0000099614 2016-01-01 2016-12-31 0000099614 2017-01-01 2017-12-31 0000099614 2018-01-01 2018-12-31 0000099614 2019-01-01 2019-12-31 0000099614 2020-01-01 2020-12-31 0000099614 2021-01-01 2021-12-31 0000099614 2022-01-01 2022-12-31 0000099614 2023-01-01 2023-12-31 0000099614 2024-01-01 2024-12-31 0000099614 2025-01-01 2025-12-31 0000099614 tcc:ActiveManagementRiskMember 2025-01-01 2025-12-31 0000099614 tcc:ChangingDistributionLevelRiskMember 2025-01-01 2025-12-31 0000099614 tcc:CommonSharesMember 2025-01-01 2025-12-31 0000099614 tcc:ConvertibleSecuritiesRiskMember 2025-01-01 2025-12-31 0000099614 tcc:CounterpartyRiskMember 2025-01-01 2025-12-31 0000099614 us-gaap:CreditRiskMember 2025-01-01 2025-12-31 0000099614 tcc:DerivativesRiskFuturesContractsRiskMember 2025-01-01 2025-12-31 0000099614 tcc:DerivativesRisksMember 2025-01-01 2025-12-31 0000099614 tcc:EmergingMarketSecuritiesRiskMember 2025-01-01 2025-12-31 0000099614 tcc:ForeignSecuritiesRiskMember 2025-01-01 2025-12-31 0000099614 tcc:FrequentTradingRiskMember 2025-01-01 2025-12-31 0000099614 tcc:HighYieldInvestmentsRiskMember 2025-01-01 2025-12-31 0000099614 us-gaap:InterestRateRiskMember 2025-01-01 2025-12-31 0000099614 tcc:IssuerRiskMember 2025-01-01 2025-12-31 0000099614 tcc:LargeCapStockRiskMember 2025-01-01 2025-12-31 0000099614 tcc:LeverageRiskMember 2025-01-01 2025-12-31 0000099614 tcc:LiquidityRiskMember 2025-01-01 2025-12-31 0000099614 tcc:MarketRisksMember 2025-01-01 2025-12-31 0000099614 tcc:PreferredStockRiskMember 2025-01-01 2025-12-31 0000099614 tcc:QuantitativeModelsRiskMember 2025-01-01 2025-12-31 0000099614 tcc:Rule144AAndOtherExemptedSecuritiesRiskMember 2025-01-01 2025-12-31 0000099614 tcc:SectorRiskMember 2025-01-01 2025-12-31 0000099614 tcc:TransactionsInDerivativesMember 2025-01-01 2025-12-31 0000099614 tcc:UnratedSecuritiesRiskMember 2025-01-01 2025-12-31 0000099614 tcc:CommonSharesMember 2025-12-31 2025-12-31 0000099614 tcc:PreferredSharesMember 2025-12-31 2025-12-31 0000099614 tcc:CommonSharesMember 2024-01-01 2024-03-31 0000099614 tcc:CommonSharesMember 2025-01-01 2025-03-31 0000099614 tcc:CommonSharesMember 2024-04-01 2024-06-30 0000099614 tcc:CommonSharesMember 2025-04-01 2025-06-30 0000099614 tcc:CommonSharesMember 2024-07-01 2024-09-30 0000099614 tcc:CommonSharesMember 2025-07-01 2025-09-30 0000099614 tcc:CommonSharesMember 2024-10-01 2024-12-31 0000099614 tcc:CommonSharesMember 2025-10-01 2025-12-31 0000099614 2016-12-31 0000099614 2017-12-31 0000099614 2018-12-31 0000099614 2019-12-31 0000099614 2020-12-31 0000099614 2021-12-31 0000099614 2022-12-31 0000099614 2023-12-31 0000099614 2024-12-31 0000099614 2025-12-31 0000099614 tcc:CommonSharesMember 2025-12-31 iso4217:USD iso4217:USD shares pure shares 0000099614 false N-CSR Tri‑Continental Corporation <div style="line-height:12.0pt;margin-top:0.0pt;text-align:left;"><span style="color:#002245;font-family:arial;font-size:10pt;font-weight:bold">Fund Investment Objective</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt">The Fund seeks to produce future growth of both capital and income while providing reasonable current income. The Fund’s </span><span style="color:#002245;font-family:arial;font-size:10pt">investment objective is not a fundamental policy and may be changed by the Fund Board without stockholder approval.</span><span style="color:#002245;font-family:arial;font-size:10pt;line-height:12.0pt"> </span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt;font-weight:bold">Fund Investment Strategies and Policies</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt">The Fund invests primarily for the longer term and has no charter restrictions with respect to its investments. With respect </span><span style="color:#002245;font-family:arial;font-size:10pt">to the Fund’s investments, assets may be held in cash or invested in all types of securities, that is, in common stocks, bonds, </span><span style="color:#002245;font-family:arial;font-size:10pt">convertible bonds (including high yield instruments), debentures, notes, preferred and convertible preferred stocks, rights, </span><span style="color:#002245;font-family:arial;font-size:10pt">and other securities or instruments, in whatever amounts or proportions the Investment Manager believes best suited to </span><span style="color:#002245;font-family:arial;font-size:10pt">current and anticipated economic and market conditions.</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt">The Fund may invest in debt/fixed income instruments and convertible securities that, at the time of purchase, are rated </span><span style="color:#002245;font-family:arial;font-size:10pt">below investment grade or are unrated but determined to be of comparable quality (commonly referred to as “high yield” </span><span style="color:#002245;font-family:arial;font-size:10pt">investments or “junk” bonds). The Fund may invest in debt instruments of any maturity and does not seek to maintain a </span><span style="color:#002245;font-family:arial;font-size:10pt">particular dollar-weighted average maturity. A bond is issued with a specific maturity date, which is the date when the issuer </span><span style="color:#002245;font-family:arial;font-size:10pt">must pay back the bond’s principal (face value). Bond maturities range from less than 1 year to more than 30 years. </span><span style="color:#002245;font-family:arial;font-size:10pt">Typically, the longer a bond’s maturity, the more price risk the Fund and the Fund’s investors face as interest rates rise, but </span><span style="color:#002245;font-family:arial;font-size:10pt">the Fund could receive a higher yield in return for that longer maturity and higher interest rate risk.</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt">The Fund may invest up to 25% of its net assets in foreign investments, including emerging markets. The Fund also employs </span><span style="color:#002245;font-family:arial;font-size:10pt">leverage through its outstanding shares of preferred stock.</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt">The Fund may invest in privately placed and other securities or instruments that are purchased and sold pursuant to </span><span style="color:#002245;font-family:arial;font-size:10pt">Rule 144A or other exemptions under the Securities Act of 1933, as amended, subject to certain regulatory restrictions.</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt">The Fund may invest in derivatives, such as futures contracts (including equity futures and index futures), to equitize cash.</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt">As of December 31, 2025, the Fund had invested 68.6% of its net assets in equity securities, 19.0% of its net assets in </span><span style="color:#002245;font-family:arial;font-size:10pt">debt/fixed income instruments and 11.9% of its net assets in convertible securities.</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt">The Fund’s current investment policies, in respect to which it has freedom of action, are:</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt">• it keeps investments in individual issuers within the limits permitted for diversified companies under the Investment </span><span style="color:#002245;font-family:arial;font-size:10pt">Company Act of 1940, as amended (the 1940 Act)  (i.e., 75% of its total assets must be represented by cash items, </span><span style="color:#002245;font-family:arial;font-size:10pt">government securities, securities of other investment companies, and securities of other issuers which, at the time of </span><span style="color:#002245;font-family:arial;font-size:10pt">investment, do not exceed 5% of the Fund’s total assets at market value in the securities of any issuer and do not exceed </span><span style="color:#002245;font-family:arial;font-size:10pt">10% of the voting securities of any issuer);</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt">• it does not make investments with a view to exercising control or management;</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt">• it ordinarily does not invest in other investment companies, but it may purchase up to 3% of the voting securities of such </span><span style="color:#002245;font-family:arial;font-size:10pt">investment companies, provided purchases of securities of a single investment company do not exceed in value 5% of the </span><span style="color:#002245;font-family:arial;font-size:10pt">total assets of the Fund and all investments in investment company securities do not exceed 10% of total assets; and</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt">• it has no fixed policy with respect to portfolio turnover and purchases and sales in the light of economic, market and </span><span style="color:#002245;font-family:arial;font-size:10pt">investment considerations. The portfolio turnover rates for the last ten fiscal years are shown under </span><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic">Financial Highlights</span><span style="color:#002245;font-family:arial;font-size:10pt">.</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt">The foregoing investment objective and policies may be changed by the Fund’s Board without stockholder approval, unless </span><span style="color:#002245;font-family:arial;font-size:10pt">such a change would change the Fund’s status from a “diversified” to a “non-diversified” company under the 1940 Act. For </span><span style="color:#002245;font-family:arial;font-size:10pt">purposes of applying the limitation set forth in its issuer diversification policy, under certain circumstances, the Fund may </span><span style="color:#002245;font-family:arial;font-size:10pt">treat an investment, if any, in a municipal bond refunded with escrowed U.S. Government securities as an investment in </span><span style="color:#002245;font-family:arial;font-size:10pt">U.S. Government securities.</span></div><div style="line-height:12.0pt;margin-top:0.0pt;text-align:left;"><span style="color:#002245;font-family:arial;font-size:10pt">The Fund may not invest 25% or more of its total assets in securities of companies in any one industry. The Fund may, </span><span style="color:#002245;font-family:arial;font-size:10pt">however, invest a substantial percentage of its assets in certain industries or economic sectors believed to offer good </span><span style="color:#002245;font-family:arial;font-size:10pt">investment opportunities, including the information technology sector. If an industry or economic sector in which the Fund is </span><span style="color:#002245;font-family:arial;font-size:10pt">invested falls out of favor, the Fund’s performance may be negatively affected. The Fund may not acquire any illiquid </span><span style="color:#002245;font-family:arial;font-size:10pt">investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid </span><span style="color:#002245;font-family:arial;font-size:10pt">investments that are assets.</span><span style="color:#002245;font-family:arial;font-size:10pt;line-height:12.0pt"> </span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt">The Fund’s stated fundamental policies, which may not be changed without a vote of stockholders, are listed below. Within </span><span style="color:#002245;font-family:arial;font-size:10pt">the limits of these fundamental policies, the Investment Manager has reserved freedom of action. The Fund:</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt">• may issue senior securities such as bonds, notes or other evidences of indebtedness if immediately after issuance the net </span><span style="color:#002245;font-family:arial;font-size:10pt">assets of the Fund provide 300% coverage of the aggregate principal amount of all bonds, notes or other evidences of </span><span style="color:#002245;font-family:arial;font-size:10pt">indebtedness and that amount does not exceed 150% of the capital and surplus of the Fund;</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt">• may issue senior equity securities on a parity with, but not having preference or priority over, the preferred stock if </span><span style="color:#002245;font-family:arial;font-size:10pt">immediately after issuance its net assets are equal to at least 200% of the aggregate amount (exclusive of any dividends </span><span style="color:#002245;font-family:arial;font-size:10pt">accrued or in arrears) to which all shares of the preferred stock, then outstanding, shall be entitled as a preference over the </span><span style="color:#002245;font-family:arial;font-size:10pt">common stock in the event of voluntary or involuntary liquidation, dissolution or winding up of the Fund;</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt">• may borrow money for substantially the same purposes as it may issue senior debt securities, subject to the same </span><span style="color:#002245;font-family:arial;font-size:10pt">restrictions and to any applicable limitations prescribed by law;</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt">• may engage in the business of underwriting securities either directly or through majority-owned subsidiaries subject to any </span><span style="color:#002245;font-family:arial;font-size:10pt">applicable restrictions and limitations prescribed by law;</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt">• does not intend to concentrate its assets in any one industry although it may from time to time invest up to 25% of the </span><span style="color:#002245;font-family:arial;font-size:10pt">value of its assets, taken at market value, in a single industry*;</span></div><div style="margin-top:3pt;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">* For purposes of applying the limitation set forth in its concentration policy above, the Fund will generally use the industry classifications provided by the Global Industry </span><span style="color:#002245;font-family:arial narrow;font-size:8pt">Classification Standard (GICS) for classification of issuers of equity securities and the classifications provided by the Bloomberg U.S. Aggregate Bond Index for </span><span style="color:#002245;font-family:arial narrow;font-size:8pt">classification of issues of fixed-income securities. The Fund considers the investments of any underlying funds in which it invests, and will consider the portfolio positions </span><span style="color:#002245;font-family:arial narrow;font-size:8pt">applying the Time of Purchase Standard, which in the case of unaffiliated underlying funds is based on portfolio information made publicly available by them. The Fund </span><span style="color:#002245;font-family:arial narrow;font-size:8pt">does not consider futures or swaps clearinghouses or securities clearinghouses, where the Fund has exposure to such clearinghouses in the course of making investments </span><span style="color:#002245;font-family:arial narrow;font-size:8pt">in futures and securities, to be part of any industry.</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt">• may not, with limited exceptions, purchase and sell real estate directly but may do so through majority-owned subsidiaries, </span><span style="color:#002245;font-family:arial;font-size:10pt">so long as its real estate investments do not exceed 10% of the value of the Fund’s total assets;</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt">• may not purchase or sell commodities or commodity contracts; and</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt">• may make money loans (subject to restrictions imposed by law and by charter) (a) only to its subsidiaries, (b) as incidents </span><span style="color:#002245;font-family:arial;font-size:10pt">to its business transactions or (c) for other purposes. The Fund will not lend securities if the total of all such loans would </span><span style="color:#002245;font-family:arial;font-size:10pt">exceed 33 1/3% of the Fund’s total assets, except this fundamental investment policy shall not prohibit the Fund from </span><span style="color:#002245;font-family:arial;font-size:10pt">purchasing money market securities, loans, loan participation or other debt securities, or from entering into repurchase </span><span style="color:#002245;font-family:arial;font-size:10pt">agreements, and it may make loans represented by repurchase agreements, so long as such loans do not exceed 10% of the </span><span style="color:#002245;font-family:arial;font-size:10pt">value of total assets.</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt">If the Fund issues senior securities, the Fund may not, to the extent required by the 1940 Act, declare dividends (except </span><span style="color:#002245;font-family:arial;font-size:10pt">dividends payable in stock of the Fund) or other distributions on stock or purchase its stock (including through tender offers) </span><span style="color:#002245;font-family:arial;font-size:10pt">if, immediately after doing so, it will have an asset coverage ratio of less than 300% or 200%, as applicable.</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt">During its last three fiscal years, the Fund did not: (a) issue senior securities; (b) borrow any money; (c) underwrite securities; </span><span style="color:#002245;font-family:arial;font-size:10pt">(d) concentrate investments in particular industries or groups of industries; (e) purchase or sell real estate, commodities, or </span><span style="color:#002245;font-family:arial;font-size:10pt">commodity contracts; or (f) make money loans.</span></div> <div style="line-height:12.0pt;margin-top:0.0pt;text-align:left;"><span style="color:#002245;font-family:arial;font-size:10pt;font-weight:bold">Principal Risks</span><span style="color:#002245;font-family:arial;font-size:10pt;line-height:12.0pt"> </span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt">An investment in the Fund involves risks. In particular, investors should consider Market Risk, Large-Cap Stock Risk, Interest </span><span style="color:#002245;font-family:arial;font-size:10pt">Rate Risk, Credit Risk, and Convertible Securities Risk, among others. Descriptions of these and other principal risks of </span><span style="color:#002245;font-family:arial;font-size:10pt">investing in the Fund are provided below. There is no assurance that the Fund will achieve its investment objective and you </span><span style="color:#002245;font-family:arial;font-size:10pt">may lose money. The value of the Fund’s holdings may decline, and the Fund’s net asset value (NAV) and share price may go </span><span style="color:#002245;font-family:arial;font-size:10pt">down. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance </span><span style="color:#002245;font-family:arial;font-size:10pt">Corporation or any other government agency. The significance of any specific risk to an investment in the Fund will vary over </span><span style="color:#002245;font-family:arial;font-size:10pt">time depending on the composition of the Fund’s portfolio, market conditions, and other factors. You should read all of the </span><span style="color:#002245;font-family:arial;font-size:10pt">risk information below carefully, because any one or more of these risks may result in losses to the Fund. See also the </span><span style="color:#002245;font-family:arial;font-size:10pt">Fund’s "Risks and uncertanties" in the Notes to Financial Statements section.</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Active Management Risk.</span><span style="color:#002245;font-family:arial;font-size:10pt"> The Fund is actively managed and its performance therefore will reflect, in part, the ability of the </span><span style="color:#002245;font-family:arial;font-size:10pt">portfolio managers to make investment decisions that seek to achieve the Fund’s investment objective. Due to its active </span><span style="color:#002245;font-family:arial;font-size:10pt">management, the Fund could underperform its benchmark index and/or other funds with similar investment objectives </span><span style="color:#002245;font-family:arial;font-size:10pt">and/or strategies.</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Changing Distribution Level Risk</span><span style="color:#002245;font-family:arial;font-size:10pt;font-weight:bold">.</span><span style="color:#002245;font-family:arial;font-size:10pt"> The Fund normally expects to receive income which may include interest, dividends and/or </span><span style="color:#002245;font-family:arial;font-size:10pt">capital gains, depending upon its investments. The distribution amounts paid by the Fund will vary and generally depend on </span><span style="color:#002245;font-family:arial;font-size:10pt">the amount of income the Fund earns (less expenses) on its portfolio holdings, and capital gains or losses it recognizes. A </span><span style="color:#002245;font-family:arial;font-size:10pt">decline in the Fund’s income or net capital gains arising from its investments may reduce its distribution level.</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Convertible Securities Risk.</span><span style="color:#002245;font-family:arial;font-size:10pt"> Convertible securities are subject to the usual risks associated with debt instruments, such as </span><span style="color:#002245;font-family:arial;font-size:10pt">interest rate risk (the risk of losses attributable to changes in interest rates) and credit risk (the risk that the issuer of a debt </span><span style="color:#002245;font-family:arial;font-size:10pt">instrument will default or otherwise become unable, or be perceived to be unable or unwilling, to honor a financial obligation, </span><span style="color:#002245;font-family:arial;font-size:10pt">such as making payments to the Fund when due). Convertible securities also react to changes in the value of the common </span><span style="color:#002245;font-family:arial;font-size:10pt">stock into which they convert and are thus subject to market risk (the risk that the market values of securities or other </span><span style="color:#002245;font-family:arial;font-size:10pt">investments that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise). Because the value of a </span><span style="color:#002245;font-family:arial;font-size:10pt">convertible security can be influenced by both interest rates and the common stock’s market movements, a convertible </span><span style="color:#002245;font-family:arial;font-size:10pt">security generally is not as sensitive to interest rates as a similar debt instrument and generally will not vary in value in </span><span style="color:#002245;font-family:arial;font-size:10pt">response to other factors to the same extent as the underlying common stock. In the event of a liquidation of the issuing </span><span style="color:#002245;font-family:arial;font-size:10pt">company, holders of convertible securities would typically be paid before the company’s common stockholders but after </span><span style="color:#002245;font-family:arial;font-size:10pt">holders of any senior debt obligations of the company. The Fund may be forced to convert a convertible security before it </span><span style="color:#002245;font-family:arial;font-size:10pt">otherwise would choose to do so, which may decrease the Fund’s return.</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Counterparty Risk</span><span style="color:#002245;font-family:arial;font-size:10pt">. The risk exists that a counterparty to a transaction in a financial instrument held by the Fund or by a </span><span style="color:#002245;font-family:arial;font-size:10pt">special purpose or structured vehicle in which the Fund invests may become insolvent or otherwise fail to perform its </span><span style="color:#002245;font-family:arial;font-size:10pt">obligations, including making payments to the Fund, due to financial difficulties. The Fund may obtain no or limited recovery </span><span style="color:#002245;font-family:arial;font-size:10pt">in a bankruptcy or other reorganizational proceedings, and any recovery may be significantly delayed. Transactions that the </span><span style="color:#002245;font-family:arial;font-size:10pt">Fund enters into may involve counterparties in the financials sector and, as a result, events affecting the financials sector </span><span style="color:#002245;font-family:arial;font-size:10pt">may cause the Fund’s NAV to fluctuate.</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Credit Risk</span><span style="color:#002245;font-family:arial;font-size:10pt">. Credit risk is the risk that the value of debt instruments may decline if the issuer thereof defaults or otherwise </span><span style="color:#002245;font-family:arial;font-size:10pt">becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, such as making </span><span style="color:#002245;font-family:arial;font-size:10pt">payments to the Fund when due. Various factors could affect the actual or perceived willingness or ability of the issuer to </span><span style="color:#002245;font-family:arial;font-size:10pt">make timely interest or principal payments, including changes in the financial condition of the issuer or in general economic </span><span style="color:#002245;font-family:arial;font-size:10pt">conditions. Credit rating agencies, such as S&amp;P Global Ratings, Moody’s Ratings, Fitch, DBRS and KBRA, assign credit </span><span style="color:#002245;font-family:arial;font-size:10pt">ratings to certain debt instruments to indicate their credit risk. A rating downgrade by such agencies can negatively impact </span><span style="color:#002245;font-family:arial;font-size:10pt">the value of such instruments. Lower rated or unrated instruments held by the Fund may present increased credit risk as </span><span style="color:#002245;font-family:arial;font-size:10pt">compared to higher-rated instruments. Non-investment grade debt instruments may be subject to greater price fluctuations </span></div><div style="line-height:12.0pt;margin-top:0.0pt;text-align:left;"><span style="color:#002245;font-family:arial;font-size:10pt">and are more likely to experience a default than investment grade debt instruments and therefore may expose the Fund to </span><span style="color:#002245;font-family:arial;font-size:10pt">increased credit risk. If the Fund purchases unrated instruments, or if the ratings of instruments held by the Fund are </span><span style="color:#002245;font-family:arial;font-size:10pt">lowered after purchase, the Fund will depend on analysis of credit risk more heavily than usual.</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Derivatives Risk</span><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic">. </span><span style="color:#002245;font-family:arial;font-size:10pt">Derivatives may involve significant risks. Derivatives are financial instruments, traded on an exchange or in </span><span style="color:#002245;font-family:arial;font-size:10pt">the over-the-counter (OTC) markets, with a value in relation to, or derived from, the value of an underlying asset(s) (such as a </span><span style="color:#002245;font-family:arial;font-size:10pt">security, commodity or currency) or other reference, such as an index, rate or other economic indicator (each an underlying </span><span style="color:#002245;font-family:arial;font-size:10pt">reference). Derivatives may include those that are privately placed or otherwise exempt from SEC registration, including </span><span style="color:#002245;font-family:arial;font-size:10pt">certain Rule 144A eligible securities. Derivatives could result in Fund losses if the underlying reference does not perform as </span><span style="color:#002245;font-family:arial;font-size:10pt">anticipated. Use of derivatives is a highly specialized activity that can involve investment techniques, risks, and tax planning </span><span style="color:#002245;font-family:arial;font-size:10pt">different from those associated with more traditional investment instruments. The Fund’s derivatives strategy may not be </span><span style="color:#002245;font-family:arial;font-size:10pt">successful and use of certain derivatives could result in substantial, potentially unlimited, losses to the Fund regardless of </span><span style="color:#002245;font-family:arial;font-size:10pt">the Fund’s actual investment. A relatively small movement in the price, rate or other economic indicator associated with the </span><span style="color:#002245;font-family:arial;font-size:10pt">underlying reference may result in substantial losses for the Fund. Derivatives may be more volatile than other types of </span><span style="color:#002245;font-family:arial;font-size:10pt">investments. Derivatives can increase the Fund’s risk exposure to underlying references and their attendant risks, including </span><span style="color:#002245;font-family:arial;font-size:10pt">the risk of an adverse credit event associated with the underlying reference (credit risk), the risk of an adverse movement in </span><span style="color:#002245;font-family:arial;font-size:10pt">the value, price or rate of the underlying reference (market risk), the risk of an adverse movement in the value of underlying </span><span style="color:#002245;font-family:arial;font-size:10pt">currencies (foreign currency risk) and the risk of an adverse movement in underlying interest rates (interest rate risk). </span><span style="color:#002245;font-family:arial;font-size:10pt">Derivatives may expose the Fund to additional risks, including the risk of loss due to a derivative position that is imperfectly </span><span style="color:#002245;font-family:arial;font-size:10pt">correlated with the underlying reference it is intended to hedge or replicate (correlation risk), the risk that a counterparty will </span><span style="color:#002245;font-family:arial;font-size:10pt">fail to perform as agreed (counterparty risk), the risk that a hedging strategy may fail to mitigate losses, and may offset </span><span style="color:#002245;font-family:arial;font-size:10pt">gains (hedging risk), the risk that the return on an investment may not keep pace with inflation (inflation risk), the risk that </span><span style="color:#002245;font-family:arial;font-size:10pt">losses may be greater than the amount invested (leverage risk), the risk that the Fund may be unable to sell an investment at </span><span style="color:#002245;font-family:arial;font-size:10pt">an advantageous time or price (liquidity risk), the risk that the investment may be difficult to value (pricing risk), and the risk </span><span style="color:#002245;font-family:arial;font-size:10pt">that the price or value of the investment fluctuates significantly over short periods of time (volatility risk). The value of </span><span style="color:#002245;font-family:arial;font-size:10pt">derivatives may be influenced by a variety of factors, including national and international political and economic </span><span style="color:#002245;font-family:arial;font-size:10pt">developments. Potential changes to the regulation of the derivatives markets may make derivatives more costly, may limit </span><span style="color:#002245;font-family:arial;font-size:10pt">the market for derivatives, or may otherwise adversely affect the value or performance of derivatives.</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Derivatives Risk – Futures Contracts Risk</span><span style="color:#002245;font-family:arial;font-size:10pt">. A futures contract is an exchange-traded derivative transaction between two </span><span style="color:#002245;font-family:arial;font-size:10pt">parties in which a buyer (holding the “long” position) agrees to pay a fixed price (or rate) at a specified future date for delivery </span><span style="color:#002245;font-family:arial;font-size:10pt">of an underlying reference from a seller (holding the “short” position). The seller hopes that the market price on the delivery </span><span style="color:#002245;font-family:arial;font-size:10pt">date is less than the agreed upon price, while the buyer hopes for the contrary. Certain futures contract markets are highly </span><span style="color:#002245;font-family:arial;font-size:10pt">volatile, and futures contracts may be illiquid. Futures exchanges may limit fluctuations in futures contract prices by </span><span style="color:#002245;font-family:arial;font-size:10pt">imposing a maximum permissible daily price movement. The Fund may be disadvantaged if it is prohibited from executing a </span><span style="color:#002245;font-family:arial;font-size:10pt">trade outside the daily permissible price movement. At or prior to maturity of a futures contract, the Fund may enter into an </span><span style="color:#002245;font-family:arial;font-size:10pt">offsetting contract and may incur a loss to the extent there has been adverse movement in futures contract prices. The </span><span style="color:#002245;font-family:arial;font-size:10pt">liquidity of the futures markets depends on participants entering into offsetting transactions rather than making or taking </span><span style="color:#002245;font-family:arial;font-size:10pt">delivery. To the extent participants make or take delivery, liquidity in the futures market could be reduced. Positions in futures </span><span style="color:#002245;font-family:arial;font-size:10pt">contracts may be closed out only on the exchange on which they were entered into or through a linked exchange, and no </span><span style="color:#002245;font-family:arial;font-size:10pt">secondary market exists for such contracts. Futures positions are marked to market each day, and variation margin </span><span style="color:#002245;font-family:arial;font-size:10pt">payment must be paid to or by the Fund. Because of the low margin deposits normally required in futures trading, it is </span><span style="color:#002245;font-family:arial;font-size:10pt">possible that the Fund may employ a high degree of leverage in the portfolio. As a result, a relatively small price movement </span><span style="color:#002245;font-family:arial;font-size:10pt">in a futures contract may result in substantial losses to the Fund, exceeding the amount of the margin paid. For certain </span><span style="color:#002245;font-family:arial;font-size:10pt">types of futures contracts, losses are potentially unlimited.  Futures markets are highly volatile, and the use of futures may </span><span style="color:#002245;font-family:arial;font-size:10pt">increase the volatility of the Fund’s NAV. Futures contracts executed (if any) on foreign exchanges may not provide the same </span><span style="color:#002245;font-family:arial;font-size:10pt">protection as U.S. exchanges. Futures contracts can increase the Fund’s risk exposure to underlying references and their </span><span style="color:#002245;font-family:arial;font-size:10pt">attendant risks, such as credit risk, market risk, foreign currency risk, and interest rate risk, while potentially exposing the </span><span style="color:#002245;font-family:arial;font-size:10pt">Fund to correlation risk, counterparty risk, hedging risk, inflation risk, leverage risk, liquidity risk, pricing risk and volatility risk.</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt">• An </span><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">equity future</span><span style="color:#002245;font-family:arial;font-size:10pt"> is a derivative that is an agreement for the contract holder to buy or sell a specified amount of an </span><span style="color:#002245;font-family:arial;font-size:10pt">individual equity, a basket of equities, or the securities in an equity index on a specified date at a predetermined price.</span></div><div style="line-height:12.0pt;margin-top:0.0pt;text-align:left;"><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Emerging Market Securities Risk.</span><span style="color:#002245;font-family:arial;font-size:10pt"> Securities issued by foreign governments or companies in emerging market countries, </span><span style="color:#002245;font-family:arial;font-size:10pt">such as China, Russia and certain countries in Eastern Europe, the Middle East, Asia, Latin America or Africa, are more likely </span><span style="color:#002245;font-family:arial;font-size:10pt">to have greater exposure to the risks of investing in foreign securities that are described in Foreign Securities Risk. In </span><span style="color:#002245;font-family:arial;font-size:10pt">addition, emerging market countries are more likely to experience instability resulting, for example, from rapid changes or </span><span style="color:#002245;font-family:arial;font-size:10pt">developments in social, political, economic or other conditions. Their economies are usually less mature and their securities </span><span style="color:#002245;font-family:arial;font-size:10pt">markets are typically less developed with more limited trading activity (i.e., lower trading volumes and less liquidity) than </span><span style="color:#002245;font-family:arial;font-size:10pt">more developed countries. Emerging market securities tend to be more volatile, and may be more susceptible to market </span><span style="color:#002245;font-family:arial;font-size:10pt">manipulation, than securities in more developed markets. Many emerging market countries are heavily dependent on </span><span style="color:#002245;font-family:arial;font-size:10pt">international trade and have fewer trading partners, which makes them more sensitive to world commodity prices and </span><span style="color:#002245;font-family:arial;font-size:10pt">economic downturns in other countries. Some emerging market countries have a higher risk of currency devaluations, and </span><span style="color:#002245;font-family:arial;font-size:10pt">some of these countries may experience periods of high inflation or rapid changes in inflation rates and may have hostile </span><span style="color:#002245;font-family:arial;font-size:10pt">relations with other countries. Due to the differences in the nature and quality of financial information of issuers of emerging </span><span style="color:#002245;font-family:arial;font-size:10pt">market securities, including auditing and financial reporting standards, financial information and disclosures about such </span><span style="color:#002245;font-family:arial;font-size:10pt">issuers may be unavailable or, if made available, may be considerably less reliable than publicly available information about </span><span style="color:#002245;font-family:arial;font-size:10pt">other foreign securities.</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Foreign Securities Risk</span><span style="color:#002245;font-family:arial;font-size:10pt">. Investments in or exposure to securities of foreign companies may involve heightened risks relative </span><span style="color:#002245;font-family:arial;font-size:10pt">to investments in or exposure to securities of U.S. companies. For example, foreign markets can be extremely volatile. </span><span style="color:#002245;font-family:arial;font-size:10pt">Foreign securities may also be less liquid, making them more difficult to trade, than securities of U.S. companies so that the </span><span style="color:#002245;font-family:arial;font-size:10pt">Fund may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial costs </span><span style="color:#002245;font-family:arial;font-size:10pt">and other fees are also generally higher for foreign securities. The Fund may have limited or no legal recourse in the event of </span><span style="color:#002245;font-family:arial;font-size:10pt">default with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign </span><span style="color:#002245;font-family:arial;font-size:10pt">governments may impose withholding or other taxes on the Fund’s income, capital gains or proceeds from the disposition </span><span style="color:#002245;font-family:arial;font-size:10pt">of foreign securities, which could reduce the Fund’s return on such securities. In some cases, such withholding or other </span><span style="color:#002245;font-family:arial;font-size:10pt">taxes could potentially be confiscatory. Other risks include: possible delays in the settlement of transactions or in the </span><span style="color:#002245;font-family:arial;font-size:10pt">payment of income; generally less publicly available information about foreign companies; the impact of economic, political, </span><span style="color:#002245;font-family:arial;font-size:10pt">social, diplomatic or other conditions or events (including, for example, military confrontations and actions, war, other </span><span style="color:#002245;font-family:arial;font-size:10pt">conflicts, terrorism and disease/virus outbreaks and epidemics), possible seizure, expropriation or nationalization of a </span><span style="color:#002245;font-family:arial;font-size:10pt">company or its assets or the assets of a particular investor or category of investors; accounting, auditing and financial </span><span style="color:#002245;font-family:arial;font-size:10pt">reporting standards that may be less comprehensive and stringent than those applicable to domestic companies; the </span><span style="color:#002245;font-family:arial;font-size:10pt">imposition of economic and other sanctions against a particular foreign country, its nationals or industries or businesses </span><span style="color:#002245;font-family:arial;font-size:10pt">within the country; and the generally less stringent standard of care to which local agents may be held in the local markets. </span><span style="color:#002245;font-family:arial;font-size:10pt">In addition, it may be difficult to obtain reliable information about the securities and business operations of certain foreign </span><span style="color:#002245;font-family:arial;font-size:10pt">issuers. Governments or trade groups may compel local agents to hold securities in designated depositories that are not </span><span style="color:#002245;font-family:arial;font-size:10pt">subject to independent evaluation. The less developed a country’s securities market is, the greater the level of risks. </span><span style="color:#002245;font-family:arial;font-size:10pt">Economic sanctions may be, and have been, imposed against certain countries, organizations, companies, entities and/or </span><span style="color:#002245;font-family:arial;font-size:10pt">individuals. Economic sanctions and other similar governmental actions could, among other things, effectively restrict or </span><span style="color:#002245;font-family:arial;font-size:10pt">eliminate the Fund’s ability to purchase or sell securities, and thus may make the Fund’s investments in such securities less </span><span style="color:#002245;font-family:arial;font-size:10pt">liquid or more difficult to value. In addition, as a result of economic sanctions, the Fund may be forced to sell or otherwise </span><span style="color:#002245;font-family:arial;font-size:10pt">dispose of investments at inopportune times or prices, which could result in losses to the Fund and increased transaction </span><span style="color:#002245;font-family:arial;font-size:10pt">costs. These conditions may be in place for a substantial period of time and enacted with limited advance notice to the </span><span style="color:#002245;font-family:arial;font-size:10pt">Fund. The risks posed by sanctions against a particular foreign country, its nationals or industries or businesses within the </span><span style="color:#002245;font-family:arial;font-size:10pt">country may be heightened to the extent the Fund invests significantly in the affected country or region or in issuers from </span><span style="color:#002245;font-family:arial;font-size:10pt">the affected country that depend on global markets. Additionally, investments in certain countries may subject the Fund to a </span><span style="color:#002245;font-family:arial;font-size:10pt">number of tax rules, the application of which may be uncertain. Countries may amend or revise their existing tax laws, </span><span style="color:#002245;font-family:arial;font-size:10pt">regulations and/or procedures in the future, possibly with retroactive effect. Changes in or uncertainties regarding the laws, </span><span style="color:#002245;font-family:arial;font-size:10pt">regulations or procedures of a country could reduce the after-tax profits of the Fund, directly or indirectly, including by </span><span style="color:#002245;font-family:arial;font-size:10pt">reducing the after-tax profits of companies located in such countries in which the Fund invests, or result in unexpected tax </span><span style="color:#002245;font-family:arial;font-size:10pt">liabilities for the Fund. The performance of the Fund may also be negatively affected by fluctuations in a foreign currency’s </span><span style="color:#002245;font-family:arial;font-size:10pt">strength or weakness relative to the U.S. dollar, particularly to the extent the Fund invests a significant percentage of its </span><span style="color:#002245;font-family:arial;font-size:10pt">assets in foreign securities or other assets denominated in currencies other than the U.S. dollar. Currency rates in foreign </span></div><div style="line-height:12.0pt;margin-top:0.0pt;text-align:left;"><span style="color:#002245;font-family:arial;font-size:10pt">countries may fluctuate significantly over short or long periods of time for a number of reasons, including changes in </span><span style="color:#002245;font-family:arial;font-size:10pt">interest rates, imposition of currency exchange controls and economic or political developments in the U.S. or abroad. The </span><span style="color:#002245;font-family:arial;font-size:10pt">Fund may also incur currency conversion costs when converting foreign currencies into U.S. dollars and vice versa.</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Frequent Trading Risk</span><span style="color:#002245;font-family:arial;font-size:10pt">. The portfolio managers may actively and frequently trade investments in the Fund’s portfolio to carry </span><span style="color:#002245;font-family:arial;font-size:10pt">out its investment strategies. Frequent trading of investments increases the possibility that the Fund, as relevant, will realize </span><span style="color:#002245;font-family:arial;font-size:10pt">taxable capital gains (including short-term capital gains, which are generally taxable to shareholders at higher rates than </span><span style="color:#002245;font-family:arial;font-size:10pt">long-term capital gains for U.S. federal income tax purposes), which could reduce the Fund’s after-tax return. Frequent </span><span style="color:#002245;font-family:arial;font-size:10pt">trading can also mean higher brokerage and other transaction costs, which could reduce the Fund’s return. The trading costs </span><span style="color:#002245;font-family:arial;font-size:10pt">and tax effects associated with portfolio turnover may adversely affect the Fund’s performance.</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">High-Yield Investments Risk</span><span style="color:#002245;font-family:arial;font-size:10pt">. Securities and other debt instruments held by the Fund that are rated below investment grade </span><span style="color:#002245;font-family:arial;font-size:10pt">(commonly called “high-yield” or “junk” bonds) and unrated debt instruments of comparable quality tend to be more sensitive </span><span style="color:#002245;font-family:arial;font-size:10pt">to credit risk than higher-rated debt instruments and may experience greater price fluctuations in response to perceived </span><span style="color:#002245;font-family:arial;font-size:10pt">changes in the ability of the issuing entity or obligor to pay interest and principal when due than to changes in interest rates. </span><span style="color:#002245;font-family:arial;font-size:10pt">These investments are generally more likely to experience a default than higher-rated debt instruments. High-yield debt </span><span style="color:#002245;font-family:arial;font-size:10pt">instruments are considered to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay </span><span style="color:#002245;font-family:arial;font-size:10pt">principal. These debt instruments typically pay a premium – a higher interest rate or yield – because of the increased risk of </span><span style="color:#002245;font-family:arial;font-size:10pt">loss, including default. High-yield debt instruments may require a greater degree of judgment to establish a price, may be </span><span style="color:#002245;font-family:arial;font-size:10pt">difficult to sell at the time and price the Fund desires, may carry high transaction costs, and also are generally less liquid </span><span style="color:#002245;font-family:arial;font-size:10pt">than higher-rated debt instruments. The ratings provided by third party rating agencies are based on analyses by these </span><span style="color:#002245;font-family:arial;font-size:10pt">ratings agencies of the credit quality of the debt instruments and may not take into account every risk related to whether </span><span style="color:#002245;font-family:arial;font-size:10pt">interest or principal will be timely repaid. In adverse economic and other circumstances, issuers of lower-rated debt </span><span style="color:#002245;font-family:arial;font-size:10pt">instruments are more likely to have difficulty making principal and interest payments than issuers of higher-rated debt </span><span style="color:#002245;font-family:arial;font-size:10pt">instruments.</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Interest Rate Risk</span><span style="color:#002245;font-family:arial;font-size:10pt">. Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if interest rates </span><span style="color:#002245;font-family:arial;font-size:10pt">rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes </span><span style="color:#002245;font-family:arial;font-size:10pt">in the value of a debt instrument usually will not affect the amount of income the Fund receives from it but will generally </span><span style="color:#002245;font-family:arial;font-size:10pt">affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund’s </span><span style="color:#002245;font-family:arial;font-size:10pt">investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its </span><span style="color:#002245;font-family:arial;font-size:10pt">sensitivity to changes in interest rates. For example, a three-year duration means a bond is expected to decrease in value by </span><span style="color:#002245;font-family:arial;font-size:10pt">3% if interest rates rise 1% and increase in value by 3% if interest rates fall 1%. Interest rate declines also may increase </span><span style="color:#002245;font-family:arial;font-size:10pt">prepayments of debt obligations, which, in turn, would increase prepayment risk (the risk that the Fund will have to reinvest </span><span style="color:#002245;font-family:arial;font-size:10pt">the money received in securities that have lower yields). The Fund is subject to the risk that the income generated by its </span><span style="color:#002245;font-family:arial;font-size:10pt">investments may not keep pace with inflation. Actions by governments and central banking authorities can result in </span><span style="color:#002245;font-family:arial;font-size:10pt">increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Such </span><span style="color:#002245;font-family:arial;font-size:10pt">actions may negatively affect the value of debt instruments held by the Fund, resulting in a negative impact on the Fund’s </span><span style="color:#002245;font-family:arial;font-size:10pt">performance and NAV. Any interest rate increases could cause the value of the Fund’s investments in debt instruments to </span><span style="color:#002245;font-family:arial;font-size:10pt">decrease.</span><span style="color:#002245;font-family:arial;font-size:10pt;line-height:12.0pt"> </span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Issuer Risk</span><span style="color:#002245;font-family:arial;font-size:10pt">. An issuer in which the Fund invests or to which it has exposure may perform poorly or below expectations, and </span><span style="color:#002245;font-family:arial;font-size:10pt">the value of its securities may therefore decline, which may negatively affect the Fund’s performance. Underperformance of </span><span style="color:#002245;font-family:arial;font-size:10pt">an issuer may be caused by poor management decisions, competitive pressures, breakthroughs in technology, reliance on </span><span style="color:#002245;font-family:arial;font-size:10pt">suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters, military </span><span style="color:#002245;font-family:arial;font-size:10pt">confrontations and actions, war, other conflicts, terrorism, disease/virus outbreaks, epidemics or other events, conditions </span><span style="color:#002245;font-family:arial;font-size:10pt">and factors which may impair the value of your investment in the Fund and could result in a greater premium or discount </span><span style="color:#002245;font-family:arial;font-size:10pt">between the market price and the NAV of the Fund’s shares and/or wider bid/ask spreads than those experienced by other </span><span style="color:#002245;font-family:arial;font-size:10pt">closed-end funds.</span></div><div style="line-height:12.0pt;margin-top:0.0pt;text-align:left;"><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Large-Cap Stock Risk.</span><span style="color:#002245;font-family:arial;font-size:10pt"> Investments in larger, more established companies (larger companies) may involve certain risks </span><span style="color:#002245;font-family:arial;font-size:10pt">associated with their larger size. For instance, larger companies may be less able to respond quickly to new competitive </span><span style="color:#002245;font-family:arial;font-size:10pt">challenges, such as changes in consumer tastes or innovation from smaller competitors. Also, larger companies are </span><span style="color:#002245;font-family:arial;font-size:10pt">sometimes less able to achieve as high growth rates as successful smaller companies, especially during extended periods </span><span style="color:#002245;font-family:arial;font-size:10pt">of economic expansion.</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Leverage Risk</span><span style="color:#002245;font-family:arial;font-size:10pt">. Senior securities issued or money borrowed to raise funds for investment have a prior fixed dollar claim on </span><span style="color:#002245;font-family:arial;font-size:10pt">the Fund’s assets and income. Any gain in the value of securities purchased or income received in excess of the cost of the </span><span style="color:#002245;font-family:arial;font-size:10pt">amount borrowed or interest or dividends payable causes the net asset value of the Fund’s common stock or the income </span><span style="color:#002245;font-family:arial;font-size:10pt">available to it to increase more than otherwise would be the case. Conversely, any decline in the value of securities </span><span style="color:#002245;font-family:arial;font-size:10pt">purchased or income received on them that is less than the asset or income claims of the senior securities or cost of </span><span style="color:#002245;font-family:arial;font-size:10pt">borrowed money causes the net asset value of the common stock or income available to it to decline more sharply than </span><span style="color:#002245;font-family:arial;font-size:10pt">would be the case if there were no prior claim. Funds obtained through senior securities or borrowings thus create </span><span style="color:#002245;font-family:arial;font-size:10pt">investment opportunity, but they also increase exposure to risk. This influence ordinarily is called “leverage.” As of </span><span style="color:#002245;font-family:arial;font-size:10pt">December 31, 2025, the only senior securities of the Fund outstanding were 752,740 shares of its preferred stock, $50 par </span><span style="color:#002245;font-family:arial;font-size:10pt">value. The dividend rate as of December 31, 2025 on the preferred stock was $2.50 per annum payable quarterly. Based on </span><span style="color:#002245;font-family:arial;font-size:10pt">the net asset value of the Fund’s common stock on December 31, 2025, the Fund’s portfolio requires an annual return of </span><span style="color:#002245;font-family:arial;font-size:10pt">0.10% in order to cover dividend payments on the preferred stock. For a description of such payments, see </span><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic">Capital Stock, </span><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic">Long-Term Debt, and Other Securities – Description of Capital Stock </span><span style="color:#002245;font-family:arial;font-size:10pt">in the Fund’s prospectus. The following table illustrates </span><span style="color:#002245;font-family:arial;font-size:10pt">the effect of leverage relating to presently outstanding preferred stock on the return available to a holder of the Fund’s </span><span style="color:#002245;font-family:arial;font-size:10pt">common stock.</span><span style="color:#002245;font-family:arial;font-size:1pt"> </span></div> <table cellpadding="0" cellspacing="0" style="border-bottom:0.5pt solid #bee6f7;empty-cells:show;width:540pt"> <tr style="height:11.5pt"> <td style="background-color:#002245;vertical-align:Bottom;width:310.05pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:4pt;margin-right:12pt;text-align:left;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Assumed Return on Portfolio (net of expenses)</span></div> </div> </td> <td style="background-color:#002245;vertical-align:Bottom;width:51.97pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.00pt">-10%</span></div> </div> </td> <td style="background-color:#002245;vertical-align:Bottom;width:48.03pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.00pt">-5%</span></div> </div> </td> <td style="background-color:#002245;vertical-align:Bottom;width:48.03pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.00pt">0%</span></div> </div> </td> <td style="background-color:#002245;vertical-align:Bottom;width:42.99pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">5%</span></div> </div> </td> <td style="background-color:#002245;vertical-align:Bottom;width:38.93pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:12pt;margin-right:4pt;text-align:right;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.00pt">10%</span></div> </div> </td> </tr> <tr style="height:11pt"> <td style="vertical-align:Top;width:310.05pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-left:4pt;margin-right:12pt;text-align:left;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">Corresponding Return to Common Stockholders</span></div> </div> </td> <td style="vertical-align:Bottom;width:51.97pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">(10.29)%</span></div> </div> </td> <td style="vertical-align:Bottom;width:48.03pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">(5.19)%</span></div> </div> </td> <td style="vertical-align:Bottom;width:48.03pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">(0.10)%</span></div> </div> </td> <td style="vertical-align:Bottom;width:42.99pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">5.00%</span></div> </div> </td> <td style="vertical-align:Bottom;width:38.93pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-left:12pt;margin-right:4pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">10.10%</span></div> </div> </td> </tr> </table><div style="margin-top:10pt;"><span style="color:#002245;font-family:arial;font-size:10pt">The purpose of the table above is to assist you in understanding the effects of leverage caused by the Fund’s preferred </span><span style="color:#002245;font-family:arial;font-size:10pt">stock. The percentages appearing in the table are hypothetical. Actual returns may be greater or less than those shown </span><span style="color:#002245;font-family:arial;font-size:10pt">above.</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt">The use of leverage creates certain risks for the Fund’s common stockholders, including the greater likelihood of higher </span><span style="color:#002245;font-family:arial;font-size:10pt">volatility of the Fund’s return, its net asset value and the market price of the Fund’s common stock. Changes in the value of </span><span style="color:#002245;font-family:arial;font-size:10pt">the Fund’s total assets will have a disproportionate effect on the net asset value per share of common stock because of the </span><span style="color:#002245;font-family:arial;font-size:10pt">Fund’s leveraged assets. For example, if the Fund was leveraged equal to 50% of the Fund’s common stock equity, it would </span><span style="color:#002245;font-family:arial;font-size:10pt">show an approximately 1.5% increase or decline in net asset value for each 1% increase or decline in the value of its total </span><span style="color:#002245;font-family:arial;font-size:10pt">assets. An additional risk of leverage is that the cost of the leverage plus applicable Fund expenses may exceed the return </span><span style="color:#002245;font-family:arial;font-size:10pt">on the transactions undertaken with the proceeds of the leverage, thereby diminishing rather than enhancing the return to </span><span style="color:#002245;font-family:arial;font-size:10pt">the Fund’s common stockholders. These risks generally would make the Fund’s return to common stockholders more </span><span style="color:#002245;font-family:arial;font-size:10pt">volatile. The Fund also may be required to sell investments in order to make interest payments on borrowings used for </span><span style="color:#002245;font-family:arial;font-size:10pt">leverage when it may be disadvantageous to do so. Because the fees received by the Investment Manager are based on the </span><span style="color:#002245;font-family:arial;font-size:10pt">net assets of the Fund (including assets attributable to the Fund’s preferred stock and borrowings that may be outstanding), </span><span style="color:#002245;font-family:arial;font-size:10pt">the Investment Manager has a financial incentive for the Fund to maintain the preferred stock or use borrowings, which may </span><span style="color:#002245;font-family:arial;font-size:10pt">create a conflict of interest between the Investment Manager, on the one hand, and the common stockholders on the other </span><span style="color:#002245;font-family:arial;font-size:10pt">hand.</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Liquidity Risk. </span><span style="color:#002245;font-family:arial;font-size:10pt">Liquidity risk is the risk associated with any event, circumstance, or characteristic of an investment or market </span><span style="color:#002245;font-family:arial;font-size:10pt">that negatively impacts the Fund’s ability to sell, or realize the proceeds from the sale of, an investment at a desirable time or </span><span style="color:#002245;font-family:arial;font-size:10pt">price. Liquidity risk may arise because of, for example, a lack of marketability of the investment, which means that when </span><span style="color:#002245;font-family:arial;font-size:10pt">seeking to sell its portfolio investments, the Fund could find that selling is more difficult than anticipated, especially during </span><span style="color:#002245;font-family:arial;font-size:10pt">times of high market volatility. Decreases in the number of financial institutions, including banks and broker-dealers, willing </span><span style="color:#002245;font-family:arial;font-size:10pt">to make markets (match up sellers and buyers) in the Fund’s investments or decreases in their capacity or willingness to </span><span style="color:#002245;font-family:arial;font-size:10pt">trade such investments may increase the Fund’s exposure to this risk. The debt market has experienced considerable </span><span style="color:#002245;font-family:arial;font-size:10pt">growth, and financial institutions making markets in instruments purchased and sold by the Fund (e.g., bond dealers) have </span></div><div style="line-height:12.0pt;margin-top:0.0pt;text-align:left;"><span style="color:#002245;font-family:arial;font-size:10pt">been subject to increased regulation. The impact of that growth and regulation on the ability and willingness of financial </span><span style="color:#002245;font-family:arial;font-size:10pt">institutions to engage in trading or “making a market” in such instruments remains unsettled. Certain types of investments, </span><span style="color:#002245;font-family:arial;font-size:10pt">such as lower-rated securities or those that are purchased and sold in over-the-counter markets, may be especially subject </span><span style="color:#002245;font-family:arial;font-size:10pt">to liquidity risk. Securities or other assets in which the Fund invests may be traded in the over-the-counter market rather than </span><span style="color:#002245;font-family:arial;font-size:10pt">on an exchange and therefore may be more difficult to purchase or sell at a fair price, which may have a negative impact on </span><span style="color:#002245;font-family:arial;font-size:10pt">the Fund’s performance. Market participants attempting to sell the same or a similar instrument at the same time as the </span><span style="color:#002245;font-family:arial;font-size:10pt">Fund could exacerbate the Fund’s exposure to liquidity risk. The Fund may have to accept a lower selling price for the </span><span style="color:#002245;font-family:arial;font-size:10pt">holding, sell other liquid or more liquid investments that it might otherwise prefer to hold (thereby increasing the proportion </span><span style="color:#002245;font-family:arial;font-size:10pt">of the Fund’s investments in less liquid or illiquid securities), or forego another more appealing investment opportunity. The </span><span style="color:#002245;font-family:arial;font-size:10pt">liquidity of Fund investments may change significantly over time and certain investments that were liquid when purchased </span><span style="color:#002245;font-family:arial;font-size:10pt">by the Fund may later become illiquid, particularly in times of overall economic distress. Changing regulatory, market or </span><span style="color:#002245;font-family:arial;font-size:10pt">other conditions or environments (for example, the interest rate or credit environments) may also adversely affect the </span><span style="color:#002245;font-family:arial;font-size:10pt">liquidity and the price of the Fund’s investments. Judgment plays a larger role in valuing illiquid or less liquid investments as </span><span style="color:#002245;font-family:arial;font-size:10pt">compared to valuing liquid or more liquid investments. Price volatility may be higher for illiquid or less liquid investments as </span><span style="color:#002245;font-family:arial;font-size:10pt">a result of, for example, the relatively less frequent pricing of such securities (as compared to liquid or more liquid </span><span style="color:#002245;font-family:arial;font-size:10pt">investments). Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of </span><span style="color:#002245;font-family:arial;font-size:10pt">loss or decline of value to the Fund. Overall market liquidity and other factors can negatively impact Fund performance and </span><span style="color:#002245;font-family:arial;font-size:10pt">NAV, including, for example, if the Fund is forced to sell investments in a down market.</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Market Risk.</span><span style="color:#002245;font-family:arial;font-size:10pt"> The Fund may incur losses due to declines in the value of one or more securities in which it invests. These </span><span style="color:#002245;font-family:arial;font-size:10pt">declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, </span><span style="color:#002245;font-family:arial;font-size:10pt">economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial </span><span style="color:#002245;font-family:arial;font-size:10pt">markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could </span><span style="color:#002245;font-family:arial;font-size:10pt">adversely affect the Fund’s ability to price or value hard-to-value assets in thinly traded and closed markets and could cause </span><span style="color:#002245;font-family:arial;font-size:10pt">operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events </span><span style="color:#002245;font-family:arial;font-size:10pt">in one country, region or financial market may adversely impact issuers in a different country, region or financial market. </span><span style="color:#002245;font-family:arial;font-size:10pt">These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and </span><span style="color:#002245;font-family:arial;font-size:10pt">other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as </span><span style="color:#002245;font-family:arial;font-size:10pt">terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, </span><span style="color:#002245;font-family:arial;font-size:10pt">recessions, depressions or other events – or the potential for such events – could have a significant negative impact on </span><span style="color:#002245;font-family:arial;font-size:10pt">global economic and market conditions and could result in a greater premium or discount between the market price and the </span><span style="color:#002245;font-family:arial;font-size:10pt">NAV of the Fund’s shares and/or wider bid/asked spreads than those experienced by other closed-end funds.</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Preferred Stock Risk</span><span style="color:#002245;font-family:arial;font-size:10pt">. Preferred stock is a type of stock that may pay dividends at a different rate than common stock of the </span><span style="color:#002245;font-family:arial;font-size:10pt">same issuer, if at all, and that has preference over common stock in the payment of dividends and the liquidation of assets. </span><span style="color:#002245;font-family:arial;font-size:10pt">Preferred stock does not ordinarily carry voting rights. The price of a preferred stock is generally determined by earnings, </span><span style="color:#002245;font-family:arial;font-size:10pt">type of products or services, projected growth rates, experience of management, liquidity, general market conditions of the </span><span style="color:#002245;font-family:arial;font-size:10pt">markets on which the stock trades. The most significant risks associated with investments in preferred stock include issuer </span><span style="color:#002245;font-family:arial;font-size:10pt">risk, market risk and interest rate risk (the risk of losses attributable to changes in interest rates).</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Quantitative Models Risk</span><span style="color:#002245;font-family:arial;font-size:10pt">. Any quantitative models used by the Fund may not effectively identify purchases and sales of </span><span style="color:#002245;font-family:arial;font-size:10pt">Fund investments and may cause the Fund to underperform other investment strategies for short or long periods of time. </span><span style="color:#002245;font-family:arial;font-size:10pt">Performance will depend upon the quality and accuracy of the assumptions, theories and framework upon which a </span><span style="color:#002245;font-family:arial;font-size:10pt">quantitative model is based. The success of a quantitative model will depend upon its accurate reflection of market </span><span style="color:#002245;font-family:arial;font-size:10pt">conditions, with proper adjustments as market conditions change over time. Adjustments, or lack of adjustments, to the </span><span style="color:#002245;font-family:arial;font-size:10pt">quantitative model, including as conditions change, as well as any errors or imperfections in the quantitative model, could </span><span style="color:#002245;font-family:arial;font-size:10pt">adversely affect Fund performance. The performance of a quantitative model depends upon the quality of its design and </span><span style="color:#002245;font-family:arial;font-size:10pt">effective execution under actual market conditions. Even a well-designed quantitative model cannot be expected to perform </span><span style="color:#002245;font-family:arial;font-size:10pt">well in all market conditions or across all time intervals. Quantitative models may underperform in certain market </span><span style="color:#002245;font-family:arial;font-size:10pt">environments including stressed or volatile market conditions. Effective execution may depend, in part, upon subjective </span><span style="color:#002245;font-family:arial;font-size:10pt">selection and application of factors and data inputs used by the quantitative model. Discretion may be used by the portfolio </span><span style="color:#002245;font-family:arial;font-size:10pt">management team when determining the data collected and incorporated into a quantitative model. Shareholders should be </span></div><div style="line-height:12.0pt;margin-top:0.0pt;text-align:left;"><span style="color:#002245;font-family:arial;font-size:10pt">aware that there is no guarantee that any specific data or type of data can or will be used in a quantitative model. The </span><span style="color:#002245;font-family:arial;font-size:10pt">portfolio management team may also use discretion when interpreting and applying the results of a quantitative model, </span><span style="color:#002245;font-family:arial;font-size:10pt">including emphasizing, discounting or disregarding its outputs. It is not possible or practicable for a quantitative model to </span><span style="color:#002245;font-family:arial;font-size:10pt">factor in all relevant, available data. There is no guarantee that the data actually utilized in a quantitative model will be the </span><span style="color:#002245;font-family:arial;font-size:10pt">most accurate data available or be free from errors. There can be no assurance that the use of any quantitative models will </span><span style="color:#002245;font-family:arial;font-size:10pt">enable the Fund to achieve its objective.</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Rule 144A and Other Exempted Securities Risk</span><span style="color:#002245;font-family:arial;font-size:10pt">. The Fund may invest in privately placed and other securities or instruments </span><span style="color:#002245;font-family:arial;font-size:10pt">exempt from SEC registration (collectively “private placements”), subject to certain regulatory restrictions. In the U.S. market, </span><span style="color:#002245;font-family:arial;font-size:10pt">private placements are typically sold only to qualified institutional buyers, or qualified purchasers, as applicable. An </span><span style="color:#002245;font-family:arial;font-size:10pt">insufficient number of buyers interested in purchasing private placements at a particular time could adversely affect the </span><span style="color:#002245;font-family:arial;font-size:10pt">marketability of such investments and the Fund might be unable to dispose of them promptly or at reasonable prices, </span><span style="color:#002245;font-family:arial;font-size:10pt">subjecting the Fund to liquidity risk (the risk that it may not be possible for the Fund to liquidate the instrument at an </span><span style="color:#002245;font-family:arial;font-size:10pt">advantageous time or price). The Fund’s holdings of private placements may increase the level of Fund illiquidity if eligible </span><span style="color:#002245;font-family:arial;font-size:10pt">buyers are unable or unwilling to purchase them at a particular time. The Fund may also have to bear the expense of </span><span style="color:#002245;font-family:arial;font-size:10pt">registering the securities for resale and the risk of substantial delays in effecting the registration. Additionally, the purchase </span><span style="color:#002245;font-family:arial;font-size:10pt">price and subsequent valuation of private placements typically reflect a discount, which may be significant, from the market </span><span style="color:#002245;font-family:arial;font-size:10pt">price of comparable securities for which a more liquid market exists. Issuers of Rule 144A eligible securities are required to </span><span style="color:#002245;font-family:arial;font-size:10pt">furnish information to potential investors upon request. However, the required disclosure is much less extensive than that </span><span style="color:#002245;font-family:arial;font-size:10pt">required of public companies and is not publicly available since the offering information is not filed with the SEC. Further, </span><span style="color:#002245;font-family:arial;font-size:10pt">issuers of Rule 144A eligible securities can require recipients of the offering information (such as the Fund) to agree </span><span style="color:#002245;font-family:arial;font-size:10pt">contractually to keep the information confidential, which could also adversely affect the Fund’s ability to dispose of the </span><span style="color:#002245;font-family:arial;font-size:10pt">security.</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Sector Risk</span><span style="color:#002245;font-family:arial;font-size:10pt">. At times, the Fund may have a significant portion of its assets invested in securities of companies conducting </span><span style="color:#002245;font-family:arial;font-size:10pt">business in a related group of industries within one or more economic sectors, including the information technology sector. </span><span style="color:#002245;font-family:arial;font-size:10pt">Companies in the same sector may be similarly affected by economic, regulatory, political or market events or conditions, </span><span style="color:#002245;font-family:arial;font-size:10pt">which may make the Fund vulnerable to unfavorable developments in that group of industries or economic sector.</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">• Information Technology Sector.</span><span style="color:#002245;font-family:arial;font-size:10pt"> The Fund is vulnerable to the particular risks that may affect companies in the information </span><span style="color:#002245;font-family:arial;font-size:10pt">technology sector. Companies in the information technology sector are subject to certain risks, including the risk that new </span><span style="color:#002245;font-family:arial;font-size:10pt">services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. </span><span style="color:#002245;font-family:arial;font-size:10pt">Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to do </span><span style="color:#002245;font-family:arial;font-size:10pt">so) and significant competitive pressures, including aggressive pricing of their products or services, new market entrants, </span><span style="color:#002245;font-family:arial;font-size:10pt">competition for market share and short product cycles due to an accelerated rate of technological developments. Such </span><span style="color:#002245;font-family:arial;font-size:10pt">competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may </span><span style="color:#002245;font-family:arial;font-size:10pt">fall or fail to rise. In addition, many information technology sector companies have limited operating histories and prices of </span><span style="color:#002245;font-family:arial;font-size:10pt">these companies’ securities historically have been more volatile than other securities, especially over the short term. Some </span><span style="color:#002245;font-family:arial;font-size:10pt">companies in the information technology sector are facing increased government and regulatory scrutiny and may be </span><span style="color:#002245;font-family:arial;font-size:10pt">subject to adverse government or regulatory action, which could negatively impact the value of their securities.</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Unrated Securities</span><span style="color:#002245;font-family:arial;font-size:10pt;font-weight:bold"> Risk.</span><span style="color:#002245;font-family:arial;font-size:10pt"> The Fund may purchase unrated securities which are not rated by a rating agency. Unrated </span><span style="color:#002245;font-family:arial;font-size:10pt">securities may be less liquid than comparable rated securities and involve the risk that the Investment Manager may not </span><span style="color:#002245;font-family:arial;font-size:10pt">accurately evaluate the security’s comparative credit rating. Analysis of creditworthiness of issuers of high yield securities </span><span style="color:#002245;font-family:arial;font-size:10pt">may be more complex than for issuers of higher-quality debt securities. To the extent that the Fund purchases unrated </span><span style="color:#002245;font-family:arial;font-size:10pt">securities, the Fund’s success in achieving its investment objective may depend more heavily on the Investment Manager’s </span><span style="color:#002245;font-family:arial;font-size:10pt">creditworthiness analysis than if the Fund invested exclusively in rated securities.</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Transactions in Derivatives.</span><span style="color:#002245;font-family:arial;font-size:10pt"> The Fund may enter into derivative transactions or otherwise have exposure to derivative </span><span style="color:#002245;font-family:arial;font-size:10pt">transactions through underlying investments. Derivatives are financial contracts whose values are, for example, based on (or </span><span style="color:#002245;font-family:arial;font-size:10pt">“derived” from) traditional securities (such as a stock or bond), assets  (such as a commodity like gold or a foreign currency), </span><span style="color:#002245;font-family:arial;font-size:10pt">reference rates (such as the Secured Overnight Financing Rate (commonly known as SOFR)) or market indices (such as the </span></div><div style="line-height:12.0pt;margin-top:0.0pt;text-align:left;"><span style="color:#002245;font-family:arial;font-size:10pt">Standard &amp; Poor’s 500</span><span style="color:#002245;font-family:arial;font-size:4.5pt;position:relative;top:-7pt">®</span><span style="color:#002245;font-family:arial;font-size:10pt">Index). The use of derivatives is a highly specialized activity which involves investment techniques </span><span style="color:#002245;font-family:arial;font-size:10pt">and risks different from those associated with ordinary portfolio securities transactions. Derivatives involve special risks and </span><span style="color:#002245;font-family:arial;font-size:10pt">may result in losses or may limit the Fund’s potential gain from favorable market movements. Derivative strategies often </span><span style="color:#002245;font-family:arial;font-size:10pt">involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it would have lost had </span><span style="color:#002245;font-family:arial;font-size:10pt">it invested in the underlying security or other asset directly. The values of derivatives may move in unexpected ways, </span><span style="color:#002245;font-family:arial;font-size:10pt">especially in unusual market conditions, and may result in increased volatility in the value of the derivative and/or the Fund’s </span><span style="color:#002245;font-family:arial;font-size:10pt">shares, among other consequences. The use of derivatives may also increase the amount of taxes payable by stockholders </span><span style="color:#002245;font-family:arial;font-size:10pt">holding shares in a taxable account. See the </span><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic">Taxation</span><span style="color:#002245;font-family:arial;font-size:10pt"> section in the Statement of Additional Information for more </span><span style="color:#002245;font-family:arial;font-size:10pt">information. Other risks arise from the Fund’s potential inability to terminate or to sell derivative positions. A liquid secondary </span><span style="color:#002245;font-family:arial;font-size:10pt">market may not always exist for the Fund’s derivative positions at times when the Fund might wish to terminate or to sell </span><span style="color:#002245;font-family:arial;font-size:10pt">such positions. Over-the-counter instruments (investments not traded on an exchange) may be illiquid, and transactions in </span><span style="color:#002245;font-family:arial;font-size:10pt">derivatives traded in the over-the-counter market are subject to the risk that the other party will not meet its obligations. The </span><span style="color:#002245;font-family:arial;font-size:10pt">use of derivatives also involves the risks of mispricing or improper valuation and that changes in the value of the derivative </span><span style="color:#002245;font-family:arial;font-size:10pt">may not correlate perfectly with the underlying security, asset, reference rate or index. The Fund also may not be able to find </span><span style="color:#002245;font-family:arial;font-size:10pt">a suitable derivative transaction counterparty, and thus may be unable to engage in derivative transactions when it is </span><span style="color:#002245;font-family:arial;font-size:10pt">deemed favorable to do so, or at all. The U.S. government and the European Union (and some other jurisdictions) have </span><span style="color:#002245;font-family:arial;font-size:10pt">enacted regulations and similar requirements that prescribe clearing, margin, reporting and registration requirements for </span><span style="color:#002245;font-family:arial;font-size:10pt">participants in the derivatives market. These requirements are evolving and their ultimate impact on the Fund remains </span><span style="color:#002245;font-family:arial;font-size:10pt">unclear, but such impact could include restricting and/or imposing significant costs or other burdens upon the Fund’s </span><span style="color:#002245;font-family:arial;font-size:10pt">participation in derivatives transactions. Additionally, regulations governing the use of derivatives by registered investment </span><span style="color:#002245;font-family:arial;font-size:10pt">companies, such as the Fund, require, among other things, that a fund that invests in derivative instruments beyond a </span><span style="color:#002245;font-family:arial;font-size:10pt">specified limited amount apply a value-at-risk-based limit to its portfolio and establish a comprehensive derivatives risk </span><span style="color:#002245;font-family:arial;font-size:10pt">management program. As of the date of this report, the Fund is not required to maintain a comprehensive derivatives risk </span><span style="color:#002245;font-family:arial;font-size:10pt">management program under Rule 18f-4 given its more limited use of derivatives. For more information on the risks of </span><span style="color:#002245;font-family:arial;font-size:10pt">derivative investments and strategies, see the Statement of Additional Information.</span></div> <div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Active Management Risk.</span><span style="color:#002245;font-family:arial;font-size:10pt"> The Fund is actively managed and its performance therefore will reflect, in part, the ability of the </span><span style="color:#002245;font-family:arial;font-size:10pt">portfolio managers to make investment decisions that seek to achieve the Fund’s investment objective. Due to its active </span><span style="color:#002245;font-family:arial;font-size:10pt">management, the Fund could underperform its benchmark index and/or other funds with similar investment objectives </span><span style="color:#002245;font-family:arial;font-size:10pt">and/or strategies.</span></div> <div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Changing Distribution Level Risk</span><span style="color:#002245;font-family:arial;font-size:10pt;font-weight:bold">.</span><span style="color:#002245;font-family:arial;font-size:10pt"> The Fund normally expects to receive income which may include interest, dividends and/or </span><span style="color:#002245;font-family:arial;font-size:10pt">capital gains, depending upon its investments. The distribution amounts paid by the Fund will vary and generally depend on </span><span style="color:#002245;font-family:arial;font-size:10pt">the amount of income the Fund earns (less expenses) on its portfolio holdings, and capital gains or losses it recognizes. A </span><span style="color:#002245;font-family:arial;font-size:10pt">decline in the Fund’s income or net capital gains arising from its investments may reduce its distribution level.</span></div> <div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Convertible Securities Risk.</span><span style="color:#002245;font-family:arial;font-size:10pt"> Convertible securities are subject to the usual risks associated with debt instruments, such as </span><span style="color:#002245;font-family:arial;font-size:10pt">interest rate risk (the risk of losses attributable to changes in interest rates) and credit risk (the risk that the issuer of a debt </span><span style="color:#002245;font-family:arial;font-size:10pt">instrument will default or otherwise become unable, or be perceived to be unable or unwilling, to honor a financial obligation, </span><span style="color:#002245;font-family:arial;font-size:10pt">such as making payments to the Fund when due). Convertible securities also react to changes in the value of the common </span><span style="color:#002245;font-family:arial;font-size:10pt">stock into which they convert and are thus subject to market risk (the risk that the market values of securities or other </span><span style="color:#002245;font-family:arial;font-size:10pt">investments that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise). Because the value of a </span><span style="color:#002245;font-family:arial;font-size:10pt">convertible security can be influenced by both interest rates and the common stock’s market movements, a convertible </span><span style="color:#002245;font-family:arial;font-size:10pt">security generally is not as sensitive to interest rates as a similar debt instrument and generally will not vary in value in </span><span style="color:#002245;font-family:arial;font-size:10pt">response to other factors to the same extent as the underlying common stock. In the event of a liquidation of the issuing </span><span style="color:#002245;font-family:arial;font-size:10pt">company, holders of convertible securities would typically be paid before the company’s common stockholders but after </span><span style="color:#002245;font-family:arial;font-size:10pt">holders of any senior debt obligations of the company. The Fund may be forced to convert a convertible security before it </span><span style="color:#002245;font-family:arial;font-size:10pt">otherwise would choose to do so, which may decrease the Fund’s return.</span></div> <div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Counterparty Risk</span><span style="color:#002245;font-family:arial;font-size:10pt">. The risk exists that a counterparty to a transaction in a financial instrument held by the Fund or by a </span><span style="color:#002245;font-family:arial;font-size:10pt">special purpose or structured vehicle in which the Fund invests may become insolvent or otherwise fail to perform its </span><span style="color:#002245;font-family:arial;font-size:10pt">obligations, including making payments to the Fund, due to financial difficulties. The Fund may obtain no or limited recovery </span><span style="color:#002245;font-family:arial;font-size:10pt">in a bankruptcy or other reorganizational proceedings, and any recovery may be significantly delayed. Transactions that the </span><span style="color:#002245;font-family:arial;font-size:10pt">Fund enters into may involve counterparties in the financials sector and, as a result, events affecting the financials sector </span><span style="color:#002245;font-family:arial;font-size:10pt">may cause the Fund’s NAV to fluctuate.</span></div> <div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Credit Risk</span><span style="color:#002245;font-family:arial;font-size:10pt">. Credit risk is the risk that the value of debt instruments may decline if the issuer thereof defaults or otherwise </span><span style="color:#002245;font-family:arial;font-size:10pt">becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, such as making </span><span style="color:#002245;font-family:arial;font-size:10pt">payments to the Fund when due. Various factors could affect the actual or perceived willingness or ability of the issuer to </span><span style="color:#002245;font-family:arial;font-size:10pt">make timely interest or principal payments, including changes in the financial condition of the issuer or in general economic </span><span style="color:#002245;font-family:arial;font-size:10pt">conditions. Credit rating agencies, such as S&amp;P Global Ratings, Moody’s Ratings, Fitch, DBRS and KBRA, assign credit </span><span style="color:#002245;font-family:arial;font-size:10pt">ratings to certain debt instruments to indicate their credit risk. A rating downgrade by such agencies can negatively impact </span><span style="color:#002245;font-family:arial;font-size:10pt">the value of such instruments. Lower rated or unrated instruments held by the Fund may present increased credit risk as </span><span style="color:#002245;font-family:arial;font-size:10pt">compared to higher-rated instruments. Non-investment grade debt instruments may be subject to greater price fluctuations </span></div><div style="line-height:12.0pt;margin-top:0.0pt;text-align:left;"><span style="color:#002245;font-family:arial;font-size:10pt">and are more likely to experience a default than investment grade debt instruments and therefore may expose the Fund to </span><span style="color:#002245;font-family:arial;font-size:10pt">increased credit risk. If the Fund purchases unrated instruments, or if the ratings of instruments held by the Fund are </span><span style="color:#002245;font-family:arial;font-size:10pt">lowered after purchase, the Fund will depend on analysis of credit risk more heavily than usual.</span></div> <div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Derivatives Risk</span><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic">. </span><span style="color:#002245;font-family:arial;font-size:10pt">Derivatives may involve significant risks. Derivatives are financial instruments, traded on an exchange or in </span><span style="color:#002245;font-family:arial;font-size:10pt">the over-the-counter (OTC) markets, with a value in relation to, or derived from, the value of an underlying asset(s) (such as a </span><span style="color:#002245;font-family:arial;font-size:10pt">security, commodity or currency) or other reference, such as an index, rate or other economic indicator (each an underlying </span><span style="color:#002245;font-family:arial;font-size:10pt">reference). Derivatives may include those that are privately placed or otherwise exempt from SEC registration, including </span><span style="color:#002245;font-family:arial;font-size:10pt">certain Rule 144A eligible securities. Derivatives could result in Fund losses if the underlying reference does not perform as </span><span style="color:#002245;font-family:arial;font-size:10pt">anticipated. Use of derivatives is a highly specialized activity that can involve investment techniques, risks, and tax planning </span><span style="color:#002245;font-family:arial;font-size:10pt">different from those associated with more traditional investment instruments. The Fund’s derivatives strategy may not be </span><span style="color:#002245;font-family:arial;font-size:10pt">successful and use of certain derivatives could result in substantial, potentially unlimited, losses to the Fund regardless of </span><span style="color:#002245;font-family:arial;font-size:10pt">the Fund’s actual investment. A relatively small movement in the price, rate or other economic indicator associated with the </span><span style="color:#002245;font-family:arial;font-size:10pt">underlying reference may result in substantial losses for the Fund. Derivatives may be more volatile than other types of </span><span style="color:#002245;font-family:arial;font-size:10pt">investments. Derivatives can increase the Fund’s risk exposure to underlying references and their attendant risks, including </span><span style="color:#002245;font-family:arial;font-size:10pt">the risk of an adverse credit event associated with the underlying reference (credit risk), the risk of an adverse movement in </span><span style="color:#002245;font-family:arial;font-size:10pt">the value, price or rate of the underlying reference (market risk), the risk of an adverse movement in the value of underlying </span><span style="color:#002245;font-family:arial;font-size:10pt">currencies (foreign currency risk) and the risk of an adverse movement in underlying interest rates (interest rate risk). </span><span style="color:#002245;font-family:arial;font-size:10pt">Derivatives may expose the Fund to additional risks, including the risk of loss due to a derivative position that is imperfectly </span><span style="color:#002245;font-family:arial;font-size:10pt">correlated with the underlying reference it is intended to hedge or replicate (correlation risk), the risk that a counterparty will </span><span style="color:#002245;font-family:arial;font-size:10pt">fail to perform as agreed (counterparty risk), the risk that a hedging strategy may fail to mitigate losses, and may offset </span><span style="color:#002245;font-family:arial;font-size:10pt">gains (hedging risk), the risk that the return on an investment may not keep pace with inflation (inflation risk), the risk that </span><span style="color:#002245;font-family:arial;font-size:10pt">losses may be greater than the amount invested (leverage risk), the risk that the Fund may be unable to sell an investment at </span><span style="color:#002245;font-family:arial;font-size:10pt">an advantageous time or price (liquidity risk), the risk that the investment may be difficult to value (pricing risk), and the risk </span><span style="color:#002245;font-family:arial;font-size:10pt">that the price or value of the investment fluctuates significantly over short periods of time (volatility risk). The value of </span><span style="color:#002245;font-family:arial;font-size:10pt">derivatives may be influenced by a variety of factors, including national and international political and economic </span><span style="color:#002245;font-family:arial;font-size:10pt">developments. Potential changes to the regulation of the derivatives markets may make derivatives more costly, may limit </span><span style="color:#002245;font-family:arial;font-size:10pt">the market for derivatives, or may otherwise adversely affect the value or performance of derivatives.</span></div> <div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Derivatives Risk – Futures Contracts Risk</span><span style="color:#002245;font-family:arial;font-size:10pt">. A futures contract is an exchange-traded derivative transaction between two </span><span style="color:#002245;font-family:arial;font-size:10pt">parties in which a buyer (holding the “long” position) agrees to pay a fixed price (or rate) at a specified future date for delivery </span><span style="color:#002245;font-family:arial;font-size:10pt">of an underlying reference from a seller (holding the “short” position). The seller hopes that the market price on the delivery </span><span style="color:#002245;font-family:arial;font-size:10pt">date is less than the agreed upon price, while the buyer hopes for the contrary. Certain futures contract markets are highly </span><span style="color:#002245;font-family:arial;font-size:10pt">volatile, and futures contracts may be illiquid. Futures exchanges may limit fluctuations in futures contract prices by </span><span style="color:#002245;font-family:arial;font-size:10pt">imposing a maximum permissible daily price movement. The Fund may be disadvantaged if it is prohibited from executing a </span><span style="color:#002245;font-family:arial;font-size:10pt">trade outside the daily permissible price movement. At or prior to maturity of a futures contract, the Fund may enter into an </span><span style="color:#002245;font-family:arial;font-size:10pt">offsetting contract and may incur a loss to the extent there has been adverse movement in futures contract prices. The </span><span style="color:#002245;font-family:arial;font-size:10pt">liquidity of the futures markets depends on participants entering into offsetting transactions rather than making or taking </span><span style="color:#002245;font-family:arial;font-size:10pt">delivery. To the extent participants make or take delivery, liquidity in the futures market could be reduced. Positions in futures </span><span style="color:#002245;font-family:arial;font-size:10pt">contracts may be closed out only on the exchange on which they were entered into or through a linked exchange, and no </span><span style="color:#002245;font-family:arial;font-size:10pt">secondary market exists for such contracts. Futures positions are marked to market each day, and variation margin </span><span style="color:#002245;font-family:arial;font-size:10pt">payment must be paid to or by the Fund. Because of the low margin deposits normally required in futures trading, it is </span><span style="color:#002245;font-family:arial;font-size:10pt">possible that the Fund may employ a high degree of leverage in the portfolio. As a result, a relatively small price movement </span><span style="color:#002245;font-family:arial;font-size:10pt">in a futures contract may result in substantial losses to the Fund, exceeding the amount of the margin paid. For certain </span><span style="color:#002245;font-family:arial;font-size:10pt">types of futures contracts, losses are potentially unlimited.  Futures markets are highly volatile, and the use of futures may </span><span style="color:#002245;font-family:arial;font-size:10pt">increase the volatility of the Fund’s NAV. Futures contracts executed (if any) on foreign exchanges may not provide the same </span><span style="color:#002245;font-family:arial;font-size:10pt">protection as U.S. exchanges. Futures contracts can increase the Fund’s risk exposure to underlying references and their </span><span style="color:#002245;font-family:arial;font-size:10pt">attendant risks, such as credit risk, market risk, foreign currency risk, and interest rate risk, while potentially exposing the </span><span style="color:#002245;font-family:arial;font-size:10pt">Fund to correlation risk, counterparty risk, hedging risk, inflation risk, leverage risk, liquidity risk, pricing risk and volatility risk.</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt">• An </span><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">equity future</span><span style="color:#002245;font-family:arial;font-size:10pt"> is a derivative that is an agreement for the contract holder to buy or sell a specified amount of an </span><span style="color:#002245;font-family:arial;font-size:10pt">individual equity, a basket of equities, or the securities in an equity index on a specified date at a predetermined price.</span></div> <div style="line-height:12.0pt;margin-top:0.0pt;text-align:left;"><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Emerging Market Securities Risk.</span><span style="color:#002245;font-family:arial;font-size:10pt"> Securities issued by foreign governments or companies in emerging market countries, </span><span style="color:#002245;font-family:arial;font-size:10pt">such as China, Russia and certain countries in Eastern Europe, the Middle East, Asia, Latin America or Africa, are more likely </span><span style="color:#002245;font-family:arial;font-size:10pt">to have greater exposure to the risks of investing in foreign securities that are described in Foreign Securities Risk. In </span><span style="color:#002245;font-family:arial;font-size:10pt">addition, emerging market countries are more likely to experience instability resulting, for example, from rapid changes or </span><span style="color:#002245;font-family:arial;font-size:10pt">developments in social, political, economic or other conditions. Their economies are usually less mature and their securities </span><span style="color:#002245;font-family:arial;font-size:10pt">markets are typically less developed with more limited trading activity (i.e., lower trading volumes and less liquidity) than </span><span style="color:#002245;font-family:arial;font-size:10pt">more developed countries. Emerging market securities tend to be more volatile, and may be more susceptible to market </span><span style="color:#002245;font-family:arial;font-size:10pt">manipulation, than securities in more developed markets. Many emerging market countries are heavily dependent on </span><span style="color:#002245;font-family:arial;font-size:10pt">international trade and have fewer trading partners, which makes them more sensitive to world commodity prices and </span><span style="color:#002245;font-family:arial;font-size:10pt">economic downturns in other countries. Some emerging market countries have a higher risk of currency devaluations, and </span><span style="color:#002245;font-family:arial;font-size:10pt">some of these countries may experience periods of high inflation or rapid changes in inflation rates and may have hostile </span><span style="color:#002245;font-family:arial;font-size:10pt">relations with other countries. Due to the differences in the nature and quality of financial information of issuers of emerging </span><span style="color:#002245;font-family:arial;font-size:10pt">market securities, including auditing and financial reporting standards, financial information and disclosures about such </span><span style="color:#002245;font-family:arial;font-size:10pt">issuers may be unavailable or, if made available, may be considerably less reliable than publicly available information about </span><span style="color:#002245;font-family:arial;font-size:10pt">other foreign securities.</span></div> <div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Foreign Securities Risk</span><span style="color:#002245;font-family:arial;font-size:10pt">. Investments in or exposure to securities of foreign companies may involve heightened risks relative </span><span style="color:#002245;font-family:arial;font-size:10pt">to investments in or exposure to securities of U.S. companies. For example, foreign markets can be extremely volatile. </span><span style="color:#002245;font-family:arial;font-size:10pt">Foreign securities may also be less liquid, making them more difficult to trade, than securities of U.S. companies so that the </span><span style="color:#002245;font-family:arial;font-size:10pt">Fund may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial costs </span><span style="color:#002245;font-family:arial;font-size:10pt">and other fees are also generally higher for foreign securities. The Fund may have limited or no legal recourse in the event of </span><span style="color:#002245;font-family:arial;font-size:10pt">default with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign </span><span style="color:#002245;font-family:arial;font-size:10pt">governments may impose withholding or other taxes on the Fund’s income, capital gains or proceeds from the disposition </span><span style="color:#002245;font-family:arial;font-size:10pt">of foreign securities, which could reduce the Fund’s return on such securities. In some cases, such withholding or other </span><span style="color:#002245;font-family:arial;font-size:10pt">taxes could potentially be confiscatory. Other risks include: possible delays in the settlement of transactions or in the </span><span style="color:#002245;font-family:arial;font-size:10pt">payment of income; generally less publicly available information about foreign companies; the impact of economic, political, </span><span style="color:#002245;font-family:arial;font-size:10pt">social, diplomatic or other conditions or events (including, for example, military confrontations and actions, war, other </span><span style="color:#002245;font-family:arial;font-size:10pt">conflicts, terrorism and disease/virus outbreaks and epidemics), possible seizure, expropriation or nationalization of a </span><span style="color:#002245;font-family:arial;font-size:10pt">company or its assets or the assets of a particular investor or category of investors; accounting, auditing and financial </span><span style="color:#002245;font-family:arial;font-size:10pt">reporting standards that may be less comprehensive and stringent than those applicable to domestic companies; the </span><span style="color:#002245;font-family:arial;font-size:10pt">imposition of economic and other sanctions against a particular foreign country, its nationals or industries or businesses </span><span style="color:#002245;font-family:arial;font-size:10pt">within the country; and the generally less stringent standard of care to which local agents may be held in the local markets. </span><span style="color:#002245;font-family:arial;font-size:10pt">In addition, it may be difficult to obtain reliable information about the securities and business operations of certain foreign </span><span style="color:#002245;font-family:arial;font-size:10pt">issuers. Governments or trade groups may compel local agents to hold securities in designated depositories that are not </span><span style="color:#002245;font-family:arial;font-size:10pt">subject to independent evaluation. The less developed a country’s securities market is, the greater the level of risks. </span><span style="color:#002245;font-family:arial;font-size:10pt">Economic sanctions may be, and have been, imposed against certain countries, organizations, companies, entities and/or </span><span style="color:#002245;font-family:arial;font-size:10pt">individuals. Economic sanctions and other similar governmental actions could, among other things, effectively restrict or </span><span style="color:#002245;font-family:arial;font-size:10pt">eliminate the Fund’s ability to purchase or sell securities, and thus may make the Fund’s investments in such securities less </span><span style="color:#002245;font-family:arial;font-size:10pt">liquid or more difficult to value. In addition, as a result of economic sanctions, the Fund may be forced to sell or otherwise </span><span style="color:#002245;font-family:arial;font-size:10pt">dispose of investments at inopportune times or prices, which could result in losses to the Fund and increased transaction </span><span style="color:#002245;font-family:arial;font-size:10pt">costs. These conditions may be in place for a substantial period of time and enacted with limited advance notice to the </span><span style="color:#002245;font-family:arial;font-size:10pt">Fund. The risks posed by sanctions against a particular foreign country, its nationals or industries or businesses within the </span><span style="color:#002245;font-family:arial;font-size:10pt">country may be heightened to the extent the Fund invests significantly in the affected country or region or in issuers from </span><span style="color:#002245;font-family:arial;font-size:10pt">the affected country that depend on global markets. Additionally, investments in certain countries may subject the Fund to a </span><span style="color:#002245;font-family:arial;font-size:10pt">number of tax rules, the application of which may be uncertain. Countries may amend or revise their existing tax laws, </span><span style="color:#002245;font-family:arial;font-size:10pt">regulations and/or procedures in the future, possibly with retroactive effect. Changes in or uncertainties regarding the laws, </span><span style="color:#002245;font-family:arial;font-size:10pt">regulations or procedures of a country could reduce the after-tax profits of the Fund, directly or indirectly, including by </span><span style="color:#002245;font-family:arial;font-size:10pt">reducing the after-tax profits of companies located in such countries in which the Fund invests, or result in unexpected tax </span><span style="color:#002245;font-family:arial;font-size:10pt">liabilities for the Fund. The performance of the Fund may also be negatively affected by fluctuations in a foreign currency’s </span><span style="color:#002245;font-family:arial;font-size:10pt">strength or weakness relative to the U.S. dollar, particularly to the extent the Fund invests a significant percentage of its </span><span style="color:#002245;font-family:arial;font-size:10pt">assets in foreign securities or other assets denominated in currencies other than the U.S. dollar. Currency rates in foreign </span></div><div style="line-height:12.0pt;margin-top:0.0pt;text-align:left;"><span style="color:#002245;font-family:arial;font-size:10pt">countries may fluctuate significantly over short or long periods of time for a number of reasons, including changes in </span><span style="color:#002245;font-family:arial;font-size:10pt">interest rates, imposition of currency exchange controls and economic or political developments in the U.S. or abroad. The </span><span style="color:#002245;font-family:arial;font-size:10pt">Fund may also incur currency conversion costs when converting foreign currencies into U.S. dollars and vice versa.</span></div> <div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Frequent Trading Risk</span><span style="color:#002245;font-family:arial;font-size:10pt">. The portfolio managers may actively and frequently trade investments in the Fund’s portfolio to carry </span><span style="color:#002245;font-family:arial;font-size:10pt">out its investment strategies. Frequent trading of investments increases the possibility that the Fund, as relevant, will realize </span><span style="color:#002245;font-family:arial;font-size:10pt">taxable capital gains (including short-term capital gains, which are generally taxable to shareholders at higher rates than </span><span style="color:#002245;font-family:arial;font-size:10pt">long-term capital gains for U.S. federal income tax purposes), which could reduce the Fund’s after-tax return. Frequent </span><span style="color:#002245;font-family:arial;font-size:10pt">trading can also mean higher brokerage and other transaction costs, which could reduce the Fund’s return. The trading costs </span><span style="color:#002245;font-family:arial;font-size:10pt">and tax effects associated with portfolio turnover may adversely affect the Fund’s performance.</span></div> <div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">High-Yield Investments Risk</span><span style="color:#002245;font-family:arial;font-size:10pt">. Securities and other debt instruments held by the Fund that are rated below investment grade </span><span style="color:#002245;font-family:arial;font-size:10pt">(commonly called “high-yield” or “junk” bonds) and unrated debt instruments of comparable quality tend to be more sensitive </span><span style="color:#002245;font-family:arial;font-size:10pt">to credit risk than higher-rated debt instruments and may experience greater price fluctuations in response to perceived </span><span style="color:#002245;font-family:arial;font-size:10pt">changes in the ability of the issuing entity or obligor to pay interest and principal when due than to changes in interest rates. </span><span style="color:#002245;font-family:arial;font-size:10pt">These investments are generally more likely to experience a default than higher-rated debt instruments. High-yield debt </span><span style="color:#002245;font-family:arial;font-size:10pt">instruments are considered to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay </span><span style="color:#002245;font-family:arial;font-size:10pt">principal. These debt instruments typically pay a premium – a higher interest rate or yield – because of the increased risk of </span><span style="color:#002245;font-family:arial;font-size:10pt">loss, including default. High-yield debt instruments may require a greater degree of judgment to establish a price, may be </span><span style="color:#002245;font-family:arial;font-size:10pt">difficult to sell at the time and price the Fund desires, may carry high transaction costs, and also are generally less liquid </span><span style="color:#002245;font-family:arial;font-size:10pt">than higher-rated debt instruments. The ratings provided by third party rating agencies are based on analyses by these </span><span style="color:#002245;font-family:arial;font-size:10pt">ratings agencies of the credit quality of the debt instruments and may not take into account every risk related to whether </span><span style="color:#002245;font-family:arial;font-size:10pt">interest or principal will be timely repaid. In adverse economic and other circumstances, issuers of lower-rated debt </span><span style="color:#002245;font-family:arial;font-size:10pt">instruments are more likely to have difficulty making principal and interest payments than issuers of higher-rated debt </span><span style="color:#002245;font-family:arial;font-size:10pt">instruments.</span></div> <div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Interest Rate Risk</span><span style="color:#002245;font-family:arial;font-size:10pt">. Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if interest rates </span><span style="color:#002245;font-family:arial;font-size:10pt">rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes </span><span style="color:#002245;font-family:arial;font-size:10pt">in the value of a debt instrument usually will not affect the amount of income the Fund receives from it but will generally </span><span style="color:#002245;font-family:arial;font-size:10pt">affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund’s </span><span style="color:#002245;font-family:arial;font-size:10pt">investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its </span><span style="color:#002245;font-family:arial;font-size:10pt">sensitivity to changes in interest rates. For example, a three-year duration means a bond is expected to decrease in value by </span><span style="color:#002245;font-family:arial;font-size:10pt">3% if interest rates rise 1% and increase in value by 3% if interest rates fall 1%. Interest rate declines also may increase </span><span style="color:#002245;font-family:arial;font-size:10pt">prepayments of debt obligations, which, in turn, would increase prepayment risk (the risk that the Fund will have to reinvest </span><span style="color:#002245;font-family:arial;font-size:10pt">the money received in securities that have lower yields). The Fund is subject to the risk that the income generated by its </span><span style="color:#002245;font-family:arial;font-size:10pt">investments may not keep pace with inflation. Actions by governments and central banking authorities can result in </span><span style="color:#002245;font-family:arial;font-size:10pt">increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Such </span><span style="color:#002245;font-family:arial;font-size:10pt">actions may negatively affect the value of debt instruments held by the Fund, resulting in a negative impact on the Fund’s </span><span style="color:#002245;font-family:arial;font-size:10pt">performance and NAV. Any interest rate increases could cause the value of the Fund’s investments in debt instruments to </span><span style="color:#002245;font-family:arial;font-size:10pt">decrease.</span><span style="color:#002245;font-family:arial;font-size:10pt;line-height:12.0pt"> </span></div> <div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Issuer Risk</span><span style="color:#002245;font-family:arial;font-size:10pt">. An issuer in which the Fund invests or to which it has exposure may perform poorly or below expectations, and </span><span style="color:#002245;font-family:arial;font-size:10pt">the value of its securities may therefore decline, which may negatively affect the Fund’s performance. Underperformance of </span><span style="color:#002245;font-family:arial;font-size:10pt">an issuer may be caused by poor management decisions, competitive pressures, breakthroughs in technology, reliance on </span><span style="color:#002245;font-family:arial;font-size:10pt">suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters, military </span><span style="color:#002245;font-family:arial;font-size:10pt">confrontations and actions, war, other conflicts, terrorism, disease/virus outbreaks, epidemics or other events, conditions </span><span style="color:#002245;font-family:arial;font-size:10pt">and factors which may impair the value of your investment in the Fund and could result in a greater premium or discount </span><span style="color:#002245;font-family:arial;font-size:10pt">between the market price and the NAV of the Fund’s shares and/or wider bid/ask spreads than those experienced by other </span><span style="color:#002245;font-family:arial;font-size:10pt">closed-end funds.</span></div> <div style="line-height:12.0pt;margin-top:0.0pt;text-align:left;"><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Large-Cap Stock Risk.</span><span style="color:#002245;font-family:arial;font-size:10pt"> Investments in larger, more established companies (larger companies) may involve certain risks </span><span style="color:#002245;font-family:arial;font-size:10pt">associated with their larger size. For instance, larger companies may be less able to respond quickly to new competitive </span><span style="color:#002245;font-family:arial;font-size:10pt">challenges, such as changes in consumer tastes or innovation from smaller competitors. Also, larger companies are </span><span style="color:#002245;font-family:arial;font-size:10pt">sometimes less able to achieve as high growth rates as successful smaller companies, especially during extended periods </span><span style="color:#002245;font-family:arial;font-size:10pt">of economic expansion.</span></div> <div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Leverage Risk</span><span style="color:#002245;font-family:arial;font-size:10pt">. Senior securities issued or money borrowed to raise funds for investment have a prior fixed dollar claim on </span><span style="color:#002245;font-family:arial;font-size:10pt">the Fund’s assets and income. Any gain in the value of securities purchased or income received in excess of the cost of the </span><span style="color:#002245;font-family:arial;font-size:10pt">amount borrowed or interest or dividends payable causes the net asset value of the Fund’s common stock or the income </span><span style="color:#002245;font-family:arial;font-size:10pt">available to it to increase more than otherwise would be the case. Conversely, any decline in the value of securities </span><span style="color:#002245;font-family:arial;font-size:10pt">purchased or income received on them that is less than the asset or income claims of the senior securities or cost of </span><span style="color:#002245;font-family:arial;font-size:10pt">borrowed money causes the net asset value of the common stock or income available to it to decline more sharply than </span><span style="color:#002245;font-family:arial;font-size:10pt">would be the case if there were no prior claim. Funds obtained through senior securities or borrowings thus create </span><span style="color:#002245;font-family:arial;font-size:10pt">investment opportunity, but they also increase exposure to risk. This influence ordinarily is called “leverage.” As of </span><span style="color:#002245;font-family:arial;font-size:10pt">December 31, 2025, the only senior securities of the Fund outstanding were 752,740 shares of its preferred stock, $50 par </span><span style="color:#002245;font-family:arial;font-size:10pt">value. The dividend rate as of December 31, 2025 on the preferred stock was $2.50 per annum payable quarterly. Based on </span><span style="color:#002245;font-family:arial;font-size:10pt">the net asset value of the Fund’s common stock on December 31, 2025, the Fund’s portfolio requires an annual return of </span><span style="color:#002245;font-family:arial;font-size:10pt">0.10% in order to cover dividend payments on the preferred stock. For a description of such payments, see </span><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic">Capital Stock, </span><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic">Long-Term Debt, and Other Securities – Description of Capital Stock </span><span style="color:#002245;font-family:arial;font-size:10pt">in the Fund’s prospectus. The following table illustrates </span><span style="color:#002245;font-family:arial;font-size:10pt">the effect of leverage relating to presently outstanding preferred stock on the return available to a holder of the Fund’s </span><span style="color:#002245;font-family:arial;font-size:10pt">common stock.</span><span style="color:#002245;font-family:arial;font-size:1pt"> </span></div> <table cellpadding="0" cellspacing="0" style="border-bottom:0.5pt solid #bee6f7;empty-cells:show;width:540pt"> <tr style="height:11.5pt"> <td style="background-color:#002245;vertical-align:Bottom;width:310.05pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:4pt;margin-right:12pt;text-align:left;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Assumed Return on Portfolio (net of expenses)</span></div> </div> </td> <td style="background-color:#002245;vertical-align:Bottom;width:51.97pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.00pt">-10%</span></div> </div> </td> <td style="background-color:#002245;vertical-align:Bottom;width:48.03pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.00pt">-5%</span></div> </div> </td> <td style="background-color:#002245;vertical-align:Bottom;width:48.03pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.00pt">0%</span></div> </div> </td> <td style="background-color:#002245;vertical-align:Bottom;width:42.99pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">5%</span></div> </div> </td> <td style="background-color:#002245;vertical-align:Bottom;width:38.93pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:12pt;margin-right:4pt;text-align:right;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.00pt">10%</span></div> </div> </td> </tr> <tr style="height:11pt"> <td style="vertical-align:Top;width:310.05pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-left:4pt;margin-right:12pt;text-align:left;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">Corresponding Return to Common Stockholders</span></div> </div> </td> <td style="vertical-align:Bottom;width:51.97pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">(10.29)%</span></div> </div> </td> <td style="vertical-align:Bottom;width:48.03pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">(5.19)%</span></div> </div> </td> <td style="vertical-align:Bottom;width:48.03pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">(0.10)%</span></div> </div> </td> <td style="vertical-align:Bottom;width:42.99pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">5.00%</span></div> </div> </td> <td style="vertical-align:Bottom;width:38.93pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-left:12pt;margin-right:4pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">10.10%</span></div> </div> </td> </tr> </table><div style="margin-top:10pt;"><span style="color:#002245;font-family:arial;font-size:10pt">The purpose of the table above is to assist you in understanding the effects of leverage caused by the Fund’s preferred </span><span style="color:#002245;font-family:arial;font-size:10pt">stock. The percentages appearing in the table are hypothetical. Actual returns may be greater or less than those shown </span><span style="color:#002245;font-family:arial;font-size:10pt">above.</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt">The use of leverage creates certain risks for the Fund’s common stockholders, including the greater likelihood of higher </span><span style="color:#002245;font-family:arial;font-size:10pt">volatility of the Fund’s return, its net asset value and the market price of the Fund’s common stock. Changes in the value of </span><span style="color:#002245;font-family:arial;font-size:10pt">the Fund’s total assets will have a disproportionate effect on the net asset value per share of common stock because of the </span><span style="color:#002245;font-family:arial;font-size:10pt">Fund’s leveraged assets. For example, if the Fund was leveraged equal to 50% of the Fund’s common stock equity, it would </span><span style="color:#002245;font-family:arial;font-size:10pt">show an approximately 1.5% increase or decline in net asset value for each 1% increase or decline in the value of its total </span><span style="color:#002245;font-family:arial;font-size:10pt">assets. An additional risk of leverage is that the cost of the leverage plus applicable Fund expenses may exceed the return </span><span style="color:#002245;font-family:arial;font-size:10pt">on the transactions undertaken with the proceeds of the leverage, thereby diminishing rather than enhancing the return to </span><span style="color:#002245;font-family:arial;font-size:10pt">the Fund’s common stockholders. These risks generally would make the Fund’s return to common stockholders more </span><span style="color:#002245;font-family:arial;font-size:10pt">volatile. The Fund also may be required to sell investments in order to make interest payments on borrowings used for </span><span style="color:#002245;font-family:arial;font-size:10pt">leverage when it may be disadvantageous to do so. Because the fees received by the Investment Manager are based on the </span><span style="color:#002245;font-family:arial;font-size:10pt">net assets of the Fund (including assets attributable to the Fund’s preferred stock and borrowings that may be outstanding), </span><span style="color:#002245;font-family:arial;font-size:10pt">the Investment Manager has a financial incentive for the Fund to maintain the preferred stock or use borrowings, which may </span><span style="color:#002245;font-family:arial;font-size:10pt">create a conflict of interest between the Investment Manager, on the one hand, and the common stockholders on the other </span><span style="color:#002245;font-family:arial;font-size:10pt">hand.</span></div> <div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Leverage Risk</span><span style="color:#002245;font-family:arial;font-size:10pt">. Senior securities issued or money borrowed to raise funds for investment have a prior fixed dollar claim on </span><span style="color:#002245;font-family:arial;font-size:10pt">the Fund’s assets and income. Any gain in the value of securities purchased or income received in excess of the cost of the </span><span style="color:#002245;font-family:arial;font-size:10pt">amount borrowed or interest or dividends payable causes the net asset value of the Fund’s common stock or the income </span><span style="color:#002245;font-family:arial;font-size:10pt">available to it to increase more than otherwise would be the case. Conversely, any decline in the value of securities </span><span style="color:#002245;font-family:arial;font-size:10pt">purchased or income received on them that is less than the asset or income claims of the senior securities or cost of </span><span style="color:#002245;font-family:arial;font-size:10pt">borrowed money causes the net asset value of the common stock or income available to it to decline more sharply than </span><span style="color:#002245;font-family:arial;font-size:10pt">would be the case if there were no prior claim. Funds obtained through senior securities or borrowings thus create </span><span style="color:#002245;font-family:arial;font-size:10pt">investment opportunity, but they also increase exposure to risk. This influence ordinarily is called “leverage.” As of </span><span style="color:#002245;font-family:arial;font-size:10pt">December 31, 2025, the only senior securities of the Fund outstanding were 752,740 shares of its preferred stock, $50 par </span><span style="color:#002245;font-family:arial;font-size:10pt">value. The dividend rate as of December 31, 2025 on the preferred stock was $2.50 per annum payable quarterly. Based on </span><span style="color:#002245;font-family:arial;font-size:10pt">the net asset value of the Fund’s common stock on December 31, 2025, the Fund’s portfolio requires an annual return of </span><span style="color:#002245;font-family:arial;font-size:10pt">0.10% in order to cover dividend payments on the preferred stock. For a description of such payments, see </span><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic">Capital Stock, </span><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic">Long-Term Debt, and Other Securities – Description of Capital Stock </span><span style="color:#002245;font-family:arial;font-size:10pt">in the Fund’s prospectus. The following table illustrates </span><span style="color:#002245;font-family:arial;font-size:10pt">the effect of leverage relating to presently outstanding preferred stock on the return available to a holder of the Fund’s </span><span style="color:#002245;font-family:arial;font-size:10pt">common stock.</span><span style="color:#002245;font-family:arial;font-size:1pt"> </span></div> <table cellpadding="0" cellspacing="0" style="border-bottom:0.5pt solid #bee6f7;empty-cells:show;width:540pt"> <tr style="height:11.5pt"> <td style="background-color:#002245;vertical-align:Bottom;width:310.05pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:4pt;margin-right:12pt;text-align:left;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Assumed Return on Portfolio (net of expenses)</span></div> </div> </td> <td style="background-color:#002245;vertical-align:Bottom;width:51.97pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.00pt">-10%</span></div> </div> </td> <td style="background-color:#002245;vertical-align:Bottom;width:48.03pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.00pt">-5%</span></div> </div> </td> <td style="background-color:#002245;vertical-align:Bottom;width:48.03pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.00pt">0%</span></div> </div> </td> <td style="background-color:#002245;vertical-align:Bottom;width:42.99pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">5%</span></div> </div> </td> <td style="background-color:#002245;vertical-align:Bottom;width:38.93pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:12pt;margin-right:4pt;text-align:right;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.00pt">10%</span></div> </div> </td> </tr> <tr style="height:11pt"> <td style="vertical-align:Top;width:310.05pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-left:4pt;margin-right:12pt;text-align:left;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">Corresponding Return to Common Stockholders</span></div> </div> </td> <td style="vertical-align:Bottom;width:51.97pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">(10.29)%</span></div> </div> </td> <td style="vertical-align:Bottom;width:48.03pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">(5.19)%</span></div> </div> </td> <td style="vertical-align:Bottom;width:48.03pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">(0.10)%</span></div> </div> </td> <td style="vertical-align:Bottom;width:42.99pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">5.00%</span></div> </div> </td> <td style="vertical-align:Bottom;width:38.93pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-left:12pt;margin-right:4pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">10.10%</span></div> </div> </td> </tr> </table><div style="margin-top:10pt;"><span style="color:#002245;font-family:arial;font-size:10pt">The purpose of the table above is to assist you in understanding the effects of leverage caused by the Fund’s preferred </span><span style="color:#002245;font-family:arial;font-size:10pt">stock. The percentages appearing in the table are hypothetical. Actual returns may be greater or less than those shown </span><span style="color:#002245;font-family:arial;font-size:10pt">above.</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt">The use of leverage creates certain risks for the Fund’s common stockholders, including the greater likelihood of higher </span><span style="color:#002245;font-family:arial;font-size:10pt">volatility of the Fund’s return, its net asset value and the market price of the Fund’s common stock. Changes in the value of </span><span style="color:#002245;font-family:arial;font-size:10pt">the Fund’s total assets will have a disproportionate effect on the net asset value per share of common stock because of the </span><span style="color:#002245;font-family:arial;font-size:10pt">Fund’s leveraged assets. For example, if the Fund was leveraged equal to 50% of the Fund’s common stock equity, it would </span><span style="color:#002245;font-family:arial;font-size:10pt">show an approximately 1.5% increase or decline in net asset value for each 1% increase or decline in the value of its total </span><span style="color:#002245;font-family:arial;font-size:10pt">assets. An additional risk of leverage is that the cost of the leverage plus applicable Fund expenses may exceed the return </span><span style="color:#002245;font-family:arial;font-size:10pt">on the transactions undertaken with the proceeds of the leverage, thereby diminishing rather than enhancing the return to </span><span style="color:#002245;font-family:arial;font-size:10pt">the Fund’s common stockholders. These risks generally would make the Fund’s return to common stockholders more </span><span style="color:#002245;font-family:arial;font-size:10pt">volatile. The Fund also may be required to sell investments in order to make interest payments on borrowings used for </span><span style="color:#002245;font-family:arial;font-size:10pt">leverage when it may be disadvantageous to do so. Because the fees received by the Investment Manager are based on the </span><span style="color:#002245;font-family:arial;font-size:10pt">net assets of the Fund (including assets attributable to the Fund’s preferred stock and borrowings that may be outstanding), </span><span style="color:#002245;font-family:arial;font-size:10pt">the Investment Manager has a financial incentive for the Fund to maintain the preferred stock or use borrowings, which may </span><span style="color:#002245;font-family:arial;font-size:10pt">create a conflict of interest between the Investment Manager, on the one hand, and the common stockholders on the other </span><span style="color:#002245;font-family:arial;font-size:10pt">hand.</span></div> <table cellpadding="0" cellspacing="0" style="border-bottom:0.5pt solid #bee6f7;empty-cells:show;width:540pt"> <tr style="height:11.5pt"> <td style="background-color:#002245;vertical-align:Bottom;width:310.05pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:4pt;margin-right:12pt;text-align:left;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Assumed Return on Portfolio (net of expenses)</span></div> </div> </td> <td style="background-color:#002245;vertical-align:Bottom;width:51.97pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.00pt">-10%</span></div> </div> </td> <td style="background-color:#002245;vertical-align:Bottom;width:48.03pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.00pt">-5%</span></div> </div> </td> <td style="background-color:#002245;vertical-align:Bottom;width:48.03pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.00pt">0%</span></div> </div> </td> <td style="background-color:#002245;vertical-align:Bottom;width:42.99pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">5%</span></div> </div> </td> <td style="background-color:#002245;vertical-align:Bottom;width:38.93pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:12pt;margin-right:4pt;text-align:right;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.00pt">10%</span></div> </div> </td> </tr> <tr style="height:11pt"> <td style="vertical-align:Top;width:310.05pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-left:4pt;margin-right:12pt;text-align:left;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">Corresponding Return to Common Stockholders</span></div> </div> </td> <td style="vertical-align:Bottom;width:51.97pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">(10.29)%</span></div> </div> </td> <td style="vertical-align:Bottom;width:48.03pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">(5.19)%</span></div> </div> </td> <td style="vertical-align:Bottom;width:48.03pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">(0.10)%</span></div> </div> </td> <td style="vertical-align:Bottom;width:42.99pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">5.00%</span></div> </div> </td> <td style="vertical-align:Bottom;width:38.93pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-left:12pt;margin-right:4pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">10.10%</span></div> </div> </td> </tr> </table> -0.1029 -0.0519 -0.0010 0.0500 0.1010 <div style="margin-top:10pt;"><span style="color:#002245;font-family:arial;font-size:10pt">The purpose of the table above is to assist you in understanding the effects of leverage caused by the Fund’s preferred </span><span style="color:#002245;font-family:arial;font-size:10pt">stock. The percentages appearing in the table are hypothetical. Actual returns may be greater or less than those shown </span><span style="color:#002245;font-family:arial;font-size:10pt">above.</span></div> <div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Liquidity Risk. </span><span style="color:#002245;font-family:arial;font-size:10pt">Liquidity risk is the risk associated with any event, circumstance, or characteristic of an investment or market </span><span style="color:#002245;font-family:arial;font-size:10pt">that negatively impacts the Fund’s ability to sell, or realize the proceeds from the sale of, an investment at a desirable time or </span><span style="color:#002245;font-family:arial;font-size:10pt">price. Liquidity risk may arise because of, for example, a lack of marketability of the investment, which means that when </span><span style="color:#002245;font-family:arial;font-size:10pt">seeking to sell its portfolio investments, the Fund could find that selling is more difficult than anticipated, especially during </span><span style="color:#002245;font-family:arial;font-size:10pt">times of high market volatility. Decreases in the number of financial institutions, including banks and broker-dealers, willing </span><span style="color:#002245;font-family:arial;font-size:10pt">to make markets (match up sellers and buyers) in the Fund’s investments or decreases in their capacity or willingness to </span><span style="color:#002245;font-family:arial;font-size:10pt">trade such investments may increase the Fund’s exposure to this risk. The debt market has experienced considerable </span><span style="color:#002245;font-family:arial;font-size:10pt">growth, and financial institutions making markets in instruments purchased and sold by the Fund (e.g., bond dealers) have </span></div><div style="line-height:12.0pt;margin-top:0.0pt;text-align:left;"><span style="color:#002245;font-family:arial;font-size:10pt">been subject to increased regulation. The impact of that growth and regulation on the ability and willingness of financial </span><span style="color:#002245;font-family:arial;font-size:10pt">institutions to engage in trading or “making a market” in such instruments remains unsettled. Certain types of investments, </span><span style="color:#002245;font-family:arial;font-size:10pt">such as lower-rated securities or those that are purchased and sold in over-the-counter markets, may be especially subject </span><span style="color:#002245;font-family:arial;font-size:10pt">to liquidity risk. Securities or other assets in which the Fund invests may be traded in the over-the-counter market rather than </span><span style="color:#002245;font-family:arial;font-size:10pt">on an exchange and therefore may be more difficult to purchase or sell at a fair price, which may have a negative impact on </span><span style="color:#002245;font-family:arial;font-size:10pt">the Fund’s performance. Market participants attempting to sell the same or a similar instrument at the same time as the </span><span style="color:#002245;font-family:arial;font-size:10pt">Fund could exacerbate the Fund’s exposure to liquidity risk. The Fund may have to accept a lower selling price for the </span><span style="color:#002245;font-family:arial;font-size:10pt">holding, sell other liquid or more liquid investments that it might otherwise prefer to hold (thereby increasing the proportion </span><span style="color:#002245;font-family:arial;font-size:10pt">of the Fund’s investments in less liquid or illiquid securities), or forego another more appealing investment opportunity. The </span><span style="color:#002245;font-family:arial;font-size:10pt">liquidity of Fund investments may change significantly over time and certain investments that were liquid when purchased </span><span style="color:#002245;font-family:arial;font-size:10pt">by the Fund may later become illiquid, particularly in times of overall economic distress. Changing regulatory, market or </span><span style="color:#002245;font-family:arial;font-size:10pt">other conditions or environments (for example, the interest rate or credit environments) may also adversely affect the </span><span style="color:#002245;font-family:arial;font-size:10pt">liquidity and the price of the Fund’s investments. Judgment plays a larger role in valuing illiquid or less liquid investments as </span><span style="color:#002245;font-family:arial;font-size:10pt">compared to valuing liquid or more liquid investments. Price volatility may be higher for illiquid or less liquid investments as </span><span style="color:#002245;font-family:arial;font-size:10pt">a result of, for example, the relatively less frequent pricing of such securities (as compared to liquid or more liquid </span><span style="color:#002245;font-family:arial;font-size:10pt">investments). Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of </span><span style="color:#002245;font-family:arial;font-size:10pt">loss or decline of value to the Fund. Overall market liquidity and other factors can negatively impact Fund performance and </span><span style="color:#002245;font-family:arial;font-size:10pt">NAV, including, for example, if the Fund is forced to sell investments in a down market.</span></div> <div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Market Risk.</span><span style="color:#002245;font-family:arial;font-size:10pt"> The Fund may incur losses due to declines in the value of one or more securities in which it invests. These </span><span style="color:#002245;font-family:arial;font-size:10pt">declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, </span><span style="color:#002245;font-family:arial;font-size:10pt">economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial </span><span style="color:#002245;font-family:arial;font-size:10pt">markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could </span><span style="color:#002245;font-family:arial;font-size:10pt">adversely affect the Fund’s ability to price or value hard-to-value assets in thinly traded and closed markets and could cause </span><span style="color:#002245;font-family:arial;font-size:10pt">operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events </span><span style="color:#002245;font-family:arial;font-size:10pt">in one country, region or financial market may adversely impact issuers in a different country, region or financial market. </span><span style="color:#002245;font-family:arial;font-size:10pt">These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and </span><span style="color:#002245;font-family:arial;font-size:10pt">other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as </span><span style="color:#002245;font-family:arial;font-size:10pt">terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, </span><span style="color:#002245;font-family:arial;font-size:10pt">recessions, depressions or other events – or the potential for such events – could have a significant negative impact on </span><span style="color:#002245;font-family:arial;font-size:10pt">global economic and market conditions and could result in a greater premium or discount between the market price and the </span><span style="color:#002245;font-family:arial;font-size:10pt">NAV of the Fund’s shares and/or wider bid/asked spreads than those experienced by other closed-end funds.</span></div> <div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Preferred Stock Risk</span><span style="color:#002245;font-family:arial;font-size:10pt">. Preferred stock is a type of stock that may pay dividends at a different rate than common stock of the </span><span style="color:#002245;font-family:arial;font-size:10pt">same issuer, if at all, and that has preference over common stock in the payment of dividends and the liquidation of assets. </span><span style="color:#002245;font-family:arial;font-size:10pt">Preferred stock does not ordinarily carry voting rights. The price of a preferred stock is generally determined by earnings, </span><span style="color:#002245;font-family:arial;font-size:10pt">type of products or services, projected growth rates, experience of management, liquidity, general market conditions of the </span><span style="color:#002245;font-family:arial;font-size:10pt">markets on which the stock trades. The most significant risks associated with investments in preferred stock include issuer </span><span style="color:#002245;font-family:arial;font-size:10pt">risk, market risk and interest rate risk (the risk of losses attributable to changes in interest rates).</span></div> <div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Quantitative Models Risk</span><span style="color:#002245;font-family:arial;font-size:10pt">. Any quantitative models used by the Fund may not effectively identify purchases and sales of </span><span style="color:#002245;font-family:arial;font-size:10pt">Fund investments and may cause the Fund to underperform other investment strategies for short or long periods of time. </span><span style="color:#002245;font-family:arial;font-size:10pt">Performance will depend upon the quality and accuracy of the assumptions, theories and framework upon which a </span><span style="color:#002245;font-family:arial;font-size:10pt">quantitative model is based. The success of a quantitative model will depend upon its accurate reflection of market </span><span style="color:#002245;font-family:arial;font-size:10pt">conditions, with proper adjustments as market conditions change over time. Adjustments, or lack of adjustments, to the </span><span style="color:#002245;font-family:arial;font-size:10pt">quantitative model, including as conditions change, as well as any errors or imperfections in the quantitative model, could </span><span style="color:#002245;font-family:arial;font-size:10pt">adversely affect Fund performance. The performance of a quantitative model depends upon the quality of its design and </span><span style="color:#002245;font-family:arial;font-size:10pt">effective execution under actual market conditions. Even a well-designed quantitative model cannot be expected to perform </span><span style="color:#002245;font-family:arial;font-size:10pt">well in all market conditions or across all time intervals. Quantitative models may underperform in certain market </span><span style="color:#002245;font-family:arial;font-size:10pt">environments including stressed or volatile market conditions. Effective execution may depend, in part, upon subjective </span><span style="color:#002245;font-family:arial;font-size:10pt">selection and application of factors and data inputs used by the quantitative model. Discretion may be used by the portfolio </span><span style="color:#002245;font-family:arial;font-size:10pt">management team when determining the data collected and incorporated into a quantitative model. Shareholders should be </span></div><div style="line-height:12.0pt;margin-top:0.0pt;text-align:left;"><span style="color:#002245;font-family:arial;font-size:10pt">aware that there is no guarantee that any specific data or type of data can or will be used in a quantitative model. The </span><span style="color:#002245;font-family:arial;font-size:10pt">portfolio management team may also use discretion when interpreting and applying the results of a quantitative model, </span><span style="color:#002245;font-family:arial;font-size:10pt">including emphasizing, discounting or disregarding its outputs. It is not possible or practicable for a quantitative model to </span><span style="color:#002245;font-family:arial;font-size:10pt">factor in all relevant, available data. There is no guarantee that the data actually utilized in a quantitative model will be the </span><span style="color:#002245;font-family:arial;font-size:10pt">most accurate data available or be free from errors. There can be no assurance that the use of any quantitative models will </span><span style="color:#002245;font-family:arial;font-size:10pt">enable the Fund to achieve its objective.</span></div> <div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Rule 144A and Other Exempted Securities Risk</span><span style="color:#002245;font-family:arial;font-size:10pt">. The Fund may invest in privately placed and other securities or instruments </span><span style="color:#002245;font-family:arial;font-size:10pt">exempt from SEC registration (collectively “private placements”), subject to certain regulatory restrictions. In the U.S. market, </span><span style="color:#002245;font-family:arial;font-size:10pt">private placements are typically sold only to qualified institutional buyers, or qualified purchasers, as applicable. An </span><span style="color:#002245;font-family:arial;font-size:10pt">insufficient number of buyers interested in purchasing private placements at a particular time could adversely affect the </span><span style="color:#002245;font-family:arial;font-size:10pt">marketability of such investments and the Fund might be unable to dispose of them promptly or at reasonable prices, </span><span style="color:#002245;font-family:arial;font-size:10pt">subjecting the Fund to liquidity risk (the risk that it may not be possible for the Fund to liquidate the instrument at an </span><span style="color:#002245;font-family:arial;font-size:10pt">advantageous time or price). The Fund’s holdings of private placements may increase the level of Fund illiquidity if eligible </span><span style="color:#002245;font-family:arial;font-size:10pt">buyers are unable or unwilling to purchase them at a particular time. The Fund may also have to bear the expense of </span><span style="color:#002245;font-family:arial;font-size:10pt">registering the securities for resale and the risk of substantial delays in effecting the registration. Additionally, the purchase </span><span style="color:#002245;font-family:arial;font-size:10pt">price and subsequent valuation of private placements typically reflect a discount, which may be significant, from the market </span><span style="color:#002245;font-family:arial;font-size:10pt">price of comparable securities for which a more liquid market exists. Issuers of Rule 144A eligible securities are required to </span><span style="color:#002245;font-family:arial;font-size:10pt">furnish information to potential investors upon request. However, the required disclosure is much less extensive than that </span><span style="color:#002245;font-family:arial;font-size:10pt">required of public companies and is not publicly available since the offering information is not filed with the SEC. Further, </span><span style="color:#002245;font-family:arial;font-size:10pt">issuers of Rule 144A eligible securities can require recipients of the offering information (such as the Fund) to agree </span><span style="color:#002245;font-family:arial;font-size:10pt">contractually to keep the information confidential, which could also adversely affect the Fund’s ability to dispose of the </span><span style="color:#002245;font-family:arial;font-size:10pt">security.</span></div> <div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Sector Risk</span><span style="color:#002245;font-family:arial;font-size:10pt">. At times, the Fund may have a significant portion of its assets invested in securities of companies conducting </span><span style="color:#002245;font-family:arial;font-size:10pt">business in a related group of industries within one or more economic sectors, including the information technology sector. </span><span style="color:#002245;font-family:arial;font-size:10pt">Companies in the same sector may be similarly affected by economic, regulatory, political or market events or conditions, </span><span style="color:#002245;font-family:arial;font-size:10pt">which may make the Fund vulnerable to unfavorable developments in that group of industries or economic sector.</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">• Information Technology Sector.</span><span style="color:#002245;font-family:arial;font-size:10pt"> The Fund is vulnerable to the particular risks that may affect companies in the information </span><span style="color:#002245;font-family:arial;font-size:10pt">technology sector. Companies in the information technology sector are subject to certain risks, including the risk that new </span><span style="color:#002245;font-family:arial;font-size:10pt">services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. </span><span style="color:#002245;font-family:arial;font-size:10pt">Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to do </span><span style="color:#002245;font-family:arial;font-size:10pt">so) and significant competitive pressures, including aggressive pricing of their products or services, new market entrants, </span><span style="color:#002245;font-family:arial;font-size:10pt">competition for market share and short product cycles due to an accelerated rate of technological developments. Such </span><span style="color:#002245;font-family:arial;font-size:10pt">competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may </span><span style="color:#002245;font-family:arial;font-size:10pt">fall or fail to rise. In addition, many information technology sector companies have limited operating histories and prices of </span><span style="color:#002245;font-family:arial;font-size:10pt">these companies’ securities historically have been more volatile than other securities, especially over the short term. Some </span><span style="color:#002245;font-family:arial;font-size:10pt">companies in the information technology sector are facing increased government and regulatory scrutiny and may be </span><span style="color:#002245;font-family:arial;font-size:10pt">subject to adverse government or regulatory action, which could negatively impact the value of their securities.</span></div> <div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Unrated Securities</span><span style="color:#002245;font-family:arial;font-size:10pt;font-weight:bold"> Risk.</span><span style="color:#002245;font-family:arial;font-size:10pt"> The Fund may purchase unrated securities which are not rated by a rating agency. Unrated </span><span style="color:#002245;font-family:arial;font-size:10pt">securities may be less liquid than comparable rated securities and involve the risk that the Investment Manager may not </span><span style="color:#002245;font-family:arial;font-size:10pt">accurately evaluate the security’s comparative credit rating. Analysis of creditworthiness of issuers of high yield securities </span><span style="color:#002245;font-family:arial;font-size:10pt">may be more complex than for issuers of higher-quality debt securities. To the extent that the Fund purchases unrated </span><span style="color:#002245;font-family:arial;font-size:10pt">securities, the Fund’s success in achieving its investment objective may depend more heavily on the Investment Manager’s </span><span style="color:#002245;font-family:arial;font-size:10pt">creditworthiness analysis than if the Fund invested exclusively in rated securities.</span></div> <div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Transactions in Derivatives.</span><span style="color:#002245;font-family:arial;font-size:10pt"> The Fund may enter into derivative transactions or otherwise have exposure to derivative </span><span style="color:#002245;font-family:arial;font-size:10pt">transactions through underlying investments. Derivatives are financial contracts whose values are, for example, based on (or </span><span style="color:#002245;font-family:arial;font-size:10pt">“derived” from) traditional securities (such as a stock or bond), assets  (such as a commodity like gold or a foreign currency), </span><span style="color:#002245;font-family:arial;font-size:10pt">reference rates (such as the Secured Overnight Financing Rate (commonly known as SOFR)) or market indices (such as the </span></div><div style="line-height:12.0pt;margin-top:0.0pt;text-align:left;"><span style="color:#002245;font-family:arial;font-size:10pt">Standard &amp; Poor’s 500</span><span style="color:#002245;font-family:arial;font-size:4.5pt;position:relative;top:-7pt">®</span><span style="color:#002245;font-family:arial;font-size:10pt">Index). The use of derivatives is a highly specialized activity which involves investment techniques </span><span style="color:#002245;font-family:arial;font-size:10pt">and risks different from those associated with ordinary portfolio securities transactions. Derivatives involve special risks and </span><span style="color:#002245;font-family:arial;font-size:10pt">may result in losses or may limit the Fund’s potential gain from favorable market movements. Derivative strategies often </span><span style="color:#002245;font-family:arial;font-size:10pt">involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it would have lost had </span><span style="color:#002245;font-family:arial;font-size:10pt">it invested in the underlying security or other asset directly. The values of derivatives may move in unexpected ways, </span><span style="color:#002245;font-family:arial;font-size:10pt">especially in unusual market conditions, and may result in increased volatility in the value of the derivative and/or the Fund’s </span><span style="color:#002245;font-family:arial;font-size:10pt">shares, among other consequences. The use of derivatives may also increase the amount of taxes payable by stockholders </span><span style="color:#002245;font-family:arial;font-size:10pt">holding shares in a taxable account. See the </span><span style="color:#002245;font-family:arial;font-size:10pt;font-style:italic">Taxation</span><span style="color:#002245;font-family:arial;font-size:10pt"> section in the Statement of Additional Information for more </span><span style="color:#002245;font-family:arial;font-size:10pt">information. Other risks arise from the Fund’s potential inability to terminate or to sell derivative positions. A liquid secondary </span><span style="color:#002245;font-family:arial;font-size:10pt">market may not always exist for the Fund’s derivative positions at times when the Fund might wish to terminate or to sell </span><span style="color:#002245;font-family:arial;font-size:10pt">such positions. Over-the-counter instruments (investments not traded on an exchange) may be illiquid, and transactions in </span><span style="color:#002245;font-family:arial;font-size:10pt">derivatives traded in the over-the-counter market are subject to the risk that the other party will not meet its obligations. The </span><span style="color:#002245;font-family:arial;font-size:10pt">use of derivatives also involves the risks of mispricing or improper valuation and that changes in the value of the derivative </span><span style="color:#002245;font-family:arial;font-size:10pt">may not correlate perfectly with the underlying security, asset, reference rate or index. The Fund also may not be able to find </span><span style="color:#002245;font-family:arial;font-size:10pt">a suitable derivative transaction counterparty, and thus may be unable to engage in derivative transactions when it is </span><span style="color:#002245;font-family:arial;font-size:10pt">deemed favorable to do so, or at all. The U.S. government and the European Union (and some other jurisdictions) have </span><span style="color:#002245;font-family:arial;font-size:10pt">enacted regulations and similar requirements that prescribe clearing, margin, reporting and registration requirements for </span><span style="color:#002245;font-family:arial;font-size:10pt">participants in the derivatives market. These requirements are evolving and their ultimate impact on the Fund remains </span><span style="color:#002245;font-family:arial;font-size:10pt">unclear, but such impact could include restricting and/or imposing significant costs or other burdens upon the Fund’s </span><span style="color:#002245;font-family:arial;font-size:10pt">participation in derivatives transactions. Additionally, regulations governing the use of derivatives by registered investment </span><span style="color:#002245;font-family:arial;font-size:10pt">companies, such as the Fund, require, among other things, that a fund that invests in derivative instruments beyond a </span><span style="color:#002245;font-family:arial;font-size:10pt">specified limited amount apply a value-at-risk-based limit to its portfolio and establish a comprehensive derivatives risk </span><span style="color:#002245;font-family:arial;font-size:10pt">management program. As of the date of this report, the Fund is not required to maintain a comprehensive derivatives risk </span><span style="color:#002245;font-family:arial;font-size:10pt">management program under Rule 18f-4 given its more limited use of derivatives. For more information on the risks of </span><span style="color:#002245;font-family:arial;font-size:10pt">derivative investments and strategies, see the Statement of Additional Information.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #002245; font-family: arial; font-size: 10pt; font-weight: bold;">Fees and Expenses of the Fund</span></div> <div style="margin-top: 9pt;"><span style="color: #002245; font-family: arial; font-size: 10pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell Common Stock. </span><span style="color: #002245; font-family: arial; font-size: 10pt; font-weight: bold;">You may pay other </span><span style="color: #002245; font-family: arial; font-size: 10pt; font-weight: bold;">fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and </span><span style="color: #002245; font-family: arial; font-size: 10pt; font-weight: bold;">examples below.</span><span style="color: #002245; font-family: arial; font-size: 1pt;"> </span></div> <table cellpadding="0" cellspacing="0" style="border-bottom: 0.5pt solid #bee6f7; empty-cells: show; width: 540pt;"> <tr style="height: 12pt;"> <td colspan="2" style="background-color: #002245; vertical-align: Bottom; width: 540.01pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 4pt; margin-right: 2pt; text-align: left; white-space: nowrap;"><span style="color: #ffffff; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">Stockholder Transaction Expenses</span></div> </div> </td> </tr> <tr style="height: 10.5pt;"> <td style="vertical-align: Top; width: 501.38pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-left: 4pt; margin-right: 12pt; text-align: left; white-space: nowrap;"><span style="color: #002245; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">Cash Purchase Plan Fees</span></div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 38.63pt;"> <div style="line-height: 9pt; margin-left: 12pt; margin-right: 2pt; text-align: right; width: 22.63pt;"> <div style="display: flex; margin-left: auto; width: 24.63pt;"> <div style="display: flex; white-space: nowrap; width: 24.63pt;"><span style="color: #002245; font-family: arial narrow; font-size: 8pt; width: 24.63pt;">$2.00</span></div> <div style="display: flex;"><span style="color: #002245; font-family: arial narrow; font-size: 5pt; position: relative; top: -3.25pt; width: auto;">(a)</span></div> </div> </div> </td> </tr> </table> <div> <div style="clear: both; margin-top: 5.5pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.0pt; text-align: left; width: 8.88pt;"><span style="color: #002245; font-family: arial narrow; font-size: 8pt;">(a)</span> <br/></div> <div style="float: left; line-height: 9.0pt; margin-left: 4.62pt; text-align: left; width: 521.50pt;"><span style="color: #002245; font-family: arial narrow; font-size: 8pt;">Stockholders participating in the Fund’s Cash Purchase Plan (the Cash Purchase Plan) pay a $2.00 fee per cash purchase transaction; there is no fee for automatic dividend re-investment transactions in the Fund’s Automatic Dividend Investment Plan (the Automatic Dividend Investment Plan). See Automatic Dividend Investment Plan and Cash Purchase Plan below for a description of the related services.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> 2.00 <table cellpadding="0" cellspacing="0" style="border-bottom: 0.5pt solid #bee6f7; empty-cells: show; width: 540pt;"> <tr style="height: 12pt;"> <td colspan="2" style="background-color: #002245; vertical-align: Bottom; width: 540.00pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 4pt; margin-right: 2pt; text-align: left; white-space: nowrap;"><span style="color: #ffffff; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">Annual Expenses (as a percentage of net assets attributable to common shares)</span></div> </div> </td> </tr> <tr style="height: 11pt;"> <td style="border-bottom: 0.5pt solid #BEE6F7; vertical-align: Top; width: 505.01pt;"> <div style="line-height: 10.0pt; text-align: left;"> <div style="margin-left: 4pt; margin-right: 12pt; text-align: left; white-space: nowrap;"><span style="color: #002245; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">Management fees</span><span style="color: #002245; font-family: arial narrow; font-size: 5pt; margin-left: 0.0pt; position: relative; top: -3.25pt;">(b)</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #BEE6F7; vertical-align: Bottom; white-space: nowrap; width: 34.99pt;"> <div style="line-height: 10.0pt; margin-left: 12pt; margin-right: 2pt; text-align: right; width: 18.99pt;"> <div style="display: flex; margin-left: auto; width: 20.99pt;"> <div style="display: flex; white-space: nowrap; width: 20.99pt;"><span style="color: #002245; font-family: arial narrow; font-size: 8pt; width: 20.99pt;">0.42%</span></div> </div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="border-bottom: 0.5pt solid #BEE6F7; vertical-align: Top; width: 505.01pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 4pt; margin-right: 12pt; text-align: left; white-space: nowrap;"><span style="color: #002245; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">Other expenses</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #BEE6F7; vertical-align: Bottom; white-space: nowrap; width: 34.99pt;"> <div style="line-height: 11.0pt; margin-left: 12pt; margin-right: 2pt; text-align: right; width: 18.99pt;"> <div style="display: flex; margin-left: auto; width: 20.99pt;"> <div style="display: flex; white-space: nowrap; width: 20.99pt;"><span style="color: #002245; font-family: arial narrow; font-size: 8pt; width: 20.99pt;">0.04%</span></div> </div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="border-bottom: 0.5pt solid #BEE6F7; vertical-align: Top; width: 505.01pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 4pt; margin-right: 12pt; text-align: left; white-space: nowrap;"><span style="color: #002245; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">Acquired fund fees and expenses</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #BEE6F7; vertical-align: Bottom; white-space: nowrap; width: 34.99pt;"> <div style="line-height: 11.0pt; margin-left: 12pt; margin-right: 2pt; text-align: right; width: 18.99pt;"> <div style="display: flex; margin-left: auto; width: 20.99pt;"> <div style="display: flex; white-space: nowrap; width: 20.99pt;"><span style="color: #002245; font-family: arial narrow; font-size: 8pt; width: 20.99pt;">0.05%</span></div> </div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="border-bottom: 0.5pt solid #BEE6F7; vertical-align: Top; width: 505.01pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 4pt; margin-right: 12pt; text-align: left; white-space: nowrap;"><span style="color: #002245; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">Total Annual Expenses Before Impact of Dividends on Preferred Stock</span><span style="color: #002245; font-family: arial narrow; font-size: 5pt; margin-left: 0.0pt; position: relative; top: -3.25pt;">(c)</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #BEE6F7; vertical-align: Bottom; white-space: nowrap; width: 34.99pt;"> <div style="line-height: 11.0pt; margin-left: 12pt; margin-right: 2pt; text-align: right; width: 18.99pt;"> <div style="display: flex; margin-left: auto; width: 20.99pt;"> <div style="display: flex; white-space: nowrap; width: 20.99pt;"><span style="color: #002245; font-family: arial narrow; font-size: 8pt; width: 20.99pt;">0.51%</span></div> </div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="border-bottom: 0.5pt solid #BEE6F7; vertical-align: Top; width: 505.01pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 4pt; margin-right: 12pt; text-align: left; white-space: nowrap;"><span style="color: #002245; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">Impact of Dividends on Preferred Stock</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #BEE6F7; vertical-align: Bottom; white-space: nowrap; width: 34.99pt;"> <div style="line-height: 11.0pt; margin-left: 12pt; margin-right: 2pt; text-align: right; width: 18.99pt;"> <div style="display: flex; margin-left: auto; width: 20.99pt;"> <div style="display: flex; white-space: nowrap; width: 20.99pt;"><span style="color: #002245; font-family: arial narrow; font-size: 8pt; width: 20.99pt;">0.10%</span></div> </div> </div> </td> </tr> <tr style="height: 11.5pt;"> <td style="vertical-align: Top; width: 505.01pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 4pt; margin-right: 12pt; text-align: left; white-space: nowrap;"><span style="color: #002245; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">Total Annual Expenses, Including Impact of Dividends on Preferred Stock</span></div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 34.99pt;"> <div style="line-height: 10pt; margin-left: 12pt; margin-right: 2pt; text-align: right; width: 18.99pt;"> <div style="display: flex; margin-left: auto; width: 20.99pt;"> <div style="display: flex; white-space: nowrap; width: 20.99pt;"><span style="color: #002245; font-family: arial narrow; font-size: 8pt; width: 20.99pt;">0.61%</span></div> </div> </div> </td> </tr> </table> <div> <div style="clear: both; margin-top: 3.0pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.0pt; text-align: left; width: 8.99pt;"><span style="color: #002245; font-family: arial narrow; font-size: 8pt;">(b)</span> <br/></div> <div style="float: left; line-height: 9.0pt; margin-left: 4.51pt; text-align: left; width: 521.50pt;"><span style="color: #002245; font-family: arial narrow; font-size: 8pt;">The Fund’s management fee is 0.41% of the Fund’s average daily net assets (which includes assets attributable to the Fund’s common and preferred stock) and is borne by the holders of the Fund’s common stock (Common Stockholders). The management fee rate noted in the table reflects the rate paid by Common Stockholders as a percentage of the Fund’s net assets attributable to Common Stock.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 3.0pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.0pt; text-align: left; width: 8.73pt;"><span style="color: #002245; font-family: arial narrow; font-size: 8pt;">(c)</span> <br/></div> <div style="float: left; line-height: 9.0pt; margin-left: 4.77pt; text-align: left; width: 521.50pt;"><span style="color: #002245; font-family: arial narrow; font-size: 8pt;">“Total Annual Expenses Before Impact of Dividends on Preferred Stock” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than “Expenses to average net assets for Common Stock” shown in the Financial Highlights section of this report because “Total gross expenses” does not include acquired fund fees and expenses.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> as a percentage of net assets attributable to common shares 0.0042 0.0004 0.0005 0.0051 0.0010 0.0061 <div style="float: left; line-height: 9.0pt; margin-left: 4.51pt; text-align: left; width: 521.50pt;"><span style="color: #002245; font-family: arial narrow; font-size: 8pt;">The Fund’s management fee is 0.41% of the Fund’s average daily net assets (which includes assets attributable to the Fund’s common and preferred stock) and is borne by the holders of the Fund’s common stock (Common Stockholders). The management fee rate noted in the table reflects the rate paid by Common Stockholders as a percentage of the Fund’s net assets attributable to Common Stock.</span></div> <div style="float: left; line-height: 9.0pt; margin-left: 4.77pt; text-align: left; width: 521.50pt;"><span style="color: #002245; font-family: arial narrow; font-size: 8pt;">“Total Annual Expenses Before Impact of Dividends on Preferred Stock” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than “Expenses to average net assets for Common Stock” shown in the Financial Highlights section of this report because “Total gross expenses” does not include acquired fund fees and expenses.</span></div> <div style="margin-top: 9pt;"><span style="color: #002245; font-family: arial; font-size: 10pt; font-weight: bold;">Example</span></div> <div style="margin-top: 9pt;"><span style="color: #002245; font-family: arial; font-size: 10pt;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color: #002245; font-family: arial; font-size: 10pt;">funds. The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes </span><span style="color: #002245; font-family: arial; font-size: 10pt;">that:</span></div> <div style="margin-top: 9pt;"><span style="color: #002245; font-family: arial; font-size: 10pt;">• you invest $1,000 in the Fund for the periods indicated,</span></div> <div style="margin-top: 9pt;"><span style="color: #002245; font-family: arial; font-size: 10pt;">• your investment has a 5% return each year, and</span></div> <div style="margin-top: 9pt;"><span style="color: #002245; font-family: arial; font-size: 10pt;">• the Fund’s total annual operating expenses remain the same as shown in the Annual Fund Operating Expenses table </span><span style="color: #002245; font-family: arial; font-size: 10pt;">above (including the impact of dividends on preferred stock).</span></div> <div style="margin-top: 9pt;"><span style="color: #002245; font-family: arial; font-size: 10pt;">Although your actual costs may be higher or lower, based on the assumptions listed above, your costs would be:</span><span style="color: #002245; font-family: arial; font-size: 1pt;"> </span></div> <table cellpadding="0" cellspacing="0" style="border-bottom: 0.5pt solid #bee6f7; empty-cells: show; width: 540pt;"> <tr style="height: 12pt;"> <td style="background-color: #002245; vertical-align: Bottom; width: 346.88pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-left: 4pt; margin-right: 12pt; text-align: left; white-space: nowrap;"><span style="color: #ffffff; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;"> </span></div> </div> </td> <td style="background-color: #002245; vertical-align: Bottom; width: 46.05pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 10pt; margin-right: 10pt; text-align: right; white-space: nowrap;"><span style="color: #ffffff; font-family: arial; font-size: 8pt; font-weight: bold;">1 year</span></div> </div> </td> <td style="background-color: #002245; vertical-align: Bottom; width: 50.16pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 10pt; margin-right: 10pt; text-align: right; white-space: nowrap;"><span style="color: #ffffff; font-family: arial; font-size: 8pt; font-weight: bold;">3 years</span></div> </div> </td> <td style="background-color: #002245; vertical-align: Bottom; width: 50.16pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 10pt; margin-right: 10pt; text-align: right; white-space: nowrap;"><span style="color: #ffffff; font-family: arial; font-size: 8pt; font-weight: bold;">5 years</span></div> </div> </td> <td style="background-color: #002245; vertical-align: Bottom; width: 46.74pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 10pt; margin-right: 2pt; text-align: right; white-space: nowrap;"><span style="color: #ffffff; font-family: arial; font-size: 8pt; font-weight: bold;">10 years</span></div> </div> </td> </tr> <tr style="height: 10.5pt;"> <td style="vertical-align: Top; width: 346.88pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-left: 4pt; margin-right: 12pt; text-align: left; white-space: nowrap;"><span style="color: #002245; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">Tri-Continental Corporation Common Stock</span></div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 46.05pt;"> <div style="line-height: 9pt; margin-left: 12pt; margin-right: 12pt; text-align: right; width: 22.05pt;"> <div style="display: flex; margin-left: auto; width: 9.89pt;"> <div style="display: flex; white-space: nowrap; width: 9.89pt;"><span style="color: #002245; font-family: arial narrow; font-size: 8pt; width: 9.89pt;">$6</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 50.16pt;"> <div style="line-height: 9pt; margin-left: 12pt; margin-right: 12pt; text-align: right; width: 26.16pt;"> <div style="display: flex; margin-left: auto; width: 13.83pt;"> <div style="display: flex; white-space: nowrap; width: 13.83pt;"><span style="color: #002245; font-family: arial narrow; font-size: 8pt; width: 13.83pt;">$20</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 50.16pt;"> <div style="line-height: 9pt; margin-left: 12pt; margin-right: 12pt; text-align: right; width: 26.16pt;"> <div style="display: flex; margin-left: auto; width: 13.83pt;"> <div style="display: flex; white-space: nowrap; width: 13.83pt;"><span style="color: #002245; font-family: arial narrow; font-size: 8pt; width: 13.83pt;">$34</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 46.74pt;"> <div style="line-height: 9pt; margin-left: 12pt; margin-right: 2pt; text-align: right; width: 30.74pt;"> <div style="display: flex; margin-left: auto; width: 13.83pt;"> <div style="display: flex; white-space: nowrap; width: 13.83pt;"><span style="color: #002245; font-family: arial narrow; font-size: 8pt; width: 13.83pt;">$76</span></div> </div> </div> </td> </tr> </table> <div style="margin-top: 10pt;"><span style="color: #002245; font-family: arial; font-size: 10pt;">If dividends on the Fund’s $2.50 cumulative preferred stock (Preferred Stock) were not included, the total expenses incurred </span><span style="color: #002245; font-family: arial; font-size: 10pt;">for 1, 3, 5 and 10 years would be $5, $16, $29, and $64, respectively.</span></div> 6 20 34 76 <div style="margin-top: 9pt;"><span style="color: #002245; font-family: arial; font-size: 10pt;">The purpose of the tables above is to assist you in understanding the various costs and expenses you will bear directly or </span><span style="color: #002245; font-family: arial; font-size: 10pt;">indirectly.</span></div> <div style="line-height:12.0pt;margin-top:0.0pt;text-align:left;"><span style="color:#002245;font-family:arial;font-size:10pt;font-weight:bold">Share Price Data</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt">The Fund’s Common Stock is traded primarily on the New York Stock Exchange (the Exchange). The following table shows </span><span style="color:#002245;font-family:arial;font-size:10pt">the high and low closing prices of the Fund’s Common Stock on the Exchange for each calendar quarter since the beginning </span><span style="color:#002245;font-family:arial;font-size:10pt">of 2024, as well as the net asset values and the range of the percentage (discounts)/premiums to net asset value per share </span><span style="color:#002245;font-family:arial;font-size:10pt">that correspond to such prices.</span></div> <table cellpadding="0" cellspacing="0" style="border-bottom:0.5pt solid #bee6f7;empty-cells:show;width:540pt"> <tr style="height:11.5pt"> <td style="background-color:#002245;vertical-align:Bottom;width:192.68pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:4pt;margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt"> </span></div> </div> </td> <td colspan="2" style="background-color:#002245;vertical-align:Bottom;width:68.76pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:1pt;margin-right:5.5pt;text-align:right;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold">Market Price ($)</span></div> </div> </td> <td colspan="2" style="background-color:#002245;vertical-align:Bottom;width:98.28pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:5.5pt;margin-right:5.5pt;text-align:right;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Corresponding NAV ($)</span></div> </div> </td> <td colspan="2" style="background-color:#002245;vertical-align:Bottom;width:180.28pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:5.5pt;margin-right:2pt;text-align:right;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Corresponding (Discount)/Premium to NAV (%)</span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="background-color:#BEE6F7;border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:192.68pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:4pt;margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt"> </span></div> </div> </td> <td style="background-color:#BEE6F7;border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:32.13pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:1pt;margin-right:5.5pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt">High</span></div> </div> </td> <td style="background-color:#BEE6F7;border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:36.63pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:5.5pt;margin-right:5.5pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt">Low</span></div> </div> </td> <td style="background-color:#BEE6F7;border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:49.14pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:5.5pt;margin-right:5.5pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt">High</span></div> </div> </td> <td style="background-color:#BEE6F7;border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:49.14pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:5.5pt;margin-right:5.5pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt">Low</span></div> </div> </td> <td style="background-color:#BEE6F7;border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:91.89pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:5.5pt;margin-right:5.5pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt">High</span></div> </div> </td> <td style="background-color:#BEE6F7;border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:88.39pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:5.5pt;margin-right:2pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt">Low</span></div> </div> </td> </tr> <tr style="height:12.5pt"> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Top;width:192.68pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:4pt;margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">2024</span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:32.13pt;"> <div style="line-height:0.5pt;margin-left:3pt;margin-right:7.5pt;text-align:right;width:21.63pt;"> <div style="display:flex;margin-left:auto;width:19.88pt;"> <div style="display:flex;white-space:nowrap;width:19.88pt;"> </div> </div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:36.63pt;"> <div style="line-height:0.5pt;margin-left:7.5pt;margin-right:7.5pt;text-align:right;width:21.63pt;"> <div style="display:flex;margin-left:auto;width:19.88pt;"> <div style="display:flex;white-space:nowrap;width:19.88pt;"> </div> </div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:49.14pt;"> <div style="line-height:0.5pt;margin-left:7.5pt;margin-right:7.5pt;text-align:right;width:34.14pt;"> <div style="display:flex;margin-left:auto;width:19.88pt;"> <div style="display:flex;white-space:nowrap;width:19.88pt;"> </div> </div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:49.14pt;"> <div style="line-height:0.5pt;margin-left:7.5pt;margin-right:7.5pt;text-align:right;width:34.14pt;"> <div style="display:flex;margin-left:auto;width:19.88pt;"> <div style="display:flex;white-space:nowrap;width:19.88pt;"> </div> </div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:91.89pt;"> <div style="line-height:0.5pt;margin-left:7.5pt;margin-right:7.5pt;text-align:right;width:76.89pt;"> <div style="display:flex;margin-left:auto;width:22.38pt;"> <div style="display:flex;white-space:nowrap;width:22.38pt;"> </div> </div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:88.39pt;"> <div style="line-height:0.5pt;margin-left:7.5pt;margin-right:2pt;text-align:right;width:76.89pt;"> <div style="display:flex;margin-left:auto;width:22.38pt;"> <div style="display:flex;white-space:nowrap;width:22.38pt;"> </div> </div> </div> </td> </tr> <tr style="height:12pt"> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Top;width:192.68pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:4pt;margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">1</span><span style="color:#002245;font-family:arial narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt">st</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;margin-left:0.0pt"> Quarter</span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:32.13pt;"> <div style="line-height:11.0pt;margin-left:3pt;margin-right:7.5pt;text-align:right;width:21.63pt;"> <div style="display:flex;margin-left:auto;width:19.88pt;"> <div style="display:flex;white-space:nowrap;width:19.88pt;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:19.88pt">30.80</span></div> </div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:36.63pt;"> <div style="line-height:11.0pt;margin-left:7.5pt;margin-right:7.5pt;text-align:right;width:21.63pt;"> <div style="display:flex;margin-left:auto;width:19.88pt;"> <div style="display:flex;white-space:nowrap;width:19.88pt;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:19.88pt">28.35</span></div> </div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:49.14pt;"> <div style="line-height:11.0pt;margin-left:7.5pt;margin-right:7.5pt;text-align:right;width:34.14pt;"> <div style="display:flex;margin-left:auto;width:19.88pt;"> <div style="display:flex;white-space:nowrap;width:19.88pt;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:19.88pt">35.06</span></div> </div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:49.14pt;"> <div style="line-height:11.0pt;margin-left:7.5pt;margin-right:7.5pt;text-align:right;width:34.14pt;"> <div style="display:flex;margin-left:auto;width:19.88pt;"> <div style="display:flex;white-space:nowrap;width:19.88pt;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:19.88pt">32.38</span></div> </div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:91.89pt;"> <div style="line-height:11.0pt;margin-left:7.5pt;margin-right:7.5pt;text-align:right;width:76.89pt;"> <div style="display:flex;margin-left:auto;width:22.38pt;"> <div style="display:flex;white-space:nowrap;width:22.38pt;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:22.38pt">(12.15</span></div> <div style="display:flex;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:auto">)</span></div> </div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:88.39pt;"> <div style="line-height:11.0pt;margin-left:7.5pt;margin-right:2pt;text-align:right;width:76.89pt;"> <div style="display:flex;margin-left:auto;width:22.38pt;"> <div style="display:flex;white-space:nowrap;width:22.38pt;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:22.38pt">(12.45</span></div> <div style="display:flex;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:auto">)</span></div> </div> </div> </td> </tr> <tr style="height:12pt"> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Top;width:192.68pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:4pt;margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">2</span><span style="color:#002245;font-family:arial narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt">nd</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;margin-left:0.0pt"> Quarter</span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:32.13pt;"> <div style="line-height:11.0pt;margin-left:3pt;margin-right:7.5pt;text-align:right;width:21.63pt;"> <div style="display:flex;margin-left:auto;width:19.88pt;"> <div style="display:flex;white-space:nowrap;width:19.88pt;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:19.88pt">31.03</span></div> </div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:36.63pt;"> <div style="line-height:11.0pt;margin-left:7.5pt;margin-right:7.5pt;text-align:right;width:21.63pt;"> <div style="display:flex;margin-left:auto;width:19.88pt;"> <div style="display:flex;white-space:nowrap;width:19.88pt;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:19.88pt">29.24</span></div> </div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:49.14pt;"> <div style="line-height:11.0pt;margin-left:7.5pt;margin-right:7.5pt;text-align:right;width:34.14pt;"> <div style="display:flex;margin-left:auto;width:19.88pt;"> <div style="display:flex;white-space:nowrap;width:19.88pt;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:19.88pt">35.18</span></div> </div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:49.14pt;"> <div style="line-height:11.0pt;margin-left:7.5pt;margin-right:7.5pt;text-align:right;width:34.14pt;"> <div style="display:flex;margin-left:auto;width:19.88pt;"> <div style="display:flex;white-space:nowrap;width:19.88pt;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:19.88pt">33.57</span></div> </div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:91.89pt;"> <div style="line-height:11.0pt;margin-left:7.5pt;margin-right:7.5pt;text-align:right;width:76.89pt;"> <div style="display:flex;margin-left:auto;width:22.38pt;"> <div style="display:flex;white-space:nowrap;width:22.38pt;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:22.38pt">(11.80</span></div> <div style="display:flex;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:auto">)</span></div> </div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:88.39pt;"> <div style="line-height:11.0pt;margin-left:7.5pt;margin-right:2pt;text-align:right;width:76.89pt;"> <div style="display:flex;margin-left:auto;width:22.38pt;"> <div style="display:flex;white-space:nowrap;width:22.38pt;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:22.38pt">(12.90</span></div> <div style="display:flex;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:auto">)</span></div> </div> </div> </td> </tr> <tr style="height:12pt"> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Top;width:192.68pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:4pt;margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">3</span><span style="color:#002245;font-family:arial narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt">rd</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;margin-left:0.0pt"> Quarter</span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:32.13pt;"> <div style="line-height:11.0pt;margin-left:3pt;margin-right:7.5pt;text-align:right;width:21.63pt;"> <div style="display:flex;margin-left:auto;width:19.88pt;"> <div style="display:flex;white-space:nowrap;width:19.88pt;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:19.88pt">33.04</span></div> </div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:36.63pt;"> <div style="line-height:11.0pt;margin-left:7.5pt;margin-right:7.5pt;text-align:right;width:21.63pt;"> <div style="display:flex;margin-left:auto;width:19.88pt;"> <div style="display:flex;white-space:nowrap;width:19.88pt;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:19.88pt">29.86</span></div> </div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:49.14pt;"> <div style="line-height:11.0pt;margin-left:7.5pt;margin-right:7.5pt;text-align:right;width:34.14pt;"> <div style="display:flex;margin-left:auto;width:19.88pt;"> <div style="display:flex;white-space:nowrap;width:19.88pt;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:19.88pt">37.37</span></div> </div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:49.14pt;"> <div style="line-height:11.0pt;margin-left:7.5pt;margin-right:7.5pt;text-align:right;width:34.14pt;"> <div style="display:flex;margin-left:auto;width:19.88pt;"> <div style="display:flex;white-space:nowrap;width:19.88pt;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:19.88pt">34.40</span></div> </div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:91.89pt;"> <div style="line-height:11.0pt;margin-left:7.5pt;margin-right:7.5pt;text-align:right;width:76.89pt;"> <div style="display:flex;margin-left:auto;width:22.38pt;"> <div style="display:flex;white-space:nowrap;width:22.38pt;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:22.38pt">(11.59</span></div> <div style="display:flex;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:auto">)</span></div> </div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:88.39pt;"> <div style="line-height:11.0pt;margin-left:7.5pt;margin-right:2pt;text-align:right;width:76.89pt;"> <div style="display:flex;margin-left:auto;width:22.38pt;"> <div style="display:flex;white-space:nowrap;width:22.38pt;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:22.38pt">(13.20</span></div> <div style="display:flex;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:auto">)</span></div> </div> </div> </td> </tr> <tr style="height:12pt"> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Top;width:192.68pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:4pt;margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">4</span><span style="color:#002245;font-family:arial narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt">th</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;margin-left:0.0pt"> Quarter</span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:32.13pt;"> <div style="line-height:11.0pt;margin-left:3pt;margin-right:7.5pt;text-align:right;width:21.63pt;"> <div style="display:flex;margin-left:auto;width:19.88pt;"> <div style="display:flex;white-space:nowrap;width:19.88pt;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:19.88pt">34.67</span></div> </div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:36.63pt;"> <div style="line-height:11.0pt;margin-left:7.5pt;margin-right:7.5pt;text-align:right;width:21.63pt;"> <div style="display:flex;margin-left:auto;width:19.88pt;"> <div style="display:flex;white-space:nowrap;width:19.88pt;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:19.88pt">31.01</span></div> </div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:49.14pt;"> <div style="line-height:11.0pt;margin-left:7.5pt;margin-right:7.5pt;text-align:right;width:34.14pt;"> <div style="display:flex;margin-left:auto;width:19.88pt;"> <div style="display:flex;white-space:nowrap;width:19.88pt;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:19.88pt">39.24</span></div> </div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:49.14pt;"> <div style="line-height:11.0pt;margin-left:7.5pt;margin-right:7.5pt;text-align:right;width:34.14pt;"> <div style="display:flex;margin-left:auto;width:19.88pt;"> <div style="display:flex;white-space:nowrap;width:19.88pt;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:19.88pt">35.36</span></div> </div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:91.89pt;"> <div style="line-height:11.0pt;margin-left:7.5pt;margin-right:7.5pt;text-align:right;width:76.89pt;"> <div style="display:flex;margin-left:auto;width:22.38pt;"> <div style="display:flex;white-space:nowrap;width:22.38pt;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:22.38pt">(11.65</span></div> <div style="display:flex;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:auto">)</span></div> </div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:88.39pt;"> <div style="line-height:11.0pt;margin-left:7.5pt;margin-right:2pt;text-align:right;width:76.89pt;"> <div style="display:flex;margin-left:auto;width:22.38pt;"> <div style="display:flex;white-space:nowrap;width:22.38pt;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:22.38pt">(12.30</span></div> <div style="display:flex;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:auto">)</span></div> </div> </div> </td> </tr> <tr style="height:12pt"> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Top;width:192.68pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:4pt;margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">2025</span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:32.13pt;"> <div style="line-height:0.5pt;margin-left:3pt;margin-right:7.5pt;text-align:right;width:21.63pt;"> <div style="display:flex;margin-left:auto;width:19.88pt;"> <div style="display:flex;white-space:nowrap;width:19.88pt;"> </div> </div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:36.63pt;"> <div style="line-height:0.5pt;margin-left:7.5pt;margin-right:7.5pt;text-align:right;width:21.63pt;"> <div style="display:flex;margin-left:auto;width:19.88pt;"> <div style="display:flex;white-space:nowrap;width:19.88pt;"> </div> </div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:49.14pt;"> <div style="line-height:0.5pt;margin-left:7.5pt;margin-right:7.5pt;text-align:right;width:34.14pt;"> <div style="display:flex;margin-left:auto;width:19.88pt;"> <div style="display:flex;white-space:nowrap;width:19.88pt;"> </div> </div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:49.14pt;"> <div style="line-height:0.5pt;margin-left:7.5pt;margin-right:7.5pt;text-align:right;width:34.14pt;"> <div style="display:flex;margin-left:auto;width:19.88pt;"> <div style="display:flex;white-space:nowrap;width:19.88pt;"> </div> </div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:91.89pt;"> <div style="line-height:0.5pt;margin-left:7.5pt;margin-right:7.5pt;text-align:right;width:76.89pt;"> <div style="display:flex;margin-left:auto;width:22.38pt;"> <div style="display:flex;white-space:nowrap;width:22.38pt;"> </div> </div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:88.39pt;"> <div style="line-height:0.5pt;margin-left:7.5pt;margin-right:2pt;text-align:right;width:76.89pt;"> <div style="display:flex;margin-left:auto;width:22.38pt;"> <div style="display:flex;white-space:nowrap;width:22.38pt;"> </div> </div> </div> </td> </tr> <tr style="height:12pt"> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Top;width:192.68pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:4pt;margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">1</span><span style="color:#002245;font-family:arial narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt">st</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;margin-left:0.0pt"> Quarter</span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:32.13pt;"> <div style="line-height:11.0pt;margin-left:3pt;margin-right:7.5pt;text-align:right;width:21.63pt;"> <div style="display:flex;margin-left:auto;width:19.88pt;"> <div style="display:flex;white-space:nowrap;width:19.88pt;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:19.88pt">32.91</span></div> </div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:36.63pt;"> <div style="line-height:11.0pt;margin-left:7.5pt;margin-right:7.5pt;text-align:right;width:21.63pt;"> <div style="display:flex;margin-left:auto;width:19.88pt;"> <div style="display:flex;white-space:nowrap;width:19.88pt;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:19.88pt">30.40</span></div> </div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:49.14pt;"> <div style="line-height:11.0pt;margin-left:7.5pt;margin-right:7.5pt;text-align:right;width:34.14pt;"> <div style="display:flex;margin-left:auto;width:19.88pt;"> <div style="display:flex;white-space:nowrap;width:19.88pt;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:19.88pt">36.82</span></div> </div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:49.14pt;"> <div style="line-height:11.0pt;margin-left:7.5pt;margin-right:7.5pt;text-align:right;width:34.14pt;"> <div style="display:flex;margin-left:auto;width:19.88pt;"> <div style="display:flex;white-space:nowrap;width:19.88pt;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:19.88pt">34.30</span></div> </div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:91.89pt;"> <div style="line-height:11.0pt;margin-left:7.5pt;margin-right:7.5pt;text-align:right;width:76.89pt;"> <div style="display:flex;margin-left:auto;width:22.38pt;"> <div style="display:flex;white-space:nowrap;width:22.38pt;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:22.38pt">(10.62</span></div> <div style="display:flex;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:auto">)</span></div> </div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:88.39pt;"> <div style="line-height:11.0pt;margin-left:7.5pt;margin-right:2pt;text-align:right;width:76.89pt;"> <div style="display:flex;margin-left:auto;width:22.38pt;"> <div style="display:flex;white-space:nowrap;width:22.38pt;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:22.38pt">(11.37</span></div> <div style="display:flex;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:auto">)</span></div> </div> </div> </td> </tr> <tr style="height:12pt"> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Top;width:192.68pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:4pt;margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">2</span><span style="color:#002245;font-family:arial narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt">nd</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;margin-left:0.0pt"> Quarter</span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:32.13pt;"> <div style="line-height:11.0pt;margin-left:3pt;margin-right:7.5pt;text-align:right;width:21.63pt;"> <div style="display:flex;margin-left:auto;width:19.88pt;"> <div style="display:flex;white-space:nowrap;width:19.88pt;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:19.88pt">31.84</span></div> </div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:36.63pt;"> <div style="line-height:11.0pt;margin-left:7.5pt;margin-right:7.5pt;text-align:right;width:21.63pt;"> <div style="display:flex;margin-left:auto;width:19.88pt;"> <div style="display:flex;white-space:nowrap;width:19.88pt;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:19.88pt">27.37</span></div> </div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:49.14pt;"> <div style="line-height:11.0pt;margin-left:7.5pt;margin-right:7.5pt;text-align:right;width:34.14pt;"> <div style="display:flex;margin-left:auto;width:19.88pt;"> <div style="display:flex;white-space:nowrap;width:19.88pt;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:19.88pt">36.10</span></div> </div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:49.14pt;"> <div style="line-height:11.0pt;margin-left:7.5pt;margin-right:7.5pt;text-align:right;width:34.14pt;"> <div style="display:flex;margin-left:auto;width:19.88pt;"> <div style="display:flex;white-space:nowrap;width:19.88pt;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:19.88pt">31.52</span></div> </div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:91.89pt;"> <div style="line-height:11.0pt;margin-left:7.5pt;margin-right:7.5pt;text-align:right;width:76.89pt;"> <div style="display:flex;margin-left:auto;width:22.38pt;"> <div style="display:flex;white-space:nowrap;width:22.38pt;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:22.38pt">(11.80</span></div> <div style="display:flex;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:auto">)</span></div> </div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:88.39pt;"> <div style="line-height:11.0pt;margin-left:7.5pt;margin-right:2pt;text-align:right;width:76.89pt;"> <div style="display:flex;margin-left:auto;width:22.38pt;"> <div style="display:flex;white-space:nowrap;width:22.38pt;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:22.38pt">(13.17</span></div> <div style="display:flex;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:auto">)</span></div> </div> </div> </td> </tr> <tr style="height:12pt"> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Top;width:192.68pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:4pt;margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">3</span><span style="color:#002245;font-family:arial narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt">rd</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;margin-left:0.0pt"> Quarter</span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:32.13pt;"> <div style="line-height:11.0pt;margin-left:3pt;margin-right:7.5pt;text-align:right;width:21.63pt;"> <div style="display:flex;margin-left:auto;width:19.88pt;"> <div style="display:flex;white-space:nowrap;width:19.88pt;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:19.88pt">34.11</span></div> </div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:36.63pt;"> <div style="line-height:11.0pt;margin-left:7.5pt;margin-right:7.5pt;text-align:right;width:21.63pt;"> <div style="display:flex;margin-left:auto;width:19.88pt;"> <div style="display:flex;white-space:nowrap;width:19.88pt;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:19.88pt">31.70</span></div> </div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:49.14pt;"> <div style="line-height:11.0pt;margin-left:7.5pt;margin-right:7.5pt;text-align:right;width:34.14pt;"> <div style="display:flex;margin-left:auto;width:19.88pt;"> <div style="display:flex;white-space:nowrap;width:19.88pt;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:19.88pt">37.72</span></div> </div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:49.14pt;"> <div style="line-height:11.0pt;margin-left:7.5pt;margin-right:7.5pt;text-align:right;width:34.14pt;"> <div style="display:flex;margin-left:auto;width:19.88pt;"> <div style="display:flex;white-space:nowrap;width:19.88pt;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:19.88pt">35.85</span></div> </div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:91.89pt;"> <div style="line-height:11.0pt;margin-left:7.5pt;margin-right:7.5pt;text-align:right;width:76.89pt;"> <div style="display:flex;margin-left:auto;width:22.38pt;"> <div style="display:flex;white-space:nowrap;width:22.38pt;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:22.38pt">(9.57</span></div> <div style="display:flex;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:auto">)</span></div> </div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;white-space:nowrap;width:88.39pt;"> <div style="line-height:11.0pt;margin-left:7.5pt;margin-right:2pt;text-align:right;width:76.89pt;"> <div style="display:flex;margin-left:auto;width:22.38pt;"> <div style="display:flex;white-space:nowrap;width:22.38pt;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:22.38pt">(11.58</span></div> <div style="display:flex;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:auto">)</span></div> </div> </div> </td> </tr> <tr style="height:11.5pt"> <td style="vertical-align:Top;width:192.68pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:4pt;margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">4</span><span style="color:#002245;font-family:arial narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt">th</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;margin-left:0.0pt"> Quarter</span></div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:32.13pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:7.5pt;text-align:right;width:21.63pt;"> <div style="display:flex;margin-left:auto;width:19.88pt;"> <div style="display:flex;white-space:nowrap;width:19.88pt;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:19.88pt">34.98</span></div> </div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:36.63pt;"> <div style="line-height:10pt;margin-left:7.5pt;margin-right:7.5pt;text-align:right;width:21.63pt;"> <div style="display:flex;margin-left:auto;width:19.88pt;"> <div style="display:flex;white-space:nowrap;width:19.88pt;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:19.88pt">31.97</span></div> </div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:49.14pt;"> <div style="line-height:10pt;margin-left:7.5pt;margin-right:7.5pt;text-align:right;width:34.14pt;"> <div style="display:flex;margin-left:auto;width:19.88pt;"> <div style="display:flex;white-space:nowrap;width:19.88pt;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:19.88pt">38.97</span></div> </div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:49.14pt;"> <div style="line-height:10pt;margin-left:7.5pt;margin-right:7.5pt;text-align:right;width:34.14pt;"> <div style="display:flex;margin-left:auto;width:19.88pt;"> <div style="display:flex;white-space:nowrap;width:19.88pt;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:19.88pt">36.00</span></div> </div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:91.89pt;"> <div style="line-height:10pt;margin-left:7.5pt;margin-right:7.5pt;text-align:right;width:76.89pt;"> <div style="display:flex;margin-left:auto;width:22.38pt;"> <div style="display:flex;white-space:nowrap;width:22.38pt;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:22.38pt">(10.24</span></div> <div style="display:flex;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:auto">)</span></div> </div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:88.39pt;"> <div style="line-height:10pt;margin-left:7.5pt;margin-right:2pt;text-align:right;width:76.89pt;"> <div style="display:flex;margin-left:auto;width:22.38pt;"> <div style="display:flex;white-space:nowrap;width:22.38pt;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:22.38pt">(11.19</span></div> <div style="display:flex;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;width:auto">)</span></div> </div> </div> </td> </tr> </table><div style="margin-top:10pt;"><span style="color:#002245;font-family:arial;font-size:10pt">The Fund’s Common Stock has historically traded on the market at less than net asset value. The closing market price, net </span><span style="color:#002245;font-family:arial;font-size:10pt">asset value and percentage discount to net asset value per share of the Fund’s Common Stock on December 31, 2025 were </span><span style="color:#002245;font-family:arial;font-size:10pt">$32.66, $36.35, and (10.15)%, respectively.</span></div> 30.80 28.35 35.06 32.38 -0.1215 -0.1245 31.03 29.24 35.18 33.57 -0.1180 -0.1290 33.04 29.86 37.37 34.40 -0.1159 -0.1320 34.67 31.01 39.24 35.36 -0.1165 -0.1230 32.91 30.40 36.82 34.30 -0.1062 -0.1137 31.84 27.37 36.10 31.52 -0.1180 -0.1317 34.11 31.70 37.72 35.85 -0.0957 -0.1158 34.98 31.97 38.97 36.00 -0.1024 -0.1119 32.66 36.35 -0.1015 <div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt;font-weight:bold">Senior Securities — $2.50 Cumulative Preferred Stock</span></div><div style="margin-top:9pt;"><span style="color:#002245;font-family:arial;font-size:10pt">The following information is being presented with respect to the Fund’s Preferred Stock. The “Total Shares Outstanding” </span><span style="color:#002245;font-family:arial;font-size:10pt">column presents the number of shares of Preferred Stock outstanding at the end of each year presented. “Year-End Asset </span><span style="color:#002245;font-family:arial;font-size:10pt">Coverage Per Share” represents the total amount of net assets of the Fund in relation to each share of Preferred Stock </span><span style="color:#002245;font-family:arial;font-size:10pt">outstanding as of the end of the respective year. The “Involuntary Liquidation Preference Per Share” is the amount each </span><span style="color:#002245;font-family:arial;font-size:10pt">share of Preferred Stock would be entitled to upon involuntary liquidation of these shares. The “Average Daily Market Value </span><span style="color:#002245;font-family:arial;font-size:10pt">Per Share” is the average daily market price per share of Preferred Stock throughout each respective year. The information </span><span style="color:#002245;font-family:arial;font-size:10pt">as of and for each of the years ended December 31, 2025, 2024, 2023, 2022, and 2021, is derived from our financial </span><span style="color:#002245;font-family:arial;font-size:10pt">statements, which have been audited by PricewaterhouseCoopers LLP, our independent registered public accounting firm, </span><span style="color:#002245;font-family:arial;font-size:10pt">as stated in their report which is included herein.</span><span style="color:#002245;font-family:arial;font-size:1pt"> </span></div> <table cellpadding="0" cellspacing="0" style="border-bottom:0.5pt solid #bee6f7;empty-cells:show;width:540pt"> <tr style="height:41.5pt"> <td style="background-color:#002245;vertical-align:Bottom;width:254.22pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:4pt;margin-right:12pt;text-align:left;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Year</span></div> </div> </td> <td style="background-color:#002245;vertical-align:Bottom;width:68.68pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold">Total Shares</span> <br/></div> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold">Outstanding</span></div> </div> </td> <td style="background-color:#002245;vertical-align:Bottom;width:80.57pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.00pt">Year-End</span> <br/></div> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold">Asset Coverage </span> <br/></div> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold">Per Share ($)</span></div> </div> </td> <td style="background-color:#002245;vertical-align:Bottom;width:71.36pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.00pt">Involuntary</span> <br/></div> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold">Liquidation</span> <br/></div> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold">Preference</span> <br/></div> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold">Per Share ($)</span></div> </div> </td> <td style="background-color:#002245;vertical-align:Bottom;width:65.17pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:12pt;margin-right:4pt;text-align:right;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold">Average Daily</span> <br/></div> <div style="margin-left:12pt;margin-right:4pt;text-align:right;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold">Market Value</span> <br/></div> <div style="margin-left:12pt;margin-right:4pt;text-align:right;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold">Per Share ($)</span></div> </div> </td> </tr> <tr style="height:12.5pt"> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Top;width:254.22pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:4pt;margin-right:12pt;text-align:left;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">2025</span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:68.68pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">752,740</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:80.57pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">2,634</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:71.36pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">50</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:65.17pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:4pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">44.68</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Top;width:254.22pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:4pt;margin-right:12pt;text-align:left;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">2024</span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:68.68pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">752,740</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:80.57pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">2,526</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:71.36pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">50</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:65.17pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:4pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">46.02</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Top;width:254.22pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:4pt;margin-right:12pt;text-align:left;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">2023</span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:68.68pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">752,740</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:80.57pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">2,323</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:71.36pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">50</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:65.17pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:4pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">47.14</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Top;width:254.22pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:4pt;margin-right:12pt;text-align:left;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">2022</span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:68.68pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">752,740</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:80.57pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">2,145</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:71.36pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">50</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:65.17pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:4pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">50.54</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Top;width:254.22pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:4pt;margin-right:12pt;text-align:left;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">2021</span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:68.68pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">752,740</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:80.57pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">2,715</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:71.36pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">50</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:65.17pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:4pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">56.86</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Top;width:254.22pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:4pt;margin-right:12pt;text-align:left;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">2020</span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:68.68pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">752,740</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:80.57pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">2,368</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:71.36pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">50</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:65.17pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:4pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">56.23</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Top;width:254.22pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:4pt;margin-right:12pt;text-align:left;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">2019</span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:68.68pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">752,740</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:80.57pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">2,261</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:71.36pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">50</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:65.17pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:4pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">53.19</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Top;width:254.22pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:4pt;margin-right:12pt;text-align:left;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">2018</span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:68.68pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">752,740</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:80.57pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">1,951</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:71.36pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">50</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:65.17pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:4pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">50.71</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Top;width:254.22pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:4pt;margin-right:12pt;text-align:left;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">2017</span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:68.68pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">752,740</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:80.57pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">2,225</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:71.36pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">50</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:65.17pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:4pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">50.75</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> </tr> <tr style="height:11.5pt"> <td style="vertical-align:Top;width:254.22pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:4pt;margin-right:12pt;text-align:left;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">2016</span></div> </div> </td> <td style="vertical-align:Bottom;width:68.68pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">752,740</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="vertical-align:Bottom;width:80.57pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">2,004</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="vertical-align:Bottom;width:71.36pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">50</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="vertical-align:Bottom;width:65.17pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:12pt;margin-right:4pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">51.61</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-bottom:0.5pt solid #bee6f7;empty-cells:show;width:540pt"> <tr style="height:41.5pt"> <td style="background-color:#002245;vertical-align:Bottom;width:254.22pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:4pt;margin-right:12pt;text-align:left;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Year</span></div> </div> </td> <td style="background-color:#002245;vertical-align:Bottom;width:68.68pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold">Total Shares</span> <br/></div> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold">Outstanding</span></div> </div> </td> <td style="background-color:#002245;vertical-align:Bottom;width:80.57pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.00pt">Year-End</span> <br/></div> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold">Asset Coverage </span> <br/></div> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold">Per Share ($)</span></div> </div> </td> <td style="background-color:#002245;vertical-align:Bottom;width:71.36pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.00pt">Involuntary</span> <br/></div> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold">Liquidation</span> <br/></div> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold">Preference</span> <br/></div> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold">Per Share ($)</span></div> </div> </td> <td style="background-color:#002245;vertical-align:Bottom;width:65.17pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:12pt;margin-right:4pt;text-align:right;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold">Average Daily</span> <br/></div> <div style="margin-left:12pt;margin-right:4pt;text-align:right;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold">Market Value</span> <br/></div> <div style="margin-left:12pt;margin-right:4pt;text-align:right;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold">Per Share ($)</span></div> </div> </td> </tr> <tr style="height:12.5pt"> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Top;width:254.22pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:4pt;margin-right:12pt;text-align:left;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">2025</span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:68.68pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">752,740</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:80.57pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">2,634</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:71.36pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">50</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:65.17pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:4pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">44.68</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Top;width:254.22pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:4pt;margin-right:12pt;text-align:left;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">2024</span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:68.68pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">752,740</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:80.57pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">2,526</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:71.36pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">50</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:65.17pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:4pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">46.02</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Top;width:254.22pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:4pt;margin-right:12pt;text-align:left;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">2023</span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:68.68pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">752,740</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:80.57pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">2,323</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:71.36pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">50</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:65.17pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:4pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">47.14</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Top;width:254.22pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:4pt;margin-right:12pt;text-align:left;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">2022</span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:68.68pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">752,740</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:80.57pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">2,145</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:71.36pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">50</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:65.17pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:4pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">50.54</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Top;width:254.22pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:4pt;margin-right:12pt;text-align:left;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">2021</span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:68.68pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">752,740</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:80.57pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">2,715</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:71.36pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">50</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:65.17pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:4pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">56.86</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Top;width:254.22pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:4pt;margin-right:12pt;text-align:left;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">2020</span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:68.68pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">752,740</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:80.57pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">2,368</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:71.36pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">50</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:65.17pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:4pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">56.23</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Top;width:254.22pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:4pt;margin-right:12pt;text-align:left;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">2019</span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:68.68pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">752,740</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:80.57pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">2,261</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:71.36pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">50</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:65.17pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:4pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">53.19</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Top;width:254.22pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:4pt;margin-right:12pt;text-align:left;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">2018</span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:68.68pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">752,740</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:80.57pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">1,951</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:71.36pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">50</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:65.17pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:4pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">50.71</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Top;width:254.22pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:4pt;margin-right:12pt;text-align:left;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">2017</span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:68.68pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">752,740</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:80.57pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">2,225</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:71.36pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">50</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #BEE6F7;vertical-align:Bottom;width:65.17pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:12pt;margin-right:4pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">50.75</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> </tr> <tr style="height:11.5pt"> <td style="vertical-align:Top;width:254.22pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:4pt;margin-right:12pt;text-align:left;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">2016</span></div> </div> </td> <td style="vertical-align:Bottom;width:68.68pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">752,740</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="vertical-align:Bottom;width:80.57pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">2,004</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="vertical-align:Bottom;width:71.36pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">50</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> <td style="vertical-align:Bottom;width:65.17pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:12pt;margin-right:4pt;text-align:right;white-space:nowrap;"><span style="color:#002245;font-family:arial narrow;font-size:8pt">51.61</span><span style="color:#002245;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div> </td> </tr> </table> 752740 2634 50 44.68 752740 2526 50 46.02 752740 2323 50 47.14 752740 2145 50 50.54 752740 2715 50 56.86 752740 2368 50 56.23 752740 2261 50 53.19 752740 1951 50 50.71 752740 2225 50 50.75 752740 2004 50 51.61 2.50 Cumulative Preferred Stock 752740 Common Stock 53515580 Stockholders participating in the Fund’s Cash Purchase Plan (the Cash Purchase Plan) pay a $2.00 fee per cash purchase transaction; there is no fee for automatic dividend re-investment transactions in the Fund’s Automatic Dividend Investment Plan (the Automatic Dividend Investment Plan). See Automatic Dividend Investment Plan and Cash Purchase Plan below for a description of the related services. The Fund’s management fee is 0.41% of the Fund’s average daily net assets (which includes assets attributable to the Fund’s common and preferred stock) and is borne by the holders of the Fund’s common stock (Common Stockholders). The management fee rate noted in the table reflects the rate paid by Common Stockholders as a percentage of the Fund’s net assets attributable to Common Stock. “Total Annual Expenses Before Impact of Dividends on Preferred Stock” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than “Expenses to average net assets for Common Stock” shown in the Financial Highlights section of this report because “Total gross expenses” does not include acquired fund fees and expenses.