0000897419 2026-06-05 2026-06-05 0000897419 us-gaap:CommonStockMember 2026-06-02 0000897419 us-gaap:CommonStockMember 2026-03-01 2026-05-31 0000897419 us-gaap:CommonStockMember 2025-12-01 2026-02-28 0000897419 us-gaap:CommonStockMember 2025-09-01 2025-11-30 0000897419 us-gaap:CommonStockMember 2025-06-01 2025-08-31 0000897419 us-gaap:CommonStockMember 2025-03-01 2025-05-31 0000897419 us-gaap:CommonStockMember 2024-12-01 2025-02-28 0000897419 us-gaap:CommonStockMember 2024-09-01 2024-11-30 0000897419 us-gaap:CommonStockMember 2024-06-01 2024-08-31 0000897419 us-gaap:CommonStockMember 2026-06-02 2026-06-02 0000897419 nmt:CommonStockAdjustedForOfferingMember 2026-06-02 2026-06-02 0000897419 nmt:CommonStockAdjustedForOfferingMember 2026-06-02 iso4217:USD shares iso4217:USD shares pure false 0000897419 424B2 Nuveen Massachusetts Quality Municipal Income Fund 12.92 11.20 <div id="xdx_804_ecef--PurposeOfFeeTableNoteTextBlock_dU_zWLi9bD5al01" style="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0.5in">The purpose of the table and the example below is to help you understand all fees and expenses that you, as a shareholder of Common Shares (“Common Shareholder”), would bear directly or indirectly. The table shows the expenses of the Fund as a percentage of the average net assets applicable to Common Shares, and not as a percentage of total assets or Managed Assets (as defined in the accompanying prospectus).</div> <div id="xdx_809_ecef--ShareholderTransactionExpensesTableTextBlock_dU_gL1STETTB-JXIKMT_zJOOfAyJ1TPe" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"> </div> <table cellpadding="0" cellspacing="0" style="border-width: 0; font: 10pt Times New Roman, Times, Serif; margin: 0 auto; border-collapse: collapse; width: 100%"> <tr> <td style="width: 94%"></td> <td style="vertical-align: bottom; width: 4%"></td> <td></td> <td></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; page-break-inside: avoid; background-color: rgb(204,238,255)"> <td style="vertical-align: top"><div style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em"><div style="letter-spacing: 0px; top: 0px; display: inline"><div style="font-weight: bold; display: inline">Shareholder Transaction Expenses</div></div><span id="xdx_906_ecef--BasisOfTransactionFeesNoteTextBlock_c20260605__20260605_zhPy7AvWCg1c">(as a percentage of offering price)</span><div style="letter-spacing: 0px; top: 0px; display: inline"></div></div></td> <td style="vertical-align: bottom">  </td> <td style="vertical-align: bottom"></td> <td style="vertical-align: bottom"></td> <td style="vertical-align: bottom"></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; page-break-inside: avoid; background-color: White"> <td style="vertical-align: top"><div style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em">Maximum Sales Charge</div></td> <td style="vertical-align: bottom">  </td> <td style="vertical-align: bottom"> </td> <td id="xdx_98C_ecef--SalesLoadPercent_dp_c20260605__20260605_fKg_____z1ItqcRICPtk" style="vertical-align: bottom; text-align: right">1.00</td> <td style="white-space: nowrap; vertical-align: bottom">%^* </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; page-break-inside: avoid; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 20pt; vertical-align: top">Offering Costs<span style="font-size: 8.3px">⁽¹⁾</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"><span id="xdx_90A_ecef--OtherTransactionExpensesPercent_dp_c20260605__20260605_fKDEp_zIcdC89RsLZc">0.10</span></td> <td style="white-space: nowrap; vertical-align: bottom">%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; page-break-inside: avoid; background-color: White"> <td style="vertical-align: top"><div style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em">Dividend Reinvestment Plan Fees<div style="font-size: 75%; vertical-align: top; display: inline; font-size: 8.3px">(2)</div></div></td> <td style="vertical-align: bottom">  </td> <td style="vertical-align: bottom">$</td> <td style="vertical-align: bottom; text-align: right"><span id="xdx_900_ecef--DividendReinvestmentAndCashPurchaseFees_pp2d_c20260605__20260605_fKDIp_zineUwI1rmnk">2.50</span></td> <td style="white-space: nowrap; vertical-align: bottom"> </td></tr> </table> <div style="border-bottom: #000000 1px solid; line-height: 8pt; margin-top: 0pt; margin-bottom: 2pt; width: 11%"> </div> <table cellpadding="0" cellspacing="0" style="border-width: 0; font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="page-break-inside: avoid"> <td id="xdx_F0D_z4Q7riqJf8e5" style="width: 2%; vertical-align: top; text-align: left">*</td> <td style="vertical-align: top; text-align: left; width: 98%"> <div id="xdx_F17_zFH3nZbDEsOk" style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"> The maximum sales charge for offerings made at-the-market is 1.00%. Fund shareholders will pay all offering expenses involved with this offering. </div></td></tr> </table> <table cellpadding="0" cellspacing="0" style="border-width: 0; font: 8pt Times New Roman, Times, Serif; display: none; border-collapse: collapse; width: 100%"> <tr style="page-break-inside: avoid"> <td id="xdx_F03_zobbC0do7qgk" style="width: 4%; vertical-align: top; text-align: left">(1)</td> <td style="vertical-align: top; text-align: left"> <div id="xdx_F1B_zxu4TqTBvYJe" style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">Assuming a Common Share offering price of $12.92 (the closing price of the Common Shares on the NYSE on June 2, 2026).</div></td></tr> </table> <table cellpadding="0" cellspacing="0" style="border-width: 0; font: 8pt Times New Roman, Times, Serif; display: none; border-collapse: collapse; width: 100%"> <tr style="page-break-inside: avoid"> <td id="xdx_F0A_zV5D95UHQhfi" style="width: 4%; vertical-align: top; text-align: left">(2)</td> <td style="vertical-align: top; text-align: left"> <div id="xdx_F1D_zUkBSKBiewA2" style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">You will be charged a $2.50 service charge and pay brokerage charges if you direct ComputerShare as agent for the Common Shareholders (the “Plan Agent”), to sell your Common Shares held in a dividend reinvestment account. </div></td></tr> </table> <div></div> <div> <table cellpadding="0" cellspacing="0" style="border-width: 0; font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="page-break-inside: avoid"> <td style="width: 4%; vertical-align: top; text-align: left">(1)</td> <td style="vertical-align: top; text-align: left"> <div style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span id="xdx_905_ecef--OtherTransactionFeesNoteTextBlock_c20260605__20260605_zltvIvAMXFEg">Assuming a Common Share offering price of <span id="xdx_90A_eus-gaap--SharePrice_iI_c20260602__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z4yIMbBahr2b">$12.92</span> (the closing price of the Common Shares on the NYSE on June 2, 2026).</span> </div></td></tr> </table> <table cellpadding="0" cellspacing="0" style="border-width: 0; font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="page-break-inside: avoid"> <td style="width: 4%; vertical-align: top; text-align: left">(2)</td> <td style="vertical-align: top; text-align: left"> <div style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">You will be charged a $2.50 service charge and pay brokerage charges if you direct ComputerShare as agent for the Common Shareholders (the “Plan Agent”), to sell your Common Shares held in a dividend reinvestment account. </div></td></tr> </table> </div> (as a percentage of offering price) 0.0100 0.0010 2.50 <div id="xdx_80E_ecef--AnnualExpensesTableTextBlock_dU_gL1AETTB-CVGH_zccIo0Yfpcad"></div> <table cellpadding="0" cellspacing="0" style="border-width: 0; font: 10pt Times New Roman, Times, Serif; margin: 0 auto; border-collapse: collapse; width: 100%"> <tr> <td></td> <td style="vertical-align: bottom"></td> <td></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; page-break-inside: avoid; background-color: White"> <td style="vertical-align: top; width: 82%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="vertical-align: bottom; width: 5%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom; width: 11%"><span style="font-family: Times New Roman, Times, Serif"><b>As a Percentage of Net Assets Attributable to Common Shares⁽³⁾</b></span></td> <td style="vertical-align: bottom; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; page-break-inside: avoid; background-color: White"> <td style="vertical-align: top"><div style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em"><div style="font-weight: bold; display: inline"><span style="font-family: Times New Roman, Times, Serif">Annual Expenses</span></div></div></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">  </span></td> <td style="vertical-align: bottom"></td> <td style="vertical-align: bottom"></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; page-break-inside: avoid; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top"><div style="font: 10pt/normal Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 20pt; text-indent: -1em"><span style="font-family: Times New Roman, Times, Serif">Management Fees</span></div></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">  </span></td> <td id="xdx_985_ecef--ManagementFeesPercent_dp_c20260605__20260605_fKDMp_zNWcqrlz0fOc" style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1.02%</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">  </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; page-break-inside: avoid"> <td style="text-align: left; vertical-align: top"><div style="font: 10pt/normal Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; margin-left: 20pt; text-indent: -1em"><span style="font-family: Times New Roman, Times, Serif">Interest and Other Related Expenses⁽⁴⁾</span></div></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">  </span></td> <td id="xdx_984_ecef--InterestExpensesOnBorrowingsPercent_dp_c20260605__20260605_fKDMpKDQp_zez1p9bEDfIk" style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2.41%</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">  </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255); page-break-inside: avoid"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt; vertical-align: top"><div style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Other Expenses⁽⁵⁾</span></div></td> <td style="padding-bottom: 1pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">  </span></td> <td id="xdx_984_ecef--OtherAnnualExpensesPercent_dp_c20260605__20260605_fKDMpKDUp_ztOD270DCeK3" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif">0.17%</span></td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; page-break-inside: avoid"> <td style="text-align: left; vertical-align: top"><div style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -1em"><span style="font-family: Times New Roman, Times, Serif">Total Annual Expenses</span></div></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">  </span></td> <td id="xdx_989_ecef--TotalAnnualExpensesPercent_dp_c20260605__20260605_fKDMp_zuyOPdupE8D1" style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3.60%</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <div></div> <div> <table cellpadding="0" cellspacing="0" style="border-width: 0; font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="page-break-inside: avoid"> <td id="xdx_F00_zzfPFYczDzF1" style="width: 4%; vertical-align: top; text-align: left">(3)</td> <td style="vertical-align: top; text-align: left"><div id="xdx_F11_ziB2CB7XVx2h" style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">Stated as annualized percentages of average net assets attributable to Common Shares for the six month period ended November 30, 2025 (unaudited).</div></td></tr> </table> <table cellpadding="0" cellspacing="0" style="border-width: 0; font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="page-break-inside: avoid"> <td id="xdx_F00_zBOnrgJsSDT4" style="width: 4%; vertical-align: top; text-align: left">(4)</td> <td id="xdx_F12_zOcb9cB8nbd5" style="vertical-align: top; text-align: left">Interest and Other Related Expenses reflect actual expenses and fees for leverage incurred by the Fund for the six month period ended November 30, 2025 (unaudited). The types of leverage used by the Fund during the six month period ended November 30, 2025 (unaudited) are described in the Fund Leverage and the Notes to Financial Statements sections of the Fund's annual report. Actual Interest and Other Related Expenses incurred in the future maybe higher or lower. If short-term market interest rates rise in the future, and if the Fund continues to maintain leverage, the cost of which is tied to short-term interest rates, the Fund’s interest expenses on its short-term borrowings can be expected to rise in tandem. The Fund’s use of leverage will increase the amount of management fees paid to the Fund’s adviser and sub-advisor(s).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="border-width: 0; font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="page-break-inside: avoid"> <td id="xdx_F05_zwTd2eWolia3" style="width: 4%; vertical-align: top; text-align: left">(5)</td> <td style="vertical-align: top; text-align: left"> <div id="xdx_F19_zazR6mho4Tx3" style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"> <span id="xdx_90C_ecef--OtherExpensesNoteTextBlock_c20260605__20260605_zw2pyUrq0aui">Other Expenses is based on estimated amounts for the current fiscal year. Expenses attributable to the Fund’s investments, if any, in other investment companies are currently estimated not to exceed 0.01%. See “The Fund’s Investments—Other Investment Companies” in the SAI.</span> </div></td></tr> <tr style="page-break-inside: avoid"> <td style="vertical-align: top; text-align: left"> </td> <td style="vertical-align: top; text-align: left"> </td></tr> </table> </div> 0.0102 0.0241 0.0017 0.0360 Assuming a Common Share offering price of <span id="xdx_90A_eus-gaap--SharePrice_iI_c20260602__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z4yIMbBahr2b">$12.92</span> (the closing price of the Common Shares on the NYSE on June 2, 2026). 12.92 Other Expenses is based on estimated amounts for the current fiscal year. Expenses attributable to the Fund’s investments, if any, in other investment companies are currently estimated not to exceed 0.01%. See “The Fund’s Investments—Other Investment Companies” in the SAI. <div id="xdx_809_ecef--ExpenseExampleTableTextBlock_dU_zm3qx6bv3aUg" style="font: bold 10pt Times New Roman, Times, Serif; display: inline">Example </div><div style="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0.5in">The following example illustrates the expenses including the applicable transaction fees (referred to as the “Maximum Sales Charge” in the fee table above), if any, and estimated offering costs, that a Common Shareholder would pay on a $1,000 investment that is held for the time periods provided in the table. The example assumes that all dividends and other distributions are reinvested in the Fund and that the Fund’s Annual Total Expenses, as provided above, remain the same. The example also assumes a transaction fee of 1.00%, as a percentage of the offering price, and a 5% annual return.<div style="font-size: 75%; vertical-align: top; display: inline; font-size: 9.1px">1</div> </div> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"> </div> <table cellpadding="0" cellspacing="0" style="border-width: 0; font: 8pt Times New Roman, Times, Serif; margin: 0 auto; border-collapse: collapse; width: 60%"> <tr> <td></td> <td style="vertical-align: bottom; width: 25%"></td> <td></td> <td style="vertical-align: bottom; width: 25%"></td> <td></td> <td style="vertical-align: bottom; width: 25%"></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; page-break-inside: avoid"> <td style="border-bottom: #000000 1pt solid; vertical-align: bottom; white-space: nowrap; text-align: center"><div style="letter-spacing: 0px; top: 0px; display: inline"><div style="font-weight: bold; display: inline">1 Year</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt"> </td> <td style="border-bottom: #000000 1pt solid; vertical-align: bottom; text-align: center"><div style="letter-spacing: 0px; top: 0px; display: inline"><div style="font-weight: bold; display: inline">3 Years</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt"> </td> <td style="border-bottom: #000000 1pt solid; vertical-align: bottom; text-align: center"><div style="letter-spacing: 0px; top: 0px; display: inline"><div style="font-weight: bold; display: inline">5 Years</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt"> </td> <td style="border-bottom: #000000 1pt solid; vertical-align: bottom; text-align: center"><div style="letter-spacing: 0px; top: 0px; display: inline"><div style="font-weight: bold; display: inline">10 Years</div></div></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; page-break-inside: avoid; background-color: #cceeff"> <td id="xdx_98E_ecef--ExpenseExampleYear01_c20260605__20260605_fMQ_____z7KF2SrJZzKb" style="vertical-align: bottom; text-align: center">$47</td> <td style="vertical-align: bottom"> </td> <td id="xdx_989_ecef--ExpenseExampleYears1to3_c20260605__20260605_fMQ_____zBowB7WTlf0b" style="vertical-align: bottom; text-align: center">$120</td> <td style="vertical-align: bottom"> </td> <td id="xdx_983_ecef--ExpenseExampleYears1to5_c20260605__20260605_fMQ_____zZ2K6lv2mEtl" style="vertical-align: bottom; text-align: center">$195</td> <td style="vertical-align: bottom"> </td> <td id="xdx_983_ecef--ExpenseExampleYears1to10_c20260605__20260605_fMQ_____zK76GPA2eEM8" style="vertical-align: bottom; text-align: center">$393</td></tr> </table> <div style="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0.5in"><div style="font-weight: bold; display: inline">The example should not be considered a representation of future expenses. Actual expenses may be greater or less than those shown above. </div></div> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"> </div> <div style="border-bottom: #000000 1px solid; line-height: 8pt; margin-top: 0pt; margin-bottom: 2pt; width: 11%"> </div> <table cellpadding="0" cellspacing="0" style="border-width: 0; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="page-break-inside: avoid"> <td style="width: 2%; vertical-align: top; text-align: left"><div id="xdx_F03_zdcu2upjeYG1" style="font-size: 75%; vertical-align: top; display: inline; font-size: 9.1px">1</div> </td> <td style="vertical-align: top; text-align: left"> <div id="xdx_F11_zgxHNzYJxFZ5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"> The example assumes that all dividends and distributions are reinvested at Common Shares NAV. Actual expenses may be greater or less than those assumed. Moreover, the Fund’s actual rate of return may be greater or less than the hypothetical 5% return shown in the example. </div></td></tr> </table> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt"> </div> <div style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></div> 47 120 195 393 <div id="xdx_808_ecef--SharePriceTableTextBlock_dU_zJmeh4HmEk5f" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><div style="text-align: center; font-weight: bold; display: inline"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="trading"></span>TRADING AND NET ASSET VALUE INFORMATION</span></div></div> <div style="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0.5in">The following table shows for the periods indicated: (i) the high and low sales prices for the Common Shares reported as of the end of the day on the NYSE, (ii) the corresponding NAV per share, and (iii) the premium/(discount) to NAV per share at which the Common Shares were trading as of such date. The Fund’s Common Shares have historically traded both at premiums and discounts in relation to the Fund’s NAV per share. The Fund cannot predict whether its Common Shares will trade at a premium or discount to NAV in the future. The Board of Trustees has currently determined that, at least annually, it will consider action that might be taken to reduce or eliminate any material discount from NAV in respect of Common Shares, which may include the repurchase of such shares in the open market or in private transactions, the making of a tender offer for such shares at NAV, or the conversion of the Fund to an open-end investment company. The Fund cannot assure you that its Board of Trustees will decide to take any of these actions, or that share repurchases or tender offers will actually reduce market discount.</div> <div style="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0.5in"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none"> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_483_ecef--HighestPriceOrBid_zBENwEsnLEB2" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_481_ecef--LowestPriceOrBid_zsY4TtuaFvje" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_481_ecef--HighestPriceOrBidNav_zL0rRgTqnfBf" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_48D_ecef--LowestPriceOrBidNav_z9fUPFOd2PT1" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_48E_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_zYAO0Z2yuH51" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_482_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_dp_zH21jhUZgza6" style="display: none"> </td> <td style="display: none"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="6" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Closing Market Price per</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="6" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NAV per Common Share on</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="6" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Premium/(Discount) on</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Share</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date of Market Price</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date of Market Price</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fiscal Quarter Ended</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">High</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Low</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">High</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Low</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">High</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Low</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_41B_20260301__20260531__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zClI8Zy7ko01" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 2026</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.35</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.84</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.14</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.40</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.84</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.86</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr id="xdx_419_20251201__20260228__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zYc5L9w0jUVf" style="vertical-align: bottom; background-color: White"> <td style="width: 21%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">February 2026</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.84</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.28</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.40</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.23</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.86</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.45</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr id="xdx_417_20250901__20251130__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zTVBRVvahm2a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 2025</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.73</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.33</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.23</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.76</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.45</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.30</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr id="xdx_419_20250601__20250831__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zzqu7Y4zBYGk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 2025</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.12</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.13</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.93</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.74</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.89</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.63</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr id="xdx_41D_20250301__20250531__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zblvwflmmqM" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 2025</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.17</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.08</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.97</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.09</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.94</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.09</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)%</span></td></tr> <tr id="xdx_414_20241201__20250228__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zmJFG1FQzCZ6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">February 2025</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.92</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.30</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.86</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.82</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.51</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4.40</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)%</span></td></tr> <tr id="xdx_410_20240901__20241130__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zXbgbFryDxF1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 2024</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.91</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.36</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.09</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.35</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1.49</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)%</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8.02</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)%</span></td></tr> <tr id="xdx_410_20240601__20240831__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z5ptLhF7GeBg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 2024</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.41</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.58</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.32</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.02</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7.39</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)%</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(11.98</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)%</span></td></tr> </table> </div> <p style="text-align: center; margin-top: 0; margin-bottom: 0"></p> <div style="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0pt; text-indent: 0.5in">The NAV per Common Share, the market price and percentage of premium/(discount) to NAV per Common Share on June 2, 2026 was $<span id="xdx_909_eus-gaap--NetAssetValuePerShare_iI_c20260602__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zJw2KsKUXrbl">11.20</span>, $<span id="xdx_908_eus-gaap--SharePrice_iI_c20260602__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zgibekIhesm3">12.92</span> and <span id="xdx_90A_ecef--LatestPremiumDiscountToNavPercent_c20260602__20260602__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z2ZfLkL74ncg">15.36%</span>, respectively. As of June 2, 2026, the Fund had <span id="xdx_90A_ecef--OutstandingSecurityNotHeldShares_c20260602__20260602__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zbdjZkO9JUSe">10,252,893</span> Common Shares outstanding, and net assets applicable to Common Shares of $114,881,645. See “Repurchase of Fund Shares; Conversion to Open-End Fund” in the accompanying prospectus.</div> 13.35 11.84 11.14 11.40 0.1984 0.0386 11.84 11.28 11.40 11.23 0.0386 0.0045 11.73 11.33 11.23 10.76 0.0445 0.0530 12.12 11.13 10.93 10.74 0.1089 0.0363 12.17 11.08 10.97 11.09 0.1094 -0.0009 11.92 11.30 11.86 11.82 0.0051 -0.0440 11.91 11.36 12.09 12.35 -0.0149 -0.0802 11.41 10.58 12.32 12.02 -0.0739 -0.1198 11.20 12.92 0.1536 10252893 12.92 12.92 10252893 11352893 11.20 11.36 The maximum sales charge for offerings made at-the-market is 1.00%. Fund shareholders will pay all offering expenses involved with this offering. Assuming a Common Share offering price of $12.92 (the closing price of the Common Shares on the NYSE on June 2, 2026). You will be charged a $2.50 service charge and pay brokerage charges if you direct ComputerShare as agent for the Common Shareholders (the “Plan Agent”), to sell your Common Shares held in a dividend reinvestment account. Stated as annualized percentages of average net assets attributable to Common Shares for the six month period ended November 30, 2025 (unaudited). Interest and Other Related Expenses reflect actual expenses and fees for leverage incurred by the Fund for the six month period ended November 30, 2025 (unaudited). The types of leverage used by the Fund during the six month period ended November 30, 2025 (unaudited) are described in the Fund Leverage and the Notes to Financial Statements sections of the Fund's annual report. Actual Interest and Other Related Expenses incurred in the future maybe higher or lower. If short-term market interest rates rise in the future, and if the Fund continues to maintain leverage, the cost of which is tied to short-term interest rates, the Fund’s interest expenses on its short-term borrowings can be expected to rise in tandem. The Fund’s use of leverage will increase the amount of management fees paid to the Fund’s adviser and sub-advisor(s). Other Expenses is based on estimated amounts for the current fiscal year. Expenses attributable to the Fund’s investments, if any, in other investment companies are currently estimated not to exceed 0.01%. See “The Fund’s Investments—Other Investment Companies” in the SAI. The example assumes that all dividends and distributions are reinvested at Common Shares NAV. Actual expenses may be greater or less than those assumed. Moreover, the Fund’s actual rate of return may be greater or less than the hypothetical 5% return shown in the example.