</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;">Moral Obligation Bonds Risks</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;">Moral obligation bonds are generally issued by special purpose public authorities of a state or municipality. If the issuer is unable to </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">meet its obligations, repayment of these bonds becomes a moral commitment, but not a legal obligation, of the state or municipality.</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;">Municipal Notes Risks</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;">Municipal notes are shorter term municipal debt obligations. If there is a shortfall in the anticipated proceeds, the notes may not be fully repaid </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">and the Fund may lose money.</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;">Municipal Lease Obligations Risks</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;">In a municipal lease obligation, the issuer agrees to make payments when due on the lease obligation. Although the issuer does </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">not pledge its unlimited taxing power for payment of the lease obligation, the lease obligation is secured by the leased property.</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-Exempt Status 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 Fund and its investment manager will rely on the opinion of issuers’ bond counsel and, in the case of derivative securities, sponsors’ </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">counsel, on the tax-exempt status of interest on municipal bonds and payments under derivative securities. Neither the Fund nor its investment manager will </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">independently review the bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Fund and its shareholders to substantial tax </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">liabilities.</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;">Brady Bonds Risk (BLW):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Brady Bonds involve various risk factors described above associated with investing in non-U.S. securities, including the history of defaults with </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">respect to commercial bank loans by public and private entities of countries issuing Brady Bonds.</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;">Supranational Entities Risk (BLW):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> The Fund may invest in obligations issued or guaranteed by the World Bank. The government members, or “stockholders,” usually make </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">initial capital contributions to the World Bank and in many cases are committed to make additional capital contributions if the World Bank is unable to repay its borrowings. </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;">There is no guarantee that one or more stockholders of the World Bank will continue to make any necessary additional capital contributions. If such contributions are not made, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">the entity may be unable to pay interest or repay principal on its debt securities, and the Fund may lose money on such 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;font-weight:bold;margin-left:0%;display:inline;">Yield and Ratings Risk (BKT):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> The yields on debt obligations are dependent on a variety of factors, including general market conditions, conditions in the particular market </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">for the obligation, the financial condition of the issuer, the size of the offering, the maturity of the obligation and the ratings of the issue. The ratings of Moody’s, S&amp;P and Fitch, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">represent their respective opinions as to the quality of the obligations they undertake to rate. Ratings, however, are general and are not absolute standards of quality. </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Consequently, obligations with the same rating, maturity and interest rate may have different market prices. Subsequent to its purchase by the Fund, a rated security may </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">cease to be rated. The Manager will consider such an event in determining whether the Fund should continue to hold the 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;font-weight:bold;margin-left:0%;display:inline;">Repurchase Agreements and Purchase and Sale Contracts Risk (BKT and BIT):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> If the other party to a repurchase agreement or purchase and sale contract defaults on </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">its obligation under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">security in either situation and the market value of the security declines, the Fund 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:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Foreign Securities Risk (DSU, FRA, BLW and BIT):</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 </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Fund will lose money. These 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 Fund 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 Fund’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 Fund’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 Fund’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 Fund’s net 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;font-weight:bold;margin-left:0%;display:inline;">Emerging Markets Risk (FRA, BLW and BIT):</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 </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">adversely affect returns to 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;">Equity Securities Risk (DSU, FRA, BLW and BIT):</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 </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">and overall market and 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;">Small and Mid-Capitalization Company Risk (BIT):</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 </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">financial 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 (DSU, FRA, BLW and BIT):</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 </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">market risks applicable generally to equity securities. In addition, a company’s preferred securities generally pay dividends only after the company makes required payments </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">to holders of its bonds 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 </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">changes in the company’s financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than preferred </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">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 (DSU, FRA and BIT):</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 debt security; that is, if market interest rates rise, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">due, and their market value may change based on changes in the issuer’s credit rating or the market’s perception of the issuer’s creditworthiness. Since it derives a portion of </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">its value from the common stock into which it may be converted, a convertible security is also subject to the same types of market and issuer risks that apply to the underlying </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">common stock, including the potential for increased volatility in the price of the convertible security.</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;">Warrants Risk (DSU and FRA):</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 expires, the warrant generally expires without any </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">value and the Fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve substantially more risk than investments in common stock. Warrants </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.</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;">Real Estate-Related Securities Risk (BLW):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> The main risk of real estate-related securities is that the value of the underlying real estate may go down. Many factors may </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">affect real estate values. These factors include both the general and local economies, vacancy rates, changes in rent schedules, tenant bankruptcies, the ability to re-lease </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">space under expiring leases on attractive terms, the amount of new construction in a particular area, the laws and regulations (including zoning, environmental and tax laws) </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">affecting real estate and the costs of owning, maintaining and improving real estate. The availability of mortgage financing and changes in interest rates may also affect real </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">estate values. If the Fund’s real estate-related investments are concentrated in one geographic area or in one property type, the Fund will be particularly subject to the risks </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">associated with that area or property type. Many issuers of real estate-related securities are highly leveraged, which increases the risk to holders of such securities. The value </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">of the securities the Fund buys will not necessarily track the value of the underlying investments of the issuers of such securities. In addition, certain issuers of real estate-related</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;"> securities may have developed or commenced development on properties and may develop additional properties in the future. Real estate development involves </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">significant risks in addition to those involved in the ownership and operation of established properties. Real estate securities may have limited diversification and are, therefore, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">subject to risks inherent in operating and financing a limited number of projects. Real estate securities are also subject to heavy cash flow dependency and defaults by </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">borrowers or tenants.</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 (BLW and BIT):</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 trade less frequently and in limited </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">volume, may engage in dilutive offerings of securities and may be more volatile than other securities. REIT issuers may also fail to maintain their exemptions from investment </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">company registration or fail to qualify for the “dividends paid deduction” under the Internal Revenue Code of 1986, as amended, which allows REITs to reduce their corporate </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">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;">Structured Securities Risk (BIT):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Because structured securities of the type in which the Fund may invest typically involve no credit enhancement, their credit risk generally </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">will be equivalent to that of the underlying instruments, index or reference obligation and will also be subject to counterparty risk. The Fund may have the right to receive </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">payments only from the structured security, and generally does not have direct rights against the issuer or the entity that sold the assets to be securitized. In addition to the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">general risks associated with debt securities discussed herein, structured securities carry additional risks, including, but not limited to: the possibility that distributions from </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">collateral securities will not be adequate to make interest or other payments; the quality of the collateral may decline in value or default; and the possibility that the structured </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">securities are subordinate to other classes. The Fund is permitted to invest in a class of structured securities that is either subordinated or unsubordinated to the right of </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">payment of another class. Subordinated structured securities typically have higher yields and present greater risks than unsubordinated structured securities. Structured </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">securities are typically sold in private placement transactions, and there currently is no active trading market for structured securities. Structured securities are based upon the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">movement of one or more factors, including currency exchange rates, interest rates, reference bonds and stock indices, and changes in interest rates and impact of these </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">factors may cause significant price fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on the structured security to be </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">reduced to zero. Certain issuers of such structured securities may be deemed to be “investment companies” as defined in the Investment Company Act. As a result, the Fund’s </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">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 Fund’s use of derivatives may increase its costs, reduce the Fund’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 Fund’s use of derivatives can magnify the Fund’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 Fund 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 Fund’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 Fund 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 Fund to losses and could make derivatives more difficult for the Fund to value accurately.</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;">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><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 Fund’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 and </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">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;">Fund’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: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;">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 Fund realizes from its 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;font-weight:bold;margin-left:0%;display:inline;">Structured Notes Risk (FRA):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Structured notes and other related instruments purchased by the Fund are generally privately negotiated debt obligations where the principal </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">and/or interest is determined by reference to the performance of a specific asset, benchmark asset, market or interest rate (“reference measure”). The purchase of structured </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">notes exposes the Fund to the credit risk of the issuer of the structured product. Structured notes may be leveraged, increasing the volatility of each structured note’s value </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">relative to the change in the reference measure. Structured notes may also be less liquid and more difficult to price accurately than less complex securities and instruments or </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">more traditional debt securities.</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;">Leverage Risk:</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> The Fund’s use of leverage may increase or decrease from time to time in its discretion and the Fund 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:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;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 Fund </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">cannot assure you that the use of leverage will result in a higher yield on the common shares. Any leveraging strategy the Fund employs may not be successful. Leverage </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">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:#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;">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:#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;">the risk that fluctuations in interest rates or dividend rates on any leverage that the Fund 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:#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 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 Fund were not leveraged, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;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:#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;">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:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Any decline in the net asset value of the Fund’s investments will be borne entirely by the holders of common shares. Therefore, if the market value of the Fund’s portfolio </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">declines, leverage will result in a greater decrease in net asset value to the holders of common shares than if the Fund were not leveraged. This greater net asset value </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;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: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;">Reverse Repurchase Agreements Risk:</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Reverse repurchase agreements involve the sale of securities held by the Fund with an agreement to repurchase the securities at </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">an agreed-upon price, date and interest payment. Reverse repurchase agreements involve the risk that the other party may fail to return the securities in a timely manner or </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">at all. The Fund could lose money if it is unable to recover the securities and the value of the collateral held by the Fund, including the value of the investments made with cash </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">collateral, is less than the value of the securities. These events could also trigger adverse tax consequences for the Fund. In addition, reverse repurchase agreements involve </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">the risk that the interest income earned in the investment of the proceeds will be less than the interest expense.</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;">Dollar Rolls Risk (BLW and BIT):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Dollar rolls involve the risk that the market value of the securities that the Fund is committed to buy may decline below the price of the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">securities the Fund 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:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Short Sales Risk (DSU and BIT):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Because making short sales in securities that it does not own exposes the Fund to the risks associated with those securities, such short </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">sales involve speculative exposure risk. The Fund will incur a loss as a result of a short sale if the price of the security increases between the date of the short sale and the date </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">on which the Fund 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:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Illiquid Investments Risk:</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> The Fund 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:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">are otherwise illiquid, including private placement securities. The Fund may not be able to readily dispose of such investments at prices that approximate those at which the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Fund could sell such investments if they were more widely traded and, as a result of such illiquidity, the Fund may have to sell other investments or engage in borrowing </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;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 Fund’s net asset </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;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:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;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:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;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:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;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:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">the same risks as investing in below investment grade public debt 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;">Inverse Floater and Related Securities Risk (BIT):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Investments in inverse floaters, residual interest tender option bonds and similar instruments expose the Fund to the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">same risks as investments in fixed-income securities and derivatives, as well as other risks, including those associated with leverage and increased volatility. An investment in </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">these securities typically will involve greater risk than an investment in a fixed rate security. Distributions on inverse floaters, residual interest tender option bonds and similar </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">instruments will typically bear an inverse relationship to short term interest rates and typically will be reduced or, potentially, eliminated as interest rates rise. Inverse floaters, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">residual interest tender option bonds and similar instruments will underperform the market for fixed rate securities in a rising interest rate environment. Inverse floaters may be </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">considered to be leveraged to the extent that their interest rates vary by a magnitude that exceeds the magnitude of the change in a reference rate of interest (typically a short </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">term interest rate). The leverage inherent in inverse floaters is associated with greater volatility in their market values. Investments in inverse floaters, residual interest tender </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">option bonds and similar instruments that have fixed-income securities underlying them will expose the Fund to the risks associated with those fixed-income securities and the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">values of those investments may be especially sensitive to changes in prepayment rates on the <div style="display:inline;">underlying </div>fixed-income 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 Companies and ETFs Risk (DSU, BLW and BIT):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Subject to the limitations set forth in the Investment Company Act and the rules thereunder, the Fund may </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">acquire shares in other investment companies and in ETFs, some of which may be affiliated investment companies. The market value of the shares of other investment </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;">companies and ETFs may differ from their net asset value. As an investor in investment companies and ETFs, the Fund would bear its ratable share of that entity’s expenses, </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 its investment advisory and administration fees, while continuing to pay its own advisory and administration fees and other expenses (to the extent not offset 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;">Manager through waivers). As a result, shareholders will be absorbing duplicate levels of fees with respect to investments in other investment companies and ETFs (to 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;">extent not offset by the Manager through waivers).</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 Fund may invest may be leveraged. As a result, the Fund 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 Fund 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 Fund’s long-term returns on such securities (and, indirectly, the long-term returns of shares of the Fund) 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 Fund 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 Fund 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;">Risk of Investing in the United States:</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 U.S. economy weakens or when its financial markets decline, may have an </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">adverse effect on the securities to which the Fund 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 Fund 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 Fund 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;">Fund 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 Fund consider significant transactions such as a tender offer, merger or liquidation or to attempt to influence the Fund’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 Fund’s Board of Directors, 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 Fund’s investment advisory contract with its current investment manager or commencing litigation. If the Fund 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 Fund 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 Fund. 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;">Fund’s share price could be subject to significant fluctuation or otherwise be adversely <div style="display:inline;">affected </div>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 Fund 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 Fund may not be able to readily dispose of such investments at prices that approximate those at which a Fund 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 Fund may have to sell other investments or engage in borrowing transactions if </div><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 Fund’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;">Fund 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;">Fund 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;">Fund</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;">Fund’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;">Fund invests the proceeds from <div style="display:inline;">matured</div>, 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;">Fund 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;margin-left:0%;display:inline;">Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal </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;">securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">available information on the financial condition of municipal security issuers than for issuers of other 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;">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;">Fund 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;">Fund 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;">Fund 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;">Fund’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;">Fund 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;">Fund 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;">Fund’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 Fund could receive upon the sale of any particular portfolio investment may differ from a Fund</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 Fund</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 Fund, and a Fund 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 Funds 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 Funds 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 Funds 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 Funds</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 Funds.</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;">With exchange-traded futures and centrally cleared swaps, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">instruments, 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 </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.</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;">Fund’s portfolio are disclosed in its Schedule of 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;">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;">Funds invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">redemption features.</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 Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates during a period of historically low interest </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Funds</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;"> performance.</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;">Funds 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 Funds invest.</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;">Funds</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</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 significant portion of  their</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;">assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;"> securities. When a fund concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. Changes in </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">percentages in these securities are presented in the Schedules of <div style="display:inline;">Investments</div>.</div></div> <div style="color:#000000;font-family:Arial Narrow;font-size:11.5pt;font-style:italic;font-weight:bold;display:inline;">11.</div><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 style="clear:both;position:relative"> </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;">DSU is authorized to issue 400 million shares, all of which were initially classified as Common Shares. <div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">FRA and BKT are authorized to issue 200 million shares, all of which </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">were initially classified as Common Shares.</div> BLW and BIT are authorized to issue an unlimited number of shares, all of which were initially classified as Common Shares. The </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">par value for DSU’s, FRA’s, BKT</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, BLW’s and BIT</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  shares is $0.10, $0.10, $0.010, $0.001 and $0.001, respectively. The Board for DSU, FRA, BLW and BIT are each </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">authorized, however, to reclassify any 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:left"><div style="margin-top:8pt"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;display:inline;">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;">As of the close of business on September 29, 2025, BKT issued transferrable rights to its Common Shareholders of record, entitling the holders of those rights to subscribe for </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">shares of BKT’s common stock (the “Offer”). Shareholders received one right for each outstanding Common Share owned on the record date. The rights entitled their holders </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">to purchase one new Common Share for every three rights held (1-for-3). The Offer expired on October 20, 2025. BKT received from the Offer gross proceeds of </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">$87,126,281 for the issuance of 8,097,238 Common Shares. The rights offering resulted in $(0.19) or (1.63)% NAV dilution since the Common Shares were issued below </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">BKT’s NAV. BKT received the entire proceeds from the shares issued under the Offer since the Manager agreed to pay for all expenses (including sales commissions) related </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">to the Offer.</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;">As of the close of business on  August 19, 2025, BIT issued transferrable rights to its Common Shareholders of record, entitling the holders of those rights to subscribe for </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">shares of BIT’s common stock (the “Offer”). Shareholders received one right for each outstanding Common Share owned on the record date. The rights entitled their holders </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">to purchase one new Common Share for every three rights held (1-for-3). The Offer expired on September 9, 2025. BIT received from the Offer gross proceeds of </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">$185,596,458 for the issuance of 14,265,677 Common Shares. The rights offering resulted in $(0.17) or (1.22)% NAV dilution since the Common Shares were issued below </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">BIT’s NAV. BIT received the entire proceeds from the shares issued under the Offer since the Manager agreed to pay for all expenses (including sales commissions) related </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">to the Offer.</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;">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> <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;">Fund 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;">DSU</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;">184,457</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;">119,031</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;">FRA</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;">130,112</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;">72,449</div></div></div></div></td></tr> <tr style="height:10pt"> <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;">BLW</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;">148,923</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;">105,180</div></div></div></div></td></tr> <tr style="height:10.5pt"> <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;">BIT</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;">103,861</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;">187,269</div></div></div></div></td></tr></table><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 year ended December 31, 2025, Common Shares of BKT issued and outstanding increased by 2,984,071 as a result of reorganization of EGF with and into BKT.</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 the year ended December 31, 2025, Common Shares of BKT issued and outstanding decreased by 29 as a result of a redemption of fractional shares from the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">reorganization of EGF with and into BKT.</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;">For the period ended December 31, 2024, shares issued and outstanding remained constant for BKT.</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;">DSU, FRA, BKT, BLW and BIT have each filed a prospectus with the SEC allowing them to issue an additional 16,000,000, 18,000,000, 25,000,000, 12,000,000 and </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">13,000,000 Common Shares, respectively, through a Shelf Offering. Under the Shelf Offering each Fund subject to market conditions, may raise additional equity capital from </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">time to time in varying amounts and utilizing various offering methods at a net price at or above each Fund’s NAV per Common Share (calculated within 48 hours of pricing). </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">As of period end, 674,242, 18,000,000, 25,000,000, 8,880,956 and 8,315,104 Common Shares, respectively, remain available for issuance under the Shelf Offering. During </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">the year ended December 31, 2025, DSU, FRA, BKT, BLW and BIT issued 10,245,828, 0, 0, 2,297,599 and 2,851,856 shares respectively under the Shelf Offering. See </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Additional Information - Shelf Offering Program for additional 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;">Initial costs incurred by each Fund in connection with their Shelf Offerings are recorded as “Deferred offering costs” in the Statements of Assets and Liabilities. As shares are </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">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 period will be </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">charged to expense.</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;">BKT adopted a discount management program (the “Program”) that was comprised of one measurement period beginning on July 9, 2025 and ending on September 30, 2025. </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Under the Program, the Trust offered to repurchase a portion of its common shares via tender offer if the Trust’s common shares traded at an average daily discount to NAV </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">of more than 7.50% during the measurement period. The discount trigger was not met and therefore no tender offer was conducted.</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, 2025, the Board approved the renewal of the Program, which will consist of one measurement period beginning on July 9, 2026 and ending on </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">September 30, 2026. Under the renewed Program, the Trust intends to offer to repurchase a portion of its common shares via tender offer if the Trust’s common shares trade </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">at an average daily discount to NAV of more than 7.50% during the 12-week measurement period. If the discount trigger is met and a tender offer is conducted, there is no </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">guarantee that shareholders will be able to sell all of the shares that they desire to sell in such tender offer and there can be no assurance as to the effect that the Program will </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">have on the market for a Trust’s shares or the discount at which a Trust’s shares may trade relative to its NAV.</div></div></div> <div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">FRA and BKT are authorized to issue 200 million shares, all of which </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">were initially classified as Common Shares.</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;">BlackRock Income Trust, Inc. (BKT)</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 Fund’s investment objective is to manage a portfolio of high-quality securities to achieve both preservation of capital and high monthly income.  The Fund will seek to </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">distribute monthly income that is greater than that obtainable on an annualized basis by investment in United States government securities having the same maturity as the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">weighted average maturity of the Fund’s investments.  The Fund’s portfolio is expected to consist primarily of mortgage-backed securities and, to a lesser extent, asset-backed </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;">Mortgage-backed securities are securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans secured by real property.  </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">There are three basic types of mortgage-backed securities: (i) those issued or guaranteed by the United States government or one of its agencies or instrumentalities, such as </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">the Government National Mortgage Association (“GNMA”), the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">(“Freddie Mac”); (ii) those issued by private issuers that are collateralized by securities issued or guaranteed by the United States government or one of its agencies or </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">instrumentalities; and (iii) those issued by private issuers and collateralized by securities without a government guarantee but usually with some form of private credit </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">enhancement.</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 Fund will invest at least 65% of its assets in mortgage-backed securities.  The balance of the Fund’s assets generally will be invested in asset-backed securities, which </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">have structural characteristics similar to mortgage-backed securities but have underlying assets that are not mortgage loans or interests in mortgage loans. The Fund may also </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">invest in various derivative mortgage-backed and asset-backed securities, such as collateralized mortgage obligations and asset-backed security residual interests and </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">stripped mortgage-backed securities. The Fund may invest directly in such securities or synthetically through the use of derivatives.   In addition, for hedging purposes, the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Fund may utilize a portion of its assets for certain options, futures, interest rate swaps and related transactions.  For purposes of enhancing liquidity and/or preserving capital, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">the Fund may invest without limit in securities issued by the United States government and its agencies and instrumentalities, or repurchase agreements collateralized by such </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">securities, certificates of deposit, time deposits or bankers’ acceptances of similar quality.</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;">At least 80% of the Fund’s assets will be invested in securities that are (i) issued or guaranteed by the United States government or one of its agencies or instrumentalities or </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">(ii) rated at the time of investment either AAA by S&amp;P Global Ratings (“S&amp;P”) or Aaa by Moody’s Investors Service (“Moody’s”).  Securities issued or guaranteed by 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;">United States government or its agencies or instrumentalities are generally considered to be of the same or higher quality than privately issued securities rated AAA or Aaa.  </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">No more than 20% of the Fund’s assets will be invested in other securities, all of which will have been determined by BlackRock Advisors, LLC (the “Manager”) or BlackRock </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">International Limited (“BIL” and together with the Manager, the “Advisors”), the Fund’s sub-advisor, to be of comparable credit quality.</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 yield characteristics of mortgage-backed and asset-backed securities differ from traditional debt securities.  Among the major differences are that interest and principal </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">payments are made more frequently, usually monthly, and that principal may be prepaid at any time because the underlying mortgage loans or other assets generally may be </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">prepaid at any time.  As a result, if the Fund purchases such a security at a premium, a prepayment rate that is faster than expected will reduce yield to maturity, while a </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">prepayment rate that is slower than expected will have the opposite effect of increasing yield to maturity.  Conversely, if the Fund purchases these securities at a discount, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">faster than expected prepayments will increase, while slower than expected prepayments will reduce, yield to maturity.  The Fund may also invest in derivative securities such </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">as stripped mortgage-backed securities or residual interests, which generally are more sensitive to changes in prepayment and interest rates.  The Advisors will seek to </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">manage these risks (and potential benefits) by investing in a variety of such securities and through hedging techniques.</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;">Prepayments on a pool of mortgage loans are influenced by a variety of economic, geographic, social and other factors, including changes in mortgagors’ housing needs, job </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">transfers, unemployment, mortgagors’ net equity in the mortgaged properties and servicing decisions.  Generally, however, prepayments on fixed rate mortgage loans will </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">increase during a period of falling interest rates and decrease during a period of rising interest rates.  The same factors apply to prepayments on asset-backed securities but </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">the predominant factor in a particular case may be different than in the case of mortgage-backed securities.  Accordingly, amounts available for reinvestment by the Fund are </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">likely to be greater during a period of declining interest rates than during a period of rising interest rates.</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 Fund’s yield will also be affected by the interest rates on instruments in which the Fund is able to reinvest the proceeds of payments and prepayments.  Accelerated </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">prepayments on securities purchased by the Fund at a premium also impose a risk of loss of principal because the premium may not have been fully amortized at the time the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">principal is repaid in full.</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 Fund may borrow from time to time, at the Advisors’ discretion, for purposes of investment leverage when yields on available investments exceed interest rates </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">and other expenses of related borrowing, or when, in the Advisors’ opinion, unusual market conditions otherwise make it advantageous for the Fund to increase its investment </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">capacity.</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 Fund may enter into derivative securities transactions that have leverage embedded in them.</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 Fund may also borrow for emergency purposes, for the payment of dividends or for the clearance of transactions.</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 Fund may enter into reverse repurchase agreements.</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 Fund’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 Fund’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 Fund 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 Fund’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 Fund’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 Fund. During periods in which the Fund may use leverage, the Fund’s investment, market discount and certain other </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">risks 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;">Concentration Risk (BIT):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> The Fund’s strategy of concentrating in mortgage related securities means that its performance will be closely tied to the performance of a </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">particular market segment. The Fund’s concentration in these securities may present more risks than if it were broadly diversified over numerous industries and sectors of the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">economy. A downturn in these securities would have a larger impact on the Fund than on a mutual fund that does not concentrate in such securities. At times, the performance </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">of these securities will lag the performance of other industries or the broader market as a whole.</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:</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, and prepayment risk, each of which are described in </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">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 Fund’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: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;">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><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 Fund 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 Fund’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 Fund’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 Fund, but will be reflected in the Fund’s net asset value. The Fund 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 Fund 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 Fund 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 Fund) 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 Fund 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 Fund 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 Fund’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 Fund 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;">U.S. Government Obligations Risk:</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Certain securities in which the Fund may invest, including securities issued by certain U.S. Government agencies and U.S. Government </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">sponsored enterprises, are not guaranteed by the U.S. Government or supported by the full faith and credit of the United States. In addition, circumstances could arise that </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">could prevent the timely payment of interest or principal on U.S. Government obligations, such as reaching the legislative “debt ceiling.” Such non-payment could result in </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">losses to the Fund 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;">U.S. Government Mortgage-Related Securities Risk (FRA, BKT and BLW):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> There are a number of important differences among the agencies and instrumentalities of the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">U.S. Government that issue mortgage-related securities and among the securities that they issue. Mortgage-related securities guaranteed by the Government National </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Mortgage Association (“GNMA” or “Ginnie Mae”) are guaranteed as to the timely payment of principal and interest by GNMA and such guarantee is backed by the full faith and </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">credit of the United States. GNMA securities also are supported by the right of GNMA to borrow funds from the U.S. Treasury to make payments under its guarantee. </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;">Mortgage-related securities issued by Fannie Mae or Freddie Mac are solely the obligations of Fannie Mae or Freddie Mac, as the case may be, and are not backed by or </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">entitled to the full faith and credit of the United States but are supported by the right of the issuer to borrow from the Treasury.</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;">Mortgage- and Asset-Backed Securities Risks (FRA, BKT, BLW and BIT): </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Mortgage- and asset-backed securities represent interests in “pools” of mortgages or other </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">assets, including consumer loans or receivables held in trust. Mortgage- and asset-backed securities are subject to credit, interest rate, prepayment and extension risks. These </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn. Small movements in interest rates (both </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed 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;">Senior Loans Risk (DSU, FRA, BLW and BIT):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> There is less readily available, reliable information about most senior loans than is the case for many other types of securities. </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">An economic downturn generally leads to a higher non-payment rate, and a senior loan may lose significant value before a default occurs. Moreover, any specific collateral </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">used to secure a senior loan may decline in value or become illiquid, which would adversely affect the senior loan’s value. No active trading market may exist for certain senior </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">loans, which may impair the ability of the Fund to realize full value in the event of the need to sell a senior loan and which may make it difficult to value senior loans. Although </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">senior loans in which the Fund will invest generally will be secured by specific collateral, there can be no assurance that liquidation of such collateral would satisfy the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">borrower’s obligation in the event of non-payment of scheduled interest or principal or that such collateral could be readily liquidated. To the extent that a senior loan is </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">collateralized by stock in the borrower or its subsidiaries, such stock may lose all of its value in the event of the bankruptcy of the borrower. Uncollateralized senior loans involve </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">a greater risk of loss.</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;">Second Lien Loans Risk (BIT):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Second lien loans generally are subject to similar risks as those associated with investments in senior loans. Because second lien loans are </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">subordinated or unsecured and thus lower in priority of payment to senior loans, they are subject to the additional risk that the cash flow of the borrower and property securing </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower.</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;">CLO Risk (BIT and FRA):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> In addition to the general risks associated with fixed-income securities discussed herein, CLOs carry additional risks, including: (i) the possibility that </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the possibility </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">that the CLO securities are subordinate to other classes; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">disputes with the issuer or unexpected investment results. The credit quality of CLOs depends primarily upon the quality of the underlying assets and the level of credit support </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">and/or enhancement provided. The underlying assets (e.g., loans) of CLOs are subject to prepayments, which shorten the weighted average maturity and may lower the return </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">of the securities issued by the CLOs. The value of CLO securities also may change because of changes in the market’s perception of the creditworthiness of the servicing </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">agent for the pool, the originator of the pool, or the financial institution or fund providing the credit support or enhancement. Furthermore, the leveraged nature of each </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">subordinated class may magnify the adverse impact on such class of changes in the value of the assets, changes in the distributions on the assets, defaults and recoveries on </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">the assets, capital gains and losses on the assets, prepayment on assets and availability, price and interest rates of assets. CLOs are typically privately offered and sold, and </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">thus are not registered under the securities laws. Additionally, when the Fund purchases a newly issued CLO security in the primary market (rather than from the secondary </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">market), there often may be a delayed settlement period. As a result, investments in CLOs may be characterized by the Fund as illiquid securities; however, an active dealer </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">market may exist which would allow such securities to be considered liquid in some circumstances. Finally, CLOs are limited recourse and may not be paid in full and may be </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">subject to up to 100% loss.</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;">Risks of Loan Assignments and Participations (BLW):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> As the purchaser of an assignment, the Fund typically succeeds to all the rights and obligations of the assigning </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">institution and becomes a lender under the credit agreement with respect to the debt obligation; however, the Fund may not be able unilaterally to enforce all rights and </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">remedies under the loan and with regard to any associated collateral. Because assignments may be arranged through private negotiations between potential assignees and </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">potential assignors, the rights and obligations acquired by the Fund as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">lender. In addition, if the loan is foreclosed, the Fund could become part owner of any collateral and could bear the costs and liabilities of owning and disposing of the collateral. </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">The Fund may be required to pass along to a purchaser that buys a loan from the Fund by way of assignment a portion of any fees to which the Fund is entitled under the loan. </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">In connection with purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">loan, nor any rights of set-off against the borrower, and the Fund may not directly benefit from any collateral supporting the loan in which it has purchased the participation. As </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">a result, the Fund will be subject to the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling a </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">participation, the Fund may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.</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;">Corporate Loans Risk (DSU):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Commercial banks and other financial institutions or institutional investors make corporate loans to companies that need capital to grow or </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">restructure. Borrowers generally pay interest on corporate loans at rates that change in response to changes in market interest rates such as the Secured Overnight Financing </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Rate (“SOFR”) or the prime rates of U.S. banks. As a result, the value of corporate loan investments is generally less exposed to the adverse effects of shifts in market interest </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">rates than investments that pay a fixed rate of interest. The market for corporate loans may be subject to irregular trading activity and wide bid/ask spreads. In addition, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of corporate loans may not be readily available to make additional </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">investments or to meet the Fund’s redemption obligations. To the extent the extended settlement process gives rise to short-term liquidity needs, the Fund may hold additional </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">cash, sell investments or temporarily borrow from banks and other lenders. The corporate loans in which the Fund invests are usually rated below investment grade.</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;">Variable and Floating Rate Instrument Risk (DSU, FRA and BLW):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Variable and floating rate securities provide for periodic adjustment in the interest rate paid on the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">securities. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities with fixed interest rates, but may decline in value if their </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">coupon rates do not reset as high, or as quickly, as comparable market interest rates, and generally carry lower yields than fixed securities of the same maturity. These </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">securities will not generally increase in value if interest rates decline. A decline in interest rates may result in a reduction in income received from variable and floating rate </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">securities held by the Fund and may adversely affect the value of the Fund’s shares.  These securities may be subject to greater illiquidity risk than other fixed-income </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">securities, meaning the absence of an active market for these securities could make it difficult for the Fund to dispose of them at any given time. Floating rate securities </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">generally are subject to legal or contractual restrictions on resale, may trade infrequently, and their value may be impaired when the Fund needs to liquidate such loans. </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Benchmark interest rates may not accurately track market interest rates. Although floating rate securities are less sensitive to interest rate risk than fixed-rate securities, they </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">are subject to credit risk and default risk, which could impair their value.</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;">Unrated Securities Risk (BIT):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Because the Fund may purchase securities that are not rated by any rating organization, the Managers may, after assessing their credit </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">quality, internally assign ratings to certain of those securities in categories similar to those of rating organizations. Some unrated securities may not have an active trading </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">market or may be difficult to value, which means the Fund might have difficulty selling them promptly at an acceptable price. To the extent that the Fund invests in unrated </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">securities, the Fund’s ability to achieve its investment objectives will be more dependent on the Managers’ credit analysis than would be the case when the Fund invests in </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">rated 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;">High Yield Bonds Risk (DSU, FRA, BLW and BIT):</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 bonds are high risk </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">investments that are considered speculative and may cause income and principal losses for the Fund.</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;">Distressed Securities Risk (DSU and FRA):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Distressed securities are speculative and involve substantial risks in addition to the risks of investing in junk bonds. The Fund </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">will generally not receive interest payments on the distressed securities and may incur costs to protect its investment. In addition, distressed securities involve the substantial </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">risk that principal will not be repaid. These securities may present a substantial risk of default or may be in default at the time of investment. The Fund may incur additional </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">expenses to the extent it is required to seek recovery upon a default in the payment of principal of or interest on its portfolio holdings. In any reorganization or liquidation </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">proceeding relating to a portfolio company, the Fund may lose its entire investment or may be required to accept cash or securities with a value less than its original investment.  </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale.</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;">Collateralized Bond Obligations Risk (BLW):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> The pool of high yield securities underlying collateralized bond obligations is typically separated into groupings called tranches </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">representing different degrees of credit quality. The higher quality tranches have greater degrees of protection and pay lower interest rates. The lower tranches, with greater </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">risk, pay higher interest rates.</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;">Collateralized Debt Obligations Risk (FRA):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> In addition to the typical risks associated with fixed-income securities and asset-backed securities, collateralized debt </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">obligations (“CDOs”), including collateralized loan obligations, carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">not be adequate to make interest or other payments; (ii) the risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">statistical rating organization; (iii) the Fund may invest in tranches of CDOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">legal documents could lead to disputes among investors regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs; (vii) the risk of forced “fire sale” liquidation due to technical </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">defaults such as coverage test failures; and (viii) the CDO’s manager may perform poorly.</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;">Sovereign Debt Risk (FRA, BLW and BIT):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies.</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;">Municipal Securities Risks (BIT):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Municipal securities risks include the ability of the issuer to repay the obligation, the relative lack of information about certain issuers of </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">municipal securities, and the possibility of future legislative changes which could affect the market for and value of municipal securities. Budgetary constraints of local, state, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">and federal governments upon which the issuers may be relying for funding may also impact municipal securities. These risks include:</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;">General Obligation Bonds Risks</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;">Timely payments depend on the issuer’s credit quality, ability to raise tax revenues and ability to maintain an adequate tax base.</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;">Revenue Bonds Risks</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;">These payments depend on the money earned by the particular facility or class of facilities, or the amount of revenues derived from another </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">source.</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;">Private Activity Bonds Risks</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;">Municipalities and other public authorities issue private activity bonds to finance development of industrial facilities for use by a private </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">enterprise. The private enterprise pays the principal and interest on the bond, and the issuer does not pledge its full faith, credit and taxing power for repayment. The </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Fund’s investments may consist of private activity bonds that may subject certain shareholders to an alternative minimum tax.</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;">Moral Obligation Bonds Risks</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;">Moral obligation bonds are generally issued by special purpose public authorities of a state or municipality. If the issuer is unable to </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">meet its obligations, repayment of these bonds becomes a moral commitment, but not a legal obligation, of the state or municipality.</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;">Municipal Notes Risks</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;">Municipal notes are shorter term municipal debt obligations. If there is a shortfall in the anticipated proceeds, the notes may not be fully repaid </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">and the Fund may lose money.</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;">Municipal Lease Obligations Risks</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;">In a municipal lease obligation, the issuer agrees to make payments when due on the lease obligation. Although the issuer does </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">not pledge its unlimited taxing power for payment of the lease obligation, the lease obligation is secured by the leased property.</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-Exempt Status 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 Fund and its investment manager will rely on the opinion of issuers’ bond counsel and, in the case of derivative securities, sponsors’ </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">counsel, on the tax-exempt status of interest on municipal bonds and payments under derivative securities. Neither the Fund nor its investment manager will </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">independently review the bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Fund and its shareholders to substantial tax </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">liabilities.</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;">Brady Bonds Risk (BLW):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Brady Bonds involve various risk factors described above associated with investing in non-U.S. securities, including the history of defaults with </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">respect to commercial bank loans by public and private entities of countries issuing Brady Bonds.</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;">Supranational Entities Risk (BLW):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> The Fund may invest in obligations issued or guaranteed by the World Bank. The government members, or “stockholders,” usually make </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">initial capital contributions to the World Bank and in many cases are committed to make additional capital contributions if the World Bank is unable to repay its borrowings. </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;">There is no guarantee that one or more stockholders of the World Bank will continue to make any necessary additional capital contributions. If such contributions are not made, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">the entity may be unable to pay interest or repay principal on its debt securities, and the Fund may lose money on such investments.</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;">Yield and Ratings Risk (BKT):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> The yields on debt obligations are dependent on a variety of factors, including general market conditions, conditions in the particular market </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">for the obligation, the financial condition of the issuer, the size of the offering, the maturity of the obligation and the ratings of the issue. The ratings of Moody’s, S&amp;P and Fitch, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">represent their respective opinions as to the quality of the obligations they undertake to rate. Ratings, however, are general and are not absolute standards of quality. </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Consequently, obligations with the same rating, maturity and interest rate may have different market prices. Subsequent to its purchase by the Fund, a rated security may </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">cease to be rated. The Manager will consider such an event in determining whether the Fund should continue to hold the security.</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;">Repurchase Agreements and Purchase and Sale Contracts Risk (BKT and BIT):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> If the other party to a repurchase agreement or purchase and sale contract defaults on </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">its obligation under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">security in either situation and the market value of the security declines, the Fund 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:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Foreign Securities Risk (DSU, FRA, BLW and BIT):</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 </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">Fund will lose money. These 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 Fund 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 Fund’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 Fund’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 Fund’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 Fund’s net asset value.</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;">Emerging Markets Risk (FRA, BLW and BIT):</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 </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">adversely affect returns to 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;">Equity Securities Risk (DSU, FRA, BLW and BIT):</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 </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">and overall market and 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;">Small and Mid-Capitalization Company Risk (BIT):</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 </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">financial 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 (DSU, FRA, BLW and BIT):</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 </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">market risks applicable generally to equity securities. In addition, a company’s preferred securities generally pay dividends only after the company makes required payments </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">to holders of its bonds 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 </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">changes in the company’s financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than preferred </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">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 (DSU, FRA and BIT):</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 debt security; that is, if market interest rates rise, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">due, and their market value may change based on changes in the issuer’s credit rating or the market’s perception of the issuer’s creditworthiness. Since it derives a portion of </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">its value from the common stock into which it may be converted, a convertible security is also subject to the same types of market and issuer risks that apply to the underlying </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">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:0.00pt;text-align:justify"><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Warrants Risk (DSU and FRA):</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 expires, the warrant generally expires without any </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">value and the Fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve substantially more risk than investments in common stock. Warrants </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.</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;">Real Estate-Related Securities Risk (BLW):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> The main risk of real estate-related securities is that the value of the underlying real estate may go down. Many factors may </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">affect real estate values. These factors include both the general and local economies, vacancy rates, changes in rent schedules, tenant bankruptcies, the ability to re-lease </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">space under expiring leases on attractive terms, the amount of new construction in a particular area, the laws and regulations (including zoning, environmental and tax laws) </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">affecting real estate and the costs of owning, maintaining and improving real estate. The availability of mortgage financing and changes in interest rates may also affect real </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">estate values. If the Fund’s real estate-related investments are concentrated in one geographic area or in one property type, the Fund will be particularly subject to the risks </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">associated with that area or property type. Many issuers of real estate-related securities are highly leveraged, which increases the risk to holders of such securities. The value </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">of the securities the Fund buys will not necessarily track the value of the underlying investments of the issuers of such securities. In addition, certain issuers of real estate-related</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;"> securities may have developed or commenced development on properties and may develop additional properties in the future. Real estate development involves </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">significant risks in addition to those involved in the ownership and operation of established properties. Real estate securities may have limited diversification and are, therefore, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">subject to risks inherent in operating and financing a limited number of projects. Real estate securities are also subject to heavy cash flow dependency and defaults by </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">borrowers or tenants.</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 (BLW and BIT):</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 trade less frequently and in limited </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">volume, may engage in dilutive offerings of securities and may be more volatile than other securities. REIT issuers may also fail to maintain their exemptions from investment </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">company registration or fail to qualify for the “dividends paid deduction” under the Internal Revenue Code of 1986, as amended, which allows REITs to reduce their corporate </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">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;">Structured Securities Risk (BIT):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Because structured securities of the type in which the Fund may invest typically involve no credit enhancement, their credit risk generally </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">will be equivalent to that of the underlying instruments, index or reference obligation and will also be subject to counterparty risk. The Fund may have the right to receive </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">payments only from the structured security, and generally does not have direct rights against the issuer or the entity that sold the assets to be securitized. In addition to the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">general risks associated with debt securities discussed herein, structured securities carry additional risks, including, but not limited to: the possibility that distributions from </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">collateral securities will not be adequate to make interest or other payments; the quality of the collateral may decline in value or default; and the possibility that the structured </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">securities are subordinate to other classes. The Fund is permitted to invest in a class of structured securities that is either subordinated or unsubordinated to the right of </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">payment of another class. Subordinated structured securities typically have higher yields and present greater risks than unsubordinated structured securities. Structured </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">securities are typically sold in private placement transactions, and there currently is no active trading market for structured securities. Structured securities are based upon the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">movement of one or more factors, including currency exchange rates, interest rates, reference bonds and stock indices, and changes in interest rates and impact of these </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">factors may cause significant price fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on the structured security to be </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">reduced to zero. Certain issuers of such structured securities may be deemed to be “investment companies” as defined in the Investment Company Act. As a result, the Fund’s </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">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 Fund’s use of derivatives may increase its costs, reduce the Fund’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 Fund’s use of derivatives can magnify the Fund’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 Fund 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 Fund’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 Fund 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 Fund to losses and could make derivatives more difficult for the Fund to value accurately.</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;">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><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 Fund’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 and </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">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;">Fund’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: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;">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 Fund realizes from its investments.</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 Notes Risk (FRA):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Structured notes and other related instruments purchased by the Fund are generally privately negotiated debt obligations where the principal </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">and/or interest is determined by reference to the performance of a specific asset, benchmark asset, market or interest rate (“reference measure”). The purchase of structured </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">notes exposes the Fund to the credit risk of the issuer of the structured product. Structured notes may be leveraged, increasing the volatility of each structured note’s value </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">relative to the change in the reference measure. Structured notes may also be less liquid and more difficult to price accurately than less complex securities and instruments or </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">more traditional debt securities.</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;">Leverage Risk:</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> The Fund’s use of leverage may increase or decrease from time to time in its discretion and the Fund 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:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;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 Fund </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">cannot assure you that the use of leverage will result in a higher yield on the common shares. Any leveraging strategy the Fund employs may not be successful. Leverage </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">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:#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;">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:#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;">the risk that fluctuations in interest rates or dividend rates on any leverage that the Fund 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:#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 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 Fund were not leveraged, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;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:#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;">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:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Any decline in the net asset value of the Fund’s investments will be borne entirely by the holders of common shares. Therefore, if the market value of the Fund’s portfolio </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">declines, leverage will result in a greater decrease in net asset value to the holders of common shares than if the Fund were not leveraged. This greater net asset value </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">decrease will also tend to cause a greater decline in the market price for the common shares.</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;">Reverse Repurchase Agreements Risk:</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Reverse repurchase agreements involve the sale of securities held by the Fund with an agreement to repurchase the securities at </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">an agreed-upon price, date and interest payment. Reverse repurchase agreements involve the risk that the other party may fail to return the securities in a timely manner or </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">at all. The Fund could lose money if it is unable to recover the securities and the value of the collateral held by the Fund, including the value of the investments made with cash </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">collateral, is less than the value of the securities. These events could also trigger adverse tax consequences for the Fund. In addition, reverse repurchase agreements involve </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">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:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0%;display:inline;">Dollar Rolls Risk (BLW and BIT):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Dollar rolls involve the risk that the market value of the securities that the Fund is committed to buy may decline below the price of the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">securities the Fund has sold. These transactions may involve leverage.</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;">Short Sales Risk (DSU and BIT):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Because making short sales in securities that it does not own exposes the Fund to the risks associated with those securities, such short </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">sales involve speculative exposure risk. The Fund will incur a loss as a result of a short sale if the price of the security increases between the date of the short sale and the date </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">on which the Fund replaces the security sold short.</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;">Illiquid Investments Risk:</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> The Fund 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:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">are otherwise illiquid, including private placement securities. The Fund may not be able to readily dispose of such investments at prices that approximate those at which the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">Fund could sell such investments if they were more widely traded and, as a result of such illiquidity, the Fund may have to sell other investments or engage in borrowing </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;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 Fund’s net asset </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;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:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;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:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;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:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;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:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">the same risks as investing in 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;">Inverse Floater and Related Securities Risk (BIT):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Investments in inverse floaters, residual interest tender option bonds and similar instruments expose the Fund to the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">same risks as investments in fixed-income securities and derivatives, as well as other risks, including those associated with leverage and increased volatility. An investment in </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">these securities typically will involve greater risk than an investment in a fixed rate security. Distributions on inverse floaters, residual interest tender option bonds and similar </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">instruments will typically bear an inverse relationship to short term interest rates and typically will be reduced or, potentially, eliminated as interest rates rise. Inverse floaters, </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">residual interest tender option bonds and similar instruments will underperform the market for fixed rate securities in a rising interest rate environment. Inverse floaters may be </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">considered to be leveraged to the extent that their interest rates vary by a magnitude that exceeds the magnitude of the change in a reference rate of interest (typically a short </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">term interest rate). The leverage inherent in inverse floaters is associated with greater volatility in their market values. Investments in inverse floaters, residual interest tender </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">option bonds and similar instruments that have fixed-income securities underlying them will expose the Fund to the risks associated with those fixed-income securities and the </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;">values of those investments may be especially sensitive to changes in prepayment rates on the <div style="display:inline;">underlying </div>fixed-income 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;">Investment Companies and ETFs Risk (DSU, BLW and BIT):</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;display:inline;"> Subject to the limitations set forth in the Investment Company Act and the rules thereunder, the Fund may </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">acquire shares in other investment companies and in ETFs, some of which may be affiliated investment companies. The market value of the shares of other investment </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;">companies and ETFs may differ from their net asset value. As an investor in investment companies and ETFs, the Fund would bear its ratable share of that entity’s expenses, </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 its investment advisory and administration fees, while continuing to pay its own advisory and administration fees and other expenses (to the extent not offset 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;">Manager through waivers). As a result, shareholders will be absorbing duplicate levels of fees with respect to investments in other investment companies and ETFs (to 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;">extent not offset by the Manager through waivers).</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 Fund may invest may be leveraged. As a result, the Fund 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 Fund 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 Fund’s long-term returns on such securities (and, indirectly, the long-term returns of shares of the Fund) 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 Fund 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 Fund 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;">Risk of Investing in the United States:</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 U.S. economy weakens or when its financial markets decline, may have an </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">adverse effect on the securities to which the Fund 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 Fund 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 Fund 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;">Fund 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 Fund consider significant transactions such as a tender offer, merger or liquidation or to attempt to influence the Fund’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 Fund’s Board of Directors, 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 Fund’s investment advisory contract with its current investment manager or commencing litigation. If the Fund 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 Fund 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 Fund. 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;">Fund’s share price could be subject to significant fluctuation or otherwise be adversely <div style="display:inline;">affected </div>by the events, risks and uncertainties of any shareholder activism.</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;">BKT</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> <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;">BKT</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 Fund (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;">0.07%</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> <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;">Dividend reinvestment plan sale transaction fee</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: 30.23pt; letter-spacing: 0px; top: 0px;display:inline;">$2.50</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(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. Fund 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.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">’</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">s (the "Reinvestment Plan Agent") fees for the handling of the reinvestment of dividends will be paid by BKT. 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 $2.50 sales fee and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">pay a $0.15 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 </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">applicable brokerage commissions the Reinvestment Plan Agent is required to pay.</div></div></div> as a percentage of offering price 0.01 as a percentage of offering price 0.0007 2.5 <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="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;"><div style="display:inline;">Estimated </div>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="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="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;">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="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: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;">0.65</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="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="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;">1.32</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: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Miscellaneous</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: 25.5pt; letter-spacing: 0px; top: 0px;display:inline;">0.26</div><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; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </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: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Interest expense</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;">(e)</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: 25.5pt; letter-spacing: 0px; top: 0px;display:inline;">1.06</div><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; line-height: 10pt; 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;">Total annual 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;">1.97</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;">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="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="background-color:azure;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 Fund 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="background-color:azure;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;">1.97</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;">BKT currently pays the Manager a monthly fee at an annual contractual investment advisory fee rate of 0.65% of the average weekly value of BKT</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">’</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">s net assets.  For purposes of </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;">calculating this fee, "net assets" means the total assets of BKT minus the sum of its accrued liabilities (including the aggregate indebtedness constituting financial leverage).</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;">BKT 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 BKT’s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds managed by the </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;">Manager 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 </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">to waive its investment advisory fees by the amount of investment advisory fees BKT pays to the Manager indirectly through its investment in money market funds managed by 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;">Manager or its affiliates, through June 30, 2027. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by BKT (upon the vote of a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">majority of the Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended (the “Investment Company Act”), of BKT or 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;">outstanding voting securities of BKT), upon 90 days’ written notice by BKT to the Manager.</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;">(e)</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;">BKT uses leverage in the form of reverse repurchase agreements representing 18.5% of Managed Assets at an annual interest expense to BKT of 4.2% which is based on current </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;">market conditions.  The actual amount of interest expenses borne by BKT will vary over time in accordance with the level of BKT</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">’</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">s use of reverse repurchase agreements and </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;">variations in market interest rates.  Interest expense is required to be treated as an expense of BKT for accounting purposes.</div></div></div> as a percentage of net assets attributable to common shares 0.0065 0.0132 0.0026 0.0106 0.0197 0 0.0197 <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.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">’</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">s (the "Reinvestment Plan Agent") fees for the handling of the reinvestment of dividends will be paid by BKT. 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 $2.50 sales fee and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">pay a $0.15 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 </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">applicable brokerage 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;">BKT 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 BKT’s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds managed by the </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;">Manager 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 </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">to waive its investment advisory fees by the amount of investment advisory fees BKT pays to the Manager indirectly through its investment in money market funds managed by 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;">Manager or its affiliates, through June 30, 2027. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by BKT (upon the vote of a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">majority of the Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended (the “Investment Company Act”), of BKT or 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;">outstanding voting securities of BKT), upon 90 days’ written notice by BKT 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 BKT</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 $0.72) 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 1.97% 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> <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;">31</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;">72</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;">116</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;">238</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> 31 72 116 238 <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. BKT’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 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 Fund</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 </div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0%;display:inline;">to 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:238.84pt"><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:79.30pt"><div style="line-height:11.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:7.57%;margin-right:12.61%;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:83.30pt"><div style="line-height:11.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:12.00%;margin-right:12.00%;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:238.84pt"><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;">BKT — During Quarter Ended</div></div></div></td> <td style="background-color:azure;border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:37.41pt"><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:41.41pt"><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:238.84pt"><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:37.41pt"><div style="line-height:10pt;margin-left:6pt;margin-right:10pt;text-align:right;width:21.41pt"><div style="display:flex;margin-left:auto;width:21.41pt"><div style="display:flex;white-space:nowrap;width:21.41pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.41pt;display:inline;">$ </div><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.41pt;display:inline;">11.33</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;">10.88</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;">12.01</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:41.41pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.41pt"><div style="display:flex;margin-left:auto;width:21.41pt"><div style="display:flex;white-space:nowrap;width:21.41pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.41pt;display:inline;">$ </div><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.41pt;display:inline;">11.53</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;">(5.66</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 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;">(5.64</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 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;">12,153,836</div></div></div></div></td></tr> <tr style="height:10pt"> <td style="background-color:azure;vertical-align:Bottom;width:238.84pt"><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:37.41pt"><div style="line-height:10pt;margin-left:6pt;margin-right:10pt;text-align:right;width:21.41pt"><div style="display:flex;margin-left:auto;width:21.41pt"><div style="display:flex;white-space:nowrap;width:21.41pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.41pt;display:inline;">11.83</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;">11.16</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;">12.01</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:41.41pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.41pt"><div style="display:flex;margin-left:auto;width:21.41pt"><div style="display:flex;white-space:nowrap;width:21.41pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.41pt;display:inline;">11.89</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;">(1.50</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;">(6.14</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;">7,463,516</div></div></div></div></td></tr> <tr style="height:10pt"> <td style="vertical-align:Bottom;width:238.84pt"><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:37.41pt"><div style="line-height:10pt;margin-left:6pt;margin-right:10pt;text-align:right;width:21.41pt"><div style="display:flex;margin-left:auto;width:21.41pt"><div style="display:flex;white-space:nowrap;width:21.41pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.41pt;display:inline;">11.98</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;">11.28</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;">12.13</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:41.41pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.41pt"><div style="display:flex;margin-left:auto;width:21.41pt"><div style="display:flex;white-space:nowrap;width:21.41pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.41pt;display:inline;">11.80</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;">(1.24</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;">(4.41</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;">5,266,469</div></div></div></div></td></tr> <tr style="height:10pt"> <td style="background-color:azure;vertical-align:Bottom;width:238.84pt"><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:37.41pt"><div style="line-height:10pt;margin-left:6pt;margin-right:10pt;text-align:right;width:21.41pt"><div style="display:flex;margin-left:auto;width:21.41pt"><div style="display:flex;white-space:nowrap;width:21.41pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.41pt;display:inline;">11.85</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;">11.32</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;">11.99</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:41.41pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.41pt"><div style="display:flex;margin-left:auto;width:21.41pt"><div style="display:flex;white-space:nowrap;width:21.41pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.41pt;display:inline;">11.60</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;">(1.17</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;">(2.41</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;">3,781,973</div></div></div></div></td></tr> <tr style="height:10pt"> <td style="vertical-align:Bottom;width:238.84pt"><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:37.41pt"><div style="line-height:10pt;margin-left:6pt;margin-right:10pt;text-align:right;width:21.41pt"><div style="display:flex;margin-left:auto;width:21.41pt"><div style="display:flex;white-space:nowrap;width:21.41pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.41pt;display:inline;">12.53</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;">11.39</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;">12.70</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:41.41pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.41pt"><div style="display:flex;margin-left:auto;width:21.41pt"><div style="display:flex;white-space:nowrap;width:21.41pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.41pt;display:inline;">11.76</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;">(1.34</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;">(3.15</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;">3,964,773</div></div></div></div></td></tr> <tr style="height:10pt"> <td style="background-color:azure;vertical-align:Bottom;width:238.84pt"><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:37.41pt"><div style="line-height:10pt;margin-left:6pt;margin-right:10pt;text-align:right;width:21.41pt"><div style="display:flex;margin-left:auto;width:21.41pt"><div style="display:flex;white-space:nowrap;width:21.41pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.41pt;display:inline;">12.61</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;">11.77</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;">12.82</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:41.41pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.41pt"><div style="display:flex;margin-left:auto;width:21.41pt"><div style="display:flex;white-space:nowrap;width:21.41pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.41pt;display:inline;">11.97</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 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;">(1.67</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;">4,057,128</div></div></div></div></td></tr> <tr style="height:10pt"> <td style="vertical-align:Bottom;width:238.84pt"><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:37.41pt"><div style="line-height:10pt;margin-left:6pt;margin-right:10pt;text-align:right;width:21.41pt"><div style="display:flex;margin-left:auto;width:21.41pt"><div style="display:flex;white-space:nowrap;width:21.41pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.41pt;display:inline;">11.93</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;">11.12</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;">12.06</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:41.41pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.41pt"><div style="display:flex;margin-left:auto;width:21.41pt"><div style="display:flex;white-space:nowrap;width:21.41pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.41pt;display:inline;">11.75</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;">(1.08</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;">(5.36</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="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;">4,052,428</div></div></div></div></td></tr> <tr style="height:10.5pt"> <td style="background-color:azure;vertical-align:Bottom;width:238.84pt"><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:37.41pt"><div style="line-height:10pt;margin-left:6pt;margin-right:10pt;text-align:right;width:21.41pt"><div style="display:flex;margin-left:auto;width:21.41pt"><div style="display:flex;white-space:nowrap;width:21.41pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.41pt;display:inline;">12.36</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;">11.73</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;">12.73</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:41.41pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.41pt"><div style="display:flex;margin-left:auto;width:21.41pt"><div style="display:flex;white-space:nowrap;width:21.41pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.41pt;display:inline;">12.19</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;">(2.91</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;">(3.77</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;">3,803,044</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, BKT</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 <div style="display:inline;">price</div>, NAV per Common Share, and premium/(discount) to NAV per Common Share were $11.04, $11.51, and (4.08)%, respectively.</div><div style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:0.1pt;display:inline;"> </div></div> 11.33 10.88 12.01 11.53 -0.0566 -0.0564 11.83 11.16 12.01 11.89 -0.015 -0.0614 11.98 11.28 12.13 11.8 -0.0124 -0.0441 11.85 11.32 11.99 11.6 -0.0117 -0.0241 12.53 11.39 12.7 11.76 -0.0134 -0.0315 12.61 11.77 12.82 11.97 -0.0164 -0.0167 11.93 11.12 12.06 11.75 -0.0108 -0.0536 12.36 11.73 12.73 12.19 -0.0291 -0.0377 11.04 11.51 -0.0408 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. Fund shareholders will pay all offering expenses involved with an offering. Computershare Trust Company, N.A.’s (the "Reinvestment Plan Agent") fees for the handling of the reinvestment of dividends will be paid by BKT. 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 $2.50 sales fee and pay a $0.15 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. BKT currently pays the Manager a monthly fee at an annual contractual investment advisory fee rate of 0.65% of the average weekly value of BKT’s net assets.  For purposes of calculating this fee, "net assets" means the total assets of BKT minus the sum of its accrued liabilities (including the aggregate indebtedness constituting financial leverage). BKT 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 BKT’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, 2027. 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 BKT pays to the Manager indirectly through its investment in money market funds managed by the Manager or its affiliates, through June 30, 2027. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by BKT (upon the vote of a majority of the Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended (the “Investment Company Act”), of BKT or a majority of the outstanding voting securities of BKT), upon 90 days’ written notice by BKT to the Manager. BKT uses leverage in the form of reverse repurchase agreements representing 18.5% of Managed Assets at an annual interest expense to BKT of 4.2% which is based on current market conditions.  The actual amount of interest expenses borne by BKT will vary over time in accordance with the level of BKT’s use of reverse repurchase agreements and variations in market interest rates.  Interest expense is required to be treated as an expense of BKT for accounting purposes.