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margin-bottom:0pt; font-size:8pt; font-family:Trebuchet MS;font-weight:bold">Investment Objective </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund’s investment objective is to generate high current income through opportunistic investments in securitized credit. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Trebuchet MS;font-weight:bold">Investment Policies </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Under normal circumstances, the Fund will invest at least 80% of its Assets (as defined below) in mortgage related assets (including mortgage-backed securities (“MBS”) and other income producing securities (including asset-backed securities (“ABS”), bonds, debt securities and other similar instruments.) </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">“Assets” mean the net assets of the Fund plus the amount of any borrowings for investment purposes. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Under normal market circumstances, the Fund invests at least 50% of its Managed Assets (as defined below) in MBS, including residential MBS (“RMBS”) and commercial mortgage backed-securities (“CMBS”).As a fundamental policy, the Fund concentrates its investments in MBS and expressly treats MBS as a single industry or group of industries. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Under normal market conditions: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Gill Sans MT; font-size:8pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%"> </td> <td style="width:1%;vertical-align:top;text-align:left">•</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Gill Sans MT&quot;; font-size: 8pt; text-align: left; line-height: normal;">The Fund may invest up to 50% of its Managed Assets in <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-mortgage</div> related asset-backed securities (“ABS”), including but not limited to any asset that generates reliable cash flows including collateralized loan obligations (“CLOs”) as well as pools of consumer auto loans, credit card receivables, aircraft leases and maintenance agreements, timeshare agreements, and solar photovoltaics. </div></td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Gill Sans MT; font-size:8pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%"> </td> <td style="width:1%;vertical-align:top;text-align:left">•</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Gill Sans MT&quot;; font-size: 8pt; text-align: left; line-height: normal;">The Fund may investment up to 5% of its Managed Assets in catastrophe bonds. </div></td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The foregoing policies apply only at the time of any new investment. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">“Managed Assets” mean the total assets of the Fund, minus the sum of its accrued liabilities (other than Fund liabilities incurred for the express purpose of creating leverage). Total assets for this purpose shall include assets attributable to the Fund’s use of leverage (whether or not those assets are reflected in the Fund’s financial statements for purposes of generally accepted accounting principles), and derivatives will be valued at their market value. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Lucida Sans"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Approving Changes in Investment Policies </div></div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Board of Trustees of the Fund may change the policies described above without a shareholder vote. However, with respect to the Fund’s policy of concentrating its investments in MBS such policy may not be changed without the approval of the holders of a majority of the outstanding common shares and preferred shares voting together as a single class, and the approval of the holders of a majority of the outstanding preferred shares, voting separately as a single class. A “majority of the outstanding” shares means (i) 67% or more of the shares present at a meeting, if the holders of more than 50% of the shares are present or represented by proxy or (ii) more than 50% of the shares, whichever is less. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Lucida Sans"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Portfolio Contents </div></div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund generally invests in MBS. MBS are structured debt obligations collateralized by pools of commercial or residential mortgages. Pools of mortgage loans and mortgage-related loans, such as mezzanine loans, are assembled into pools of assets that secure or back securities sold to investors by various governmental, government-related and private organizations. MBS in which the Fund may invest include those with fixed, floating or variable interest rates, those with interest rates that change based on a specified index of interest rates and those with interest rates that change inversely to changes in interest rates, as well as those that do not bear interest. The Fund may invest in subprime mortgages or MBS that are backed by subprime mortgages. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund may invest in RMBS. RMBS are securities with payments which depend (except for rights or other assets designed to assure the servicing or timely distribution of proceeds to holders of such securities) primarily on the cash flow from residential mortgage loans made to borrowers that are secured on a first priority basis or second priority basis, subject to permitted liens, easements and other encumbrances by residential real estate <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">(one-to</div> four-family properties) the proceeds of which are used to purchase real estate and purchase or construct dwellings thereon (or to refinance indebtedness previously so used). Residential mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan secured by residential property is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair borrowers’ abilities to repay their loans. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-agency</div> RMBS in which the Fund may invest are issued by, among others, commercial banks, investment banks, and mortgage originators. Timely payment of principal and interest on mortgage-related securities backed by pools created by <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-governmental</div> issuers often is supported partially by various forms of insurance or guarantees, including individual loan, title, pool and hazard insurance. The insurance and guarantees are issued by private insurers. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The agency RMBS in which the Fund may invest represent participations in, are secured by or payable from, mortgage loans secured by real residential property. Agency RMBS may include agency mortgage pass-through certificates issued or guaranteed by the Government National Mortgage Association (“GNMA”), the Federal National Mortgage Association (“FNMA”) and/or the Federal Home Loan Mortgage Corporation (“FHLMC”). These mortgage pass-through certificates provide for the pass-through to investors of their pro rata share of monthly payments (including any prepayments) made by the individual borrowers on the pooled mortgage loans, net of any fees paid to the guarantor of such </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Trebuchet MS;font-weight:bold;text-align:right"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Georgia"></div><div style="font-family: Georgia; font-size: 14pt; color: rgb(101, 103, 105); background: none; letter-spacing: 0px; top: 0px;display:inline;"><div style="background: none; text-decoration: none;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div><div style="margin-top: 1em; margin-bottom: 1em"></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">securities and the servicer of the underlying loans. GNMA, FNMA and FHLMC guarantee timely distributions of interest and principal to shareholders. Agency RMBS may also include agency collateralized mortgage obligations (“CMOs”), which are debt obligations issued by GNMA, FNMA or FHLMC. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund may invest in CMBS. CMBS generally are multi-class debt or pass-through certificates secured or backed by mortgage loans on commercial properties. CMBS generally are structured to provide protection to the senior class investors against potential losses on the underlying mortgage loans. This protection generally is provided by having the holders of subordinated classes of securities take the first loss if there are defaults on the underlying commercial mortgage loans. Other protection, which may benefit all of the classes or particular classes, may include issuer guarantees, reserve funds, cross-collateralization and over-collateralization. The Fund may invest in CMBS issued or sponsored by commercial banks, savings and loan institutions, mortgage bankers, private mortgage insurance companies and other <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-governmental</div> issuers. CMBS have no governmental guarantee. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund also may invest in stripped MBS (“Stripped MBS”). Stripped MBS are created by segregating the cash flows from underlying mortgage loans or mortgage securities to create two or more new securities, each with a specified percentage of the underlying security’s principal or interest payments. Mortgage securities may be partially stripped so that each investor class receives some interest and some principal. When securities are completely stripped, however, all of the interest is distributed to holders of one type of security, known as an interest-only security (“IO”), and all of the principal is distributed to holders of another type of security known as a principal-only security (“PO”). Strips can be created in a pass-through structure or as tranches of a CMO. The yields to maturity on IOs and POs are very sensitive to the rate of principal payments (including prepayments) on the related underlying mortgage assets. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund may also invest in ABS. ABS are securities that are primarily serviced by the cash flows of a discrete pool of receivables or other financial assets, either fixed or revolving, that by their terms convert into cash within a finite time period. Asset-backed securitization is a financing technique in which financial assets, in many cases themselves less liquid, are pooled and converted into instruments that may be offered and sold in the capital markets. While residential mortgages were the first financial assets to be securitized in the form of MBS, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-mortgage</div> related securitizations have grown to include many other types of financial assets, such as credit card receivables, auto loans and student loans. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund may invest in catastrophe bonds, which typically are backed by a secured collateral account. Exposure to catastrophe bonds results in gains or losses that typically are contingent upon, or formulaically related to, defined trigger events. Examples of trigger events include hurricanes, earthquakes, weather-related phenomena or statistics relating to such events. If a trigger event, as defined within the terms of the bond, involves losses or other metrics exceeding a specific magnitude in the geographic region and/or time period specified therein, the Fund may lose a portion or all of its investments in such security, including accrued interest and/or principal invested in such security. If no trigger event occurs, the Fund would typically recover its principal plus interest. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund may invest in CLOs and other collateralized debt obligations (“CDOs”). CLOs and other CDOs are types of asset-backed securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties. CLOs and other CDOs may charge management fees and administrative expenses. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund’s may invest in below investment securities. Below investment securities (such securities are commonly referred to as “high yield” or “junk”) generally provide high income in an effort to compensate investors for their higher risk of default, which is the failure to make required interest or principal payments. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund may enter into repurchase agreements (the purchase of a security coupled with an agreement to resell that security at a higher price) with respect to its permitted investments. The Fund’s repurchase agreements will provide that the value of the collateral underlying the repurchase agreement will always be at least equal to the repurchase price, including any accrued interest earned on the agreement, and will be <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">marked-to-market</div> daily. The Fund may also utilize reverse repurchase agreements when it is anticipated that the interest income to be earned from the investment of the proceeds of the transaction is greater than the interest expense of the transaction. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund may invest in illiquid securities (i.e., securities that are not readily marketable), including, but not limited to, restricted securities (securities the disposition of which is restricted under the federal securities laws), securities that may be resold only pursuant to Rule 144A under the Securities Act of 1933, as amended (the “1933 Act”), and repurchase agreements with maturities in excess of seven days. Illiquid securities may also include securities legally restricted as to resale, such as securities issued pursuant to Section 4(a)(2) of the 1933 Act. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund may enter into certain derivative instruments in pursuit of its investment objective, including to seek to enhance return, to hedge certain risks of its investments in fixed-income securities or as a substitute for a position in the underlying asset. Such instruments include financial futures contracts, swap contracts (including interest rate and credit default swaps), options on financial futures, options on swap contracts or other derivative instruments. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund may also invest in securities of other open- or <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">closed-end</div> investment companies (including exchange-traded funds (“ETFs”)) that invest primarily in securities of the types in which the Fund may invest directly, to the extent permitted by the Investment Company Act of 1940, as amended (the “1940 Act”), the rules and regulations issued thereunder and applicable exemptive orders issued by the Securities and Exchange Commission (“SEC”). </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Trebuchet MS;font-weight:bold"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Georgia"><div style="color: rgb(101, 103, 105); background: none; letter-spacing: 0px; top: 0px;display:inline;"><div style="background: none; text-decoration: none;display:inline;"><div style="font-weight:bolder;display:inline;">  </div></div></div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Lucida Sans"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Use of Leverage </div></div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund uses leverage to pursue its investment objective. The Fund may source leverage through the issuance of “senior securities” as defined under the 1940 Act, which include (1) borrowings, including loans from financial institutions; (2) the issuance of debt securities; and (3) the issuance of preferred shares of beneficial interest (“Preferred Shares”). In addition, the Fund may also use certain derivatives and other financing instruments that have the economic effect of leverage by creating additional investment exposures, such as reverse repurchase agreements. The amount and sources of leverage will vary depending on market conditions. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Lucida Sans"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Temporary Defensive Periods </div></div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">During temporary defensive periods the Fund may deviate from its investment objective and policies, and in order to keep the Fund’s cash fully invested, the Fund may invest any percentage of its total assets in high quality investments. The Fund may not achieve its investment objective during such periods. </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Trebuchet MS;font-weight:bold">PRINCIPAL RISKS OF THE FUNDS </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The factors that are most likely to have a material effect on a particular Fund’s portfolio as a whole are called “principal risks.” Each Fund is subject to the principal risks indicated below, whether through direct investment or derivative positions. Each Fund may be subject to additional risks other than those identified and described below because the types of investments made by a Fund can change over time. </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:70%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:9%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:9%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:9%"></td></tr> <tr style="page-break-inside:avoid ; font-family:Calibri; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Risk</div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">JGH</div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">NPCT</div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">JLS</div></div></td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="2" style="height:3.75pt"></td> <td colspan="2" style="height:3.75pt"></td> <td colspan="2" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Calibri; font-size:8pt"> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;">Portfolio Level Risks</div></div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Below Investment Grade Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Call Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Catastrophe Bond Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">-</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Collateralized Debt Obligation (“CDO”) and Collateralized Loan Obligation (“CLO”) Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">-</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Concentration Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">-</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">-</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Contingent Capital Securities (“CoCos”) Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">-</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">-</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Convertible Securities Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">-</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">-</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Counterparty Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Credit Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Credit Spread Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Debt Securities Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Distressed or Defaulted Securities Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">-</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Deflation Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Derivatives Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Duration Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Extension Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">-</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Financial Futures and Options Transactions Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Foreign Currency Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">-</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Forward Currency Contracts Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">-</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">-</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Foreign/Emerging Markets Issuer Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">-</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Hedging Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Impact Criteria and Environmental, Social and Governance (“ESG”) Criteria Investing Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">-</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">-</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Income Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Inflation Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Interest Rate Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Inverse Floating Rate Securities Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">-</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">-</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Loan Participation Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">-</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Loan Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">-</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Mortgage-Backed Securities (“MBS”) and Asset-Backed Securities (“ABS”) Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Other Investment Companies Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Preferred Securities Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">-</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Real Estate Related Securities Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">-</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">-</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Regulation S Securities Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">-</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">-</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Reinvestment Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Restricted and Illiquid Investments Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td></tr></table><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Trebuchet MS;font-weight:bold"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:100%;border-spacing:0;margin:0 auto"> <tr style="page-break-inside:avoid ; font-family:Calibri; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Risk</div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">JGH</div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">NPCT</div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">JLS</div></div></td></tr> <tr style="page-break-inside:avoid ; font-family:Calibri; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;">Portfolio Level Risks</div></div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Senior Loan Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">-</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Senior Loan Agent Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">-</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Sovereign Government and Supranational Debt Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">-</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Swap Transactions Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Unrated Securities Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">U.S. Government Securities Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Valuation Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">When-Issued and Delayed-Delivery Transactions Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">-</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">-</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Zero Coupon or <div style="white-space:nowrap;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Pay-In-Kind</div></div> Securities Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">-</div></td></tr> <tr style="font-size:1pt"> <td style="height:7.5pt"></td> <td colspan="2" style="height:7.5pt"></td> <td colspan="2" style="height:7.5pt"></td> <td colspan="2" style="height:7.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Calibri; font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;">Fund Level and Other Risks</div></div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Anti-Takeover Provisions</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Borrowing Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Cybersecurity Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Distribution Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">-</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Global Economic Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Investment and Market Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Legislation and Regulatory Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Leverage Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Limited Term and Tender Offer Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">-</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">-</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Market Discount from Net Asset Value</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Recent Market Conditions</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Reverse Repurchase Agreement Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Risk of Taxable Income in Excess of Economic Income</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">-</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">-</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Subsidiary Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">-</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">-</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Fund Tax Risk</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">X</div></td></tr></table><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Trebuchet MS;font-weight:bold;text-align:right"> </div><div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Georgia"></div><div style="font-family: Georgia; font-size: 14pt; color: rgb(101, 103, 105); background: none; letter-spacing: 0px; top: 0px;display:inline;"><div style="background: none; text-decoration: none;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div><div style="margin-top: 1em; margin-bottom: 1em"></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Calibri;font-weight:bold"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">Portfolio Level Risks: </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Below Investment Grade Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">Investments of below investment grade quality are regarded as having speculative characteristics with respect to the issuer’s capacity to pay dividends or interest and repay principal, and may be subject to higher price volatility and default risk than investment grade investments of comparable terms and duration. Issuers of lower grade investments may be highly leveraged and may not have available to them more traditional methods of financing. The prices of these lower grade investments are typically more sensitive to negative developments, such as a decline in the issuer’s revenues or a general economic downturn. The secondary market for lower rated investments may not be as liquid as the secondary market for more highly rated investments, a factor which may have an adverse effect on the Fund’s ability to dispose of a particular investment. If a below investment grade investment goes into default, or its issuer enters bankruptcy, it might be difficult to sell that security in a timely manner at a reasonable price. </div></div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Call Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in securities that are subject to call risk. Such securities may be redeemed at the option of the issuer, or “called,” before their stated maturity or redemption date. In general, an issuer will call its instruments if they can be refinanced by issuing new instruments that bear a lower interest rate. The Fund is subject to the possibility that during periods of falling interest rates, an issuer will call its high yielding securities. The Fund would then be forced to invest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income. </div></div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Catastrophe Bonds Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">Exposure to catastrophe bonds results in gains or losses that typically are contingent upon, or formulaically related to, defined trigger events. Examples of trigger events include hurricanes, earthquakes, weather-related phenomena or statistics relating to such events. Catastrophe bonds carry large uncertainties and major risk exposures to adverse conditions. If a trigger event, as defined within the terms of the bond, involves losses or other metrics exceeding a specific magnitude in the geographic region and/or time period specified therein, the Fund may lose a portion or all of its investments in such security, including accrued interest and/or principal invested in such security. Such losses may be substantial. If no trigger event occurs, the Fund typically would recover its principal plus interest. </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The rating, if any, of catastrophe bonds, reflects the rating agency’s calculated probability that a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pre-defined</div> trigger event will occur. Thus, lower-rated bonds have a greater likelihood of a triggering event occurring and resulting in a loss to the Fund. Catastrophe bonds often provide for an extension of maturity to process and audit loss claims when a trigger event has, or possibly has, occurred. An extension of maturity may increase volatility. Event-linked exposure also may expose the Fund to certain other risks including credit risk, counterparty risk, adverse regulatory or jurisdictional interpretations and adverse tax consequences. Catastrophe bonds may also be illiquid. </div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Collateralized Debt Obligation (“CDO”) and Collateralized Loan Obligation (“CLO”) Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">The risks of an investment in CDOs, including CLOs, depend largely on the type of the collateral securities and the class of the CDO in which the Fund invests. In addition to the normal risks associated with fixed-income investments, CDOs and CLOs carry additional risks including, but not limited to, the risk that: (1) distributions from collateral assets may not be adequate to make interest or other payments; (2) the quality of the collateral may decline in value or default; (3) the fact that the CDOs or CLOs may be subordinate to other classes; and (4) the complex structure of the investment may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results. CDOs and CLOs may also charge management and other administrative fees, which are in addition to those charged by the Fund. </div></div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Concentration Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">The Fund’s investments are concentrated in issuers of one or a few specific economic sectors, so the Fund may be subject to more risks than if it were broadly diversified across the economy. </div></div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Contingent Capital Securities (“CoCos”) Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">A loss absorption mechanism trigger event for CoCos would likely be the result of, or related to, the deterioration of the issuer’s financial condition (e.g., a decrease in the issuer’s capital ratio) and status as a going concern. In such a case, with respect to CoCos that provide for conversion into common stock upon the occurrence of the trigger event, the market price of the issuer’s common stock received by the Fund will have likely declined, perhaps substantially, and may continue to decline, which may adversely affect the Fund’s net asset value. Further, the issuer’s common stock would be subordinate to the issuer’s other classes of securities and therefore would worsen the Fund’s standing in a bankruptcy proceeding. In addition, because the common stock of the issuer may not pay a dividend, investors in these instruments could experience a reduced income rate, potentially to zero. In view of the foregoing, CoCos are often rated below investment grade and are subject to the risks of below investment grade securities. </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">CoCos may be subject to an automatic write-down (i.e., the automatic write-down of the principal amount or value of the securities, potentially to zero, and the cancellation of the securities) under certain circumstances, which could result in the Fund losing a portion or all of its investment in such securities. In addition, the Fund may not have any rights with respect to repayment of the principal amount of the securities that has not become due or the payment of interest or dividends on such securities for any period from (and including) the interest or dividend payment date falling immediately prior to the occurrence of such automatic write-down. An automatic write-down could also result in a reduced income rate if the dividend or interest payment is based on the security’s par value. Coupon payments on CoCos may be discretionary and may be cancelled by the issuer for any reason or may be subject to approval by the issuer’s regulator and may be suspended in the event there are insufficient distributable reserves. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">In certain scenarios, investors in CoCos may suffer a loss of capital ahead of equity holders or when equity holders do not. There is no guarantee that the Fund will receive a return of principal on CoCos. Any indication that an automatic write-down or conversion event may occur can be expected to have a material adverse effect on the market price of CoCos. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The prices of CoCos may be volatile. Additionally, the trading behavior of a given issuer’s CoCo may be strongly impacted by the trading behavior of other issuers’ CoCos, such that negative information from an unrelated CoCo may cause a decline in value of one or more CoCos held by a fund. Accordingly, the trading behavior of CoCos may not follow the trading behavior of other similarly structured securities. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Trebuchet MS;font-weight:bold"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">CoCos are issued primarily by financial institutions. Therefore, CoCos present substantially increased risks at times of financial turmoil, which could affect financial institutions more than companies in other sectors and industries. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Convertible Securities Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">Convertible securities have <div style="display:inline;">characteristics </div>of both equity and debt securities and, as a result, are exposed to certain additional risks that are typically associated with debt, including but not limited to Interest Rate Risk, Credit Risk, Below Investment Grade Risk and Unrated Securities Risk. The value of a convertible security is influenced by both the yield of <div style="white-space:nowrap;display:inline;">non-convertible</div> securities of comparable issuers and by the value of the underlying common stock. Convertible securities generally offer lower interest or dividend yields than <div style="white-space:nowrap;display:inline;">non-convertible</div> securities of similar credit quality. The market values of convertible securities tend to decline as interest rates increase and, conversely, to increase as interest rates decline. However, the convertible security’s market value tends to reflect the market price of the common stock of the issuing company when that <div style="display:inline;">stock </div>price is greater than the convertible security’s “conversion price.” The conversion price is defined as the predetermined price at which the convertible security could be exchanged for the associated common stock. As the market price of the underlying common stock declines, the price of the convertible security tends to be influenced more by the yield of the convertible security. Thus, the convertible security may not decline in price to the same extent as the underlying common stock. Convertible securities fall below debt obligations of the same issuer in order of preference or priority in the event of a liquidation and are typically unrated or rated lower than such debt obligations. </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Credit Risk. </div></div>Issuers of securities in which the Fund may invest may default on their obligations, including to pay principal or interest when due. This <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-payment</div> would result in a reduction of income to the Fund, a reduction in the value of a security experiencing <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-payment</div> and potentially a decrease in the net asset value (“NAV”) of the Fund. With respect to the Fund’s investments that are secured, there can be no assurance that liquidation of collateral would satisfy the issuer’s obligation in the event of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-payment</div> of scheduled dividend, interest or principal or that such collateral could be readily liquidated. In the event of the bankruptcy of an issuer, the Fund could experience delays or limitations with respect to its ability to realize the benefits of any collateral securing an investment. To the extent that the credit rating assigned to a security in the Fund’s portfolio is downgraded, the market price and liquidity of such security may be adversely affected. </div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Counterparty Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">Changes in the credit quality of the companies that serve as the Fund’s counterparties with respect to derivatives or other transactions supported by another party’s credit will affect the value of those instruments. Certain entities that have served as counterparties in the markets for these transactions have incurred or may incur in the future significant financial hardships including bankruptcy and losses as a result of exposure to <div style="white-space:nowrap;display:inline;">sub-prime</div> mortgages and other lower-quality credit investments. As a result, such hardships have reduced these entities’ capital and called into question their continued ability to perform their obligations under such transactions. By using such derivatives or other transactions, the Fund assumes the risk that its counterparties could experience similar financial hardships. In the event of the insolvency of a counterparty, the Fund may sustain losses or be unable to liquidate a derivatives position. </div></div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Credit Spread Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">Credit spread risk is the risk that credit spreads (i.e., the difference in yield between securities that is due to differences in their credit quality) may increase when the market believes that securities generally have a greater risk of default. Increasing credit spreads may reduce the market values of the Fund’s securities. Credit spreads often increase more for lower rated and unrated securities than for investment grade securities. In addition, when credit spreads increase, reductions in market value will generally be greater for longer-maturity securities. </div></div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Debt Securities Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">Issuers of debt instruments in which the Fund may invest may default on their obligations to pay principal or interest when due. This <div style="white-space:nowrap;display:inline;">non-payment</div> would result in a reduction of income to the Fund, a reduction in the value of a debt instrument experiencing <div style="white-space:nowrap;display:inline;">non-payment</div> and, potentially, a decrease in the NAV of the Fund. There can be no assurance that liquidation of collateral would satisfy the issuer’s obligation in the event of <div style="white-space:nowrap;display:inline;">non-payment</div> of scheduled interest or principal or that such collateral could be readily liquidated. In the event of bankruptcy of an issuer, the Fund could experience delays or limitations with respect to its ability to realize the benefits of any collateral securing a security. To the extent that the credit rating assigned to a security in the Fund’s portfolio is downgraded, the market price and liquidity of such security may be adversely affected. In addition, decreased market making capacity has the potential to decrease liquidity and increase price volatility in the fixed income markets in which the Fund invests, particularly during periods of economic or market stress. Decreased liquidity may result in the Fund having to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on performance. </div></div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Distressed or Defaulted Securities Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">Investments in “distressed” securities, meaning those whose issuers are experiencing financial difficulties or distress at the time the security was acquired, present a substantial risk of future default. In the event distressed securities become defaulted securities or the Fund otherwise holds defaulted securities, the Fund may incur losses, including additional expenses, to the extent it is required to seek recovery upon a default in the payment of principal or interest on those securities. In any reorganization or liquidation proceeding relating to a portfolio security, the Fund may lose its entire investment or may be required to accept cash or securities with a value less than its original investment. Defaulted or distressed securities may be subject to restrictions on resale. </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Deflation Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">Deflation risk is the risk that prices throughout the economy decline over time. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund’s portfolio. </div></div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Derivatives Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">The use of derivatives involves additional risks and transaction costs which could leave the Fund in a worse position than if it had not used these instruments. Derivative instruments can be used to acquire or to transfer the risk and returns of a security or other asset without buying or selling the security or asset. These instruments may entail investment exposures that are greater than their cost would suggest. As a result, a small investment in derivatives can result in losses that greatly exceed the original investment. Derivatives can be highly volatile, illiquid and difficult to value. An <div style="white-space:nowrap;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">over-the-counter</div></div> derivative transaction between the Fund and a counterparty that is not cleared through a central counterparty also involves the risk that a loss may be sustained as a result of the failure of the counterparty to the contract to make required payments. The payment obligation for a cleared derivative transaction is guaranteed by a central counterparty, which exposes the Fund to the creditworthiness of the central counterparty. The use of certain derivatives involves leverage, which can cause the Fund’s portfolio to be more volatile than if the portfolio had not been leveraged. Leverage can significantly magnify the effect of price movements of the reference asset, disproportionately increasing the Fund’s losses and reducing the Fund’s opportunities for gains when the reference asset changes in unexpected ways. In some instances, such leverage could result in losses that exceed the original amount invested. </div></div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Georgia"></div><div style="font-family: Georgia; font-size: 14pt; color: rgb(101, 103, 105); background: none; letter-spacing: 0px; top: 0px;display:inline;"><div style="background: none; text-decoration: none;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div><div style="margin-top: 1em; margin-bottom: 1em"></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">It is possible that regulatory or other developments in the derivatives market, including changes in government regulation could adversely impact the Fund’s ability to invest in <div style="display:inline;">certain </div>derivatives or successfully use derivative instruments. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Duration Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">Duration is the sensitivity, expressed in years, of the price of a fixed-income security to changes in the general level of interest rates (or yields). Securities with longer durations tend to be more sensitive to interest rate (or yield) changes, which typically corresponds to increased volatility and risk, than securities with shorter durations. For example, if a security or portfolio has a duration of three years and interest rates increase by 1%, then the security or portfolio would decline in value by approximately 3%. Duration differs from maturity in that it considers potential changes to interest rates, and a security’s coupon payments, yield, price and par value and call features, in addition to the amount of time until the security matures. The duration of a security will be expected to change over time with changes in market factors and time to maturity. </div></div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Extension Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">Extension risk is the flip side of call or prepayment risk. Extension, or slower prepayments of the underlying mortgage loans, would extend the time it would take to receive cash flows and would generally compress the yield on <div style="white-space:nowrap;display:inline;">non-agency</div> RMBS and CMBS. Rising interest rates can cause the average maturity of the Fund to lengthen due to a drop in mortgage prepayments. This will increase both the sensitivity to rising interest rates and the potential for price declines of the Fund. </div></div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Financial Futures and Options Transactions Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">The Fund may use certain transactions for hedging the portfolio’s exposure to credit risk and the risk of increases in interest rates, which could result in poorer overall performance for the Fund. There may be an imperfect correlation between price movements of the futures and options and price movements of the portfolio securities being hedged. </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">If the Fund engages in futures transactions or in the writing of options on futures, it will be required to maintain initial margin and maintenance margin and may be required to make daily variation margin payments in accordance with applicable rules of the exchanges and the Commodity Futures Trading Commission (“CFTC”). If the Fund purchases a financial futures contract or a call option or writes a put option in order to hedge the anticipated purchase of securities, and if the Fund fails to complete the anticipated purchase transaction, the Fund may have a loss or a gain on the futures or options transaction that will not be offset by price movements in the securities that were the subject of the anticipatory hedge. There can be no assurance that a liquid market will exist at a time when the Fund seeks to close out a derivatives or futures or a futures option position, and the Fund would remain obligated to meet margin requirements until the position is closed. </div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Foreign Currency Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">Because the Fund may invest in securities denominated or quoted in currencies other than the U.S. dollar, changes in foreign currency exchange rates may affect the value of securities held by the Fund and the unrealized appreciation or depreciation of investments. Currencies of certain countries may be volatile and therefore may affect the value of securities denominated in such currencies, which means that the Fund’s NAV could decline as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. In addition, certain countries, particularly emerging market countries, may impose foreign currency exchange controls or other restrictions on the transferability, repatriation or convertibility of currency. </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Foreign/Emerging Markets Issuer Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">Investments in foreign issuers involve special risks not presented by investments in U.S. issuers, including the following: (i) less publicly available information about foreign issuers or markets due to less rigorous disclosure or accounting standards or regulatory practices; (ii) many foreign markets are smaller, less liquid and more volatile; (iii) potential adverse effects of fluctuations in currency exchange rates or controls on the value of the Fund’s investments; (iv) the economies of foreign countries may grow at slower rates than expected or may experience a downturn or recession; (v) the impact of economic, political, social or diplomatic events; (vi) possible seizure of a company’s assets; (vii) restrictions imposed by foreign countries limiting the ability of foreign issuers to make payments of principal and/or interest due to blockages of foreign currency exchanges or otherwise and (viii) withholding and other foreign taxes may decrease the Fund’s return. These risks are more pronounced to the extent that the Fund invests a significant amount of its assets in issuers located in one foreign country or geographic region. In addition, investing in securities of foreign issuers located in emerging markets involves greater risks, including smaller market capitalization of securities markets, which may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Forward Currency Contracts Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">Forward currency contracts are not <div style="display:inline;">standardized</div>; rather, banks and dealers act as principals in these markets, negotiating each transaction on an individual basis. Forward and “cash” trading is substantially unregulated; there is no limitation on daily price movements and speculative position limits are not applicable. The principals who deal in the forward currency markets are not required to continue to make markets in the securities they trade and these markets can experience periods of illiquidity, sometimes of significant duration. There have been periods during which certain participants in these markets have refused to quote prices for certain securities or have quoted prices with an unusually wide spread between the price at which they were prepared to buy and that at which they were prepared to sell. Market illiquidity or disruption could result in major losses to the Fund. In addition, trading forward currency contracts can have the effect of financial leverage by creating additional investment exposure. </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Hedging Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">The Fund’s use of derivatives or other transactions to reduce risk involves costs and will be subject to the investment adviser’s and/or the <div style="white-space:nowrap;display:inline;">sub-adviser’s</div> ability to predict correctly changes in the relationships of such hedge instruments to the Fund’s portfolio holdings or other factors. No assurance can be given that the investment adviser’s and/or the <div style="white-space:nowrap;display:inline;">sub-adviser’s</div> judgment in this respect will be correct, and no assurance can be given that the Fund will enter into hedging or other transactions at <div style="display:inline;">times </div>or under circumstances in which it may be advisable to do so. Hedging activities may reduce the Fund’s opportunities for gain by offsetting the positive effects of favorable price movements and may result in net losses. </div></div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Impact Criteria and Environmental, Social and Governance (“ESG”) Criteria Investing Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">Because the Impact Criteria and/or Nuveen’s ESG investment criteria may exclude investments of certain issuers for <div style="white-space:nowrap;display:inline;">non-financial</div> reasons, the Fund may forgo some market opportunities available to funds that do not use these criteria. This may cause the Fund to underperform the market as a whole or other funds that do not use an Impact Criteria or ESG investment strategy or that use a different methodology or different factors to determine an investment’s impact and/ or ESG investment criteria. In addition, there is a risk that the companies identified by the Impact Criteria or Nuveen’s ESG investment criteria do not operate as expected when addressing social and environmental impact and ESG issues. A company’s social and environmental impact and ESG performance or the Fund’s <div style="white-space:nowrap;display:inline;">sub-adviser’s</div> assessment of a company’s social and environmental impact and ESG performance could vary over time, </div></div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Trebuchet MS;font-weight:bold"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">which could cause the Fund to be temporarily invested in companies that do not comply with the Fund’s approach towards considering Impact Criteria or ESG investment criteria. There are significant differences in interpretations of what it means for a company to have positive Impact Criteria or ESG investment criteria. While the Fund’s <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">sub-adviser</div> believes its evaluation of Impact Criteria and/or ESG investment criteria is reasonable, the portfolio decisions it makes may differ with other investors’ or advisers’ views. In making investment decisions, the Fund’s <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">sub-adviser</div> relies on information and data that could be incomplete or erroneous, which could cause the Fund’s <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">sub-adviser</div> to incorrectly assess a company’s Impact Criteria and/or ESG investment criteria. The third-party data providers may differ in the data they provide for a given investment or between industries, or may only take into account one of many <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">ESG-related</div> components of a company. Accordingly, the information used by the Fund’s <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">sub-adviser</div> to evaluate the ESG criteria of the Fund’s investments may not be complete or accurate, and may vary across providers and issuers, as ESG is not a uniformly defined characteristic. Furthermore, data availability and reporting with respect to Impact Criteria or the ESG investment criteria may not always be available or may become unreliable. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Income Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">The Fund’s level of current income could decline due to falling market interest rates. This is because, in a falling interest rate environment, the Fund generally will have to invest the proceeds from maturing portfolio securities in lower-yielding securities. </div></div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Inflation Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the common shares and distributions can decline. Currently, inflation rates are elevated relative to normal market conditions and could increase. </div></div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Interest Rate Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">Interest rate risk is the risk that debt securities in the Fund’s portfolio will decline in value because of changes in market interest rates. Generally, when market interest rates rise, the market value of such securities will fall, and vice versa. As interest rates decline, issuers of debt securities may prepay principal earlier than scheduled, forcing the Fund to reinvest in lower-yielding securities and potentially reducing the Fund’s income. As interest rates increase, slower than expected principal payments may extend the average life of debt securities, potentially locking in a below-market interest rate and reducing the Fund’s value. In typical market interest rate environments, the prices of longer-term debt securities generally fluctuate more than prices of shorter-term debt securities as interest rates change. If the Fund invests in floating rate securities, the market value of such securities may fall in a declining interest rate environment and may also fall in a rising interest rate environment if there is a lag between the rise in interest rates and the rest. A secondary risk associated with declining interest rates is the risk that income earned by the Fund on floating rate securities may decline due to lower coupon payments on floating- rate securities. </div></div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Inverse Floating Rate Securities Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">In general, income on inverse floating rate securities will decrease when short-term interest rates increase and increase when short-term interest rates decrease. Investments in inverse floating rate securities may subject the Fund to the risks of reduced or eliminated interest payments and losses of principal. In addition, inverse floating rate securities may increase or decrease in value at a greater rate than the underlying interest rate, which effectively leverages the Fund’s investment. As a result, the market value of such securities generally will be more volatile than that of fixed rate securities. </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund may invest in inverse floating rate securities issued by special purpose trusts that have recourse to the Fund. In such instances, the Fund may be at risk of loss that exceeds its investment in the inverse floating rate securities. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund may be required to sell its inverse floating rate securities at less than favorable prices, or liquidate other Fund portfolio holdings in certain circumstances, including, but not limited to, the following: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Gill Sans MT; font-size:8pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%"> </td> <td style="width:1%;vertical-align:top;text-align:left">•</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Gill Sans MT&quot;; font-size: 8pt; text-align: left; line-height: normal;">If the Fund has a need for cash and the securities in a special purpose trust are not actively trading due to adverse market conditions; </div></td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Gill Sans MT; font-size:8pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%"> </td> <td style="width:1%;vertical-align:top;text-align:left">•</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Gill Sans MT&quot;; font-size: 8pt; text-align: left; line-height: normal;">If special purpose trust sponsors (as a collective group or individually) experience financial hardship and consequently seek to terminate their respective outstanding special purpose trusts; and </div></td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Gill Sans MT; font-size:8pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%"> </td> <td style="width:1%;vertical-align:top;text-align:left">•</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Gill Sans MT&quot;; font-size: 8pt; text-align: left; line-height: normal;">If the value of an underlying security declines significantly and if additional collateral has not been posted by the Fund. </div></td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Loan Participation Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">A participation typically will result in the Fund having a contractual relationship only with the lender, not the borrower. As a result, the Fund assumes the credit risk of the lender selling the participation in addition to the credit risk of the borrower. By purchasing a participation, the Fund will have the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the borrower. In the event of insolvency or bankruptcy of the lender selling the participation, the Fund may be treated as a general creditor of the lender and may not have a senior claim to the lender’s interest in the loan. If the Fund only acquires a participation in the loan made by a third party, the Fund may not be able to control the exercise of any remedies that the lender would have under the loan. Such third party participation arrangements are designed to give loan investors preferential treatment over high yield investors in the event of a deterioration in the credit quality of the borrower. Even when these arrangements exist, however, there can be no assurance that the principal and interest owed on the loan will be repaid in full. </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Loan Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">The lack of an active trading market for certain loans may impair the ability of the Fund to realize full value in the event of the need to sell a loan and may make it difficult to value such loans. Portfolio transactions in loans may settle in as short as seven days but typically can take up to two or three weeks, and in some cases much longer. As a result of these extended settlement periods, the Fund may incur losses if it is required to sell other investments or temporarily borrow to meet its cash needs. The risks associated with unsecured loans, which are not backed by a security interest in any specific collateral, are higher than those for comparable loans that are secured by specific collateral. For secured loans, there is a risk that the value of any collateral securing a loan in which the Fund has an interest may decline and that the collateral may not be sufficient to cover the amount owed on the loan. Interests in loans made to finance highly leveraged companies or transactions such as corporate acquisitions may be especially vulnerable to adverse changes in economic or market conditions. Loans may have restrictive covenants limiting the ability of a borrower to further encumber its assets. However, in periods of high demand by lenders like the Fund for loan investments, borrowers may limit these covenants and weaken a lender’s ability to access collateral securing the loan; reprice the credit risk associated with the borrower; and mitigate potential loss. The Fund may experience relatively greater realized or unrealized losses or delays and expenses in enforcing its rights with respect to loans with </div></div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Trebuchet MS;font-weight:bold;text-align:right"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Georgia"></div><div style="font-family: Georgia; font-size: 14pt; color: rgb(101, 103, 105); background: none; letter-spacing: 0px; top: 0px;display:inline;"><div style="background: none; text-decoration: none;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div><div style="margin-top: 1em; margin-bottom: 1em"></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Georgia"><div style="color: rgb(101, 103, 105); background: none; letter-spacing: 0px; top: 0px;display:inline;"><div style="background: none; text-decoration: none;display:inline;"><div style="font-weight:bolder;display:inline;">  </div></div></div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">fewer restrictive covenants. Additionally, loans may not be considered “securities” and, as a result, the Fund may not be entitled to rely on the anti-fraud protections of the securities laws. Because junior loans have a lower place in an issuer’s capital structure and may be unsecured, junior loans involve a higher degree of overall risk than senior loans of the issuer. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Mortgage-Backed Securities (“MBS”) and Asset-Backed Securities (“ABS”) Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">These securities generally can be prepaid at any time, and prepayments that occur either more quickly or more slowly than expected can adversely impact the value of such securities. They are also subject to extension risk, which is the risk that rising interest rates could cause mortgages or other obligations underlying the securities to be prepaid more slowly than expected, thereby lengthening the duration of such securities, increasing their sensitivity to interest rate changes and causing their prices to decline. The Fund may invest in MBS and ABS that are subordinate in right of payment and rank junior to other securities that are secured by or represent an ownership interest in the same pool of assets. In addition, many of the transactions in which such securities are issued have structural features that divert payments of interest and/or principal to more senior classes when the delinquency or loss experience of the pool exceeds certain levels. As a result, such securities may be more sensitive to risk of loss, write-downs, the <div style="white-space:nowrap;display:inline;">non-fulfillment</div> of repurchase obligations, over-advancing on a pool of loans and the costs of transferring servicing than senior classes of securities. Further, some of the MBS and ABS in which the Fund invests may be comprised of subprime loans. Subprime loans are those made to borrowers with lower credit ratings and/or shorter credit history, who are more likely to default on their loan obligations as compared to more credit-worthy borrowers. As a result, liquidity risk is even greater for MBS and ABS comprised of subprime loans. </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">MBS, including CMBS and RMBS, may be negatively affected by the quality of the mortgages underlying such security, the credit quality of its issuer or guarantor, and the nature and structure of its credit support. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool will adversely affect the value of MBS and will result in losses to the Fund. Privately issued mortgage-related securities are not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have government or government-sponsored entity guarantee. As a result, the mortgage loans underlying privately issued mortgage-related securities may, and frequently do, have less favorable collateral, credit risk or other underwriting characteristics than government or government-sponsored mortgage-related securities and have wider variances in a number of terms including interest rate, term, size, purpose and borrower characteristics. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Certain <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-agency</div> MBS are only entitled to payments provided for in the underlying agreement when and if funds are generated by the underlying mortgage loan pool. This likelihood of the return of interest and principal may be assessed as a credit matter. However, the holders of such <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-agency</div> MBS may not have the legal status of secured creditors, and therefore may not be able to accelerate a claim for payment on their securities or force a sale of the mortgage loan pool in the event that insufficient funds exist to pay such amounts on any date designated for such payment. The holders of such <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-agency</div> MBS do not typically have any right to remove a servicer solely as a result of a failure of the mortgage pool to perform as expected. In addition, there can be no assurance that originators and servicers of mortgage loans for <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-agency</div> MBS will not experience financial difficulties, which may increase the chances that these entities may default on their warehousing or other credit lines or become insolvent or bankrupt, thus increasing the likelihood that repurchase obligations will not be fulfilled and the potential for loss to holders of such <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-agency</div> MBS. Further, the prices of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-agency</div> MBS may decline substantially, for reasons that may not be attributable to any of the other risks described herein. In particular, purchasing assets at what may appear to be “undervalued” levels is no guarantee that these assets will not be trading at even more “undervalued” levels at a time of valuation or at the time of sale. It may not be possible to predict, or to protect against, such “spread widening” risk. </div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Other Investment Companies Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">Investing in an investment company exposes the Fund to all of the risks of that investment company’s investments. The Fund, as a holder of the securities of other investment companies, will bear its pro rata portion of the other investment companies’ expenses, including advisory fees. These expenses are in addition to the direct expenses of the Fund’s own operations. As a result, the cost of investing in investment company shares may exceed the costs of investing directly in its underlying investments. In addition, securities of other investment companies may be leveraged. As a result, the Fund may be indirectly exposed to leverage through an investment in such securities and therefore magnify the Fund’s leverage risk. </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">With respect to ETF’s, an ETF that is based on a specific index may not be able to replicate and maintain exactly the composition and relative weighting of securities in the index. The value of an ETF based on a specific index is subject to change as the values of its respective component assets fluctuate according to market volatility. ETFs typically rely on a limited pool of authorized participants to create and redeem shares, and an active trading market for ETF shares may not develop or be maintained. The market value of shares of ETFs and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">closed-end</div> funds may differ from their NAV. </div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Preferred Securities Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">Preferred securities are subordinated to bonds and other debt instruments in a company’s capital structure, and therefore are subject to greater credit risk. In addition, preferred stockholders (such as the Fund, to the extent it invests in preferred stocks of other issuers) generally have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred stockholders may elect a number of directors to the issuer’s board. Generally, once all the arrearages have been paid, the preferred stockholders no longer have voting rights. In the case of certain taxable preferred stocks, holders generally have no voting rights, except (i) if the issuer fails to pay dividends for a specified period of time or (ii) if a declaration of default occurs and is continuing. In such an event, rights of preferred stockholders generally would include the right to appoint and authorize a trustee to enforce the trust or special purpose entity’s rights as a creditor under the agreement with its operating company. In certain varying circumstances, an issuer of preferred stock may redeem the securities prior to a specified date. For instance, for certain types of preferred stock, a redemption may be triggered by a change in U.S. federal income tax or securities laws. As with call provisions, a redemption by the issuer may negatively impact the return of the security held by the Fund. </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Real Estate Related Securities Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">Real estate companies have been subject to substantial fluctuations and declines on a local, regional and national basis in the past and may continue to be in the future. Real property values and incomes from real property may decline due to general and local economic conditions, overbuilding and increased competition for tenants, increases in property taxes and operating expenses, changes in zoning laws, casualty or condemnation losses, regulatory limitations on rents, changes in neighborhoods and in demographics, increases in market interest rates, or other factors. Factors such as these may adversely affect companies that own and operate real estate directly, companies that </div></div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Trebuchet MS;font-weight:bold"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">lend to them, and companies that service the real estate industry. Equity REITs may be affected by changes in the values of and incomes from the properties they own, while mortgage REITs may be affected by the credit quality of the mortgage loans they hold. REITs are subject to other risks as well, including the fact that REITs are dependent on specialized management skills, which may affect their ability to generate cash flow for operating purposes and to make distributions to shareholders or unitholders. REITs may have limited diversification and are subject to the risks associated with obtaining financing for real property. A U.S. domestic REIT can pass its income through to shareholders or unitholders without any U.S. federal income tax at the entity level if it complies with various requirements under the Code. There is the risk that a REIT held by the Fund will fail to qualify for this <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">tax-free</div> pass-through treatment of its income, in which case the REIT would become subject to U.S. federal income tax. Similarly, REITs formed under the laws of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-U.S.</div> countries may fail to qualify for corporate tax benefits made available by the governments of such countries. The Fund, as a holder of a REIT, will bear its <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">pro rata </div></div>portion of the REIT’s expenses. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Regulation S Securities Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">The risk that Regulation S securities may be less liquid than publicly traded securities. Regulation S securities may not be subject to the disclosure and other investor protection requirements that would be applicable to publicly traded securities. As a result, Regulation S securities may involve a high degree of business and financial risk and may result in losses. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Reinvestment Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund invests the proceeds from matured, traded or called securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could affect the common shares’ market price, NAV and/or a common shareholder’s overall returns. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Restricted and Illiquid Investments Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">Illiquid investments are investments that are not readily marketable. These investments may include restricted investments, including Rule 144 A securities, which cannot be resold to the public without an effective registration statement under the 1933 Act, or if they are unregistered may be sold only in a privately negotiated transaction or pursuant to an available exemption from registration. The Fund may not be able to readily dispose of such investments at prices that approximate those at which the Fund could sell the 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 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 NAV and ability to make dividend distributions. The financial markets in general have in recent years experienced periods of extreme secondary market supply and demand imbalance, resulting in a loss of liquidity during which market prices were suddenly and 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 such market dislocation may occur again at any time. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Senior Loan Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">Senior loans typically hold the most senior position in the capital structure of a business entity, are typically secured with specific collateral and have a claim on the assets and/or stock of the issuer that is senior to that held by subordinated debt holders and stockholders of the issuer. Senior loans are usually rated below investment grade, and share the same risks of other below investment grade debt instruments. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Although the Fund may invest in senior loans that are secured by specific collateral, there can be no assurance that the liquidation of such collateral would satisfy an issuer’s obligation to the Fund in the event of issuer default or that such collateral could be readily liquidated under such circumstances. If the terms of a senior loan do not require the issuer to pledge additional collateral in the event of a decline in the value of the already pledged collateral, the Fund will be exposed to the risk that the value of the collateral will not at all times equal or exceed the amount of the issuer’s obligations under the senior loan. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">In the event of bankruptcy of an issuer, the Fund could also experience delays or limitations with respect to its ability to realize the benefits of any collateral securing a senior loan. Some senior loans are subject to the risk that a court, pursuant to fraudulent conveyance or other similar laws, could subordinate the senior loans to presently existing or future indebtedness of the issuer or take other action detrimental to lenders, including the Fund. Such court action could under certain circumstances include invalidation of senior loans. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Senior Loan Agent Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">A financial institution’s employment as an agent under a senior loan might be terminated in the event that it fails to observe a requisite standard of care or becomes insolvent. A successor agent would generally be appointed to replace the terminated agent, and assets held by the agent under the loan agreement would likely remain available to holders of such indebtedness. However, if assets held by the terminated agent for the benefit of the Fund were determined to be subject to the claims of the agent’s general creditors, the Fund might incur certain costs and delays in realizing payment on a senior loan or loan participation and could suffer a loss of principal and/or interest. In situations involving other interposed financial institutions (e.g., an insurance company or government agency) similar risks may arise. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Sovereign Government and Supranational Debt Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">Investments in sovereign debt, including supranational debt, involves special risks. Foreign governmental issuers of debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or pay interest when due. In the event of default, there may be limited or no legal recourse in that, generally, remedies for defaults must be pursued in the courts of the defaulting party. Political conditions, especially a sovereign entity’s willingness to meet the terms of its debt obligations, are of considerable significance. The ability of a foreign sovereign issuer, especially an emerging market country, to make timely payments on its debt obligations will also be strongly influenced by the sovereign issuer’s balance of payments, including export performance, its access to international credit facilities and investments, fluctuations of interest rates and the extent of its foreign reserves. A country whose exports are concentrated in a few commodities or whose economy depends on certain strategic imports could be vulnerable to fluctuations in international prices of these commodities or imports. If a sovereign issuer cannot generate sufficient earnings from foreign trade to service its external debt, it may need to depend on continuing loans and aid from foreign governments, commercial banks, and multinational organizations. The cost of servicing external debt will also generally be adversely affected by rising international interest rates, as many external debt obligations bear interest at rates which are adjusted based upon international interest rates. Foreign investment in certain sovereign debt is restricted or controlled to varying degrees, including requiring governmental approval for the repatriation of income, capital or proceeds of sales by foreign investors. There are no bankruptcy proceedings similar to those in the U.S. by which defaulted sovereign debt may be collected. </div></div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Trebuchet MS;font-weight:bold;text-align:right"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Georgia"></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Swap Transactions Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">Like most derivative instruments, the use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. In addition, the use of swaps requires an understanding by the investment adviser and/or the <div style="white-space:nowrap;display:inline;">sub-adviser</div> of not only the referenced asset, rate or index, but also of the swap itself. If the investment adviser and/ or the <div style="white-space:nowrap;display:inline;">sub-adviser</div> is incorrect in its forecasts of default risks, market spreads or other applicable factors or events, the investment performance of the Fund would diminish compared with what it would have been if these techniques were not used. </div> </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Unrated Securities Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">Unrated securities determined by the Fund’s investment adviser to be of comparable quality to rated investments which the Fund may purchase may pay a higher dividend or interest rate than such rated investments and be subject to a greater risk of illiquidity or price changes. Less public information is typically available about unrated investments or issuers than rated investments or issuers. Some unrated securities may not have an active trading 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 securities, the Fund’s ability to achieve its investment objectives will be more dependent on the investment adviser’s credit analysis than would be the case when the Fund invests in rated securities. </div> </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">U.S. Government Securities Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">U.S. government securities are guaranteed only as to the timely payment of interest and the payment of principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates. Securities issued or guaranteed by U.S. government agencies and instrumentalities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. government. No assurance can be given that the U.S. government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so. </div> </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Valuation Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">Certain securities in which the Fund invests typically are valued by a pricing service utilizing a range of market-based inputs and assumptions, including readily available market quotations obtained from broker-dealers making markets in such instruments, cash flows and transactions for comparable instruments. There is no assurance that the Fund will be able to sell a portfolio security at the price established by the pricing service, which could result in a loss to the Fund. Pricing services generally price securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, often at lower prices than institutional round lot trades. Different pricing services may incorporate different assumptions and inputs into their valuation methodologies, potentially resulting in different values for the same securities. As a result, if the Fund were to change pricing services, or if the Fund’s pricing service were to change its valuation methodology, there could be a material impact, either positive or negative, on the Fund’s NAV. </div> </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">When-Issued and Delayed-Delivery Transactions Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">When-issued and delayed-delivery transactions may involve an element of risk because no interest accrues on the securities prior to settlement and, because securities are subject to market fluctuations, the value of the securities at time of delivery may be less (or more) than their cost. A separate account of the Fund will be established with its custodian consisting of cash equivalents or liquid securities having a market value at all times at least equal to the amount of any delayed payment commitment. </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Zero Coupon or <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">Pay-In-Kind</div></div> Securities Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">Zero coupon and <div style="white-space:nowrap;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pay-in-kind</div></div> securities may be subject to greater fluctuation in value and less liquidity in the event of adverse market conditions than comparably rated securities paying cash interest at regular interest payment periods. Prices on <div style="white-space:nowrap;display:inline;">non-cash-paying</div> instruments may be more sensitive to changes in the issuer’s financial condition, fluctuation in interest rates and market demand/supply imbalances than cash-paying securities with similar credit ratings, and thus may be more speculative. </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:9pt; font-family:Calibri;font-weight:bold"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">Fund Level and Other Risks:</div> </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Anti-Takeover Provisions. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">The Declaration of Trust and the Fund’s <div style="white-space:nowrap;display:inline;">by-laws</div> include provisions that could limit the ability of other entities or persons to acquire control of the Fund or convert the Fund to <div style="white-space:nowrap;display:inline;">open-end</div> status. These provision could have the effect of depriving the Common Shareholders of opportunities to sell their Common Shares at a premium over the then-current market price of the Common Shares. </div> </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Borrowing Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">In addition to borrowing for leverage, the Fund may borrow for temporary or emergency purposes, to pay dividends, repurchase its shares, or clear portfolio transactions. Borrowing may exaggerate changes in the NAV of the Fund’s shares and may affect the Fund’s net income. When the Fund borrows money, it must pay interest and other fees, which will reduce the Fund’s returns if such costs exceed the returns on the portfolio securities purchased or retained with such borrowings. Any such borrowings are intended to be temporary. However, under certain market circumstances, such borrowings might be outstanding for longer periods of time. </div> </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Cybersecurity Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">The Fund and its service providers are susceptible to operational and information security risk resulting from cyber incidents. Cyber incidents refer to both intentional attacks and unintentional events including: processing errors, human errors, technical errors including computer glitches and system malfunctions, inadequate or failed internal or external processes, market-wide technical-related disruptions, unauthorized access to digital systems (through “hacking” or malicious software coding), computer viruses, and cyber-attacks which shut down, disable, slow or otherwise disrupt operations, business processes or website access or functionality (including denial of service attacks). Cyber incidents could adversely impact the Fund and cause the Fund to incur financial loss and expense, as well as face exposure to regulatory penalties, reputational damage, and additional compliance costs associated with corrective measures. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. Furthermore, the Fund cannot control the cybersecurity plans and systems put in place by its service providers or any other third parties whose operations may affect the Fund. </div> </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Distribution Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">The Fund’s distributions will be composed of net investment income and a supplemental amount generally representing the potential for capital appreciation, which will take the form of realized capital gains and/or a return of capital. The return of capital component of a Fund distribution may (but will not necessarily) represent unrealized capital gains. A return of capital is a <div style="white-space:nowrap;display:inline;">non-taxable</div> distribution of a portion of the Fund’s capital. If over the life of a shareholder’s investment, the total return of the Fund’s overall strategy is less than the distribution rate, a return of capital will represent a portion of a shareholder’s original principal (in effect a partial return of the amount a shareholder invested in the Fund). A return of capital reduces a shareholder’s tax cost basis (but not below zero) in Fund shares, which could result in more taxable gain or less taxable loss when the shareholder sells their shares. This may cause the shareholder to pay taxes even if he or she sells shares for less than the original price. The Fund’s distribution policy, rate of distributions on the Common Shares and the portion of distributions composed of net investment income, </div></div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Trebuchet MS;font-weight:bold"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">realized capital gain and return of capital may vary over time. Shareholders who periodically receive the payment of a distribution consisting of a return of capital may be under the impression that they are receiving net income or profits when they are not. Shareholders should not assume that the source of a return of capital distribution from the Fund is net income or profit. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Global Economic Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">National and regional economies and financial markets are becoming increasingly interconnected, which increases the possibilities that conditions in one country, region or market might adversely impact issuers in a different country, region or market. Changes in legal, political, regulatory, tax and economic conditions may cause fluctuations in markets and asset prices around the world, which could negatively impact the value of the Fund’s investments. Major economic or political disruptions, particularly in large economies, may have global negative economic and market repercussions. Additionally, instability in various countries, war, natural and environmental disasters, the spread of infectious illnesses or other public health emergencies, terrorist attacks in the United States and around the world, growing social and political discord in the United States, debt crises, the response of the international community—through economic sanctions and otherwise—to international events, further downgrade of U.S. government securities, changes in the U.S. president or political shifts in Congress, trade disputes and other similar events may adversely affect the global economy and the markets and issuers in which the Fund invests. These events could reduce consumer demand or economic output, result in market closure, travel restrictions or quarantines, and generally have a significant impact on the global economy. These events could also impair the information technology and other operational systems upon which the Fund’s service providers, including the Fund’s <div style="white-space:nowrap;display:inline;">sub-adviser,</div> rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform essential tasks on behalf of the Fund. </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund does not know and cannot predict how long the securities markets may be affected by these events, and the future impact of these and similar events on the global economy and securities markets is uncertain. The Fund may be adversely affected by abrogation of international agreements and national laws which have created the market instruments in which the Fund may invest, failure of the designated national and international authorities to enforce compliance with the same laws and agreements, failure of local, national and international organizations to carry out the duties prescribed to them under the relevant agreements, revisions of these laws and agreements which dilute their effectiveness or conflicting interpretation of provisions of the same laws and agreements. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Governmental and quasi-governmental authorities and regulators throughout the world have in the past responded to major economic disruptions with a variety of significant fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs and dramatically lower interest rates. An unexpected or quick reversal of these policies, or the ineffectiveness of these policies, could increase volatility in securities markets, which could adversely affect the Fund’s investments. </div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Investment and Market Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">An investment in common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Common shares frequently trade at a discount to their NAV. An investment in common shares represents an indirect investment in the securities owned by the Fund. Common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions. </div> </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Legislation and Regulatory Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">At any time after the date of this report, legislation or additional regulations may be enacted that could negatively affect the assets of the Fund, securities held by the Fund or the issuers of such securities. Fund shareholders may incur increased costs resulting from such legislation or additional regulation. There can be no assurance that future legislation, regulation or deregulation will not have a material adverse effect on the Fund or will not impair the ability of the Fund to achieve its investment objectives. </div> </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Leverage Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">The use of leverage creates special risks for common shareholders, including potential interest rate risks and the likelihood of greater volatility of NAV and market price of, and distributions on, the common shares. The use of leverage in a declining market will likely cause a greater decline in the Fund’s NAV, which may result at a greater decline of the common share price, than if the Fund were not to have used leverage. </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Certain types of leverage may result in the Fund being subject to certain covenants, asset coverage or other portfolio composition limits by its lenders, debt or preferred securities purchasers, rating agencies that may rate the debt or preferred securities, or reverse repurchase counterparties. Such limitations may be more stringent than those imposed by the 1940 Act and may impact whether the Fund is able to maintain its desired amount of leverage. In addition, whenever the Fund incurs borrowings and/or preferred shares are outstanding, Common Shareholders will not be entitled to receive any cash distributions from the Fund unless all interest on such borrowings has been paid and all accumulated dividends on preferred shares have been paid, unless asset coverage (as defined in the 1940 Act) with respect to any borrowings would be at least 300% after giving effect to the distributions and asset coverage (as defined in the 1940 Act) with respect to preferred shares would be at least 200% after giving effect to the distributions. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund will pay (and common shareholders will bear) any costs and expenses relating to the Fund’s use of leverage, which will result in a reduction in the Fund’s NAV. The investment adviser may, based on its assessment of market conditions and composition of the Fund’s holdings, increase or decrease the amount of leverage. Such changes may impact the Fund’s distributions and the price of the common shares in the secondary market. There is no assurance that the Fund’s use of leverage will be successful. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund may seek to refinance its leverage over time, in the ordinary course, as current forms of leverage mature or it is otherwise desirable to refinance; however, the form that such leverage will take cannot be predicted at this time. If the Fund is unable to replace existing leverage on comparable terms, its costs of leverage will increase. Accordingly, there is no assurance that the use of leverage may result in a higher yield or return to common shareholders. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The amount of fees paid to the investment adviser and the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">sub-adviser</div> for investment advisory services will be higher if the Fund uses leverage because the fees will be calculated based on the Fund’s Managed Assets – this may create an incentive for the investment adviser and the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">sub-adviser</div> to leverage the Fund or increase the Fund’s leverage. </div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Trebuchet MS;font-weight:bold;text-align:right"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Georgia"></div><div style="font-family: Georgia; font-size: 14pt; color: rgb(101, 103, 105); background: none; letter-spacing: 0px; top: 0px;display:inline;"><div style="background: none; text-decoration: none;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div><div style="margin-top: 1em; margin-bottom: 1em"></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Limited Term and Tender Offer Risks. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">Because the assets of the Fund will be liquidated in connection with its termination or to pay for Common Shares tendered in an Eligible Tender Offer, the Fund may be required to sell portfolio securities when it otherwise would not, including at times when market conditions are not favorable, or at a time when a particular security is in default or bankruptcy, or otherwise in severe distress, which may cause the Fund to lose money. </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund may be required to dispose of portfolio investments in connection with any reduction in its outstanding leverage necessary in order to maintain its desired leverage ratios following an Eligible Tender Offer. It is likely that during the pendency of an Eligible Tender Offer, and possibly for a time thereafter, the Fund will hold a greater than normal percentage of its total assets in money market mutual funds, cash, cash equivalents, securities issued or guaranteed by the U.S. government or its instrumentalities or agencies, high quality, short-term money market instruments, short-term debt securities, certificates of deposit, bankers’ acceptances and other bank obligations, commercial paper or other liquid debt securities, which may adversely affect the Fund’s investment performance. If the tax basis for the portfolio investments sold is less than the sale proceeds, the Fund will recognize capital gains, which it will be required to distribute to Common Shareholders. In addition, the Fund’s purchase of tendered Common Shares pursuant to an Eligible Tender Offer will have tax consequences for tendering Common Shareholders and may have tax consequences for <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-tendering</div> Common Shareholders. All Common Shareholders remaining after an Eligible Tender Offer will be subject to proportionately higher expenses due to the reduction in the Fund’s total assets resulting from payment for the tendered Common Shares. Such reduction in the Fund’s total assets also may result in less investment flexibility, reduced diversification and greater volatility for the Fund, and may have an adverse effect on the Fund’s investment performance. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">If the Fund conducts an Eligible Tender Offer, there can be no assurance that the number of tendered Common Shares would not result in the Fund’s net assets totaling less than the Termination Threshold, in which case the Eligible Tender Offer will be terminated, no Common Shares will be repurchased pursuant to the Eligible Tender Offer and the Fund will terminate on the Termination Date. The investment adviser may have a conflict of interest in recommending to the Board of Trustees that the Fund have a continued existence without limitation of time. The Fund is not required to conduct additional tender offers following an Eligible Tender Offer and conversion to a continued existence without limitation of time. Therefore, remaining Common Shareholders may not have another opportunity to participate in a tender offer. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">A Fund portfolio holding default may significantly reduce net investment income and, therefore, Common Share dividends; and may prevent or inhibit the Fund from fully being able to liquidate its portfolio at or prior to the Termination Date. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Market Discount from Net Asset Value. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">Shares of <div style="white-space:nowrap;display:inline;">closed-end</div> investment companies like the Fund frequently trade at prices lower than their NAV. This characteristic is a risk separate and distinct from the risk that the Fund’s NAV could decrease as a result of investment activities. Whether investors will realize gains or losses upon the sale of the common shares will depend not upon the Fund’s NAV but entirely upon whether the market price of the common shares at the time of sale is above or below the investor’s purchase price for the common shares. Furthermore, management may have difficulty meeting the Fund’s investment objectives and managing its portfolio when the underlying securities are redeemed or sold during periods of market turmoil and as investors’ perceptions regarding <div style="white-space:nowrap;display:inline;">closed-end</div> funds or their underlying investments change. Because the market price of the common shares will be determined by factors such as relative supply of and demand for the common shares in the market, general market and economic circumstances, and other factors beyond the control of the Fund, the Fund cannot predict whether the common shares will trade at, below or above NAV. The common shares are designed primarily for long-term investors, and you should not view the Fund as a vehicle for short-term trading purposes. </div> </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Recent Market Conditions. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">Periods of unusually high financial market volatility and restrictive credit conditions, at times limited to a particular sector or geographic area, have occurred in the past and may be expected to recur in the future. Some countries, including the United States, have adopted or have signaled protectionist trade measures, including the imposition of tariffs, relaxation of the financial industry regulations that followed the financial crisis, and/or reductions to corporate taxes. The scope of these policy changes is still developing, but the equity and debt markets may react strongly to expectations of change, which could increase volatility, particularly if a resulting policy runs counter to the market’s expectations. The outcome of such changes cannot be foreseen at the present time. In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in the world economy and markets generally. As a result of increasingly interconnected global economies and financial markets, the value and liquidity of the Fund’s investments may be negatively affected by events impacting a country or region, regardless of whether the Fund invests in issuers located in or with significant exposure to such country or region. </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Ukraine has experienced ongoing military conflict, most recently commencing in February 2022 when Russia invaded Ukraine; this conflict may expand and military attacks could occur elsewhere in Europe. Europe has also been struggling with mass migration from the Middle East and Africa. The ultimate effects of these events and other socio-political or geographical issues are not known but could profoundly affect global economies and markets. Additionally, in October 2023 armed conflict broke out between Israel and the militant group Hamas after Hamas infiltrated Israel’s southern border from the Gaza Strip. Israel has since declared war against Hamas and this conflict has escalated into a greater regional conflict. The ultimate effects of these events and other socio-political or geographical issues are not known but could profoundly affect global economies and markets. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The ongoing trade war between China and the United States, including the imposition of tariffs by each country on the other country’s products, has created a tense political environment. These actions may trigger a significant reduction in international trade, adverse effects in the supply of certain manufactured goods, substantial adverse price changes for goods and possible failure of individual companies and/or large segments of China’s export industry and U.S. importers, which could have a negative impact on the Fund’s performance. U.S. companies that source material and goods from China and those that make large amounts of sales in China would are vulnerable to an escalation of trade tensions. Beginning in early 2025, the United States also imposed tariffs on other countries, including Mexico and Canada. The possibility of additional tariffs being imposed or the outbreak of a trade war may adversely impact U.S. and international markets. Uncertainty regarding the outcome of the trade tensions and the potential for a trade war could cause the U.S. dollar to decline further. Events such as these and their consequences are difficult to predict and it is unclear whether further tariffs may be imposed or other escalating actions may be taken in the future. Additionally, political uncertainty regarding U.S. policy, including the U.S. government’s approach to trade, may impact the markets and the Fund’s performance. </div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Trebuchet MS;font-weight:bold"> </div><div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The U.S. Federal Reserve (the “Fed”) has in the past sharply raised interest rates, and has signaled an intention to maintain relatively higher interest rates until current inflation levels <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">re-align</div> with the Fed’s long-term inflation target. Changing interest rate environments impact the various sectors of the economy in different ways. For example, in March 2023, the Federal Deposit Insurance Corporation (“FDIC”) was appointed receiver for each of Silicon Valley Bank and Signature Bank, the second- and third-largest bank failures in U.S. history, which failures may be attributable, in part, to rising interest rates. Bank failures may have a destabilizing impact on the broader banking industry or markets generally. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The impact of these developments in the near- and long-term is unknown and could have additional adverse effects on economies, financial markets and asset valuations around the world. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Reverse Repurchase Agreement Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">A reverse repurchase agreement, in economic essence, constitutes a securitized borrowing by the Fund from the security purchaser. The Fund may enter into reverse repurchase agreements for the purpose of creating a leveraged investment exposure and, as such, their usage involves essentially the same risks associated with a leveraging strategy generally since the proceeds from these agreements may be invested in additional portfolio securities. Reverse repurchase agreements tend to be short-term in tenor, and there can be no assurances that the purchaser (lender) will commit to extend or “roll” a given agreement upon its agreed-upon repurchase date or an alternative purchaser can be identified on similar terms. Reverse repurchase agreements also involve the risk that the purchaser fails to return the securities as agreed upon, files for bankruptcy or becomes insolvent. The Fund may be restricted from taking normal portfolio actions during such time, could be subject to loss to the extent that the proceeds of the agreement are less than the value of securities subject to the agreement and may experience adverse tax consequences. </div> </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Risk of Taxable Income in Excess of Economic Income. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">The Fund expects to acquire debt instruments in the secondary market for less than their stated redemption price at maturity. The discount at which such debt instruments are acquired may reflect doubts about their ultimate collectability rather than current market interest rates. The amount of such discount will nevertheless generally be treated as “market discount” for federal income tax purposes. Market discount on a debt instrument accrues ratably on a daily basis, unless an election is made to accrue market discount on the basis of the constant yield to maturity of the debt instrument, based generally on the assumption that all future payments on the debt instrument will be made. Absent an election to accrue currently, accrued market discount is reported as income when, and to the extent that, any payment of principal of the debt instrument is made. Payments on residential mortgage loans are ordinarily made monthly, and consequently accrued market discount may have to be included in income each month as if the debt instrument were assured of ultimately being collected in full. </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Similarly, many of the debt instruments (including MBS) that the Fund may purchase will likely have been issued with original issue discount (“OID”), which discount might reflect doubt as to whether the entire principal amount of such debt instruments will ultimately prove to be collectible. The Fund will be required to report such OID based on a constant yield method and income will be accrued and be currently taxable based on the assumption that all future projected payments due on such debt instruments will be made. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Finally, in the event that any debt instruments (including MBS) acquired by the Fund are delinquent as to mandatory principal and interest payments, or in the event payments with respect to a particular debt instrument are not made when due, the Fund may nonetheless be required to continue to recognize the unpaid interest as taxable income as it accrues, despite doubt as to its ultimate collectability. Similarly, the Fund may be required to accrue interest income with respect to subordinate MBS at its stated rate regardless of whether corresponding cash payments are received or are ultimately collectible. </div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Subsidiary Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments in Regulation S securities that are not freely tradable in the U.S. Regulation S securities are debt or equity securities of U.S. and foreign issuers offered through private offerings exempt from registration with the SEC pursuant to Regulation S of the 1933 Act. Offerings of Regulation S securities may be conducted outside of the United States, and Regulation S securities may be relatively less liquid as a result of legal or contractual restrictions on resale. Although Regulation S securities may be resold in privately negotiated transactions, the price realized from these sales could be less than the price originally paid by the Fund. Further, companies whose securities are not publicly traded may not be subject to the disclosure of other investor protection requirements that would be applicable if their securities were publicly traded. Accordingly, Regulation S securities may involve a high degree of business and financial risk and may result in substantial losses. There can be no assurance that the investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the 1940 Act, and, unless otherwise noted in this prospectus, is not subject to all the investor protections of the 1940 Act. However, the Fund wholly owns and controls the Subsidiary, and the Fund and the Subsidiary are both managed by the Fund’s <div style="white-space:nowrap;display:inline;">sub-adviser</div> making it unlikely that the Subsidiary will take action contrary to the interests of the Fund and its Common Shareholders. The Board of Trustees has oversight responsibility for the investment activities of the Fund, including its investment in the Subsidiary, and the Fund’s role as sole shareholder of the Subsidiary. The Subsidiary is subject to the same investment restrictions and limitations, and follows the same compliance policies and procedures, as the Fund. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to operate anticipated and could adversely affect the Fund. </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Fund Tax Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">The Fund has elected to be treated and intends to qualify each year as a Regulated Investment Company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”). As a RIC, the Fund is not expected to be subject to U.S. federal income tax to the extent that it distributes its investment company taxable income and net capital gains. To qualify for the special tax treatment available to a RIC, the Fund must comply with certain investment, distribution, and diversification requirements. Under certain circumstances, the Fund may be forced to sell certain assets when it is not advantageous in order to meet these requirements, which may reduce the Fund’s overall return. If the Fund fails to meet any of these requirements, subject to the opportunity to cure such failures under applicable provisions of the Code, the Fund’s income would be subject to a double level of U.S. federal income tax. The Fund’s income, including its net capital gain, would first be subject to U.S. federal income tax at regular corporate rates, even if such income were distributed to shareholders and, second, all distributions by the Fund from earnings and profits, including distributions of net capital gain (if any), would be taxable to shareholders as dividends. </div> </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Below Investment Grade Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">Investments of below investment grade quality are regarded as having speculative characteristics with respect to the issuer’s capacity to pay dividends or interest and repay principal, and may be subject to higher price volatility and default risk than investment grade investments of comparable terms and duration. Issuers of lower grade investments may be highly leveraged and may not have available to them more traditional methods of financing. The prices of these lower grade investments are typically more sensitive to negative developments, such as a decline in the issuer’s revenues or a general economic downturn. The secondary market for lower rated investments may not be as liquid as the secondary market for more highly rated investments, a factor which may have an adverse effect on the Fund’s ability to dispose of a particular investment. If a below investment grade investment goes into default, or its issuer enters bankruptcy, it might be difficult to sell that security in a timely manner at a reasonable price. </div></div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Call Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in securities that are subject to call risk. Such securities may be redeemed at the option of the issuer, or “called,” before their stated maturity or redemption date. In general, an issuer will call its instruments if they can be refinanced by issuing new instruments that bear a lower interest rate. The Fund is subject to the possibility that during periods of falling interest rates, an issuer will call its high yielding securities. The Fund would then be forced to invest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income. </div></div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Catastrophe Bonds Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">Exposure to catastrophe bonds results in gains or losses that typically are contingent upon, or formulaically related to, defined trigger events. Examples of trigger events include hurricanes, earthquakes, weather-related phenomena or statistics relating to such events. Catastrophe bonds carry large uncertainties and major risk exposures to adverse conditions. If a trigger event, as defined within the terms of the bond, involves losses or other metrics exceeding a specific magnitude in the geographic region and/or time period specified therein, the Fund may lose a portion or all of its investments in such security, including accrued interest and/or principal invested in such security. Such losses may be substantial. If no trigger event occurs, the Fund typically would recover its principal plus interest. </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The rating, if any, of catastrophe bonds, reflects the rating agency’s calculated probability that a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pre-defined</div> trigger event will occur. Thus, lower-rated bonds have a greater likelihood of a triggering event occurring and resulting in a loss to the Fund. Catastrophe bonds often provide for an extension of maturity to process and audit loss claims when a trigger event has, or possibly has, occurred. An extension of maturity may increase volatility. Event-linked exposure also may expose the Fund to certain other risks including credit risk, counterparty risk, adverse regulatory or jurisdictional interpretations and adverse tax consequences. Catastrophe bonds may also be illiquid. </div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Collateralized Debt Obligation (“CDO”) and Collateralized Loan Obligation (“CLO”) Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">The risks of an investment in CDOs, including CLOs, depend largely on the type of the collateral securities and the class of the CDO in which the Fund invests. In addition to the normal risks associated with fixed-income investments, CDOs and CLOs carry additional risks including, but not limited to, the risk that: (1) distributions from collateral assets may not be adequate to make interest or other payments; (2) the quality of the collateral may decline in value or default; (3) the fact that the CDOs or CLOs may be subordinate to other classes; and (4) the complex structure of the investment may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results. CDOs and CLOs may also charge management and other administrative fees, which are in addition to those charged by the Fund. </div></div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Concentration Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">The Fund’s investments are concentrated in issuers of one or a few specific economic sectors, so the Fund may be subject to more risks than if it were broadly diversified across the economy. </div></div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Credit Risk. </div></div>Issuers of securities in which the Fund may invest may default on their obligations, including to pay principal or interest when due. This <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-payment</div> would result in a reduction of income to the Fund, a reduction in the value of a security experiencing <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-payment</div> and potentially a decrease in the net asset value (“NAV”) of the Fund. With respect to the Fund’s investments that are secured, there can be no assurance that liquidation of collateral would satisfy the issuer’s obligation in the event of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-payment</div> of scheduled dividend, interest or principal or that such collateral could be readily liquidated. In the event of the bankruptcy of an issuer, the Fund could experience delays or limitations with respect to its ability to realize the benefits of any collateral securing an investment. To the extent that the credit rating assigned to a security in the Fund’s portfolio is downgraded, the market price and liquidity of such security may be adversely affected. </div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Counterparty Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">Changes in the credit quality of the companies that serve as the Fund’s counterparties with respect to derivatives or other transactions supported by another party’s credit will affect the value of those instruments. Certain entities that have served as counterparties in the markets for these transactions have incurred or may incur in the future significant financial hardships including bankruptcy and losses as a result of exposure to <div style="white-space:nowrap;display:inline;">sub-prime</div> mortgages and other lower-quality credit investments. As a result, such hardships have reduced these entities’ capital and called into question their continued ability to perform their obligations under such transactions. By using such derivatives or other transactions, the Fund assumes the risk that its counterparties could experience similar financial hardships. In the event of the insolvency of a counterparty, the Fund may sustain losses or be unable to liquidate a derivatives position. </div></div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Credit Spread Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">Credit spread risk is the risk that credit spreads (i.e., the difference in yield between securities that is due to differences in their credit quality) may increase when the market believes that securities generally have a greater risk of default. Increasing credit spreads may reduce the market values of the Fund’s securities. Credit spreads often increase more for lower rated and unrated securities than for investment grade securities. In addition, when credit spreads increase, reductions in market value will generally be greater for longer-maturity securities. </div></div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Debt Securities Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">Issuers of debt instruments in which the Fund may invest may default on their obligations to pay principal or interest when due. This <div style="white-space:nowrap;display:inline;">non-payment</div> would result in a reduction of income to the Fund, a reduction in the value of a debt instrument experiencing <div style="white-space:nowrap;display:inline;">non-payment</div> and, potentially, a decrease in the NAV of the Fund. There can be no assurance that liquidation of collateral would satisfy the issuer’s obligation in the event of <div style="white-space:nowrap;display:inline;">non-payment</div> of scheduled interest or principal or that such collateral could be readily liquidated. In the event of bankruptcy of an issuer, the Fund could experience delays or limitations with respect to its ability to realize the benefits of any collateral securing a security. To the extent that the credit rating assigned to a security in the Fund’s portfolio is downgraded, the market price and liquidity of such security may be adversely affected. In addition, decreased market making capacity has the potential to decrease liquidity and increase price volatility in the fixed income markets in which the Fund invests, particularly during periods of economic or market stress. Decreased liquidity may result in the Fund having to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on performance. </div></div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Deflation Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">Deflation risk is the risk that prices throughout the economy decline over time. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund’s portfolio. </div></div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Derivatives Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">The use of derivatives involves additional risks and transaction costs which could leave the Fund in a worse position than if it had not used these instruments. Derivative instruments can be used to acquire or to transfer the risk and returns of a security or other asset without buying or selling the security or asset. These instruments may entail investment exposures that are greater than their cost would suggest. As a result, a small investment in derivatives can result in losses that greatly exceed the original investment. Derivatives can be highly volatile, illiquid and difficult to value. An <div style="white-space:nowrap;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">over-the-counter</div></div> derivative transaction between the Fund and a counterparty that is not cleared through a central counterparty also involves the risk that a loss may be sustained as a result of the failure of the counterparty to the contract to make required payments. The payment obligation for a cleared derivative transaction is guaranteed by a central counterparty, which exposes the Fund to the creditworthiness of the central counterparty. The use of certain derivatives involves leverage, which can cause the Fund’s portfolio to be more volatile than if the portfolio had not been leveraged. Leverage can significantly magnify the effect of price movements of the reference asset, disproportionately increasing the Fund’s losses and reducing the Fund’s opportunities for gains when the reference asset changes in unexpected ways. In some instances, such leverage could result in losses that exceed the original amount invested. </div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">It is possible that regulatory or other developments in the derivatives market, including changes in government regulation could adversely impact the Fund’s ability to invest in <div style="display:inline;">certain </div>derivatives or successfully use derivative instruments. </div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Duration Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">Duration is the sensitivity, expressed in years, of the price of a fixed-income security to changes in the general level of interest rates (or yields). Securities with longer durations tend to be more sensitive to interest rate (or yield) changes, which typically corresponds to increased volatility and risk, than securities with shorter durations. For example, if a security or portfolio has a duration of three years and interest rates increase by 1%, then the security or portfolio would decline in value by approximately 3%. Duration differs from maturity in that it considers potential changes to interest rates, and a security’s coupon payments, yield, price and par value and call features, in addition to the amount of time until the security matures. The duration of a security will be expected to change over time with changes in market factors and time to maturity. </div></div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Extension Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">Extension risk is the flip side of call or prepayment risk. Extension, or slower prepayments of the underlying mortgage loans, would extend the time it would take to receive cash flows and would generally compress the yield on <div style="white-space:nowrap;display:inline;">non-agency</div> RMBS and CMBS. Rising interest rates can cause the average maturity of the Fund to lengthen due to a drop in mortgage prepayments. This will increase both the sensitivity to rising interest rates and the potential for price declines of the Fund. </div></div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Financial Futures and Options Transactions Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">The Fund may use certain transactions for hedging the portfolio’s exposure to credit risk and the risk of increases in interest rates, which could result in poorer overall performance for the Fund. There may be an imperfect correlation between price movements of the futures and options and price movements of the portfolio securities being hedged. </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">If the Fund engages in futures transactions or in the writing of options on futures, it will be required to maintain initial margin and maintenance margin and may be required to make daily variation margin payments in accordance with applicable rules of the exchanges and the Commodity Futures Trading Commission (“CFTC”). If the Fund purchases a financial futures contract or a call option or writes a put option in order to hedge the anticipated purchase of securities, and if the Fund fails to complete the anticipated purchase transaction, the Fund may have a loss or a gain on the futures or options transaction that will not be offset by price movements in the securities that were the subject of the anticipatory hedge. There can be no assurance that a liquid market will exist at a time when the Fund seeks to close out a derivatives or futures or a futures option position, and the Fund would remain obligated to meet margin requirements until the position is closed. </div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Hedging Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">The Fund’s use of derivatives or other transactions to reduce risk involves costs and will be subject to the investment adviser’s and/or the <div style="white-space:nowrap;display:inline;">sub-adviser’s</div> ability to predict correctly changes in the relationships of such hedge instruments to the Fund’s portfolio holdings or other factors. No assurance can be given that the investment adviser’s and/or the <div style="white-space:nowrap;display:inline;">sub-adviser’s</div> judgment in this respect will be correct, and no assurance can be given that the Fund will enter into hedging or other transactions at <div style="display:inline;">times </div>or under circumstances in which it may be advisable to do so. Hedging activities may reduce the Fund’s opportunities for gain by offsetting the positive effects of favorable price movements and may result in net losses. </div></div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Income Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">The Fund’s level of current income could decline due to falling market interest rates. This is because, in a falling interest rate environment, the Fund generally will have to invest the proceeds from maturing portfolio securities in lower-yielding securities. </div></div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Inflation Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the common shares and distributions can decline. Currently, inflation rates are elevated relative to normal market conditions and could increase. </div></div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Interest Rate Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">Interest rate risk is the risk that debt securities in the Fund’s portfolio will decline in value because of changes in market interest rates. Generally, when market interest rates rise, the market value of such securities will fall, and vice versa. As interest rates decline, issuers of debt securities may prepay principal earlier than scheduled, forcing the Fund to reinvest in lower-yielding securities and potentially reducing the Fund’s income. As interest rates increase, slower than expected principal payments may extend the average life of debt securities, potentially locking in a below-market interest rate and reducing the Fund’s value. In typical market interest rate environments, the prices of longer-term debt securities generally fluctuate more than prices of shorter-term debt securities as interest rates change. If the Fund invests in floating rate securities, the market value of such securities may fall in a declining interest rate environment and may also fall in a rising interest rate environment if there is a lag between the rise in interest rates and the rest. A secondary risk associated with declining interest rates is the risk that income earned by the Fund on floating rate securities may decline due to lower coupon payments on floating- rate securities. </div></div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Mortgage-Backed Securities (“MBS”) and Asset-Backed Securities (“ABS”) Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">These securities generally can be prepaid at any time, and prepayments that occur either more quickly or more slowly than expected can adversely impact the value of such securities. They are also subject to extension risk, which is the risk that rising interest rates could cause mortgages or other obligations underlying the securities to be prepaid more slowly than expected, thereby lengthening the duration of such securities, increasing their sensitivity to interest rate changes and causing their prices to decline. The Fund may invest in MBS and ABS that are subordinate in right of payment and rank junior to other securities that are secured by or represent an ownership interest in the same pool of assets. In addition, many of the transactions in which such securities are issued have structural features that divert payments of interest and/or principal to more senior classes when the delinquency or loss experience of the pool exceeds certain levels. As a result, such securities may be more sensitive to risk of loss, write-downs, the <div style="white-space:nowrap;display:inline;">non-fulfillment</div> of repurchase obligations, over-advancing on a pool of loans and the costs of transferring servicing than senior classes of securities. Further, some of the MBS and ABS in which the Fund invests may be comprised of subprime loans. Subprime loans are those made to borrowers with lower credit ratings and/or shorter credit history, who are more likely to default on their loan obligations as compared to more credit-worthy borrowers. As a result, liquidity risk is even greater for MBS and ABS comprised of subprime loans. </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">MBS, including CMBS and RMBS, may be negatively affected by the quality of the mortgages underlying such security, the credit quality of its issuer or guarantor, and the nature and structure of its credit support. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool will adversely affect the value of MBS and will result in losses to the Fund. Privately issued mortgage-related securities are not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have government or government-sponsored entity guarantee. As a result, the mortgage loans underlying privately issued mortgage-related securities may, and frequently do, have less favorable collateral, credit risk or other underwriting characteristics than government or government-sponsored mortgage-related securities and have wider variances in a number of terms including interest rate, term, size, purpose and borrower characteristics. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Certain <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-agency</div> MBS are only entitled to payments provided for in the underlying agreement when and if funds are generated by the underlying mortgage loan pool. This likelihood of the return of interest and principal may be assessed as a credit matter. However, the holders of such <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-agency</div> MBS may not have the legal status of secured creditors, and therefore may not be able to accelerate a claim for payment on their securities or force a sale of the mortgage loan pool in the event that insufficient funds exist to pay such amounts on any date designated for such payment. The holders of such <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-agency</div> MBS do not typically have any right to remove a servicer solely as a result of a failure of the mortgage pool to perform as expected. In addition, there can be no assurance that originators and servicers of mortgage loans for <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-agency</div> MBS will not experience financial difficulties, which may increase the chances that these entities may default on their warehousing or other credit lines or become insolvent or bankrupt, thus increasing the likelihood that repurchase obligations will not be fulfilled and the potential for loss to holders of such <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-agency</div> MBS. Further, the prices of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-agency</div> MBS may decline substantially, for reasons that may not be attributable to any of the other risks described herein. In particular, purchasing assets at what may appear to be “undervalued” levels is no guarantee that these assets will not be trading at even more “undervalued” levels at a time of valuation or at the time of sale. It may not be possible to predict, or to protect against, such “spread widening” risk. </div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Other Investment Companies Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">Investing in an investment company exposes the Fund to all of the risks of that investment company’s investments. The Fund, as a holder of the securities of other investment companies, will bear its pro rata portion of the other investment companies’ expenses, including advisory fees. These expenses are in addition to the direct expenses of the Fund’s own operations. As a result, the cost of investing in investment company shares may exceed the costs of investing directly in its underlying investments. In addition, securities of other investment companies may be leveraged. As a result, the Fund may be indirectly exposed to leverage through an investment in such securities and therefore magnify the Fund’s leverage risk. </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">With respect to ETF’s, an ETF that is based on a specific index may not be able to replicate and maintain exactly the composition and relative weighting of securities in the index. The value of an ETF based on a specific index is subject to change as the values of its respective component assets fluctuate according to market volatility. ETFs typically rely on a limited pool of authorized participants to create and redeem shares, and an active trading market for ETF shares may not develop or be maintained. The market value of shares of ETFs and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">closed-end</div> funds may differ from their NAV. </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Reinvestment Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund invests the proceeds from matured, traded or called securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could affect the common shares’ market price, NAV and/or a common shareholder’s overall returns. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Restricted and Illiquid Investments Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">Illiquid investments are investments that are not readily marketable. These investments may include restricted investments, including Rule 144 A securities, which cannot be resold to the public without an effective registration statement under the 1933 Act, or if they are unregistered may be sold only in a privately negotiated transaction or pursuant to an available exemption from registration. The Fund may not be able to readily dispose of such investments at prices that approximate those at which the Fund could sell the 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 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 NAV and ability to make dividend distributions. The financial markets in general have in recent years experienced periods of extreme secondary market supply and demand imbalance, resulting in a loss of liquidity during which market prices were suddenly and 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 such market dislocation may occur again at any time. </div></div> <div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Swap Transactions Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">Like most derivative instruments, the use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. In addition, the use of swaps requires an understanding by the investment adviser and/or the <div style="white-space:nowrap;display:inline;">sub-adviser</div> of not only the referenced asset, rate or index, but also of the swap itself. If the investment adviser and/ or the <div style="white-space:nowrap;display:inline;">sub-adviser</div> is incorrect in its forecasts of default risks, market spreads or other applicable factors or events, the investment performance of the Fund would diminish compared with what it would have been if these techniques were not used. </div> <div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Unrated Securities Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">Unrated securities determined by the Fund’s investment adviser to be of comparable quality to rated investments which the Fund may purchase may pay a higher dividend or interest rate than such rated investments and be subject to a greater risk of illiquidity or price changes. Less public information is typically available about unrated investments or issuers than rated investments or issuers. Some unrated securities may not have an active trading 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 securities, the Fund’s ability to achieve its investment objectives will be more dependent on the investment adviser’s credit analysis than would be the case when the Fund invests in rated securities. </div> <div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">U.S. Government Securities Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">U.S. government securities are guaranteed only as to the timely payment of interest and the payment of principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates. Securities issued or guaranteed by U.S. government agencies and instrumentalities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. government. No assurance can be given that the U.S. government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so. </div> <div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Valuation Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">Certain securities in which the Fund invests typically are valued by a pricing service utilizing a range of market-based inputs and assumptions, including readily available market quotations obtained from broker-dealers making markets in such instruments, cash flows and transactions for comparable instruments. There is no assurance that the Fund will be able to sell a portfolio security at the price established by the pricing service, which could result in a loss to the Fund. Pricing services generally price securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, often at lower prices than institutional round lot trades. Different pricing services may incorporate different assumptions and inputs into their valuation methodologies, potentially resulting in different values for the same securities. As a result, if the Fund were to change pricing services, or if the Fund’s pricing service were to change its valuation methodology, there could be a material impact, either positive or negative, on the Fund’s NAV. </div> <div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Anti-Takeover Provisions. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">The Declaration of Trust and the Fund’s <div style="white-space:nowrap;display:inline;">by-laws</div> include provisions that could limit the ability of other entities or persons to acquire control of the Fund or convert the Fund to <div style="white-space:nowrap;display:inline;">open-end</div> status. These provision could have the effect of depriving the Common Shareholders of opportunities to sell their Common Shares at a premium over the then-current market price of the Common Shares. </div> <div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Borrowing Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">In addition to borrowing for leverage, the Fund may borrow for temporary or emergency purposes, to pay dividends, repurchase its shares, or clear portfolio transactions. Borrowing may exaggerate changes in the NAV of the Fund’s shares and may affect the Fund’s net income. When the Fund borrows money, it must pay interest and other fees, which will reduce the Fund’s returns if such costs exceed the returns on the portfolio securities purchased or retained with such borrowings. Any such borrowings are intended to be temporary. However, under certain market circumstances, such borrowings might be outstanding for longer periods of time. </div> <div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Cybersecurity Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">The Fund and its service providers are susceptible to operational and information security risk resulting from cyber incidents. Cyber incidents refer to both intentional attacks and unintentional events including: processing errors, human errors, technical errors including computer glitches and system malfunctions, inadequate or failed internal or external processes, market-wide technical-related disruptions, unauthorized access to digital systems (through “hacking” or malicious software coding), computer viruses, and cyber-attacks which shut down, disable, slow or otherwise disrupt operations, business processes or website access or functionality (including denial of service attacks). Cyber incidents could adversely impact the Fund and cause the Fund to incur financial loss and expense, as well as face exposure to regulatory penalties, reputational damage, and additional compliance costs associated with corrective measures. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. Furthermore, the Fund cannot control the cybersecurity plans and systems put in place by its service providers or any other third parties whose operations may affect the Fund. </div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Global Economic Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">National and regional economies and financial markets are becoming increasingly interconnected, which increases the possibilities that conditions in one country, region or market might adversely impact issuers in a different country, region or market. Changes in legal, political, regulatory, tax and economic conditions may cause fluctuations in markets and asset prices around the world, which could negatively impact the value of the Fund’s investments. Major economic or political disruptions, particularly in large economies, may have global negative economic and market repercussions. Additionally, instability in various countries, war, natural and environmental disasters, the spread of infectious illnesses or other public health emergencies, terrorist attacks in the United States and around the world, growing social and political discord in the United States, debt crises, the response of the international community—through economic sanctions and otherwise—to international events, further downgrade of U.S. government securities, changes in the U.S. president or political shifts in Congress, trade disputes and other similar events may adversely affect the global economy and the markets and issuers in which the Fund invests. These events could reduce consumer demand or economic output, result in market closure, travel restrictions or quarantines, and generally have a significant impact on the global economy. These events could also impair the information technology and other operational systems upon which the Fund’s service providers, including the Fund’s <div style="white-space:nowrap;display:inline;">sub-adviser,</div> rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform essential tasks on behalf of the Fund. </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund does not know and cannot predict how long the securities markets may be affected by these events, and the future impact of these and similar events on the global economy and securities markets is uncertain. The Fund may be adversely affected by abrogation of international agreements and national laws which have created the market instruments in which the Fund may invest, failure of the designated national and international authorities to enforce compliance with the same laws and agreements, failure of local, national and international organizations to carry out the duties prescribed to them under the relevant agreements, revisions of these laws and agreements which dilute their effectiveness or conflicting interpretation of provisions of the same laws and agreements. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Governmental and quasi-governmental authorities and regulators throughout the world have in the past responded to major economic disruptions with a variety of significant fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs and dramatically lower interest rates. An unexpected or quick reversal of these policies, or the ineffectiveness of these policies, could increase volatility in securities markets, which could adversely affect the Fund’s investments. </div> <div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Investment and Market Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">An investment in common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Common shares frequently trade at a discount to their NAV. An investment in common shares represents an indirect investment in the securities owned by the Fund. Common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions. </div> <div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Legislation and Regulatory Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">At any time after the date of this report, legislation or additional regulations may be enacted that could negatively affect the assets of the Fund, securities held by the Fund or the issuers of such securities. Fund shareholders may incur increased costs resulting from such legislation or additional regulation. There can be no assurance that future legislation, regulation or deregulation will not have a material adverse effect on the Fund or will not impair the ability of the Fund to achieve its investment objectives. </div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Leverage Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">The use of leverage creates special risks for common shareholders, including potential interest rate risks and the likelihood of greater volatility of NAV and market price of, and distributions on, the common shares. The use of leverage in a declining market will likely cause a greater decline in the Fund’s NAV, which may result at a greater decline of the common share price, than if the Fund were not to have used leverage. </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Certain types of leverage may result in the Fund being subject to certain covenants, asset coverage or other portfolio composition limits by its lenders, debt or preferred securities purchasers, rating agencies that may rate the debt or preferred securities, or reverse repurchase counterparties. Such limitations may be more stringent than those imposed by the 1940 Act and may impact whether the Fund is able to maintain its desired amount of leverage. In addition, whenever the Fund incurs borrowings and/or preferred shares are outstanding, Common Shareholders will not be entitled to receive any cash distributions from the Fund unless all interest on such borrowings has been paid and all accumulated dividends on preferred shares have been paid, unless asset coverage (as defined in the 1940 Act) with respect to any borrowings would be at least 300% after giving effect to the distributions and asset coverage (as defined in the 1940 Act) with respect to preferred shares would be at least 200% after giving effect to the distributions. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund will pay (and common shareholders will bear) any costs and expenses relating to the Fund’s use of leverage, which will result in a reduction in the Fund’s NAV. The investment adviser may, based on its assessment of market conditions and composition of the Fund’s holdings, increase or decrease the amount of leverage. Such changes may impact the Fund’s distributions and the price of the common shares in the secondary market. There is no assurance that the Fund’s use of leverage will be successful. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund may seek to refinance its leverage over time, in the ordinary course, as current forms of leverage mature or it is otherwise desirable to refinance; however, the form that such leverage will take cannot be predicted at this time. If the Fund is unable to replace existing leverage on comparable terms, its costs of leverage will increase. Accordingly, there is no assurance that the use of leverage may result in a higher yield or return to common shareholders. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The amount of fees paid to the investment adviser and the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">sub-adviser</div> for investment advisory services will be higher if the Fund uses leverage because the fees will be calculated based on the Fund’s Managed Assets – this may create an incentive for the investment adviser and the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">sub-adviser</div> to leverage the Fund or increase the Fund’s leverage. </div> <div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Market Discount from Net Asset Value. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">Shares of <div style="white-space:nowrap;display:inline;">closed-end</div> investment companies like the Fund frequently trade at prices lower than their NAV. This characteristic is a risk separate and distinct from the risk that the Fund’s NAV could decrease as a result of investment activities. Whether investors will realize gains or losses upon the sale of the common shares will depend not upon the Fund’s NAV but entirely upon whether the market price of the common shares at the time of sale is above or below the investor’s purchase price for the common shares. Furthermore, management may have difficulty meeting the Fund’s investment objectives and managing its portfolio when the underlying securities are redeemed or sold during periods of market turmoil and as investors’ perceptions regarding <div style="white-space:nowrap;display:inline;">closed-end</div> funds or their underlying investments change. Because the market price of the common shares will be determined by factors such as relative supply of and demand for the common shares in the market, general market and economic circumstances, and other factors beyond the control of the Fund, the Fund cannot predict whether the common shares will trade at, below or above NAV. The common shares are designed primarily for long-term investors, and you should not view the Fund as a vehicle for short-term trading purposes. </div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Recent Market Conditions. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">Periods of unusually high financial market volatility and restrictive credit conditions, at times limited to a particular sector or geographic area, have occurred in the past and may be expected to recur in the future. Some countries, including the United States, have adopted or have signaled protectionist trade measures, including the imposition of tariffs, relaxation of the financial industry regulations that followed the financial crisis, and/or reductions to corporate taxes. The scope of these policy changes is still developing, but the equity and debt markets may react strongly to expectations of change, which could increase volatility, particularly if a resulting policy runs counter to the market’s expectations. The outcome of such changes cannot be foreseen at the present time. In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in the world economy and markets generally. As a result of increasingly interconnected global economies and financial markets, the value and liquidity of the Fund’s investments may be negatively affected by events impacting a country or region, regardless of whether the Fund invests in issuers located in or with significant exposure to such country or region. </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Ukraine has experienced ongoing military conflict, most recently commencing in February 2022 when Russia invaded Ukraine; this conflict may expand and military attacks could occur elsewhere in Europe. Europe has also been struggling with mass migration from the Middle East and Africa. The ultimate effects of these events and other socio-political or geographical issues are not known but could profoundly affect global economies and markets. Additionally, in October 2023 armed conflict broke out between Israel and the militant group Hamas after Hamas infiltrated Israel’s southern border from the Gaza Strip. Israel has since declared war against Hamas and this conflict has escalated into a greater regional conflict. The ultimate effects of these events and other socio-political or geographical issues are not known but could profoundly affect global economies and markets. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The ongoing trade war between China and the United States, including the imposition of tariffs by each country on the other country’s products, has created a tense political environment. These actions may trigger a significant reduction in international trade, adverse effects in the supply of certain manufactured goods, substantial adverse price changes for goods and possible failure of individual companies and/or large segments of China’s export industry and U.S. importers, which could have a negative impact on the Fund’s performance. U.S. companies that source material and goods from China and those that make large amounts of sales in China would are vulnerable to an escalation of trade tensions. Beginning in early 2025, the United States also imposed tariffs on other countries, including Mexico and Canada. The possibility of additional tariffs being imposed or the outbreak of a trade war may adversely impact U.S. and international markets. Uncertainty regarding the outcome of the trade tensions and the potential for a trade war could cause the U.S. dollar to decline further. Events such as these and their consequences are difficult to predict and it is unclear whether further tariffs may be imposed or other escalating actions may be taken in the future. Additionally, political uncertainty regarding U.S. policy, including the U.S. government’s approach to trade, may impact the markets and the Fund’s performance. </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The U.S. Federal Reserve (the “Fed”) has in the past sharply raised interest rates, and has signaled an intention to maintain relatively higher interest rates until current inflation levels <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">re-align</div> with the Fed’s long-term inflation target. Changing interest rate environments impact the various sectors of the economy in different ways. For example, in March 2023, the Federal Deposit Insurance Corporation (“FDIC”) was appointed receiver for each of Silicon Valley Bank and Signature Bank, the second- and third-largest bank failures in U.S. history, which failures may be attributable, in part, to rising interest rates. Bank failures may have a destabilizing impact on the broader banking industry or markets generally. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The impact of these developments in the near- and long-term is unknown and could have additional adverse effects on economies, financial markets and asset valuations around the world. </div> <div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Reverse Repurchase Agreement Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">A reverse repurchase agreement, in economic essence, constitutes a securitized borrowing by the Fund from the security purchaser. The Fund may enter into reverse repurchase agreements for the purpose of creating a leveraged investment exposure and, as such, their usage involves essentially the same risks associated with a leveraging strategy generally since the proceeds from these agreements may be invested in additional portfolio securities. Reverse repurchase agreements tend to be short-term in tenor, and there can be no assurances that the purchaser (lender) will commit to extend or “roll” a given agreement upon its agreed-upon repurchase date or an alternative purchaser can be identified on similar terms. Reverse repurchase agreements also involve the risk that the purchaser fails to return the securities as agreed upon, files for bankruptcy or becomes insolvent. The Fund may be restricted from taking normal portfolio actions during such time, could be subject to loss to the extent that the proceeds of the agreement are less than the value of securities subject to the agreement and may experience adverse tax consequences. </div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Risk of Taxable Income in Excess of Economic Income. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">The Fund expects to acquire debt instruments in the secondary market for less than their stated redemption price at maturity. The discount at which such debt instruments are acquired may reflect doubts about their ultimate collectability rather than current market interest rates. The amount of such discount will nevertheless generally be treated as “market discount” for federal income tax purposes. Market discount on a debt instrument accrues ratably on a daily basis, unless an election is made to accrue market discount on the basis of the constant yield to maturity of the debt instrument, based generally on the assumption that all future payments on the debt instrument will be made. Absent an election to accrue currently, accrued market discount is reported as income when, and to the extent that, any payment of principal of the debt instrument is made. Payments on residential mortgage loans are ordinarily made monthly, and consequently accrued market discount may have to be included in income each month as if the debt instrument were assured of ultimately being collected in full. </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Similarly, many of the debt instruments (including MBS) that the Fund may purchase will likely have been issued with original issue discount (“OID”), which discount might reflect doubt as to whether the entire principal amount of such debt instruments will ultimately prove to be collectible. The Fund will be required to report such OID based on a constant yield method and income will be accrued and be currently taxable based on the assumption that all future projected payments due on such debt instruments will be made. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Finally, in the event that any debt instruments (including MBS) acquired by the Fund are delinquent as to mandatory principal and interest payments, or in the event payments with respect to a particular debt instrument are not made when due, the Fund may nonetheless be required to continue to recognize the unpaid interest as taxable income as it accrues, despite doubt as to its ultimate collectability. Similarly, the Fund may be required to accrue interest income with respect to subordinate MBS at its stated rate regardless of whether corresponding cash payments are received or are ultimately collectible. </div> <div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">Fund Tax Risk. </div></div></div><div style="font-family: &quot;Gill Sans MT&quot;; letter-spacing: 0px; top: 0px;display:inline;">The Fund has elected to be treated and intends to qualify each year as a Regulated Investment Company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”). As a RIC, the Fund is not expected to be subject to U.S. federal income tax to the extent that it distributes its investment company taxable income and net capital gains. To qualify for the special tax treatment available to a RIC, the Fund must comply with certain investment, distribution, and diversification requirements. Under certain circumstances, the Fund may be forced to sell certain assets when it is not advantageous in order to meet these requirements, which may reduce the Fund’s overall return. If the Fund fails to meet any of these requirements, subject to the opportunity to cure such failures under applicable provisions of the Code, the Fund’s income would be subject to a double level of U.S. federal income tax. The Fund’s income, including its net capital gain, would first be subject to U.S. federal income tax at regular corporate rates, even if such income were distributed to shareholders and, second, all distributions by the Fund from earnings and profits, including distributions of net capital gain (if any), would be taxable to shareholders as dividends. </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Trebuchet MS;font-weight:bold">EFFECTS OF LEVERAGE </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The following table is furnished in response to requirements of the SEC. It is designed to illustrate the effects of leverage through the use of senior securities, as that term is defined under Section 18 of the 1940 Act, as well as certain other forms of leverage, such as investments in inverse floating rate securities, on common share total return, assuming investment portfolio total returns (consisting of income and changes in the value of investments held in a Fund’s portfolio) of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">-10%,</div> <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">-5%,</div> 0%, 5% and 10%. The table below reflects each Fund’s (i) continued use of leverage as of December 31, 2025 as a percentage of Managed Assets (including assets attributable to such leverage), (ii) the estimated annual effective interest expense rate <div style="display:inline;">payable </div>by the Funds on such instruments (based on actual leverage costs incurred during the fiscal year ended December 31, 2025) as set forth in the table, and (iii) the annual return that the Fund’s portfolio must experience (net of expenses) in order to cover such costs of leverage based on such estimated annual effective interest expense rate. The information below does not reflect any Fund’s use of certain derivative instruments. </div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The numbers are merely estimates, used for illustration. The costs of leverage may vary frequently and may be significantly higher or lower than the estimated rate. The assumed investment portfolio returns in the table below are hypothetical figures and are not necessarily indicative of the investment portfolio returns experienced or expected to be experienced by the Funds. Your actual returns may be greater or less than those appearing below. </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:73%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Calibri; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">JGH</div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">NPCT</div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">JLS</div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Estimated Leverage as a Percentage of Managed Assets (Including Assets Attributable to Leverage)</div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">28.89%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">36.03%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">22.44%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Estimated Annual Effective Leverage Expense Rate Payable by Fund on Leverage</div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">5.16%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">5.08%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">5.54%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &quot;Lucida Sans&quot;; line-height: normal;">Annual Return Fund Portfolio Must Experience (net of expenses) to Cover Estimated Annual Effective Interest Expense Rate on Leverage</div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">1.49%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">1.83%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">1.24%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Common Share Total Return for (10.00)% Assumed Portfolio Total Return</div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">(16.16)%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">(18.49)%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">(14.50)%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Common Share Total Return for (5.00)% Assumed Portfolio Total Return</div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">(9.13)%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">(10.68)%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">(8.05)%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Common Share Total Return for 0.00% Assumed Portfolio Total Return</div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">(2.09)%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">(2.86)%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">(1.60)%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Common Share Total Return for 5.00% Assumed Portfolio Total Return</div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">4.94%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">4.96%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">4.84%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Common Share Total Return for 10.00% Assumed Portfolio Total Return</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">11.97%</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">12.77%</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">11.29%</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr></table><div style="margin-top:18pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Common Share total return is composed of two elements — the distributions paid by the Fund to holders of common shares (the amount of which is largely determined by the net investment income of the Fund after paying dividend payments on any preferred shares issued by the Fund and expenses on any forms of leverage outstanding) and gains or losses on the value of the securities and other instruments the Fund owns. As required by SEC rules, the table assumes that the Funds are more likely to suffer capital losses than to enjoy capital appreciation. For example, to assume a total return of 0%, the Fund must assume that the income it receives on its investments is entirely offset by losses in the value of those investments. This table reflects hypothetical performance of the Fund’s portfolio and not the actual performance of the Fund’s common shares, the value of which is determined by market forces and other factors. Should the Fund elect to add additional leverage to its portfolio, any benefits of such additional leverage cannot be fully achieved until the proceeds resulting from the use of such leverage have been received by the Fund and invested in accordance with the Fund’s investment objectives and policies. As noted above, the Fund’s willingness to use <div style="display:inline;">additional </div>leverage, and the extent to which leverage is used at any time, will depend on many factors. </div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The following table is furnished in response to requirements of the SEC. It is designed to illustrate the effects of leverage through the use of senior securities, as that term is defined under Section 18 of the 1940 Act, as well as certain other forms of leverage, such as investments in inverse floating rate securities, on common share total return, assuming investment portfolio total returns (consisting of income and changes in the value of investments held in a Fund’s portfolio) of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">-10%,</div> <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">-5%,</div> 0%, 5% and 10%. The table below reflects each Fund’s (i) continued use of leverage as of December 31, 2025 as a percentage of Managed Assets (including assets attributable to such leverage), (ii) the estimated annual effective interest expense rate <div style="display:inline;">payable </div>by the Funds on such instruments (based on actual leverage costs incurred during the fiscal year ended December 31, 2025) as set forth in the table, and (iii) the annual return that the Fund’s portfolio must experience (net of expenses) in order to cover such costs of leverage based on such estimated annual effective interest expense rate. The information below does not reflect any Fund’s use of certain derivative instruments. </div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The numbers are merely estimates, used for illustration. The costs of leverage may vary frequently and may be significantly higher or lower than the estimated rate. The assumed investment portfolio returns in the table below are hypothetical figures and are not necessarily indicative of the investment portfolio returns experienced or expected to be experienced by the Funds. Your actual returns may be greater or less than those appearing below. </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:73%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Calibri; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">JGH</div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">NPCT</div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">JLS</div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Estimated Leverage as a Percentage of Managed Assets (Including Assets Attributable to Leverage)</div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">28.89%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">36.03%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">22.44%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Estimated Annual Effective Leverage Expense Rate Payable by Fund on Leverage</div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">5.16%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">5.08%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">5.54%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &quot;Lucida Sans&quot;; line-height: normal;">Annual Return Fund Portfolio Must Experience (net of expenses) to Cover Estimated Annual Effective Interest Expense Rate on Leverage</div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">1.49%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">1.83%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">1.24%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Common Share Total Return for (10.00)% Assumed Portfolio Total Return</div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">(16.16)%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">(18.49)%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">(14.50)%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Common Share Total Return for (5.00)% Assumed Portfolio Total Return</div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">(9.13)%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">(10.68)%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">(8.05)%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Common Share Total Return for 0.00% Assumed Portfolio Total Return</div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">(2.09)%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">(2.86)%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">(1.60)%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Common Share Total Return for 5.00% Assumed Portfolio Total Return</div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">4.94%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">4.96%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">4.84%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Common Share Total Return for 10.00% Assumed Portfolio Total Return</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">11.97%</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">12.77%</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">11.29%</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr></table> 0.2244 0.0554 0.0124 -0.145 -0.0805 -0.016 0.0484 0.1129 The purpose of the tables and the example below are to help you understand all fees and expenses that you, as a common shareholder, would bear directly or indirectly. The tables show the expenses of each Fund as a percentage of the average net assets applicable to Common Shares and not as a percentage of total assets or managed assets. <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:89%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Calibri; font-size:8pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Shareholder Transaction Expenses</div></div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom">  </td> <td colspan="3" style="padding-bottom:1pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">JGH </div></div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom">  </td> <td colspan="3" style="padding-bottom:1pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">JLS</div></div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Maximum Sales Charge (as a percentage of offering price) (1)</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">1.00%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">1.00%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Dividend Reinvestment Plan Fees (2)</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:1.50pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:1.50pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$2.50</div></td> <td style="BORDER-BOTTOM:1.50pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:1.50pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:1.50pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$2.50</div></td> <td style="BORDER-BOTTOM:1.50pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Lucida Sans; font-size:8pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left">(1)</td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: &quot;Lucida Sans&quot;; text-align: left; line-height: normal;">The maximum sales charge for offerings made <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">at-the-market</div></div> is 1.00%. If the Common Shares are sold to or through underwriters in an offering that is not made <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">at-the-market,</div></div> the applicable Prospectus Supplement will set forth any other applicable sales load. Additionally, the applicable Prospectus Supplement will set forth the offering expenses (if any) borne by Fund common shareholders. </div></td></tr></table> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Lucida Sans; font-size:8pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left">(2)</td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: &quot;Lucida Sans&quot;; text-align: left; line-height: normal;">You will be charged a $2.50 service charge and pay brokerage charges if you direct Computershare Inc. and Computershare Trust Company, N.A., as agent for the common shareholders, to sell your Common Shares held in a dividend reinvestment account. </div></td></tr></table> as a percentage of offering price 0.01 2.5 <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:88%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Calibri; font-size:8pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Annual Expenses (As a Percentage of Net Assets Attributable to Common Shares) (1)</div></div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom">  </td> <td colspan="3" style="padding-bottom:1pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">JGH </div></div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom">  </td> <td colspan="3" style="padding-bottom:1pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">JLS</div></div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Management Fees</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">1.19% </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">1.23%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Interest and Other Related Expenses (2)</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">2.04% </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">1.61%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt;background-color:#cceeff"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Other Expenses (3)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">0.14% </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">0.23%</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Total Annual Expenses</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:1.50pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:1.50pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">3.37% </div></td> <td style="BORDER-BOTTOM:1.50pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:1.50pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:1.50pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">3.07%</div></td> <td style="BORDER-BOTTOM:1.50pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Lucida Sans; font-size:8pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left">(1)</td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: &quot;Lucida Sans&quot;; text-align: left; line-height: normal;">Stated as percentages of average net assets attributable to Common Shares for the fiscal year ended December 31, 2025. </div></td></tr></table> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Lucida Sans; font-size:8pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left">(2)</td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: &quot;Lucida Sans&quot;; text-align: left; line-height: normal;">Interest and Other Related Expenses reflect actual expenses and fees for leverage incurred by a Fund for the fiscal year ended December 31, 2025. The types of leverage used by the Fund during the fiscal year ended December 31, 2025 are described in the Fund Leverage and the Notes to Financial Statements sections of this annual report. Actual Interest and Other Related Expenses incurred in the future may be higher or lower. If short-term market interest rates rise in the future, and if the Fund continues to maintain leverage, the cost of which is tied to short-term interest rates, the Fund’s interest expenses on its short-term borrowings can be expected to rise in tandem. The Fund’s use of leverage will increase the amount of management fees paid to the Fund’s adviser and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">sub-advisor(s).</div> </div></td></tr></table> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Lucida Sans; font-size:8pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left">(3)</td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: &quot;Lucida Sans&quot;; text-align: left; line-height: normal;">Other Expenses are based on estimated amounts for the current fiscal year. Expenses attributable to the Fund’s investments, if any, in other investment companies are currently estimated not to exceed 0.01%. </div></td></tr></table> As a Percentage of Net Assets Attributable to Common Shares 0.0123 0.0161 0.0023 0.0307 <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Lucida Sans; font-size:8pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left">(2)</td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: &quot;Lucida Sans&quot;; text-align: left; line-height: normal;">Interest and Other Related Expenses reflect actual expenses and fees for leverage incurred by a Fund for the fiscal year ended December 31, 2025. The types of leverage used by the Fund during the fiscal year ended December 31, 2025 are described in the Fund Leverage and the Notes to Financial Statements sections of this annual report. Actual Interest and Other Related Expenses incurred in the future may be higher or lower. If short-term market interest rates rise in the future, and if the Fund continues to maintain leverage, the cost of which is tied to short-term interest rates, the Fund’s interest expenses on its short-term borrowings can be expected to rise in tandem. The Fund’s use of leverage will increase the amount of management fees paid to the Fund’s adviser and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">sub-advisor(s).</div> </div></td></tr></table> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Lucida Sans; font-size:8pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left">(3)</td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: &quot;Lucida Sans&quot;; text-align: left; line-height: normal;">Other Expenses are based on estimated amounts for the current fiscal year. Expenses attributable to the Fund’s investments, if any, in other investment companies are currently estimated not to exceed 0.01%. </div></td></tr></table> <div style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Trebuchet MS;font-weight:bold">Example </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The following example illustrates the expenses, including the applicable transaction fees (referred to as the “Maximum Sales Charge” in the Shareholder Transaction Expenses table above), if any, that a common shareholder would pay on a $1,000 investment that is held for the time periods provided in the table. The example assumes that all dividends and other distributions are reinvested in the Fund and that the Fund’s Annual Expenses, as provided above, remain the same. The example also assumes a 5% annual return. Actual expenses may be greater or less than those assumed. Moreover, the Fund’s actual rate of return may be greater or less than the hypothetical 5% return shown in the example. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Trebuchet MS;font-weight:bold">Example <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">(At-the-Market</div></div> Transaction) </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The following example assumes a transaction fee of 1.00%, as a percentage of the offering price. </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:68%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Calibri; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">1 Year </div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="background: none; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  </div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">3 Years </div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="background: none; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  </div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">5 Years </div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="background: none; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  </div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">10 Years</div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt;background-color:#cceeff"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">JGH</div></div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$44 </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$113 </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$184 </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$372</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">JLS</div></div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$<div style="display:inline;">41 </div></div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$104 </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$169 </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$345</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:arial;font-weight:bold">The example should not be considered a representation of future expenses. Actual expenses may be greater or less than those shown above. </div> 41 104 169 345 <div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The following table shows for the periods indicated: (i) the high and low sales prices for the Common Shares reported as of the end of <div style="display:inline;">the </div>day on the NYSE, (ii) the corresponding NAV per share; and (iii) the premium/(discount) to NAV per share at which the Common Shares were trading as of such date. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Calibri;font-weight:bold">JLS </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:57%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Calibri; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="6" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> Closing Market Price per </div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Common Share</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="6" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> NAV per Common Share on Date </div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">of Market Price</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="6" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> Premium/(Discount) on Date of </div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Market Price</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Calibri; font-size:8pt"> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: Calibri; font-weight: bold; line-height: normal;">Fiscal Quarter End</div><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"> </div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">High</div></div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Low</div></div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">High</div></div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Low</div></div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">High</div></div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Low</div></div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">December 2025</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$18.92</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$18.11</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$19.53</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$19.35</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">(3.12)%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">(6.41)%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">September 2025</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$19.02</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$18.64</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$19.46</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$19.49</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">(2.26)%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">(4.36)%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">June 2025</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$18.74</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$17.16</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$19.57</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$19.26</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">(4.24)%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">(10.90)%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">March 2025</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$19.07</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$18.00</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$19.63</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$19.45</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">(2.85)%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">(7.46)%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">December 2024</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$18.99</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$17.91</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$19.49</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$19.36</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">(2.57)%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">(7.49)%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">September 2024</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$18.45</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$17.83</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$19.53</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$19.40</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">(5.53)%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">(8.09)%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">June 2024</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$18.16</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$17.11</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$19.54</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$19.31</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">(7.06)%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">(11.39)%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">March 2024</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$17.88</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$16.67</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$19.41</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$19.28</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">(7.88)%</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">(13.54)%</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The following table shows, as of December 31, 2025 each Fund’s: (i) NAV per Common Share, (ii) market price, (iii) percentage of premium/(discount) to NAV per Common Share and, (iv) net assets attributable to Common Shares. </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:76%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Calibri; font-size:8pt"> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">December 31, 2025</div></div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">JGH</div></div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">JLS</div></div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">NAV per Common Share</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$ 13.78</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$ 19.35</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Market Price</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$ 12.61</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$ 18.19</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Percentage of Premium/(Discount) to NAV per Common Share</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">(8.49)%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">(5.99)%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Net Assets Attributable to Common Shares</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$ 387,589,923</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$ 105,947,032</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Shares of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">closed-end</div> investment companies, including those of the Funds, may frequently trade at prices lower than NAV, the Funds’ Board of Trustees (Board) has currently determined that, at least annually, it will consider action that might be taken to reduce or eliminate any material discount from NAV in respect of Common Shares, which may include the repurchase of such shares in the open market or in private transactions, the making of a tender offer for such shares at NAV, or the conversion of the Fund to an <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">open-end</div> investment company. The Funds cannot assure you that their Board will decide to take any of these actions, or that share repurchases or tender offers will actually reduce market discount. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div> 18.92 18.11 19.53 19.35 -0.0312 -0.0641 19.02 18.64 19.46 19.49 -0.0226 -0.0436 18.74 17.16 19.57 19.26 -0.0424 -0.109 19.07 18 19.63 19.45 -0.0285 -0.0746 18.99 17.91 19.49 19.36 -0.0257 -0.0749 18.45 17.83 19.53 19.4 -0.0553 -0.0809 18.16 17.11 19.54 19.31 -0.0706 -0.1139 17.88 16.67 19.41 19.28 -0.0788 -0.1354 19.35 18.19 -0.0599 <div style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Trebuchet MS;font-weight:bold">SENIOR SECURITIES </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The following table sets forth information regarding each Fund’s outstanding senior securities as of the end of each of the Fund’s last <div style="display:inline;">ten </div>fiscal years, as applicable. Each Fund’s senior securities during this time period are comprised of borrowings that constitute “senior securities” as defined in the Investment Company Act of 1940, as amended (1940 Act).The information in this table is derived from the financial statements. The financial statements for the year ended December 31, 2025 have been audited by PricewaterhouseCoopers LLP (“PwC”), independent registered public accounting firm. The Funds’ <div style="display:inline;">audited </div>financial statements for the year ended December 31, 2025, including the report of PwC thereon, and accompanying notes thereto, are included in this Annual Report. </div> <div style="margin-top:18pt; margin-bottom:0pt; font-size:8pt; font-family:Calibri;font-weight:bold">JLS </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:61%"></td> <td style="vertical-align:bottom;width:13%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:13%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Calibri; font-size:8pt"> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom">  </td> <td colspan="6" style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Borrowings Outstanding at the End of Period</div></div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Calibri; font-size:8pt"> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Year Ended 12/31:</div></div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: Calibri; font-weight: bold; text-align: right; line-height: normal;">Aggregate Amount Outstanding</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: Calibri; font-weight: bold; text-align: right; line-height: normal;">(000) (1)</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Asset Coverage Per $1,000 (2)</div></div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">2025</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$2,520</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$43,042</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">2024</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$2,520</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$43,271</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">2023</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$5,520</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$19,636</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">2022</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$12,495</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$9,265</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">2021</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$8,455</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$15,404</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">2020</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$15,505</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$8,845</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">2019</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$0</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$0</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">2018</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$147,200</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$3,485</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">2017</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$147,200</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$3,666</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">2016</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$147,200</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$3,701</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr></table><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Lucida Sans; font-size:8pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left">(1)</td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: &quot;Lucida Sans&quot;; text-align: left; line-height: normal;">Aggregate Amount Outstanding: Aggregate amount outstanding represents the principal amount outstanding or liquidation preference, if applicable, as of the end of the relevant fiscal year. </div></td></tr></table> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Lucida Sans; font-size:8pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left">(2)</td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: &quot;Lucida Sans&quot;; text-align: left; line-height: normal;">Asset Coverage Per $1,000: Asset coverage per $1,000 is calculated by subtracting the Fund’s liabilities and indebtedness not represented by senior securities from the Fund’s total assets, dividing the result by the aggregate amount of Fund’s borrowings (excluding temporary borrowings) then outstanding and multiplying the result by 1,000. For purpose of asset coverage above, senior securities consist of preferred shares or borrowings of a Fund and does not include derivative transactions and other investments that have the economic effect of leverage such as reverse repurchase agreements and tender option bonds. If the leverage effects of such investments were included, the asset coverage amounts presented would be lower. </div></td></tr></table> <div style="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The following table sets forth information regarding each Fund’s outstanding senior securities as of the end of each of the Fund’s last <div style="display:inline;">ten </div>fiscal years, as applicable. Each Fund’s senior securities during this time period are comprised of borrowings that constitute “senior securities” as defined in the Investment Company Act of 1940, as amended (1940 Act).The information in this table is derived from the financial statements. The financial statements for the year ended December 31, 2025 have been audited by PricewaterhouseCoopers LLP (“PwC”), independent registered public accounting firm. The Funds’ <div style="display:inline;">audited </div>financial statements for the year ended December 31, 2025, including the report of PwC thereon, and accompanying notes thereto, are included in this Annual Report. </div> The information in this table is derived from the financial statements. The financial statements for the year ended December 31, 2025 have been audited by PricewaterhouseCoopers LLP (“PwC”), independent registered public accounting firm. The Funds’ <div style="display:inline;">audited </div>financial statements for the year ended December 31, 2025, including the report of PwC thereon, and accompanying notes thereto, are included in this Annual Report. 2520000 43042 2520000 43271 5520000 19636 12495000 9265 8455000 15404 15505000 8845 0 0 147200000 3485 147200000 3666 147200000 3701 The maximum sales charge for offerings made at-the-market is 1.00%. If the Common Shares are sold to or through underwriters in an offering that is not made at-the-market, the applicable Prospectus Supplement will set forth any other applicable sales load. Additionally, the applicable Prospectus Supplement will set forth the offering expenses (if any) borne by Fund common shareholders. You will be charged a $2.50 service charge and pay brokerage charges if you direct Computershare Inc. and Computershare Trust Company, N.A., as agent for the common shareholders, to sell your Common Shares held in a dividend reinvestment account. Stated as percentages of average net assets attributable to Common Shares for the fiscal year ended December 31, 2025. Interest and Other Related Expenses reflect actual expenses and fees for leverage incurred by a Fund for the fiscal year ended December 31, 2025. The types of leverage used by the Fund during the fiscal year ended December 31, 2025 are described in the Fund Leverage and the Notes to Financial Statements sections of this annual report. Actual Interest and Other Related Expenses incurred in the future may be higher or lower. If short-term market interest rates rise in the future, and if the Fund continues to maintain leverage, the cost of which is tied to short-term interest rates, the Fund’s interest expenses on its short-term borrowings can be expected to rise in tandem. The Fund’s use of leverage will increase the amount of management fees paid to the Fund’s adviser and sub-advisor(s). Other Expenses are based on estimated amounts for the current fiscal year. Expenses attributable to the Fund’s investments, if any, in other investment companies are currently estimated not to exceed 0.01%. Aggregate Amount Outstanding: Aggregate amount outstanding represents the principal amount outstanding or liquidation preference, if applicable, as of the end of the relevant fiscal year. Asset Coverage Per $1,000: Asset coverage per $1,000 is calculated by subtracting the Fund’s liabilities and indebtedness not represented by senior securities from the Fund’s total assets, dividing the result by the aggregate amount of Fund’s borrowings (excluding temporary borrowings) then outstanding and multiplying the result by 1,000. For purpose of asset coverage above, senior securities consist of preferred shares or borrowings of a Fund and does not include derivative transactions and other investments that have the economic effect of leverage such as reverse repurchase agreements and tender option bonds. If the leverage effects of such investments were included, the asset coverage amounts presented would be lower.