0001478888 2025-04-01 2026-03-31 0001478888 2026-03-31 0001478888 2018-03-31 0001478888 2017-03-31 0001478888 2025-03-31 0001478888 2024-03-31 0001478888 2023-03-31 0001478888 2022-03-31 0001478888 2021-03-31 0001478888 2020-03-31 0001478888 2019-03-31 0001478888 ntmif:BelowInvestmentGradeRiskMember 2025-04-01 2026-03-31 0001478888 ntmif:BuildAmericaBondsBABsRiskMember 2025-04-01 2026-03-31 0001478888 ntmif:CallRisksMember 2025-04-01 2026-03-31 0001478888 ntmif:CreditRisksMember 2025-04-01 2026-03-31 0001478888 ntmif:OtherInvestmentCompaniesRiskMember 2025-04-01 2026-03-31 0001478888 ntmif:ReinvestmentRiskMember 2025-04-01 2026-03-31 0001478888 ntmif:InsuranceRiskMember 2025-04-01 2026-03-31 0001478888 us-gaap:InterestRateRiskMember 2025-04-01 2026-03-31 0001478888 ntmif:InverseFloatingRateSecuritiesRiskMember 2025-04-01 2026-03-31 0001478888 ntmif:MunicipalSecuritiesRiskMember 2025-04-01 2026-03-31 0001478888 ntmif:MunicipalSecuritiesMarketLiquidityRiskMember 2025-04-01 2026-03-31 0001478888 ntmif:MunicipalSecuritiesMarketRiskMember 2025-04-01 2026-03-31 0001478888 ntmif:ValuationRiskMember 2025-04-01 2026-03-31 0001478888 ntmif:WhenIssuedAndDelayedDeliveryTransactionsRiskMember 2025-04-01 2026-03-31 0001478888 ntmif:ZeroCouponBondsRiskMember 2025-04-01 2026-03-31 0001478888 ntmif:AntiTakeoverProvisionsMember 2025-04-01 2026-03-31 0001478888 ntmif:IncomeRiskMember 2025-04-01 2026-03-31 0001478888 ntmif:InflationRiskMember 2025-04-01 2026-03-31 0001478888 ntmif:RestrictedAndIlliquidInvestmentsRiskMember 2025-04-01 2026-03-31 0001478888 ntmif:SpecialRisksRelatedToCertainMunicipalObligationsMember 2025-04-01 2026-03-31 0001478888 ntmif:StructuredProductsRiskMember 2025-04-01 2026-03-31 0001478888 ntmif:SwapTransactionsRiskMember 2025-04-01 2026-03-31 0001478888 ntmif:TobaccoSettlementBondRiskMember 2025-04-01 2026-03-31 0001478888 ntmif:UnratedSecuritiesRiskMember 2025-04-01 2026-03-31 0001478888 ntmif:DirectLendingRiskMember 2025-04-01 2026-03-31 0001478888 ntmif:DurationRiskMember 2025-04-01 2026-03-31 0001478888 ntmif:EconomicSectorRiskMember 2025-04-01 2026-03-31 0001478888 ntmif:FinancialFuturesAndOptionsTransactionsRiskMember 2025-04-01 2026-03-31 0001478888 ntmif:FloatingAndVariableRateSecuritiesRiskMember 2025-04-01 2026-03-31 0001478888 ntmif:HedgingRiskMember 2025-04-01 2026-03-31 0001478888 ntmif:CreditSpreadRiskMember 2025-04-01 2026-03-31 0001478888 ntmif:DefaultedOrDistressedSecuritiesRiskMember 2025-04-01 2026-03-31 0001478888 ntmif:DeflationRiskMember 2025-04-01 2026-03-31 0001478888 ntmif:DerivativesRiskMember 2025-04-01 2026-03-31 0001478888 ntmif:CounterpartyRiskMember 2025-04-01 2026-03-31 0001478888 ntmif:CybersecurityRiskMember 2025-04-01 2026-03-31 0001478888 ntmif:InvestmentAndMarketRiskMember 2025-04-01 2026-03-31 0001478888 ntmif:LegislationAndRegulatoryRiskMember 2025-04-01 2026-03-31 0001478888 ntmif:LeverageRiskMember 2025-04-01 2026-03-31 0001478888 ntmif:MarketDiscountFromNetAssetValueMember 2025-04-01 2026-03-31 0001478888 ntmif:RecentMarketConditionsMember 2025-04-01 2026-03-31 0001478888 ntmif:ReverseRepurchaseAgreementRiskMember 2025-04-01 2026-03-31 0001478888 ntmif:EconomicAndPoliticalEventsRiskMember 2025-04-01 2026-03-31 0001478888 ntmif:FundTaxRiskMember 2025-04-01 2026-03-31 0001478888 ntmif:GlobalEconomicRiskMember 2025-04-01 2026-03-31 0001478888 ntmif:CommonSharesMember 2025-04-01 2026-03-31 0001478888 ntmif:AtTheMarketTransactionMember 2025-04-01 2026-03-31 0001478888 ntmif:InterestAndOtherRelatedExpensesMember 2025-04-01 2026-03-31 0001478888 ntmif:CommonSharesMember 2026-01-01 2026-03-31 0001478888 ntmif:CommonSharesMember 2025-10-01 2025-12-31 0001478888 ntmif:CommonSharesMember 2025-07-01 2025-09-30 0001478888 ntmif:CommonSharesMember 2025-04-01 2025-06-30 0001478888 ntmif:CommonSharesMember 2025-01-01 2025-03-31 0001478888 ntmif:CommonSharesMember 2024-10-01 2024-12-31 0001478888 ntmif:CommonSharesMember 2024-07-01 2024-09-30 0001478888 ntmif:CommonSharesMember 2024-04-01 2024-06-30 0001478888 ntmif:CommonSharesMember 2026-03-31 pure iso4217:USD shares iso4217:USD shares 0001478888 false N-CSR Nuveen Taxable Municipal Income Fund Common shares 29394752 <div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Trebuchet MS;font-weight:bold">Investment Objectives </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund’s primary investment objective is to provide current income through investments in taxable municipal securities. As a secondary objective, the Fund seeks to enhance portfolio value and total return. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Trebuchet MS;font-weight:bold">Investment Policies </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Under normal circumstances, the Fund will invest at least 80% of its Assets (as defined below) in taxable municipal securities. The Fund may invest up to 20% of its Assets in securities other than taxable municipal securities, including municipal securities the interest income from which is exempt from regular federal income tax (sometimes referred to as <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">“tax-exempt</div> municipal securities”), U.S. Treasury securities and obligations of the U.S. Government, its agencies and instrumentalities. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Under normal circumstances: </div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Gill Sans MT; font-size:8pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%"> </td> <td style="width:1%;vertical-align:top;text-align:left">•</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Gill Sans MT&quot;; font-size: 8pt; text-align: left; line-height: normal;">The Fund will invest at least 80% of its Managed Assets in municipal securities that, at the time of investment, are rated within the four highest grades (Baa or BBB or better) by at least one nationally recognized statistical rating organization (an “NRSRO”) or are unrated but judged to be of comparable quality by the Fund’s <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">sub-adviser.</div> </div></td></tr></table><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Gill Sans MT; font-size:8pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%"> </td> <td style="width:1%;vertical-align:top;text-align:left">•</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Gill Sans MT&quot;; font-size: 8pt; text-align: left; line-height: normal;">The Fund may invest up to 20% of its Managed Assets in municipal securities that at the time of investment are rated below investment grade or are unrated but judged to be of comparable quality by the Fund’s <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">sub-adviser.</div> </div></td></tr></table><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Gill Sans MT; font-size:8pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%"> </td> <td style="width:1%;vertical-align:top;text-align:left">•</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Gill Sans MT&quot;; font-size: 8pt; text-align: left; line-height: normal;">The Fund will not invest more than 25% of its Managed Assets in municipal securities in any one industry or in any one state of origin. </div></td></tr></table><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Gill Sans MT; font-size:8pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%"> </td> <td style="width:1%;vertical-align:top;text-align:left">•</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Gill Sans MT&quot;; font-size: 8pt; text-align: left; line-height: normal;">The Fund may invest up to 20% of its total assets in certain derivative instruments to enhance returns. Such derivatives include financial futures contracts, swap contracts (including interest rate and credit default swaps), options on financial futures, options on swap contracts, or similar instruments. This limit will apply to the investment exposure created by those derivative instruments. Inverse floating rate securities are not regarded as derivatives for this purpose. The Fund’s <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">sub-adviser</div> may also use derivative instruments to hedge some of the risk of the Fund’s investments in municipal securities, and such derivatives are not subject to this policy. </div></td></tr></table><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Gill Sans MT; font-size:8pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%"> </td> <td style="width:1%;vertical-align:top;text-align:left">•</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Gill Sans MT&quot;; font-size: 8pt; text-align: left; line-height: normal;">The Fund may invest up to 10% of its Managed Assets in securities of other open- or <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">closed-end</div> investment companies (including exchange-traded funds (“ETFs”)) that invest primarily in municipal securities of the types in which the Fund may invest directly. </div></td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Gill Sans MT; font-size:8pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%"> </td> <td style="width:1%;vertical-align:top;text-align:left">•</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Gill Sans MT&quot;; font-size: 8pt; text-align: left; line-height: normal;">The Fund will generally maintain an investment portfolio with an overall weighted average maturity of greater than 10 years. The foregoing policies apply only at the time of any new investment. </div></td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">“Assets” mean the net assets of the Fund plus the amount of any borrowings for investment purposes. “Managed Assets” mean the total assets of the Fund, minus the sum of its accrued liabilities (other than Fund liabilities incurred for the express purpose of creating leverage). Total assets for this purpose shall include assets attributable to the Fund’s use of leverage (whether or not those assets are reflected in the Fund’s financial statements for purposes of generally accepted accounting principles), and derivatives will be valued at their market value. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Lucida Sans"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Approving Changes in Investment Policies </div></div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Board of Trustees of the Fund may change the policies described above without a shareholder vote. However, the Fund’s investment objectives may not be changed without the approval of the holders of a majority of the outstanding common shares and preferred shares voting together as a single class, and the approval of the holders of a majority of the outstanding preferred shares, voting separately as a single class. A “majority of the outstanding” shares means (i) 67% or more of the shares present at a meeting, if the holders of more than 50% of the shares are present or represented by proxy or (ii) more than 50% of the shares, whichever is less. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Additionally, with respect to the Fund’s policy of investing at least 80% of its Assets in taxable municipal securities, such policy may not be changed without 60 days’ prior notice to shareholders. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Lucida Sans"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Portfolio Contents </div></div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund generally invests in taxable municipal securities (including Build America Bonds (“BABs”)) and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">tax-exempt</div> municipal securities, including municipal bonds, notes, securities issued to finance and refinance public projects, certificates of participation, variable rate demand obligations, lease obligations, municipal notes, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pre-refunded</div> municipal bonds, private activity bonds, securities issued by tender option bond trusts (“TOB trusts”), including inverse floating rate securities, and other forms of municipal bonds and securities, and other related instruments that create exposure to municipal bonds, notes and securities. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Municipal securities are debt obligations generally issued by states, cities and local authorities and certain possessions and territories of the United States (such as Puerto Rico and Guam) to finance or refinance public purpose projects such as roads, schools, and water supply systems. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Gill Sans MT;font-weight:bold;text-align:right"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">BABs are taxable municipal obligations issued pursuant to the American Recovery and Reinvestment Act of 2009 that are subject to federal subsidies of up to 35% of the interest payable on the bonds in the form of direct subsidies to the bond issuer or refundable tax credits to the bond holder. Build America Bonds are not guaranteed by the U.S. government or its agencies or instrumentalities. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund may invest in municipal securities that represent lease obligations and certificates of participation in such leases. A municipal lease is an obligation in the form of a lease or installment purchase that is issued by a state or local government to acquire equipment and facilities. Income from such obligations generally is exempt from state and local taxes in the state of issuance. A certificate of participation represents an undivided interest in an unmanaged pool of municipal leases, an installment purchase agreement or other instruments. The certificates typically are issued by a municipal agency, a trust or other entity that has received an assignment of the payments to be made by the state or political subdivision under such leases or installment purchase agreements. Such certificates provide the Fund with the right to a pro rata undivided interest in the underlying municipal securities. In addition, such participations generally provide the Fund with the right to demand payment, on not more than seven days’ notice, of all or any part of the Fund’s participation interest in the underlying municipal securities, plus accrued interest. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund may invest in municipal notes. Municipal securities in the form of notes generally are used to provide for short-term capital needs, in anticipation of an issuer’s receipt of other revenues or financing, and typically have maturities of up to three years. Such instruments may include tax anticipation notes, revenue anticipation notes, bond anticipation notes, tax and revenue anticipation notes and construction loan notes. Tax anticipation notes are issued to finance the working capital needs of governments. Generally, they are issued in anticipation of various tax revenues, such as income, sales, property, use and business taxes, and are payable from these specific future taxes. Revenue anticipation notes are issued in expectation of receipt of other kinds of revenue, such as federal revenues available under federal revenue sharing programs. Bond anticipation notes are issued to provide interim financing until long-term bond financing can be arranged. In most cases, the long-term bonds then provide the funds needed for repayment of the bond anticipation notes. Tax and revenue anticipation notes combine the funding sources of both tax anticipation notes and revenue anticipation notes. Construction loan notes are sold to provide construction financing. Mortgage notes insured by the Federal Housing Authority secure these notes; however, the proceeds from the insurance may be less than the economic equivalent of the payment of principal and interest on the mortgage note if there has been a default. The anticipated revenues from taxes, grants or bond financing generally secure the obligations of an issuer of municipal notes. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund may invest in <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pre-refunded</div> municipal securities. The principal of and interest on <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pre-refunded</div> municipal securities are no longer paid from the original revenue source for the securities. Instead, the source of such payments is typically an escrow fund consisting of U.S. government securities. The assets in the escrow fund are derived from the proceeds of refunding bonds issued by the same issuer as the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pre-refunded</div> municipal securities. Issuers of municipal securities use this advance refunding technique to obtain more favorable terms with respect to securities that are not yet subject to call or redemption by the issuer. For example, advance refunding enables an issuer to refinance debt at lower market interest rates, restructure debt to improve cash flow or eliminate restrictive covenants in the indenture or other governing instrument for the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pre-refunded</div> municipal securities. However, except for a change in the revenue source from which principal and interest payments are made, the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pre-refunded</div> municipal securities remain outstanding on their original terms until they mature or are redeemed by the issuer. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund may invest in private activity bonds. Private activity bonds are issued by or on behalf of public authorities to obtain funds to provide privately operated housing facilities, airport, mass transit or port facilities, sewage disposal, solid waste disposal or hazardous waste treatment or disposal facilities and certain local facilities for water supply, gas or electricity. Other types of private activity bonds, the proceeds of which are used for the construction, equipment, repair or improvement of privately operated industrial or commercial facilities, may constitute municipal securities, although the current federal tax laws place substantial limitations on the size of such issues. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund may invest in inverse floating rate securities issued by a TOB trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. Typically, inverse floating rate securities represent beneficial interests in a special purpose trust (sometimes called a TOB trust) formed by a third party sponsor for the purpose of holding municipal bonds. Inverse floating rate securities may increase or decrease in value at a greater rate than the underlying interest rate on the municipal bond held by the TOB trust, which effectively leverages the Fund’s investment. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund may invest in floating rate securities issued by special purpose trusts. Floating rate securities may take the form of short-term floating rate securities or the option period may be substantially longer. Generally, the interest rate earned will be based upon the market rates for municipal securities with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option, which may vary from weekly, to monthly, to extended periods of one year or multiple years. Since the option feature has a shorter term than the final maturity or first call date of the underlying bond deposited in the trust, the Fund as the holder of the floating rate security relies upon the terms of the agreement with the financial institution furnishing the option as well as the credit strength of that institution. As further assurance of liquidity, the terms of the trust provide for a liquidation of the municipal security deposited in the trust and the application of the proceeds to pay off the floating rate security. The trusts that are organized to issue both short-term floating rate securities and inverse floaters generally include liquidation triggers to protect the investor in the floating rate security. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund may invest in municipal securities issued by special taxing districts. Special taxing districts are organized to plan and finance infrastructure developments to induce residential, commercial and industrial growth and redevelopment. The bond financing methods such as tax increment finance, tax assessment, special services district and Mello-Roos bonds, are generally payable solely from taxes or other revenues attributable to the specific projects financed by the bonds without recourse to the credit or taxing power of related or overlapping municipalities. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund may invest in “tobacco settlement bonds.” Tobacco settlement bonds are municipal securities that are secured or payable solely from the collateralization of the proceeds from class action or other litigation against the tobacco industry. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund may invest in zero coupon bonds. A zero coupon bond is a bond that typically does not pay interest for the entire life of the obligation or for an initial period after the issuance of the obligation. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Gill Sans MT;font-weight:bold"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund may buy and sell securities on a when-issued or delayed delivery basis, making payment or taking delivery at a later date, normally within 15 to 45 days of the trade date. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund may utilize structured notes and similar instruments for investment purposes and also for hedging purposes. Structured notes are privately negotiated debt obligations where the principal and/or interest is determined by reference to the performance of a benchmark asset, market or interest rate (an “embedded index”), such as selected securities, an index of securities or specified interest rates, or the differential performance of two assets or markets. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund may invest in illiquid securities (i.e., securities that are not readily marketable), including, but not limited to, restricted securities (securities the disposition of which is restricted under the federal securities laws), securities that may be resold only pursuant to Rule 144A under the Securities Act of 1933, as amended (the “1933 Act”), and repurchase agreements with maturities in excess of seven days. Illiquid securities may also include securities legally restricted as to resale, such as securities issued pursuant to Section 4(a)(2) of the 1933 Act. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund may enter into certain derivative instruments in pursuit of its investment objectives, including to seek to enhance return, to hedge certain risks of its investments in municipal securities or as a substitute for a position in the underlying asset. Such instruments include financial futures contracts, swap contracts (including interest rate swaps and credit default swaps), options on financial futures, options on swap contracts or other derivative instruments. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund may also invest in securities of other open- or <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">closed-end</div> investment companies (including ETFs) that invest primarily in municipal securities of the types in which the Fund may invest directly, to the extent permitted by the Investment Company Act of 1940, as amended (the “1940 Act”), the rules and regulations issued thereunder and applicable exemptive orders issued by the Securities and Exchange Commission (“SEC”). </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund may invest in distressed securities but may not invest in the securities of an issuer which, at the time of investment, is in default on its obligations to pay principal or interest thereon when due or that is involved in a bankruptcy proceeding (i.e., rated below <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">C-,</div> at the time of investment); provided, however, that the Fund’s <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">sub-adviser</div> may determine that it is in the best interest of shareholders in pursuing a workout arrangement with issuers of defaulted securities to make loans to the defaulted issuer or another party, or purchase a debt, equity or other interest from the defaulted issuer or another party, or take other related or similar steps involving the investment of additional monies, but only if that issuer’s securities are already held by the Fund. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Lucida Sans"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Use of Leverage </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund uses leverage to pursue its investment objectives. The Fund may source leverage through and the issuance of “senior securities,” as defined under the 1940 Act, which include (1) borrowings, including loans from financial institutions; (2) the issuance of debt securities; and (3) the issuance of preferred shares of beneficial interest (“Preferred Shares”). In addition, the Fund may also use certain derivatives and other financing instruments that have the economic effect of leverage by creating additional investment exposures, such as reverse repurchase agreements. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Lucida Sans"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Integrated Leverage and Hedging Strategy </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund employs an integrated leverage and hedging strategy to seek to enhance its potential current income and longer-term risk-adjusted total return, while seeking to maintain a level of interest rate risk comparable to that of the Bloomberg Barclays Taxable Municipal Long Bond Index (the “Index”). The Fund uses leverage instruments that will have a funding cost based on short- to intermediate-term market interest rates. Because such interest rates are expected to be generally lower than the yields on the long-term bonds in which the Fund invests, the Fund’s <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">sub-adviser</div> believes that the use of leverage will generally increase common share net income. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund’s leverage and hedging techniques are referred to as integrated because the Fund’s use of hedging strategies is expected to be directly calibrated to any increased interest rate risk, relative to the Fund’s benchmark, due to the use of leverage. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund’s use of derivatives such as bond futures or interest rate swaps in hedging interest rate risk will generate costs that will effectively reduce the Fund’s net asset value (“NAV”). These capital costs may be offset over time by capital appreciation of the Fund’s portfolio. The potential to achieve such capital appreciation will depend largely on the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">sub-adviser’s</div> investment capabilities in executing the Fund’s investment strategy as well as the performance of taxable municipal securities relative to the securities underlying the Fund’s hedging instruments. If and to the extent that such capital appreciation does not occur or is less than these hedging costs, however, the Fund’s total returns can be expected to be less than its net earnings (and, over time, distributions). </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Lucida Sans"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Temporary Defensive Periods </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">During temporary defensive periods (e.g., times when, in the Fund’s investment adviser’s and/or the Fund’s <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">sub-adviser’s</div> opinion, temporary imbalances of supply and demand or other temporary dislocations in the taxable bond market adversely affect the price at which long-term or intermediate-term municipal securities are available), the Fund may invest up to 100% of its Managed Assets in short-term investments, including high quality, short-term securities that may be either <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">tax-exempt</div> or taxable, or may invest in short-, intermediate-, or long-term U.S. Treasury Bonds. </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Trebuchet MS;font-weight:bold">PRINCIPAL RISKS OF THE FUND </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Gill Sans MT">The factors that are most likely to have a material effect on the Fund’s portfolio as a whole are called “principal risks.” The Fund is subject to the principal risks indicated below, whether through direct investment or derivative positions. The Fund may be subject to additional risks other than those identified and described below because the types of investments made by the Fund can change over time. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT;font-weight:bold">Risks of NBB </div><div style="font-size:3pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000"> </div><div style="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT;font-weight:bold">Portfolio Level Risks </div><div style="font-size:3pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000"> </div><div style="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Below Investment Grade Risk </div><div style="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Build America Bonds (“BABs”) Risk </div><div style="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Call Risk </div><div style="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Credit Risk </div><div style="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Credit Spread Risk </div><div style="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Defaulted or Distress Securities Risk </div><div style="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Deflation Risk </div><div style="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Derivatives Risk </div><div style="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Direct Lending Risk </div><div style="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Duration Risk </div><div style="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Economic Sector Risk </div><div style="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Financial Futures and Options Transactions Risk </div><div style="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Floating and Variable Rate Securities Risk </div><div style="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Hedging Risk </div><div style="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Income Risk </div><div style="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Inflation Risk </div><div style="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Insurance Risk </div><div style="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Interest Rate Risk </div><div style="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Inverse Floating Rate Securities Risk </div><div style="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Municipal Securities Risk </div><div style="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Municipal Securities Market Liquidity Risk </div><div style="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Municipal Securities Market Risk </div><div style="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Other Investment Companies Risk </div><div style="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Reinvestment Risk </div><div style="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Restricted and Illiquid Investments Risk </div><div style="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Special Risks Related to Certain Municipal Obligations </div><div style="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Structured Products Risk </div><div style="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Swap Transactions Risk </div><div style="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Tobacco Settlement Bond Risk </div><div style="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Unrated Securities Risk </div><div style="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Valuation Risk </div><div style="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">When-Issued and Delayed Delivery Transactions Risk </div><div style="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Zero Coupon Bonds Risk </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Gill Sans MT;font-weight:bold"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT;font-weight:bold">Fund Level and Other Risks </div><div style="font-size:3pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000"> </div><div style="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Anti-Takeover Provisions </div><div style="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Counterparty Risk </div><div style="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Cybersecurity Risk </div><div style="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Economic and Political Events Risk </div><div style="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Fund Tax Risk </div><div style="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Global Economic Risk </div><div style="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Investment and Market Risk </div><div style="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Legislation and Regulatory Risk </div><div style="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Leverage Risk </div><div style="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Market Discount from Net Asset Value </div><div style="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Recent Market Conditions </div><div style="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Reverse Repurchase Agreement Risk </div><div style="font-size:3pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000"> </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Gill Sans MT;font-weight:bold;text-align:right"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT;font-weight:bold"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">Portfolio Level Risks:</div> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Below Investment Grade Risk. </div></div>Municipal securities of below investment grade quality are regarded as having speculative characteristics with respect to the issuer’s capacity to pay dividends or interest and repay principal, and may be subject to higher price volatility and default risk than investment grade municipal securities of comparable terms and duration. Issuers of lower grade municipal securities may be highly leveraged and may not have available to them more traditional methods of financing. The prices of these lower grade securities are typically more sensitive to negative developments, such as a decline in the issuer’s revenues or a general economic downturn. The secondary market for lower rated municipal securities may not be as liquid as the secondary market for more highly rated municipal securities, a factor which may have an adverse effect on the Fund’s ability to dispose of a particular municipal security. If a below investment grade municipal security goes into default, or its issuer enters bankruptcy, it might be difficult to sell that security in a timely manner at a reasonable price. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Build America Bonds (“BABs”) Risk. </div></div>BABs are taxable municipal obligations issued pursuant to the American Recovery and Reinvestment Act of 2009 that are subject to federal subsidies of up to 35% of the interest payable on the bonds in the form of direct subsidies to the bond issuer or refundable tax credits to the bond holder. BABs are not guaranteed by the U.S. government or its agencies or instrumentalities. While the federal subsidy continues for the life of the bonds, provided that the issuer continues to meet all applicable program eligibility requirements, there is no assurance that the federal subsidy will be continued at original levels. Under the sequestration process under the Budget Control Act of 2011, automatic spending cuts that became effective on March 1, 2013 reduced the federal subsidy for BABs and other subsidized taxable municipal bonds. The reduced federal subsidy has been extended through 2030. The subsidy payments were reduced by 6.6% in 2018 and 6.2% in 2019, 5.9% in 2020 and 5.7% between 2021 and 2030. Further decreases in the level of the subsidy may impair the ability of issuers to make interest payments when due. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">BABs were an alternative form of financing to state and local governments whose primary means for accessing the capital markets had been through issuance of tax free municipal bonds. Pursuant to the terms of the American Recovery and Reinvestment Act of 2009, the issuance of BABs ceased on December 31, 2010. As a result, the availability of such bonds is limited and there can be no assurance that BABs will be actively traded. The market for the bonds and/or their liquidity may be negatively affected. Changes to the U.S. federal income tax laws or other federal legislation may affect the demand for and supply of taxable municipal bonds, including BABs, and/or trigger extraordinary call features of the BABs. The extraordinary call features of certain BABs permit early redemption at par value, which, if triggered, could result in potential losses for the Fund if such BABs were purchased at prices above par, and may require the Fund to reinvest redemption proceeds in lower-yielding securities. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">BABs involve similar risks as traditional municipal bonds, including credit, call and market risk. Because certain states, including California, New York, Illinois, Texas and Ohio, were heavy issuers of BABs, the Fund may have a greater exposure to the economic or other factors affecting such states than a more diversified national municipal bond fund. In addition, should a BAB’s issuer fail to continue to meet the applicable requirements, it is possible that such issuer may not receive federal cash subsidy payments, impairing the issuer’s ability to make scheduled interest payments. BABs may be subject to greater reinvestment risk, which is the risk that the Fund is unable to invest in bonds with similar yields, as BABs with attractive above-market purchase yields mature or are called. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Call Risk. </div></div>The Fund may invest in municipal securities that are subject to call risk. Such municipal securities may be redeemed at the option of the issuer, or “called,” before their stated maturity or redemption date. In general, an issuer will call its instruments if they can be refinanced by issuing new instruments that bear a lower interest rate. The Fund is subject to the possibility that during periods of falling interest rates, an issuer will call its high yielding municipal securities. The Fund would then be forced to invest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Credit Risk. </div></div>Issuers of municipal securities in which the Fund may invest may default on their obligations, including to pay principal or interest when due. This <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-payment</div> would result in a reduction of income to the Fund, a reduction in the value of a municipal security experiencing <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-payment</div> and potentially a decrease in the net asset value (“NAV”) of the Fund. To the extent that the credit rating assigned to a municipal security in the Fund’s portfolio is downgraded, the market price and liquidity of such security may be adversely affected. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Credit Spread Risk. </div></div>Credit spread risk is the risk that credit spreads (<div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">i.e., </div></div>the difference in yield between securities that is due to differences in their credit quality) may increase when the market believes that municipal securities generally have a greater risk of default. Increasing credit spreads may reduce the market values of the Fund’s securities. Credit spreads often increase more for lower rated and unrated securities than for investment grade securities. In addition, when credit spreads increase, reductions in market value will generally be greater for longer-maturity securities. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Defaulted or Distressed Securities Risk. </div></div>Investments in “distressed” securities, meaning those whose issuers are experiencing financial difficulties or distress at the time the security is acquired, present a substantial risk of future default. In the event distressed securities become defaulted securities or the Fund otherwise holds defaulted securities, the Fund may incur losses, including additional expenses, to the extent it is required to seek recovery upon a default in the payment of principal or interest on those securities. In any reorganization or liquidation proceeding relating to a portfolio security, the Fund may lose its entire investment or may be required to accept cash or securities with a value less than its original investment. Defaulted or distressed securities may be subject to restrictions on resale. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Deflation Risk. </div></div>Deflation risk is the risk that prices throughout the economy decline over time. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund’s portfolio. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Derivatives Risk. </div></div>The use of derivatives involves additional risks and transaction costs which could leave the Fund in a worse position than if it had not used these instruments. Derivative instruments can be used to acquire or to transfer the risk and returns of a municipal security or other asset without buying or selling the municipal security or asset. These instruments may entail investment exposures that are greater than their cost would suggest. As a result, a small investment in derivatives can result in losses that greatly exceed the original investment. Derivatives can be highly volatile, illiquid and difficult to value. An <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">over-the-counter</div></div> derivative transaction between the Fund and a counterparty that is not cleared through a central counterparty also involves the risk that a loss may be sustained as a result of the failure of the counterparty to the contract to make </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Gill Sans MT;font-weight:bold"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">required payments. The payment obligation for a cleared derivative transaction is guaranteed by a central counterparty, which exposes the Fund to the creditworthiness of the central counterparty. The use of certain derivatives involves leverage, which can cause the Fund’s portfolio to be more volatile than if the portfolio had not been leveraged. Leverage can significantly magnify the effect of price movements of the reference asset, disproportionately increasing the Fund’s losses and reducing the Fund’s opportunities for gains when the reference asset changes in unexpected ways. In some instances, such leverage could result in losses that exceed the original amount invested. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">It is possible that regulatory or other developments in the derivatives market, including changes in government regulation, could adversely impact the Fund’s ability to invest in certain derivatives or successfully use derivative instruments. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Direct Lending Risk. </div></div>The Fund may engage in direct lending. Direct loans between the Fund and a borrower may not be administered by an underwriter or agent bank. The Fund may provide financing to commercial borrowers directly or through companies affiliated with the Fund. The terms of the direct loans are negotiated with borrowers in private transactions. Furthermore, a direct loan may be secured or unsecured. The Fund will rely primarily upon the creditworthiness of the borrower and/or any collateral for payment of interest and repayment of principal. Direct loans may subject the Fund to liquidity risk, interest rate risk, and borrower default or insolvency. Direct loans are not publicly traded and may not have a secondary market which may have an adverse impact on the ability of the Fund to dispose of a direct loan and/or value the direct loan. The Fund’s performance may be impacted by the Fund’s ability to lend on favorable terms as the Fund may be subject to increased competition or a reduced supply of qualifying loans which could lead to lower yields and reduce Fund performance. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">As part of its lending activities, the Fund may originate loans to companies that are experiencing significant financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation proceedings. Although the terms of such financing may result in significant financial returns to the Fund, they involve a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful financing to companies experiencing significant business and financial difficulties is unusually high. Different types of assets may be used as collateral for the Fund’s loans and, accordingly, the valuation of and risks associated with such collateral will vary by loan. There is no assurance that the Fund will correctly evaluate the value of the assets collateralizing the Fund’s loans or the prospects for a successful reorganization or similar action. In any reorganization or liquidation proceeding relating to a borrower that the Fund is lending money to, the Fund may lose all or part of the amounts advanced to the borrower or may be required to accept collateral with a value less than the amount of the loan advanced by the Fund to the borrower. Furthermore, in the event of a default by a borrower, the Fund may have difficulty disposing of the assets used as collateral for a loan. To the extent the Fund seeks to engage in direct lending, the Fund will be subject to enhanced risks of litigation, regulatory actions and other proceedings. As a result, the Fund may be required to pay legal fees, settlement costs, damages, penalties or other charges, any or all of which could materially adversely affect the Fund and its holdings. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Duration Risk. </div></div>Duration is the sensitivity, expressed in years, of the price of a fixed-income security to changes in the general level of interest rates (or yields). Securities with longer durations tend to be more sensitive to interest rate (or yield) changes, which typically corresponds to increased volatility and risk, than securities with shorter durations. For example, if a security or portfolio has a duration of three years and interest rates increase by 1%, then the security or portfolio would decline in value by approximately 3%. Duration differs from maturity in that it considers potential changes to interest rates, and a security’s coupon payments, yield, price and par value and call features, in addition to the amount of time until the security matures. The duration of a security will be expected to change over time with changes in market factors and time to maturity. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Economic Sector Risk. </div></div>The Fund may invest a significant amount of its total assets in municipal securities in the same economic sector. This may make the Fund more susceptible to adverse economic, political or regulatory occurrences affecting an economic sector, making the Fund more vulnerable to unfavorable developments in that sector than funds that invest more broadly. As the percentage of the Fund’s Managed Assets invested in a particular sector increases, so does the potential for fluctuation in the value of the Fund’s assets. In addition, the Fund may invest a significant portion of its assets in certain sectors of the municipal securities market, such as health care facilities, private educational facilities, special taxing districts and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">start-up</div> utility districts, and private activity bonds including industrial development bonds on behalf of transportation companies, whose credit quality and performance may be more susceptible to economic, business, political, regulatory and other developments than other sectors of municipal issuers. If the Fund invests a significant portion of its assets in one or more particular sectors, the Fund’s performance may be subject to additional risk and variability. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Financial Futures and Options Transactions Risk. </div></div>The Fund may use certain transactions for hedging the portfolio’s exposure to credit risk and the risk of increases in interest rates, which could result in poorer overall performance for the Fund. There may be an imperfect correlation between price movements of the futures and options and price movements of the portfolio securities being hedged. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">If the Fund engages in futures transactions or in the writing of options on futures, it will be required to maintain initial margin and maintenance margin and may be required to make daily variation margin payments in accordance with applicable rules of the exchanges and the Commodity Futures Trading Commission (“CFTC”). If the Fund purchases a financial futures contract or a call option or writes a put option in order to hedge the anticipated purchase of municipal securities, and if the Fund fails to complete the anticipated purchase transaction, the Fund may have a loss or a gain on the futures or options transaction that will not be offset by price movements in the municipal securities that were the subject of the anticipatory hedge. There can be no assurance that a liquid market will exist at a time when the Fund seeks to close out a derivatives or futures or a futures option position, and the Fund would remain obligated to meet margin requirements until the position is closed. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Floating and Variable Rate Securities Risk. </div></div>Floating and variable rate securities provide for adjustment in the interest rate paid on the obligations. The terms of such obligations typically provide that interest rates are adjusted based upon an interest or market rate adjustment as provided in the respective obligations. The adjustment intervals may be regular, and range from daily up to annually, or may be event-based, such as based on a change in the prime rate. Because of the interest rate adjustment feature, floating and variable rate securities provide an investor with a certain degree of protection against rises in interest rates, although the investor will participate in any declines in interest rates as well. Generally, changes in interest rates will have a smaller effect on the market value of floating and variable rate securities than on the market value of comparable fixed- </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Gill Sans MT;font-weight:bold;text-align:right"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">income obligations. Thus, investing in floating and variable rate securities generally allows less opportunity for capital appreciation and depreciation than investing in comparable fixed-income securities. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund’s ability to sell the securities at any given time. Such securities also may lose value. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Hedging Risk. </div></div>The Fund’s use of derivatives or other transactions to reduce risk involves costs and will be subject to the investment adviser’s and/or the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">sub-adviser’s</div> ability to predict correctly changes in the relationships of such hedge instruments to the Fund’s portfolio holdings or other factors. No assurance can be given that the investment adviser’s and/or the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">sub-adviser’s</div> judgment in this respect will be correct, and no assurance can be given that the Fund will enter into hedging or other transactions at times or under circumstances in which it may be advisable to do so. Hedging activities may reduce the Fund’s opportunities for gain by offsetting the positive effects of favorable price movements and may result in net losses. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Income Risk. </div></div>The Fund’s level of current income could decline due to falling market interest rates. This is because, in a falling interest rate environment, the Fund generally will have to invest the proceeds from maturing portfolio securities in lower-yielding securities. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Inflation Risk. </div></div>Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the common shares and distributions can decline. Currently, inflation rates are elevated relative to normal market conditions and could increase. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Insurance Risk. </div></div>The Fund may purchase municipal securities that are secured by insurance, bank credit agreements or escrow accounts. The credit quality of the companies that provide such credit enhancements will affect the value of those securities. Certain significant providers of insurance for municipal securities have incurred significant losses as a result of exposure to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">sub-prime</div> mortgages and other lower credit quality investments. As a result, such losses reduced the insurers’ capital and called into question their continued ability to perform their obligations under such insurance if they are called upon to do so in the future. While an insured municipal security will typically be deemed to have the rating of its insurer, if the insurer of a municipal security suffers a downgrade in its credit rating or the market discounts the value of the insurance provided by the insurer, the value of the municipal security would more closely, if not entirely, reflect such rating. In such a case, the value of insurance associated with a municipal security may not add any value. The insurance feature of a municipal security does not guarantee the full payment of principal and interest through the life of an insured obligation, the market value of the insured obligation or the NAV of the common shares represented by such insured obligation. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Interest Rate Risk. </div></div>Interest rate risk is the risk that municipal securities in the Fund’s portfolio will decline in value because of changes in market interest rates. Generally, when market interest rates rise, the market value of such securities will fall, and vice versa. As interest rates decline, issuers of municipal securities may prepay principal earlier than scheduled, forcing the Fund to reinvest in lower-yielding securities and potentially reducing the Fund’s income. As interest rates increase, slower than expected principal payments may extend the average life of municipal securities, potentially locking in a below-market interest rate and reducing the Fund’s value. In typical market interest rate environments, the prices of longer-term municipal securities generally fluctuate more than prices of shorter-term municipal securities as interest rates change. If the Fund invests in floating rate securities, the market value of such securities may fall in a declining interest rate environment and may also fall in a rising interest rate environment if there is a lag between the rise in interest rates and the rest. A secondary risk associated with declining interest rates is the risk that income earned by the Fund on floating rate securities may decline due to lower coupon payments on floating- rate securities. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Inverse Floating Rate Securities Risk. </div></div>In general, income on inverse floating rate securities will decrease when short-term interest rates increase and increase when short-term interest rates decrease. Investments in inverse floating rate securities may subject the Fund to the risks of reduced or eliminated interest payments and losses of principal. In addition, inverse floating rate securities may increase or decrease in value at a greater rate than the underlying interest rate, which effectively leverages the Fund’s investment. As a result, the market value of such securities generally will be more volatile than that of fixed rate securities. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund may invest in inverse floating rate securities issued by special purpose trusts that have recourse to the Fund. In such instances, the Fund may be at risk of loss that exceeds its investment in the inverse floating rate securities. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund may be required to sell its inverse floating rate securities at less than favorable prices, or liquidate other Fund portfolio holdings in certain circumstances, including, but not limited to, the following: </div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Gill Sans MT; font-size:8pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%"> </td> <td style="width:2%;vertical-align:top;text-align:left">•</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Gill Sans MT&quot;; font-size: 8pt; text-align: left; line-height: normal;">If the Fund has a need for cash and the securities in a special purpose trust are not actively trading due to adverse market conditions; </div></td></tr></table><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Gill Sans MT; font-size:8pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%"> </td> <td style="width:2%;vertical-align:top;text-align:left">•</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Gill Sans MT&quot;; font-size: 8pt; text-align: left; line-height: normal;">If special purpose trust sponsors (as a collective group or individually) experience financial hardship and consequently seek to terminate their respective outstanding special purpose trusts; and </div></td></tr></table><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Gill Sans MT; font-size:8pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%"> </td> <td style="width:2%;vertical-align:top;text-align:left">•</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Gill Sans MT&quot;; font-size: 8pt; text-align: left; line-height: normal;">If the value of an underlying security declines significantly and if additional collateral has not been posted by the Fund. </div></td></tr></table><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Municipal Securities Risk. </div></div>The values of municipal securities may be adversely affected by local political and economic conditions and developments. Adverse conditions in an industry significant to a local economy could have a correspondingly adverse effect on the financial condition of local issuers. Other factors that could affect municipal securities include a change in the local, state, or national economy, a downgrade of a state’s credit rating or the rating of authorities or political subdivisions of the state, demographic factors, ecological or environmental concerns, inability or perceived inability of a government authority to collect sufficient tax or other revenues, statutory limitations on the issuer’s ability to increase taxes, and other developments generally affecting the revenue of issuers (for example, legislation or court decisions reducing state aid to local governments or mandating additional services). This risk would be heightened to the extent that the Fund invests a substantial portion of the below-investment grade quality portion of its portfolio in the bonds of similar projects (such as those relating to the education, health care, housing, transportation, or utilities industries), in industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, municipal lease obligations, private activity bonds or moral obligation bonds) that are particularly exposed to specific types of adverse economic, business or political events. The value of municipal securities may also be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. In recent periods, a number of municipal issuers have defaulted </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Gill Sans MT;font-weight:bold"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">on obligations, been downgraded or commenced insolvency proceedings. Financial difficulties of municipal issuers may continue or get worse. In addition, the amount of public information available about municipal bonds is generally less than for certain corporate equities or bonds, meaning that the investment performance of the Fund may be more dependent on the analytical abilities of the Fund’s <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">sub-adviser</div> than funds that invest in stock or other corporate investments. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">To the extent that a fund invests a significant portion of its assets in the securities of issuers located in a given state or U.S. territory, it will be disproportionally affected by political and economic conditions and developments in that state or territory and may involve greater risk than funds that invest in a larger universe of securities. In addition, economic, political or regulatory changes in that state or territory could adversely affect municipal securities issuers in that state or territory and therefore the value of a fund’s investment portfolio. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Municipal Securities Market Liquidity Risk. </div></div>Inventories of municipal securities held by brokers and dealers have decreased in recent years, lessening their ability to make a market in these securities. This reduction in market making capacity has the potential to decrease the Fund’s ability to buy or sell municipal securities at attractive prices, and increase municipal security price volatility and trading costs, particularly during periods of economic or market stress. In addition, recent federal banking regulations may cause certain dealers to reduce their inventories of municipal securities, which may further decrease the Fund’s ability to buy or sell municipal securities. As a result, the Fund may be forced to accept a lower price to sell a security, to sell other securities to raise cash, or to give up an investment opportunity, any of which could have a negative effect on performance. If the Fund needed to sell large blocks of municipal securities to raise cash to meet its obligations, those sales could further reduce the municipal securities’ prices and hurt performance. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Municipal Securities Market Risk. </div></div>The amount of public information available about the municipal securities in the Fund’s portfolio is generally less than that for corporate equities or bonds, and the investment performance of the Fund may therefore be more dependent on the analytical abilities of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">sub-adviser</div> than if the Fund were a stock fund or taxable bond fund. The secondary market for municipal securities, particularly below investment grade municipal securities, also tends to be less well-developed or liquid than many other securities markets, which may adversely affect the Fund’s ability to sell its municipal securities at attractive prices. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Other Investment Companies Risk. </div></div>Investing in an investment company exposes the Fund to all of the risks of that investment company’s investments. The Fund, as a holder of the securities of other investment companies, will bear its pro rata portion of the other investment companies’ expenses, including advisory fees. These expenses are in addition to the direct expenses of the Fund’s own operations. As a result, the cost of investing in investment company shares may exceed the costs of investing directly in its underlying investments. In addition, securities of other investment companies may be leveraged. As a result, the Fund may be indirectly exposed to leverage through an investment in such securities and therefore magnify the Fund’s leverage risk. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">With respect to ETF’s, an ETF that is based on a specific index may not be able to replicate and maintain exactly the composition and relative weighting of securities in the index. The value of an ETF based on a specific index is subject to change as the values of its respective component assets fluctuate according to market volatility. ETFs typically rely on a limited pool of authorized participants to create and redeem shares, and an active trading market for ETF shares may not develop or be maintained. The market value of shares of ETFs and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">closed-end</div> funds may differ from their NAV. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Reinvestment Risk. </div></div>Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund invests the proceeds from matured, traded or called municipal securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could affect the common shares’ market price, NAV and/or a common shareholder’s overall returns. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Restricted and Illiquid Investments Risk. </div></div>Illiquid investments are investments that are not readily marketable. These investments may include restricted investments, including Rule 144A securities, which cannot be resold to the public without an effective registration statement under the 1933 Act, or if they are unregistered may be sold only in a privately negotiated transaction or pursuant to an available exemption from registration. The Fund may not be able to readily dispose of such investments at prices that approximate those at which the Fund could sell such investments if they were more widely traded and, as a result of such illiquidity, the Fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting the Fund’s NAV and ability to make dividend distributions. The financial markets in general have in recent years experienced periods of extreme secondary market supply and demand imbalance, resulting in a loss of liquidity during which market prices were suddenly and substantially below traditional measures of intrinsic value. During such periods, some investments could be sold only at arbitrary prices and with substantial losses. Periods of such market dislocation may occur again at any time. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Special Risks Related to Certain Municipal Obligations. </div></div>Municipal leases and certificates of participation involve special risks not normally associated with general obligations or revenue bonds. Leases and installment purchase or conditional sale contracts (which normally provide for title to the leased asset to pass eventually to the governmental issuer) have evolved as a means for governmental issuers to acquire property and equipment without meeting the constitutional and statutory requirements for the issuance of debt. The debt issuance limitations are deemed to be inapplicable because of the inclusion in many leases or contracts of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">“non-appropriation”</div> clauses that relieve the governmental issuer of any obligation to make future payments under the lease or contract unless money is appropriated for such purpose by the appropriate legislative body. In addition, such leases or contracts may be subject to the temporary abatement of payments in the event that the governmental issuer is prevented from maintaining occupancy of the leased premises or utilizing the leased equipment. Although the obligations may be secured by the leased equipment or facilities, the disposition of the property in the event of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-appropriation</div> or foreclosure might prove difficult, time consuming and costly, and may result in a delay in recovering or the failure to fully recover the Fund’s original investment. In the event of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-appropriation,</div> the issuer would be in default and taking ownership of the assets may be a remedy available to the Fund, although the Fund does not anticipate that such a remedy would normally be pursued. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Gill Sans MT;font-weight:bold;text-align:right"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Certificates of participation involve the same risks as the underlying municipal leases. In addition, the Fund may be dependent upon the municipal authority issuing the certificates of participation to exercise remedies with respect to the underlying securities. Certificates of participation also entail a risk of default or bankruptcy, both of the issuer of the municipal lease and also the municipal agency issuing the certificate of participation. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Structured Products Risk. </div></div>In addition to the general risks associated with investments in debt securities, holders of structured products bear risks of the underlying investments, index or reference obligation and are subject to counterparty, valuation and liquidity risk. The Fund may have the right to receive payments to which it is entitled only from the structured product, and generally does not have direct rights against the issuer or the entity that sold assets to the special purpose trust. While certain structured products enable the investor to acquire interests in a pool of securities without the brokerage and other expenses associated with directly holding the same securities, investors in structured products generally pay their share of the structured product’s administrative and other expenses. When investing in structured products, it is impossible to predict whether the underlying index or prices of the underlying securities will rise or fall, but prices of the underlying indices and securities (and, therefore, the prices of structured products) will be influenced by the same types of political and economic events that affect particular issuers of securities and capital markets generally. Structured products may also be less liquid, more volatile and more difficult to price than other types of securities. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Swap Transactions Risk. </div></div>Like most derivative instruments, the use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. In addition, the use of swaps requires an understanding by the investment adviser and/or the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">sub-adviser</div> of not only the referenced asset, rate or index, but also of the swap itself. If the investment adviser and/ or the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">sub-adviser</div> is incorrect in its forecasts of default risks, market spreads or other applicable factors or events, the investment performance of the Fund would diminish compared with what it would have been if these techniques were not used. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Tobacco Settlement Bond Risk. </div></div>Tobacco settlement bonds are municipal securities that are backed solely by expected revenues to be derived from lawsuits involving tobacco related deaths and illnesses which were settled between certain states and American tobacco companies. Tobacco settlement bonds are secured by an issuing state’s proportionate share in the Master Settlement Agreement, an agreement between 46 states and nearly all of the U.S. tobacco manufacturers (the “MSA”). Under the terms of the MSA, the actual amount of future settlement payments by tobacco-manufacturers is dependent on many factors, including, among other things, reduced cigarette consumption. Payments made by tobacco manufacturers could be negatively impacted if the decrease in tobacco consumption is significantly greater than the forecasted decline. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Unrated Securities Risk. </div></div>Unrated securities determined by the Fund’s investment adviser to be of comparable quality to rated investments which the Fund may purchase may pay a higher dividend or interest rate than such rated investments and be subject to a greater risk of illiquidity or price changes. Less public information is typically available about unrated investments or issuers than rated investments or issuers. Some unrated securities may not have an active trading market or may be difficult to value, which means the Fund might have difficulty selling them promptly at an acceptable price. To the extent that the Fund invests in unrated securities, the Fund’s ability to achieve its investment objectives will be more dependent on the investment adviser’s credit analysis than would be the case when the Fund invests in rated securities. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Valuation Risk. </div></div>Certain securities in which the Fund invests typically are valued by a pricing service utilizing a range of market-based inputs and assumptions, including readily available market quotations obtained from broker-dealers making markets in such instruments, cash flows and transactions for comparable instruments. There is no assurance that the Fund will be able to sell a portfolio security at the price established by the pricing service, which could result in a loss to the Fund. Pricing services generally price securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, often at lower prices than institutional round lot trades. Different pricing services may incorporate different assumptions and inputs into their valuation methodologies, potentially resulting in different values for the same securities. As a result, if the Fund were to change pricing services, or if the Fund’s pricing service were to change its valuation methodology, there could be a material impact, either positive or negative, on the Fund’s NAV. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">When-Issued and Delayed-Delivery Transactions Risk. </div></div>When-issued and delayed-delivery transactions may involve an element of risk because no interest accrues on the securities prior to settlement and, because securities are subject to market fluctuations, the value of the securities at time of delivery may be less (or more) than their cost. A separate account of the Fund will be established with its custodian consisting of cash equivalents or liquid securities having a market value at all times at least equal to the amount of any delayed payment commitment. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Zero Coupon Bonds Risk. </div></div>Because interest on zero coupon bonds is not paid on a current basis, the values of zero coupon bonds will be more volatile in response to interest rate changes than the values of bonds that distribute income regularly. Although zero coupon bonds generate income for accounting purposes, they do not produce cash flow, and thus the Fund could be forced to liquidate securities at an inopportune time in order to generate cash to distribute to shareholders as required by tax laws. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:Calibri;font-weight:bold"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">Fund Level and Other Risks: </div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Anti-Takeover Provisions. </div></div>The Declaration of Trust and the Fund’s <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">by-laws</div> include provisions that could limit the ability of other entities or persons to acquire control of the Fund or convert the Fund to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">open-end</div> status. These provisions could have the effect of depriving the Common Shareholders of opportunities to sell their Common Shares at a premium over the then-current market price of the Common Shares. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Counterparty Risk. </div></div>Changes in the credit quality of the companies that serve as the Fund’s counterparties with respect to derivatives or other transactions supported by another party’s credit will affect the value of those instruments. Certain entities that have served as counterparties in the markets for these transactions have incurred or may incur in the future significant financial hardships including bankruptcy and losses as a result of exposure to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">sub-prime</div> mortgages and other lower-quality credit investments. As a result, such hardships have reduced these entities’ capital and called into question their continued ability to perform their obligations under such transactions. By using such derivatives or other transactions, the Fund assumes the risk that its counterparties could experience similar financial hardships. In the event of the insolvency of a counterparty, the Fund may sustain losses or be unable to liquidate a derivatives position. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Cybersecurity Risk. </div></div>The Fund and its service providers are susceptible to operational and information security risk resulting from cyber incidents. Cyber incidents refer to both intentional attacks and unintentional events including: processing errors, human errors, technical errors including computer glitches and system malfunctions, inadequate or failed internal or external processes, market-wide technical-related disruptions, </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Gill Sans MT;font-weight:bold"> </div><div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">unauthorized access to digital systems (through “hacking” or malicious software coding), computer viruses, and cyber-attacks which shut down, disable, slow or otherwise disrupt operations, business processes or website access or functionality (including denial of service attacks). Cyber incidents could adversely impact the Fund and cause the Fund to incur financial loss and expense, as well as face exposure to regulatory penalties, reputational damage, and additional compliance costs associated with corrective measures. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. Furthermore, the Fund cannot control the cybersecurity plans and systems put in place by its service providers or any other third parties whose operations may affect the Fund. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Economic and Political Events Risk. </div></div>The Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the municipal securities of similar projects (such as those relating to the education, health care, housing, transportation, or utilities industries), industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, private activity bonds or moral obligation bonds). Such developments may adversely affect a specific industry or local political and economic conditions, and thus may lead to declines in the creditworthiness and value of such municipal securities. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Fund Tax Risk. </div></div>The Fund has elected to be treated and intends to qualify each year as a Regulated Investment Company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”). As a RIC, the Fund is not expected to be subject to U.S. federal income tax to the extent that it distributes its investment company taxable income and net capital gains. To qualify for the special tax treatment available to a RIC, the Fund must comply with certain investment, distribution, and diversification requirements. Under certain circumstances, the Fund may be forced to sell certain assets when it is not advantageous in order to meet these requirements, which may reduce the Fund’s overall return. If the Fund fails to meet any of these requirements, subject to the opportunity to cure such failures under applicable provisions of the Code, the Fund’s income would be subject to a double level of U.S. federal income tax. The Fund’s income, including its net capital gain, would first be subject to U.S. federal income tax at regular corporate rates, even if such income were distributed to shareholders and, second, all distributions by the Fund from earnings and profits, including distributions of net capital gain (if any), would be taxable to shareholders as dividends. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Global Economic Risk. </div></div>National and regional economies and financial markets are becoming increasingly interconnected, which increases the possibilities that conditions in one country, region or market might adversely impact issuers in a different country, region or market. Changes in legal, political, regulatory, tax and economic conditions may cause fluctuations in markets and asset prices around the world, which could negatively impact the value of the Fund’s investments. Major economic or political disruptions, particularly in large economies, may have global negative economic and market repercussions. Additionally, instability in various countries, war, natural and environmental disasters, the spread of infectious illnesses or other public health emergencies, terrorist attacks in the United States and around the world, growing social and political discord in the United States, debt crises, the response of the international community—through economic sanctions and otherwise—to international events, further downgrade of U.S. government securities, changes in the U.S. president or political shifts in Congress, trade disputes and other similar events may adversely affect the global economy and the markets and issuers in which the Fund invests. These events could reduce consumer demand or economic output, result in market closure, travel restrictions or quarantines, and generally have a significant impact on the global economy. These events could also impair the information technology and other operational systems upon which the Fund’s service providers, including the Fund’s <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">sub-adviser,</div> rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform essential tasks on behalf of the Fund. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund does not know and cannot predict how long the securities markets may be affected by these events, and the future impact of these and similar events on the global economy and securities markets is uncertain. The Fund may be adversely affected by abrogation of international agreements and national laws which have created the market instruments in which the Fund may invest, failure of the designated national and international authorities to enforce compliance with the same laws and agreements, failure of local, national and international organizations to carry out the duties prescribed to them under the relevant agreements, revisions of these laws and agreements which dilute their effectiveness or conflicting interpretation of provisions of the same laws and agreements. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Governmental and quasi-governmental authorities and regulators throughout the world have in the past responded to major economic disruptions with a variety of significant fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs and dramatically lower interest rates. An unexpected or quick reversal of these policies, or the ineffectiveness of these policies, could increase volatility in securities markets, which could adversely affect the Fund’s investments. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investment and Market Risk. </div></div>An investment in common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Common shares frequently trade at a discount to their NAV. An investment in common shares represents an indirect investment in the securities owned by the Fund. Common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Legislation and Regulatory Risk. </div></div>At any time after the date of this report, legislation or additional regulations may be enacted that could negatively affect the assets of the Fund, securities held by the Fund or the issuers of such securities. Fund shareholders may incur increased costs resulting from such legislation or additional regulation. There can be no assurance that future legislation, regulation or deregulation will not have a material adverse effect on the Fund or will not impair the ability of the Fund to achieve its investment objectives. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Leverage Risk. </div></div>The use of leverage creates special risks for common shareholders, including potential interest rate risks and the likelihood of greater volatility of NAV and market price of, and distributions on, the common shares. The use of leverage in a declining market will likely cause a greater decline in the Fund’s NAV, which may result at a greater decline of the common share price, than if the Fund were not to have used leverage. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Certain types of leverage may result in the Fund being subject to certain covenants, asset coverage or other portfolio composition limits by its lenders, debt or preferred securities purchasers, rating agencies that may rate the debt or preferred securities, or reverse repurchase counterparties. Such limitations may be more stringent than those imposed by the 1940 Act and may impact whether the Fund is able to maintain its desired amount of leverage. In addition, whenever the Fund incurs borrowings and/or preferred shares are outstanding, Common Shareholders will not be entitled to receive any cash distributions from the Fund unless all interest on such borrowings has been paid and all accumulated dividends on </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Gill Sans MT;font-weight:bold;text-align:right"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">preferred shares have been paid, unless asset coverage (as defined in the 1940 Act) with respect to any borrowings would be at least 300% after giving effect to the distributions and asset coverage (as defined in the 1940 Act) with respect to preferred shares would be at least 200% after giving effect to the distributions. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund will pay (and common shareholders will bear) any costs and expenses relating to the Fund’s use of leverage, which will result in a reduction in the Fund’s NAV. The investment adviser may, based on its assessment of market conditions and composition of the Fund’s holdings, increase or decrease the amount of leverage. Such changes may impact the Fund’s distributions and the price of the common shares in the secondary market. There is no assurance that the Fund’s use of leverage will be successful. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund may seek to refinance its leverage over time, in the ordinary course, as current forms of leverage mature or it is otherwise desirable to refinance; however, the form that such leverage will take cannot be predicted at this time. If the Fund is unable to replace existing leverage on comparable terms, its costs of leverage will increase. Accordingly, there is no assurance that the use of leverage may result in a higher yield or return to common shareholders. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The amount of fees paid to the investment adviser and the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">sub-adviser</div> for investment advisory services will be higher if the Fund uses leverage because the fees will be calculated based on the Fund’s Managed Assets - this may create an incentive for the investment adviser and the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">sub-adviser</div> to leverage the Fund or increase the Fund’s leverage. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Market Discount from Net Asset Value. </div></div>Shares of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">closed-end</div> investment companies like the Fund frequently trade at prices lower than their NAV. This characteristic is a risk separate and distinct from the risk that the Fund’s NAV could decrease as a result of investment activities. Whether investors will realize gains or losses upon the sale of the common shares will depend not upon the Fund’s NAV but entirely upon whether the market price of the common shares at the time of sale is above or below the investor’s purchase price for the common shares. Furthermore, management may have difficulty meeting the Fund’s investment objectives during periods of market turmoil and as investors’ perceptions regarding <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">closed-end</div> funds or their underlying investments change. Because the market price of the common shares will be determined by factors such as relative supply of and demand for the common shares in the market, general market and economic circumstances, and other factors beyond the control of the Fund, the Fund cannot predict whether the common shares will trade at, below or above NAV. The common shares are designed primarily for long-term investors, and you should not view the Fund as a vehicle for short-term trading purposes. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Recent Market Conditions. </div></div>Periods of unusually high financial market volatility and restrictive credit conditions, at times limited to a particular sector or geographic area, have occurred in the past and may be expected to recur in the future. Some countries, including the United States, have adopted or have signaled protectionist trade measures, including the imposition of tariffs, relaxation of the financial industry regulations that followed the financial crisis, and/or reductions to corporate taxes. The scope of these policy changes is still developing, but the equity and debt markets may react strongly to expectations of change, which could increase volatility, particularly if a resulting policy runs counter to the market’s expectations. The outcome of such changes cannot be foreseen at the present time. In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in the world economy and markets generally. As a result of increasingly interconnected global economies and financial markets, the value and liquidity of the Fund’s investments may be negatively affected by events impacting a country or region, regardless of whether the Fund invests in issuers located in or with significant exposure to such country or region. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Ukraine has experienced ongoing military conflict, most recently commencing in February 2022 when Russia invaded Ukraine; this conflict may expand and military attacks could occur elsewhere in Europe. Europe has also been struggling with mass migration from the Middle East and Africa. The ultimate effects of these events and other socio-political or geographical issues are not known but could profoundly affect global economies and markets. Additionally, in October 2023 armed conflict broke out between Israel and the militant group Hamas after Hamas infiltrated Israel’s southern border from the Gaza Strip. Israel has since declared war against Hamas and this conflict has escalated into a greater regional conflict among Israel, Iran, and Hamas and other militant groups. These conflicts have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East and the United States. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The ultimate effects of these events, including the United States’ potential involvement in any global conflict(s), along with other socio-political or geographical issues are not known but could profoundly affect global economies and markets. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The ongoing trade war between China and the United States, including the imposition of tariffs by each country on the other country’s products, has created a tense political environment. These actions may trigger a significant reduction in international trade, adverse effects in the supply of certain manufactured goods, substantial adverse price changes for goods and possible failure of individual companies and/or large segments of China’s export industry and U.S. importers, which could have a negative impact on the Fund’s performance. U.S. companies that source material and goods from China and those that make large amounts of sales in China would are vulnerable to an escalation of trade tensions. Beginning in early 2025, the United States also imposed tariffs on other countries, including Mexico and Canada. The possibility of additional tariffs being imposed or the outbreak of a trade war may adversely impact U.S. and international markets. Uncertainty regarding the outcome of the trade tensions and the potential for a trade war could cause the U.S. dollar to decline further. Events such as these and their consequences are difficult to predict and it is unclear whether further tariffs may be imposed or other escalating actions may be taken in the future. Additionally, political uncertainty regarding U.S. policy, including the U.S. government’s approach to trade, may impact the markets and the Fund’s performance. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The U.S. Federal Reserve (the “Fed”) has in the past sharply raised interest rates, and has signaled an intention to maintain relatively higher interest rates until current inflation levels <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">re-align</div> with the Fed’s long-term inflation target. Changing interest rate environments impact the various sectors of the economy in different ways. For example, in March 2023, the Federal Deposit Insurance Corporation (“FDIC”) was appointed receiver for each of Silicon Valley Bank and Signature Bank, the second- and third-largest bank failures in U.S. history, which failures may be attributable, in part, to rising interest rates. Bank failures may have a destabilizing impact on the broader banking industry or markets generally. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The impact of these developments in the near- and long-term is unknown and could have additional adverse effects on economies, financial markets and asset valuations around the world. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Gill Sans MT;font-weight:bold"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Reverse Repurchase Agreement Risk. </div></div>A reverse repurchase agreement, in economic essence, constitutes a securitized borrowing by the Fund from the security purchaser. The Fund may enter into reverse repurchase agreements for the purpose of creating a leveraged investment exposure and, as such, their usage involves essentially the same risks associated with a leveraging strategy generally since the proceeds from these agreements may be invested in additional portfolio securities. Reverse repurchase agreements tend to be short-term in tenor, and there can be no assurances that the purchaser (lender) will commit to extend or “roll” a given agreement upon its agreed-upon repurchase date or an alternative purchaser can be identified on similar terms. Reverse repurchase agreements also involve the risk that the purchaser fails to return the securities as agreed upon, files for bankruptcy or becomes insolvent. The Fund may be restricted from taking normal portfolio actions during such time, could be subject to loss to the extent that the proceeds of the agreement are less than the value of securities subject to the agreement and may experience adverse tax consequences. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Below Investment Grade Risk. </div></div>Municipal securities of below investment grade quality are regarded as having speculative characteristics with respect to the issuer’s capacity to pay dividends or interest and repay principal, and may be subject to higher price volatility and default risk than investment grade municipal securities of comparable terms and duration. Issuers of lower grade municipal securities may be highly leveraged and may not have available to them more traditional methods of financing. The prices of these lower grade securities are typically more sensitive to negative developments, such as a decline in the issuer’s revenues or a general economic downturn. The secondary market for lower rated municipal securities may not be as liquid as the secondary market for more highly rated municipal securities, a factor which may have an adverse effect on the Fund’s ability to dispose of a particular municipal security. If a below investment grade municipal security goes into default, or its issuer enters bankruptcy, it might be difficult to sell that security in a timely manner at a reasonable price. </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Build America Bonds (“BABs”) Risk. </div></div>BABs are taxable municipal obligations issued pursuant to the American Recovery and Reinvestment Act of 2009 that are subject to federal subsidies of up to 35% of the interest payable on the bonds in the form of direct subsidies to the bond issuer or refundable tax credits to the bond holder. BABs are not guaranteed by the U.S. government or its agencies or instrumentalities. While the federal subsidy continues for the life of the bonds, provided that the issuer continues to meet all applicable program eligibility requirements, there is no assurance that the federal subsidy will be continued at original levels. Under the sequestration process under the Budget Control Act of 2011, automatic spending cuts that became effective on March 1, 2013 reduced the federal subsidy for BABs and other subsidized taxable municipal bonds. The reduced federal subsidy has been extended through 2030. The subsidy payments were reduced by 6.6% in 2018 and 6.2% in 2019, 5.9% in 2020 and 5.7% between 2021 and 2030. Further decreases in the level of the subsidy may impair the ability of issuers to make interest payments when due. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">BABs were an alternative form of financing to state and local governments whose primary means for accessing the capital markets had been through issuance of tax free municipal bonds. Pursuant to the terms of the American Recovery and Reinvestment Act of 2009, the issuance of BABs ceased on December 31, 2010. As a result, the availability of such bonds is limited and there can be no assurance that BABs will be actively traded. The market for the bonds and/or their liquidity may be negatively affected. Changes to the U.S. federal income tax laws or other federal legislation may affect the demand for and supply of taxable municipal bonds, including BABs, and/or trigger extraordinary call features of the BABs. The extraordinary call features of certain BABs permit early redemption at par value, which, if triggered, could result in potential losses for the Fund if such BABs were purchased at prices above par, and may require the Fund to reinvest redemption proceeds in lower-yielding securities. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">BABs involve similar risks as traditional municipal bonds, including credit, call and market risk. Because certain states, including California, New York, Illinois, Texas and Ohio, were heavy issuers of BABs, the Fund may have a greater exposure to the economic or other factors affecting such states than a more diversified national municipal bond fund. In addition, should a BAB’s issuer fail to continue to meet the applicable requirements, it is possible that such issuer may not receive federal cash subsidy payments, impairing the issuer’s ability to make scheduled interest payments. BABs may be subject to greater reinvestment risk, which is the risk that the Fund is unable to invest in bonds with similar yields, as BABs with attractive above-market purchase yields mature or are called. </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Call Risk. </div></div>The Fund may invest in municipal securities that are subject to call risk. Such municipal securities may be redeemed at the option of the issuer, or “called,” before their stated maturity or redemption date. In general, an issuer will call its instruments if they can be refinanced by issuing new instruments that bear a lower interest rate. The Fund is subject to the possibility that during periods of falling interest rates, an issuer will call its high yielding municipal securities. The Fund would then be forced to invest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income. </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Credit Risk. </div></div>Issuers of municipal securities in which the Fund may invest may default on their obligations, including to pay principal or interest when due. This <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-payment</div> would result in a reduction of income to the Fund, a reduction in the value of a municipal security experiencing <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-payment</div> and potentially a decrease in the net asset value (“NAV”) of the Fund. To the extent that the credit rating assigned to a municipal security in the Fund’s portfolio is downgraded, the market price and liquidity of such security may be adversely affected. </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Credit Spread Risk. </div></div>Credit spread risk is the risk that credit spreads (<div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">i.e., </div></div>the difference in yield between securities that is due to differences in their credit quality) may increase when the market believes that municipal securities generally have a greater risk of default. Increasing credit spreads may reduce the market values of the Fund’s securities. Credit spreads often increase more for lower rated and unrated securities than for investment grade securities. In addition, when credit spreads increase, reductions in market value will generally be greater for longer-maturity securities. </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Defaulted or Distressed Securities Risk. </div></div>Investments in “distressed” securities, meaning those whose issuers are experiencing financial difficulties or distress at the time the security is acquired, present a substantial risk of future default. In the event distressed securities become defaulted securities or the Fund otherwise holds defaulted securities, the Fund may incur losses, including additional expenses, to the extent it is required to seek recovery upon a default in the payment of principal or interest on those securities. In any reorganization or liquidation proceeding relating to a portfolio security, the Fund may lose its entire investment or may be required to accept cash or securities with a value less than its original investment. Defaulted or distressed securities may be subject to restrictions on resale. </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Deflation Risk. </div></div>Deflation risk is the risk that prices throughout the economy decline over time. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund’s portfolio. </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Derivatives Risk. </div></div>The use of derivatives involves additional risks and transaction costs which could leave the Fund in a worse position than if it had not used these instruments. Derivative instruments can be used to acquire or to transfer the risk and returns of a municipal security or other asset without buying or selling the municipal security or asset. These instruments may entail investment exposures that are greater than their cost would suggest. As a result, a small investment in derivatives can result in losses that greatly exceed the original investment. Derivatives can be highly volatile, illiquid and difficult to value. An <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">over-the-counter</div></div> derivative transaction between the Fund and a counterparty that is not cleared through a central counterparty also involves the risk that a loss may be sustained as a result of the failure of the counterparty to the contract to make </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Gill Sans MT;font-weight:bold"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">required payments. The payment obligation for a cleared derivative transaction is guaranteed by a central counterparty, which exposes the Fund to the creditworthiness of the central counterparty. The use of certain derivatives involves leverage, which can cause the Fund’s portfolio to be more volatile than if the portfolio had not been leveraged. Leverage can significantly magnify the effect of price movements of the reference asset, disproportionately increasing the Fund’s losses and reducing the Fund’s opportunities for gains when the reference asset changes in unexpected ways. In some instances, such leverage could result in losses that exceed the original amount invested. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">It is possible that regulatory or other developments in the derivatives market, including changes in government regulation, could adversely impact the Fund’s ability to invest in certain derivatives or successfully use derivative instruments. </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Direct Lending Risk. </div></div>The Fund may engage in direct lending. Direct loans between the Fund and a borrower may not be administered by an underwriter or agent bank. The Fund may provide financing to commercial borrowers directly or through companies affiliated with the Fund. The terms of the direct loans are negotiated with borrowers in private transactions. Furthermore, a direct loan may be secured or unsecured. The Fund will rely primarily upon the creditworthiness of the borrower and/or any collateral for payment of interest and repayment of principal. Direct loans may subject the Fund to liquidity risk, interest rate risk, and borrower default or insolvency. Direct loans are not publicly traded and may not have a secondary market which may have an adverse impact on the ability of the Fund to dispose of a direct loan and/or value the direct loan. The Fund’s performance may be impacted by the Fund’s ability to lend on favorable terms as the Fund may be subject to increased competition or a reduced supply of qualifying loans which could lead to lower yields and reduce Fund performance. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">As part of its lending activities, the Fund may originate loans to companies that are experiencing significant financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation proceedings. Although the terms of such financing may result in significant financial returns to the Fund, they involve a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful financing to companies experiencing significant business and financial difficulties is unusually high. Different types of assets may be used as collateral for the Fund’s loans and, accordingly, the valuation of and risks associated with such collateral will vary by loan. There is no assurance that the Fund will correctly evaluate the value of the assets collateralizing the Fund’s loans or the prospects for a successful reorganization or similar action. In any reorganization or liquidation proceeding relating to a borrower that the Fund is lending money to, the Fund may lose all or part of the amounts advanced to the borrower or may be required to accept collateral with a value less than the amount of the loan advanced by the Fund to the borrower. Furthermore, in the event of a default by a borrower, the Fund may have difficulty disposing of the assets used as collateral for a loan. To the extent the Fund seeks to engage in direct lending, the Fund will be subject to enhanced risks of litigation, regulatory actions and other proceedings. As a result, the Fund may be required to pay legal fees, settlement costs, damages, penalties or other charges, any or all of which could materially adversely affect the Fund and its holdings. </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Duration Risk. </div></div>Duration is the sensitivity, expressed in years, of the price of a fixed-income security to changes in the general level of interest rates (or yields). Securities with longer durations tend to be more sensitive to interest rate (or yield) changes, which typically corresponds to increased volatility and risk, than securities with shorter durations. For example, if a security or portfolio has a duration of three years and interest rates increase by 1%, then the security or portfolio would decline in value by approximately 3%. Duration differs from maturity in that it considers potential changes to interest rates, and a security’s coupon payments, yield, price and par value and call features, in addition to the amount of time until the security matures. The duration of a security will be expected to change over time with changes in market factors and time to maturity. </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Economic Sector Risk. </div></div>The Fund may invest a significant amount of its total assets in municipal securities in the same economic sector. This may make the Fund more susceptible to adverse economic, political or regulatory occurrences affecting an economic sector, making the Fund more vulnerable to unfavorable developments in that sector than funds that invest more broadly. As the percentage of the Fund’s Managed Assets invested in a particular sector increases, so does the potential for fluctuation in the value of the Fund’s assets. In addition, the Fund may invest a significant portion of its assets in certain sectors of the municipal securities market, such as health care facilities, private educational facilities, special taxing districts and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">start-up</div> utility districts, and private activity bonds including industrial development bonds on behalf of transportation companies, whose credit quality and performance may be more susceptible to economic, business, political, regulatory and other developments than other sectors of municipal issuers. If the Fund invests a significant portion of its assets in one or more particular sectors, the Fund’s performance may be subject to additional risk and variability. </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Financial Futures and Options Transactions Risk. </div></div>The Fund may use certain transactions for hedging the portfolio’s exposure to credit risk and the risk of increases in interest rates, which could result in poorer overall performance for the Fund. There may be an imperfect correlation between price movements of the futures and options and price movements of the portfolio securities being hedged. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">If the Fund engages in futures transactions or in the writing of options on futures, it will be required to maintain initial margin and maintenance margin and may be required to make daily variation margin payments in accordance with applicable rules of the exchanges and the Commodity Futures Trading Commission (“CFTC”). If the Fund purchases a financial futures contract or a call option or writes a put option in order to hedge the anticipated purchase of municipal securities, and if the Fund fails to complete the anticipated purchase transaction, the Fund may have a loss or a gain on the futures or options transaction that will not be offset by price movements in the municipal securities that were the subject of the anticipatory hedge. There can be no assurance that a liquid market will exist at a time when the Fund seeks to close out a derivatives or futures or a futures option position, and the Fund would remain obligated to meet margin requirements until the position is closed. </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Floating and Variable Rate Securities Risk. </div></div>Floating and variable rate securities provide for adjustment in the interest rate paid on the obligations. The terms of such obligations typically provide that interest rates are adjusted based upon an interest or market rate adjustment as provided in the respective obligations. The adjustment intervals may be regular, and range from daily up to annually, or may be event-based, such as based on a change in the prime rate. Because of the interest rate adjustment feature, floating and variable rate securities provide an investor with a certain degree of protection against rises in interest rates, although the investor will participate in any declines in interest rates as well. Generally, changes in interest rates will have a smaller effect on the market value of floating and variable rate securities than on the market value of comparable fixed- </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Gill Sans MT;font-weight:bold;text-align:right"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">income obligations. Thus, investing in floating and variable rate securities generally allows less opportunity for capital appreciation and depreciation than investing in comparable fixed-income securities. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund’s ability to sell the securities at any given time. Such securities also may lose value. </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Hedging Risk. </div></div>The Fund’s use of derivatives or other transactions to reduce risk involves costs and will be subject to the investment adviser’s and/or the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">sub-adviser’s</div> ability to predict correctly changes in the relationships of such hedge instruments to the Fund’s portfolio holdings or other factors. No assurance can be given that the investment adviser’s and/or the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">sub-adviser’s</div> judgment in this respect will be correct, and no assurance can be given that the Fund will enter into hedging or other transactions at times or under circumstances in which it may be advisable to do so. Hedging activities may reduce the Fund’s opportunities for gain by offsetting the positive effects of favorable price movements and may result in net losses. </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Income Risk. </div></div>The Fund’s level of current income could decline due to falling market interest rates. This is because, in a falling interest rate environment, the Fund generally will have to invest the proceeds from maturing portfolio securities in lower-yielding securities. </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Inflation Risk. </div></div>Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the common shares and distributions can decline. Currently, inflation rates are elevated relative to normal market conditions and could increase. </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Insurance Risk. </div></div>The Fund may purchase municipal securities that are secured by insurance, bank credit agreements or escrow accounts. The credit quality of the companies that provide such credit enhancements will affect the value of those securities. Certain significant providers of insurance for municipal securities have incurred significant losses as a result of exposure to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">sub-prime</div> mortgages and other lower credit quality investments. As a result, such losses reduced the insurers’ capital and called into question their continued ability to perform their obligations under such insurance if they are called upon to do so in the future. While an insured municipal security will typically be deemed to have the rating of its insurer, if the insurer of a municipal security suffers a downgrade in its credit rating or the market discounts the value of the insurance provided by the insurer, the value of the municipal security would more closely, if not entirely, reflect such rating. In such a case, the value of insurance associated with a municipal security may not add any value. The insurance feature of a municipal security does not guarantee the full payment of principal and interest through the life of an insured obligation, the market value of the insured obligation or the NAV of the common shares represented by such insured obligation. </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Interest Rate Risk. </div></div>Interest rate risk is the risk that municipal securities in the Fund’s portfolio will decline in value because of changes in market interest rates. Generally, when market interest rates rise, the market value of such securities will fall, and vice versa. As interest rates decline, issuers of municipal securities may prepay principal earlier than scheduled, forcing the Fund to reinvest in lower-yielding securities and potentially reducing the Fund’s income. As interest rates increase, slower than expected principal payments may extend the average life of municipal securities, potentially locking in a below-market interest rate and reducing the Fund’s value. In typical market interest rate environments, the prices of longer-term municipal securities generally fluctuate more than prices of shorter-term municipal securities as interest rates change. If the Fund invests in floating rate securities, the market value of such securities may fall in a declining interest rate environment and may also fall in a rising interest rate environment if there is a lag between the rise in interest rates and the rest. A secondary risk associated with declining interest rates is the risk that income earned by the Fund on floating rate securities may decline due to lower coupon payments on floating- rate securities. </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Inverse Floating Rate Securities Risk. </div></div>In general, income on inverse floating rate securities will decrease when short-term interest rates increase and increase when short-term interest rates decrease. Investments in inverse floating rate securities may subject the Fund to the risks of reduced or eliminated interest payments and losses of principal. In addition, inverse floating rate securities may increase or decrease in value at a greater rate than the underlying interest rate, which effectively leverages the Fund’s investment. As a result, the market value of such securities generally will be more volatile than that of fixed rate securities. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund may invest in inverse floating rate securities issued by special purpose trusts that have recourse to the Fund. In such instances, the Fund may be at risk of loss that exceeds its investment in the inverse floating rate securities. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund may be required to sell its inverse floating rate securities at less than favorable prices, or liquidate other Fund portfolio holdings in certain circumstances, including, but not limited to, the following: </div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Gill Sans MT; font-size:8pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%"> </td> <td style="width:2%;vertical-align:top;text-align:left">•</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Gill Sans MT&quot;; font-size: 8pt; text-align: left; line-height: normal;">If the Fund has a need for cash and the securities in a special purpose trust are not actively trading due to adverse market conditions; </div></td></tr></table><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Gill Sans MT; font-size:8pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%"> </td> <td style="width:2%;vertical-align:top;text-align:left">•</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Gill Sans MT&quot;; font-size: 8pt; text-align: left; line-height: normal;">If special purpose trust sponsors (as a collective group or individually) experience financial hardship and consequently seek to terminate their respective outstanding special purpose trusts; and </div></td></tr></table><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Gill Sans MT; font-size:8pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%"> </td> <td style="width:2%;vertical-align:top;text-align:left">•</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Gill Sans MT&quot;; font-size: 8pt; text-align: left; line-height: normal;">If the value of an underlying security declines significantly and if additional collateral has not been posted by the Fund. </div></td></tr></table> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Municipal Securities Risk. </div></div>The values of municipal securities may be adversely affected by local political and economic conditions and developments. Adverse conditions in an industry significant to a local economy could have a correspondingly adverse effect on the financial condition of local issuers. Other factors that could affect municipal securities include a change in the local, state, or national economy, a downgrade of a state’s credit rating or the rating of authorities or political subdivisions of the state, demographic factors, ecological or environmental concerns, inability or perceived inability of a government authority to collect sufficient tax or other revenues, statutory limitations on the issuer’s ability to increase taxes, and other developments generally affecting the revenue of issuers (for example, legislation or court decisions reducing state aid to local governments or mandating additional services). This risk would be heightened to the extent that the Fund invests a substantial portion of the below-investment grade quality portion of its portfolio in the bonds of similar projects (such as those relating to the education, health care, housing, transportation, or utilities industries), in industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, municipal lease obligations, private activity bonds or moral obligation bonds) that are particularly exposed to specific types of adverse economic, business or political events. The value of municipal securities may also be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. In recent periods, a number of municipal issuers have defaulted </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Gill Sans MT;font-weight:bold"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">on obligations, been downgraded or commenced insolvency proceedings. Financial difficulties of municipal issuers may continue or get worse. In addition, the amount of public information available about municipal bonds is generally less than for certain corporate equities or bonds, meaning that the investment performance of the Fund may be more dependent on the analytical abilities of the Fund’s <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">sub-adviser</div> than funds that invest in stock or other corporate investments. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">To the extent that a fund invests a significant portion of its assets in the securities of issuers located in a given state or U.S. territory, it will be disproportionally affected by political and economic conditions and developments in that state or territory and may involve greater risk than funds that invest in a larger universe of securities. In addition, economic, political or regulatory changes in that state or territory could adversely affect municipal securities issuers in that state or territory and therefore the value of a fund’s investment portfolio. </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Municipal Securities Market Liquidity Risk. </div></div>Inventories of municipal securities held by brokers and dealers have decreased in recent years, lessening their ability to make a market in these securities. This reduction in market making capacity has the potential to decrease the Fund’s ability to buy or sell municipal securities at attractive prices, and increase municipal security price volatility and trading costs, particularly during periods of economic or market stress. In addition, recent federal banking regulations may cause certain dealers to reduce their inventories of municipal securities, which may further decrease the Fund’s ability to buy or sell municipal securities. As a result, the Fund may be forced to accept a lower price to sell a security, to sell other securities to raise cash, or to give up an investment opportunity, any of which could have a negative effect on performance. If the Fund needed to sell large blocks of municipal securities to raise cash to meet its obligations, those sales could further reduce the municipal securities’ prices and hurt performance. </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Municipal Securities Market Risk. </div></div>The amount of public information available about the municipal securities in the Fund’s portfolio is generally less than that for corporate equities or bonds, and the investment performance of the Fund may therefore be more dependent on the analytical abilities of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">sub-adviser</div> than if the Fund were a stock fund or taxable bond fund. The secondary market for municipal securities, particularly below investment grade municipal securities, also tends to be less well-developed or liquid than many other securities markets, which may adversely affect the Fund’s ability to sell its municipal securities at attractive prices. </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Other Investment Companies Risk. </div></div>Investing in an investment company exposes the Fund to all of the risks of that investment company’s investments. The Fund, as a holder of the securities of other investment companies, will bear its pro rata portion of the other investment companies’ expenses, including advisory fees. These expenses are in addition to the direct expenses of the Fund’s own operations. As a result, the cost of investing in investment company shares may exceed the costs of investing directly in its underlying investments. In addition, securities of other investment companies may be leveraged. As a result, the Fund may be indirectly exposed to leverage through an investment in such securities and therefore magnify the Fund’s leverage risk. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">With respect to ETF’s, an ETF that is based on a specific index may not be able to replicate and maintain exactly the composition and relative weighting of securities in the index. The value of an ETF based on a specific index is subject to change as the values of its respective component assets fluctuate according to market volatility. ETFs typically rely on a limited pool of authorized participants to create and redeem shares, and an active trading market for ETF shares may not develop or be maintained. The market value of shares of ETFs and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">closed-end</div> funds may differ from their NAV. </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Reinvestment Risk. </div></div>Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund invests the proceeds from matured, traded or called municipal securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could affect the common shares’ market price, NAV and/or a common shareholder’s overall returns. </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Restricted and Illiquid Investments Risk. </div></div>Illiquid investments are investments that are not readily marketable. These investments may include restricted investments, including Rule 144A securities, which cannot be resold to the public without an effective registration statement under the 1933 Act, or if they are unregistered may be sold only in a privately negotiated transaction or pursuant to an available exemption from registration. The Fund may not be able to readily dispose of such investments at prices that approximate those at which the Fund could sell such investments if they were more widely traded and, as a result of such illiquidity, the Fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting the Fund’s NAV and ability to make dividend distributions. The financial markets in general have in recent years experienced periods of extreme secondary market supply and demand imbalance, resulting in a loss of liquidity during which market prices were suddenly and substantially below traditional measures of intrinsic value. During such periods, some investments could be sold only at arbitrary prices and with substantial losses. Periods of such market dislocation may occur again at any time. </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Special Risks Related to Certain Municipal Obligations. </div></div>Municipal leases and certificates of participation involve special risks not normally associated with general obligations or revenue bonds. Leases and installment purchase or conditional sale contracts (which normally provide for title to the leased asset to pass eventually to the governmental issuer) have evolved as a means for governmental issuers to acquire property and equipment without meeting the constitutional and statutory requirements for the issuance of debt. The debt issuance limitations are deemed to be inapplicable because of the inclusion in many leases or contracts of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">“non-appropriation”</div> clauses that relieve the governmental issuer of any obligation to make future payments under the lease or contract unless money is appropriated for such purpose by the appropriate legislative body. In addition, such leases or contracts may be subject to the temporary abatement of payments in the event that the governmental issuer is prevented from maintaining occupancy of the leased premises or utilizing the leased equipment. Although the obligations may be secured by the leased equipment or facilities, the disposition of the property in the event of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-appropriation</div> or foreclosure might prove difficult, time consuming and costly, and may result in a delay in recovering or the failure to fully recover the Fund’s original investment. In the event of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-appropriation,</div> the issuer would be in default and taking ownership of the assets may be a remedy available to the Fund, although the Fund does not anticipate that such a remedy would normally be pursued. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Gill Sans MT;font-weight:bold;text-align:right"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Certificates of participation involve the same risks as the underlying municipal leases. In addition, the Fund may be dependent upon the municipal authority issuing the certificates of participation to exercise remedies with respect to the underlying securities. Certificates of participation also entail a risk of default or bankruptcy, both of the issuer of the municipal lease and also the municipal agency issuing the certificate of participation. </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Structured Products Risk. </div></div>In addition to the general risks associated with investments in debt securities, holders of structured products bear risks of the underlying investments, index or reference obligation and are subject to counterparty, valuation and liquidity risk. The Fund may have the right to receive payments to which it is entitled only from the structured product, and generally does not have direct rights against the issuer or the entity that sold assets to the special purpose trust. While certain structured products enable the investor to acquire interests in a pool of securities without the brokerage and other expenses associated with directly holding the same securities, investors in structured products generally pay their share of the structured product’s administrative and other expenses. When investing in structured products, it is impossible to predict whether the underlying index or prices of the underlying securities will rise or fall, but prices of the underlying indices and securities (and, therefore, the prices of structured products) will be influenced by the same types of political and economic events that affect particular issuers of securities and capital markets generally. Structured products may also be less liquid, more volatile and more difficult to price than other types of securities. </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Swap Transactions Risk. </div></div>Like most derivative instruments, the use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. In addition, the use of swaps requires an understanding by the investment adviser and/or the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">sub-adviser</div> of not only the referenced asset, rate or index, but also of the swap itself. If the investment adviser and/ or the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">sub-adviser</div> is incorrect in its forecasts of default risks, market spreads or other applicable factors or events, the investment performance of the Fund would diminish compared with what it would have been if these techniques were not used. </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Tobacco Settlement Bond Risk. </div></div>Tobacco settlement bonds are municipal securities that are backed solely by expected revenues to be derived from lawsuits involving tobacco related deaths and illnesses which were settled between certain states and American tobacco companies. Tobacco settlement bonds are secured by an issuing state’s proportionate share in the Master Settlement Agreement, an agreement between 46 states and nearly all of the U.S. tobacco manufacturers (the “MSA”). Under the terms of the MSA, the actual amount of future settlement payments by tobacco-manufacturers is dependent on many factors, including, among other things, reduced cigarette consumption. Payments made by tobacco manufacturers could be negatively impacted if the decrease in tobacco consumption is significantly greater than the forecasted decline. </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Unrated Securities Risk. </div></div>Unrated securities determined by the Fund’s investment adviser to be of comparable quality to rated investments which the Fund may purchase may pay a higher dividend or interest rate than such rated investments and be subject to a greater risk of illiquidity or price changes. Less public information is typically available about unrated investments or issuers than rated investments or issuers. Some unrated securities may not have an active trading market or may be difficult to value, which means the Fund might have difficulty selling them promptly at an acceptable price. To the extent that the Fund invests in unrated securities, the Fund’s ability to achieve its investment objectives will be more dependent on the investment adviser’s credit analysis than would be the case when the Fund invests in rated securities. </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Valuation Risk. </div></div>Certain securities in which the Fund invests typically are valued by a pricing service utilizing a range of market-based inputs and assumptions, including readily available market quotations obtained from broker-dealers making markets in such instruments, cash flows and transactions for comparable instruments. There is no assurance that the Fund will be able to sell a portfolio security at the price established by the pricing service, which could result in a loss to the Fund. Pricing services generally price securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, often at lower prices than institutional round lot trades. Different pricing services may incorporate different assumptions and inputs into their valuation methodologies, potentially resulting in different values for the same securities. As a result, if the Fund were to change pricing services, or if the Fund’s pricing service were to change its valuation methodology, there could be a material impact, either positive or negative, on the Fund’s NAV. </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">When-Issued and Delayed-Delivery Transactions Risk. </div></div>When-issued and delayed-delivery transactions may involve an element of risk because no interest accrues on the securities prior to settlement and, because securities are subject to market fluctuations, the value of the securities at time of delivery may be less (or more) than their cost. A separate account of the Fund will be established with its custodian consisting of cash equivalents or liquid securities having a market value at all times at least equal to the amount of any delayed payment commitment. </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Zero Coupon Bonds Risk. </div></div>Because interest on zero coupon bonds is not paid on a current basis, the values of zero coupon bonds will be more volatile in response to interest rate changes than the values of bonds that distribute income regularly. Although zero coupon bonds generate income for accounting purposes, they do not produce cash flow, and thus the Fund could be forced to liquidate securities at an inopportune time in order to generate cash to distribute to shareholders as required by tax laws. </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Anti-Takeover Provisions. </div></div>The Declaration of Trust and the Fund’s <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">by-laws</div> include provisions that could limit the ability of other entities or persons to acquire control of the Fund or convert the Fund to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">open-end</div> status. These provisions could have the effect of depriving the Common Shareholders of opportunities to sell their Common Shares at a premium over the then-current market price of the Common Shares. </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Counterparty Risk. </div></div>Changes in the credit quality of the companies that serve as the Fund’s counterparties with respect to derivatives or other transactions supported by another party’s credit will affect the value of those instruments. Certain entities that have served as counterparties in the markets for these transactions have incurred or may incur in the future significant financial hardships including bankruptcy and losses as a result of exposure to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">sub-prime</div> mortgages and other lower-quality credit investments. As a result, such hardships have reduced these entities’ capital and called into question their continued ability to perform their obligations under such transactions. By using such derivatives or other transactions, the Fund assumes the risk that its counterparties could experience similar financial hardships. In the event of the insolvency of a counterparty, the Fund may sustain losses or be unable to liquidate a derivatives position. </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Cybersecurity Risk. </div></div>The Fund and its service providers are susceptible to operational and information security risk resulting from cyber incidents. Cyber incidents refer to both intentional attacks and unintentional events including: processing errors, human errors, technical errors including computer glitches and system malfunctions, inadequate or failed internal or external processes, market-wide technical-related disruptions, </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Gill Sans MT;font-weight:bold"> </div><div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">unauthorized access to digital systems (through “hacking” or malicious software coding), computer viruses, and cyber-attacks which shut down, disable, slow or otherwise disrupt operations, business processes or website access or functionality (including denial of service attacks). Cyber incidents could adversely impact the Fund and cause the Fund to incur financial loss and expense, as well as face exposure to regulatory penalties, reputational damage, and additional compliance costs associated with corrective measures. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. Furthermore, the Fund cannot control the cybersecurity plans and systems put in place by its service providers or any other third parties whose operations may affect the Fund. </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Economic and Political Events Risk. </div></div>The Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the municipal securities of similar projects (such as those relating to the education, health care, housing, transportation, or utilities industries), industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, private activity bonds or moral obligation bonds). Such developments may adversely affect a specific industry or local political and economic conditions, and thus may lead to declines in the creditworthiness and value of such municipal securities. </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Fund Tax Risk. </div></div>The Fund has elected to be treated and intends to qualify each year as a Regulated Investment Company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”). As a RIC, the Fund is not expected to be subject to U.S. federal income tax to the extent that it distributes its investment company taxable income and net capital gains. To qualify for the special tax treatment available to a RIC, the Fund must comply with certain investment, distribution, and diversification requirements. Under certain circumstances, the Fund may be forced to sell certain assets when it is not advantageous in order to meet these requirements, which may reduce the Fund’s overall return. If the Fund fails to meet any of these requirements, subject to the opportunity to cure such failures under applicable provisions of the Code, the Fund’s income would be subject to a double level of U.S. federal income tax. The Fund’s income, including its net capital gain, would first be subject to U.S. federal income tax at regular corporate rates, even if such income were distributed to shareholders and, second, all distributions by the Fund from earnings and profits, including distributions of net capital gain (if any), would be taxable to shareholders as dividends. </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Global Economic Risk. </div></div>National and regional economies and financial markets are becoming increasingly interconnected, which increases the possibilities that conditions in one country, region or market might adversely impact issuers in a different country, region or market. Changes in legal, political, regulatory, tax and economic conditions may cause fluctuations in markets and asset prices around the world, which could negatively impact the value of the Fund’s investments. Major economic or political disruptions, particularly in large economies, may have global negative economic and market repercussions. Additionally, instability in various countries, war, natural and environmental disasters, the spread of infectious illnesses or other public health emergencies, terrorist attacks in the United States and around the world, growing social and political discord in the United States, debt crises, the response of the international community—through economic sanctions and otherwise—to international events, further downgrade of U.S. government securities, changes in the U.S. president or political shifts in Congress, trade disputes and other similar events may adversely affect the global economy and the markets and issuers in which the Fund invests. These events could reduce consumer demand or economic output, result in market closure, travel restrictions or quarantines, and generally have a significant impact on the global economy. These events could also impair the information technology and other operational systems upon which the Fund’s service providers, including the Fund’s <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">sub-adviser,</div> rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform essential tasks on behalf of the Fund. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund does not know and cannot predict how long the securities markets may be affected by these events, and the future impact of these and similar events on the global economy and securities markets is uncertain. The Fund may be adversely affected by abrogation of international agreements and national laws which have created the market instruments in which the Fund may invest, failure of the designated national and international authorities to enforce compliance with the same laws and agreements, failure of local, national and international organizations to carry out the duties prescribed to them under the relevant agreements, revisions of these laws and agreements which dilute their effectiveness or conflicting interpretation of provisions of the same laws and agreements. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Governmental and quasi-governmental authorities and regulators throughout the world have in the past responded to major economic disruptions with a variety of significant fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs and dramatically lower interest rates. An unexpected or quick reversal of these policies, or the ineffectiveness of these policies, could increase volatility in securities markets, which could adversely affect the Fund’s investments. </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investment and Market Risk. </div></div>An investment in common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Common shares frequently trade at a discount to their NAV. An investment in common shares represents an indirect investment in the securities owned by the Fund. Common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions. </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Legislation and Regulatory Risk. </div></div>At any time after the date of this report, legislation or additional regulations may be enacted that could negatively affect the assets of the Fund, securities held by the Fund or the issuers of such securities. Fund shareholders may incur increased costs resulting from such legislation or additional regulation. There can be no assurance that future legislation, regulation or deregulation will not have a material adverse effect on the Fund or will not impair the ability of the Fund to achieve its investment objectives. </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Leverage Risk. </div></div>The use of leverage creates special risks for common shareholders, including potential interest rate risks and the likelihood of greater volatility of NAV and market price of, and distributions on, the common shares. The use of leverage in a declining market will likely cause a greater decline in the Fund’s NAV, which may result at a greater decline of the common share price, than if the Fund were not to have used leverage. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Certain types of leverage may result in the Fund being subject to certain covenants, asset coverage or other portfolio composition limits by its lenders, debt or preferred securities purchasers, rating agencies that may rate the debt or preferred securities, or reverse repurchase counterparties. Such limitations may be more stringent than those imposed by the 1940 Act and may impact whether the Fund is able to maintain its desired amount of leverage. In addition, whenever the Fund incurs borrowings and/or preferred shares are outstanding, Common Shareholders will not be entitled to receive any cash distributions from the Fund unless all interest on such borrowings has been paid and all accumulated dividends on </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Gill Sans MT;font-weight:bold;text-align:right"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">preferred shares have been paid, unless asset coverage (as defined in the 1940 Act) with respect to any borrowings would be at least 300% after giving effect to the distributions and asset coverage (as defined in the 1940 Act) with respect to preferred shares would be at least 200% after giving effect to the distributions. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund will pay (and common shareholders will bear) any costs and expenses relating to the Fund’s use of leverage, which will result in a reduction in the Fund’s NAV. The investment adviser may, based on its assessment of market conditions and composition of the Fund’s holdings, increase or decrease the amount of leverage. Such changes may impact the Fund’s distributions and the price of the common shares in the secondary market. There is no assurance that the Fund’s use of leverage will be successful. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The Fund may seek to refinance its leverage over time, in the ordinary course, as current forms of leverage mature or it is otherwise desirable to refinance; however, the form that such leverage will take cannot be predicted at this time. If the Fund is unable to replace existing leverage on comparable terms, its costs of leverage will increase. Accordingly, there is no assurance that the use of leverage may result in a higher yield or return to common shareholders. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The amount of fees paid to the investment adviser and the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">sub-adviser</div> for investment advisory services will be higher if the Fund uses leverage because the fees will be calculated based on the Fund’s Managed Assets - this may create an incentive for the investment adviser and the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">sub-adviser</div> to leverage the Fund or increase the Fund’s leverage. </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Market Discount from Net Asset Value. </div></div>Shares of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">closed-end</div> investment companies like the Fund frequently trade at prices lower than their NAV. This characteristic is a risk separate and distinct from the risk that the Fund’s NAV could decrease as a result of investment activities. Whether investors will realize gains or losses upon the sale of the common shares will depend not upon the Fund’s NAV but entirely upon whether the market price of the common shares at the time of sale is above or below the investor’s purchase price for the common shares. Furthermore, management may have difficulty meeting the Fund’s investment objectives during periods of market turmoil and as investors’ perceptions regarding <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">closed-end</div> funds or their underlying investments change. Because the market price of the common shares will be determined by factors such as relative supply of and demand for the common shares in the market, general market and economic circumstances, and other factors beyond the control of the Fund, the Fund cannot predict whether the common shares will trade at, below or above NAV. The common shares are designed primarily for long-term investors, and you should not view the Fund as a vehicle for short-term trading purposes. </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Recent Market Conditions. </div></div>Periods of unusually high financial market volatility and restrictive credit conditions, at times limited to a particular sector or geographic area, have occurred in the past and may be expected to recur in the future. Some countries, including the United States, have adopted or have signaled protectionist trade measures, including the imposition of tariffs, relaxation of the financial industry regulations that followed the financial crisis, and/or reductions to corporate taxes. The scope of these policy changes is still developing, but the equity and debt markets may react strongly to expectations of change, which could increase volatility, particularly if a resulting policy runs counter to the market’s expectations. The outcome of such changes cannot be foreseen at the present time. In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in the world economy and markets generally. As a result of increasingly interconnected global economies and financial markets, the value and liquidity of the Fund’s investments may be negatively affected by events impacting a country or region, regardless of whether the Fund invests in issuers located in or with significant exposure to such country or region. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Ukraine has experienced ongoing military conflict, most recently commencing in February 2022 when Russia invaded Ukraine; this conflict may expand and military attacks could occur elsewhere in Europe. Europe has also been struggling with mass migration from the Middle East and Africa. The ultimate effects of these events and other socio-political or geographical issues are not known but could profoundly affect global economies and markets. Additionally, in October 2023 armed conflict broke out between Israel and the militant group Hamas after Hamas infiltrated Israel’s southern border from the Gaza Strip. Israel has since declared war against Hamas and this conflict has escalated into a greater regional conflict among Israel, Iran, and Hamas and other militant groups. These conflicts have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East and the United States. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The ultimate effects of these events, including the United States’ potential involvement in any global conflict(s), along with other socio-political or geographical issues are not known but could profoundly affect global economies and markets. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The ongoing trade war between China and the United States, including the imposition of tariffs by each country on the other country’s products, has created a tense political environment. These actions may trigger a significant reduction in international trade, adverse effects in the supply of certain manufactured goods, substantial adverse price changes for goods and possible failure of individual companies and/or large segments of China’s export industry and U.S. importers, which could have a negative impact on the Fund’s performance. U.S. companies that source material and goods from China and those that make large amounts of sales in China would are vulnerable to an escalation of trade tensions. Beginning in early 2025, the United States also imposed tariffs on other countries, including Mexico and Canada. The possibility of additional tariffs being imposed or the outbreak of a trade war may adversely impact U.S. and international markets. Uncertainty regarding the outcome of the trade tensions and the potential for a trade war could cause the U.S. dollar to decline further. Events such as these and their consequences are difficult to predict and it is unclear whether further tariffs may be imposed or other escalating actions may be taken in the future. Additionally, political uncertainty regarding U.S. policy, including the U.S. government’s approach to trade, may impact the markets and the Fund’s performance. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The U.S. Federal Reserve (the “Fed”) has in the past sharply raised interest rates, and has signaled an intention to maintain relatively higher interest rates until current inflation levels <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">re-align</div> with the Fed’s long-term inflation target. Changing interest rate environments impact the various sectors of the economy in different ways. For example, in March 2023, the Federal Deposit Insurance Corporation (“FDIC”) was appointed receiver for each of Silicon Valley Bank and Signature Bank, the second- and third-largest bank failures in U.S. history, which failures may be attributable, in part, to rising interest rates. Bank failures may have a destabilizing impact on the broader banking industry or markets generally. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The impact of these developments in the near- and long-term is unknown and could have additional adverse effects on economies, financial markets and asset valuations around the world. </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Reverse Repurchase Agreement Risk. </div></div>A reverse repurchase agreement, in economic essence, constitutes a securitized borrowing by the Fund from the security purchaser. The Fund may enter into reverse repurchase agreements for the purpose of creating a leveraged investment exposure and, as such, their usage involves essentially the same risks associated with a leveraging strategy generally since the proceeds from these agreements may be invested in additional portfolio securities. Reverse repurchase agreements tend to be short-term in tenor, and there can be no assurances that the purchaser (lender) will commit to extend or “roll” a given agreement upon its agreed-upon repurchase date or an alternative purchaser can be identified on similar terms. Reverse repurchase agreements also involve the risk that the purchaser fails to return the securities as agreed upon, files for bankruptcy or becomes insolvent. The Fund may be restricted from taking normal portfolio actions during such time, could be subject to loss to the extent that the proceeds of the agreement are less than the value of securities subject to the agreement and may experience adverse tax consequences. </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Trebuchet MS;font-weight:bold">EFFECTS OF LEVERAGE </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The following table is furnished in response to requirements of the SEC. It is designed to illustrate the effects of leverage through the use of senior securities, as that term is defined under Section 18 of the 1940 Act, as well as certain other forms of leverage, such as reverse repurchase agreements and investments in inverse floating rate securities, on common share total return, assuming investment portfolio total returns (consisting of income and changes in the value of investments held in the Fund’s portfolio) of -10%, -5%, 0%, 5% and 10%. The table below reflects each Fund’s (i) continued use of leverage as of March 31, 2026 as a percentage of Managed Assets (including assets attributable to such leverage), (ii) the estimated annual effective interest expense rate payable by the Fund on such instruments (based on actual leverage costs incurred during the fiscal year ended March 31, 2026) as set forth in the table, and (iii) the annual return that the Fund’s portfolio must experience (net of expenses) in order to cover such costs of leverage based on such estimated annual effective interest expense rate. The information below does not reflect any Fund’s use of certain other forms of economic leverage achieved through the use of certain derivative instruments. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The numbers are merely estimates, used for illustration. The costs of leverage may vary frequently and may be significantly higher or lower than the estimated rate. The assumed investment portfolio returns in the table below are hypothetical figures and are not necessarily indicative of the investment portfolio returns experienced or expected to be experienced by the Fund. Your actual returns may be greater or less than those appearing below. </div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:8pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:90%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Calibri; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">NBB  </div></div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="2" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Estimated Leverage as a Percentage of Managed Assets (Including Assets Attributable to Leverage)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">40.18%  </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="2" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Estimated Annual Effective Leverage Expense Rate Payable by Fund on Leverage</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">4.46%  </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="2" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Annual Return Fund Portfolio Must Experience (net of expenses) to Cover Estimated Annual Effective Interest Expense Rate on Leverage</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">1.79%  </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="2" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Common Share Total Return for (10.00)% Assumed Portfolio Total Return</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">(19.71)%  </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="2" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Common Share Total Return for (5.00)% Assumed Portfolio Total Return</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">(11.35)%  </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="2" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Common Share Total Return for 0.00% Assumed Portfolio Total Return</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">(3.00)%  </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="2" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Common Share Total Return for 5.00% Assumed Portfolio Total Return</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">5.36%  </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="2" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #a9a9a9;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Common Share Total Return for 10.00% Assumed Portfolio Total Return</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #a9a9a9;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #a9a9a9;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">13.72%  </div></td></tr></table><div style="margin-top:24pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Common Share total return is composed of two elements — the distributions paid by the Fund to holders of common shares (the amount of which is largely determined by the net investment income of the Fund after paying dividend payments on any preferred shares issued by the Fund and expenses on any forms of leverage outstanding) and gains or losses on the value of the securities and other instruments the Fund owns. As required by SEC rules, the table assumes that the Fund is more likely to suffer capital losses than to enjoy capital appreciation. For example, to assume a total return of 0%, the Fund must assume that the income it receives on its investments is entirely offset by losses in the value of those investments. This table reflects hypothetical performance of the Fund’s portfolio and not the actual performance of the Fund’s common shares, the value of which is determined by market forces and other factors. Should the Fund elect to add additional leverage to its portfolio, any benefits of such additional leverage cannot be fully achieved until the proceeds resulting from the use of such leverage have been received by the Fund and invested in accordance with the Fund’s investment objectives and policies. As noted above, the Fund’s willingness to use additional leverage, and the extent to which leverage is used at any time, will depend on many factors. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The following table is furnished in response to requirements of the SEC. It is designed to illustrate the effects of leverage through the use of senior securities, as that term is defined under Section 18 of the 1940 Act, as well as certain other forms of leverage, such as reverse repurchase agreements and investments in inverse floating rate securities, on common share total return, assuming investment portfolio total returns (consisting of income and changes in the value of investments held in the Fund’s portfolio) of -10%, -5%, 0%, 5% and 10%. The table below reflects each Fund’s (i) continued use of leverage as of March 31, 2026 as a percentage of Managed Assets (including assets attributable to such leverage), (ii) the estimated annual effective interest expense rate payable by the Fund on such instruments (based on actual leverage costs incurred during the fiscal year ended March 31, 2026) as set forth in the table, and (iii) the annual return that the Fund’s portfolio must experience (net of expenses) in order to cover such costs of leverage based on such estimated annual effective interest expense rate. The information below does not reflect any Fund’s use of certain other forms of economic leverage achieved through the use of certain derivative instruments. </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The numbers are merely estimates, used for illustration. The costs of leverage may vary frequently and may be significantly higher or lower than the estimated rate. The assumed investment portfolio returns in the table below are hypothetical figures and are not necessarily indicative of the investment portfolio returns experienced or expected to be experienced by the Fund. Your actual returns may be greater or less than those appearing below. </div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:8pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:90%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Calibri; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">NBB  </div></div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="2" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Estimated Leverage as a Percentage of Managed Assets (Including Assets Attributable to Leverage)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">40.18%  </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="2" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Estimated Annual Effective Leverage Expense Rate Payable by Fund on Leverage</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">4.46%  </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="2" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Annual Return Fund Portfolio Must Experience (net of expenses) to Cover Estimated Annual Effective Interest Expense Rate on Leverage</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">1.79%  </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="2" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Common Share Total Return for (10.00)% Assumed Portfolio Total Return</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">(19.71)%  </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="2" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Common Share Total Return for (5.00)% Assumed Portfolio Total Return</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">(11.35)%  </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="2" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Common Share Total Return for 0.00% Assumed Portfolio Total Return</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">(3.00)%  </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="2" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Common Share Total Return for 5.00% Assumed Portfolio Total Return</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">5.36%  </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="2" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #a9a9a9;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Common Share Total Return for 10.00% Assumed Portfolio Total Return</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #a9a9a9;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #a9a9a9;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">13.72%  </div></td></tr></table><div style="margin-top:24pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Common Share total return is composed of two elements — the distributions paid by the Fund to holders of common shares (the amount of which is largely determined by the net investment income of the Fund after paying dividend payments on any preferred shares issued by the Fund and expenses on any forms of leverage outstanding) and gains or losses on the value of the securities and other instruments the Fund owns. As required by SEC rules, the table assumes that the Fund is more likely to suffer capital losses than to enjoy capital appreciation. For example, to assume a total return of 0%, the Fund must assume that the income it receives on its investments is entirely offset by losses in the value of those investments. This table reflects hypothetical performance of the Fund’s portfolio and not the actual performance of the Fund’s common shares, the value of which is determined by market forces and other factors. Should the Fund elect to add additional leverage to its portfolio, any benefits of such additional leverage cannot be fully achieved until the proceeds resulting from the use of such leverage have been received by the Fund and invested in accordance with the Fund’s investment objectives and policies. As noted above, the Fund’s willingness to use additional leverage, and the extent to which leverage is used at any time, will depend on many factors. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div> 0.4018 0.0446 0.0179 -0.1971 -0.1135 -0.03 0.0536 0.1372 <div style="margin-top:18pt; margin-bottom:0pt; font-size:8pt; font-family:Trebuchet MS;font-weight:bold">SUMMARY OF FUND EXPENSES </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The purpose of the tables and the example below are to help you understand all fees and expenses that you, as a common shareholder, would bear directly or indirectly. The tables show the expenses of 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. </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:8pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:95%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Calibri; font-size:8pt"> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Shareholder Transaction Expenses</div></div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">NBB</div></div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Maximum Sales Charge (as a percentage of offering price) (1)</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">1.00%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt"> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Dividend Reinvestment Plan Fees (2)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$2.50</div></td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr></table><div style="font-size:3pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Lucida Sans; font-size:6pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left">(1)</td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt; font-family: &quot;Lucida Sans&quot;; text-align: left; line-height: normal;">The maximum sales charge for offerings made <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">at-the-market</div></div> is 1.00%. If the Common Shares are sold to or through underwriters in an offering that is not made <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">at-the-market,</div></div> the applicable Prospectus Supplement will set forth any other applicable sales load. Additionally, the applicable Prospectus Supplement will set forth the offering expenses (if any) borne by Fund common shareholders. </div></td></tr></table> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Lucida Sans; font-size:6pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left">(2)</td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt; font-family: &quot;Lucida Sans&quot;; text-align: left; line-height: normal;">You will be charged a $2.50 service charge and pay brokerage charges if you direct Computershare Inc. and Computershare Trust Company, N.A., as agent for the common shareholders, to sell your Common Shares held in a dividend reinvestment account. </div></td></tr></table> The purpose of the tables and the example below are to help you understand all fees and expenses that you, as a common shareholder, would bear directly or indirectly. The tables show the expenses of 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 a percentage of offering price 0.01 2.5 <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:8pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:95%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Calibri; font-size:8pt"> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Annual Expenses (As a Percentage of Net Assets Attributable to Common Shares) (1)</div></div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">NBB</div></div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Management Fees</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">0.98%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Interest and Other Related Expenses (2)</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">2.18%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt;background-color:#cceeff"> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Other Expenses (3)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">0.08%</div></td> <td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt"> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Total Annual Expenses</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:1.50pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:1.50pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">3.24%</div></td> <td style="BORDER-BOTTOM:1.50pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr></table><div style="font-size:3pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Lucida Sans; font-size:6pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left">(1)</td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt; font-family: &quot;Lucida Sans&quot;; text-align: left; line-height: normal;">Stated as percentages of average net assets attributable to Common Shares for the fiscal year ended March 31, 2026. </div></td></tr></table> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Lucida Sans; font-size:6pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left">(2)</td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt; font-family: &quot;Lucida Sans&quot;; text-align: left; line-height: normal;">Interest and Other Related Expenses reflect actual expenses and fees for leverage incurred by a Fund for the fiscal year ended March 31, 2026. The types of leverage used by the Fund during the fiscal year ended March 31, 2026 are described in the Fund Leverage and the Notes to Financial Statements sections of this annual report. Actual Interest and Other Related Expenses incurred in the future may be higher or lower. If short-term market interest rates rise in the future, and if the Fund continues to maintain leverage, the cost of which is tied to short-term interest rates, the Fund’s interest expenses on its short-term borrowings can be expected to rise in tandem. The Fund’s use of leverage will increase the amount of management fees paid to the Fund’s adviser and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">sub-advisor(s).</div><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"></div> </div></td></tr></table> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Lucida Sans; font-size:6pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left">(3)</td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt; font-family: &quot;Lucida Sans&quot;; text-align: left; line-height: normal;">Other Expenses are based on estimated amounts for the current fiscal year. Expenses attributable to the Fund’s investments, if any, in other investment companies are currently estimated not to exceed 0.01%. </div></td></tr></table> As a Percentage of Net Assets Attributable to Common Shares 0.0098 0.0218 0.0008 0.0324 Interest and Other Related Expenses reflect actual expenses and fees for leverage incurred by a Fund for the fiscal year ended March 31, 2026. The types of leverage used by the Fund during the fiscal year ended March 31, 2026 are described in the Fund Leverage and the Notes to Financial Statements sections of this annual report. Actual Interest and Other Related Expenses incurred in the future may be higher or lower. If short-term market interest rates rise in the future, and if the Fund continues to maintain leverage, the cost of which is tied to short-term interest rates, the Fund’s interest expenses on its short-term borrowings can be expected to rise in tandem. The Fund’s use of leverage will increase the amount of management fees paid to the Fund’s adviser and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">sub-advisor(s).</div> Other Expenses are based on estimated amounts for the current fiscal year. Expenses attributable to the Fund’s investments, if any, in other investment companies are currently estimated not to exceed 0.01%. <div style="margin-top:10pt; margin-bottom:0pt; font-size:8pt; font-family:Trebuchet MS;font-weight:bold">Example </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The following example illustrates the expenses, including the applicable transaction fees (referred to as the “Maximum Sales Charge” in the Shareholder Transaction Expenses table above), if any, that a common shareholder would pay on a $1,000 investment that is held for the time periods provided in the table. The example assumes that all dividends and other distributions are reinvested in the Fund and that the Fund’s Annual Expenses, as provided above, remain the same. The example also assumes a 5% annual return. Actual expenses may be greater or less than those assumed. Moreover, the Fund’s actual rate of return may be greater or less than the hypothetical 5% return shown in the example. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Trebuchet MS;font-weight:bold">Example <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">(At-the-Market</div></div> Transaction) </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The following example assumes a transaction fee of 1.00%, as a percentage of the offering price. </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Calibri; font-size:8pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:68%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Calibri; font-size:8pt"> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">1 Year</div></div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">3 Years</div></div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">5 Years</div></div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">10 Years</div></div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt;background-color:#cceeff"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-family: Calibri; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="font-weight:bolder;display:inline;">NBB</div></div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">  $42</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; background: none; letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">  $109</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; background: none; letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">  $178</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: &quot;Lucida Sans&quot;; background: none; letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$360</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr></table><div style="margin-top:18pt; margin-bottom:0pt; font-size:8pt; font-family:Calibri;font-weight:bold">The example should not be considered a representation of future expenses. Actual expenses may be greater or less than those shown above. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div> 42 109 178 360 <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The following table shows for the periods indicated: (i) the high and low sales prices for the Common Shares reported as of the end of 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. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Calibri;font-weight:bold">NBB </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Lucida Sans; font-size:8pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:28%"></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Calibri; font-size:8pt"> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="6" style="vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">    Closing Market Price per    <br/>Common Share</div></div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="6" style="vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">   NAV per Common Share on Date    <br/>of Market Price</div></div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="6" style="vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">   Premium/(Discount) on Date of    <br/>Market Price</div></div></td> <td style="vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:6pt"></td> <td colspan="4" style="height:6pt"></td> <td colspan="4" style="height:6pt"></td> <td colspan="4" style="height:6pt"></td> <td colspan="4" style="height:6pt"></td> <td colspan="4" style="height:6pt"></td> <td colspan="4" style="height:6pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Calibri; font-size:8pt"> <td style="vertical-align:bottom"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Fiscal Quarter End</div></div></td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">High</div></div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Low</div></div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">High</div></div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Low</div></div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">High</div></div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Low</div></div></td> <td style="vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Lucida Sans; font-size:8pt;background-color:#cceeff"> <td style="vertical-align:top">March 2026</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">$16.39</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">$15.18</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">$16.87</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">$16.08</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(2.85)%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(5.60)%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Lucida Sans; font-size:8pt"> <td style="vertical-align:top">December 2025</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">$16.57</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">$15.67</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">$16.77</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">$16.40</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(1.19)%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(4.45)%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Lucida Sans; font-size:8pt;background-color:#cceeff"> <td style="vertical-align:top">September 2025</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">$16.28</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">$15.52</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">$16.62</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">$15.84</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(2.05)%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(2.02)%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Lucida Sans; font-size:8pt"> <td style="vertical-align:top">June 2025</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">$16.07</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">$14.83</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">$16.56</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">$15.78</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(2.96)%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(6.02)%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Lucida Sans; font-size:8pt;background-color:#cceeff"> <td style="vertical-align:top">March 2025</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">$16.47</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">$14.98</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">$16.81</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">$16.11</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(2.02)%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(7.01)%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Lucida Sans; font-size:8pt"> <td style="vertical-align:top">December 2024</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">$16.73</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">$14.98</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">$17.37</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">$16.11</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(3.68)%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(7.01)%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Lucida Sans; font-size:8pt;background-color:#cceeff"> <td style="vertical-align:top">September 2024</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">$17.31</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">$15.25</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">$17.53</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">$16.41</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(1.25)%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(7.07)%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Lucida Sans; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top">June 2024</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">$15.52</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right">$14.56</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">$16.86</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">$16.15</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">(7.95)%</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">(9.85)%</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr></table><div style="margin-top:10pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The following table shows, as of March 31, 2026 the Fund’s: (i) NAV per Common Share, (ii) market price, (iii) percentage of premium/(discount) to NAV per Common Share and, (iv) net assets attributable to Common Shares. </div><div style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:8pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:89%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Calibri; font-size:8pt"> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">March 31, 2026</div></div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">NBB</div></div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">NAV per Common Share</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$16.26</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Market Price</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$15.66</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Percentage of Premium/(Discount) to NAV per Common Share</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">(3.69)%</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">Net Assets Attributable to Common Shares</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$477,822,467</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr></table><div style="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">Shares of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">closed-end</div> investment companies, including the Fund, may frequently trade at prices lower than NAV, the Fund’s Board of Trustees (Board) has currently determined that, at least annually, it will consider action that might be taken to reduce or eliminate any material discount from NAV in respect of Common Shares, which may include the repurchase of such shares in the open market or in private transactions, the making of a tender offer for such shares at NAV, or the conversion of the Fund to an <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">open-end</div> investment company. The Fund cannot assure you that its Board will decide to take any of these actions, or that share repurchases or tender offers will actually reduce market discount. </div> 16.39 15.18 16.87 16.08 -0.0285 -0.056 16.57 15.67 16.77 16.4 -0.0119 -0.0445 16.28 15.52 16.62 15.84 -0.0205 -0.0202 16.07 14.83 16.56 15.78 -0.0296 -0.0602 16.47 14.98 16.81 16.11 -0.0202 -0.0701 16.73 14.98 17.37 16.11 -0.0368 -0.0701 17.31 15.25 17.53 16.41 -0.0125 -0.0707 15.52 14.56 16.86 16.15 -0.0795 -0.0985 16.26 15.66 -0.0369 <div style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Trebuchet MS;font-weight:bold">SENIOR SECURITIES </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The following table sets forth information regarding the Fund’s outstanding senior securities as of the end of the Fund’s last ten fiscal years, as applicable. The Fund’s senior securities during this time period are comprised of borrowings that constitute “senior securities” as defined in the Investment Company Act of 1940, as amended (1940 Act). The information in this table is derived from the financial statements. The financial statements for the year ended March 31, 2026 have been audited by PricewaterhouseCoopers LLP (“PwC”), independent registered public accounting firm. The financial statements with respect to the fiscal years ended prior to 2025, where applicable, have been audited by other auditors. The Fund’s audited financial statements for the year ended March 31, 2026, including the report of PwC thereon, and accompanying notes thereto, are included in this Annual Report. </div><div style="font-size:24pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:8pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:92%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Calibri; font-size:8pt"> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom">  </td> <td colspan="6" style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Borrowings Outstanding at the End of Period</div></div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Calibri; font-size:8pt"> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Year Ended 3/31:</div></div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: Calibri; font-weight: bold; text-align: right; line-height: normal;">Aggregate Amount Outstanding</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: Calibri; font-weight: bold; text-align: right; line-height: normal;">(000) (1)</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Asset Coverage Per $1,000 (2)</div></div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">2026</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$ 0</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$ 0</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">2025</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">0</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">0</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">2024</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">0</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">0</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">2023</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">0</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">0</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">2022</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">0</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">0</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">2021</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">0</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">0</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">2020</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">0</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">0</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">2019</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">0</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">0</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">2018</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">90,175</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">7,445</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">2017</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">90,175</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">7,281</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr></table><div style="font-size:3pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Lucida Sans; font-size:6pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;vertical-align:top;text-align:left">(1)</td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt; font-family: &quot;Lucida Sans&quot;; text-align: left; line-height: normal;">Aggregate Amount Outstanding: Aggregate amount outstanding represents the principal amount outstanding or liquidation preference, if applicable, as of the end of the relevant fiscal year and does not include any preferred shares noticed for redemption as noted on the Statement of Assets and Liabilities, if applicable. </div></td></tr></table> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Lucida Sans; font-size:6pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;vertical-align:top;text-align:left">(2)</td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt; font-family: &quot;Lucida Sans&quot;; text-align: left; line-height: normal;">Asset Coverage Per $1,000: Asset coverage per $1,000 is calculated by subtracting the Fund’s liabilities and indebtedness not represented by senior securities from the Fund’s total assets, dividing the result by the aggregate amount of the Fund’s senior securities representing indebtedness then outstanding (if applicable), plus the aggregate of the involuntary liquidation preference of the outstanding preferred shares, if applicable, and multiplying the result by 1,000. </div></td></tr></table> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The following table sets forth information regarding the Fund’s outstanding senior securities as of the end of the Fund’s last ten fiscal years, as applicable. The Fund’s senior securities during this time period are comprised of borrowings that constitute “senior securities” as defined in the Investment Company Act of 1940, as amended (1940 Act). The information in this table is derived from the financial statements. The financial statements for the year ended March 31, 2026 have been audited by PricewaterhouseCoopers LLP (“PwC”), independent registered public accounting firm. The financial statements with respect to the fiscal years ended prior to 2025, where applicable, have been audited by other auditors. The Fund’s audited financial statements for the year ended March 31, 2026, including the report of PwC thereon, and accompanying notes thereto, are included in this Annual Report. </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Gill Sans MT">The following table sets forth information regarding the Fund’s outstanding senior securities as of the end of the Fund’s last ten fiscal years, as applicable. The Fund’s senior securities during this time period are comprised of borrowings that constitute “senior securities” as defined in the Investment Company Act of 1940, as amended (1940 Act). The information in this table is derived from the financial statements. The financial statements for the year ended March 31, 2026 have been audited by PricewaterhouseCoopers LLP (“PwC”), independent registered public accounting firm. The financial statements with respect to the fiscal years ended prior to 2025, where applicable, have been audited by other auditors. The Fund’s audited financial statements for the year ended March 31, 2026, including the report of PwC thereon, and accompanying notes thereto, are included in this Annual Report. </div><div style="font-size:24pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:8pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:92%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Calibri; font-size:8pt"> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom">  </td> <td colspan="6" style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Borrowings Outstanding at the End of Period</div></div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Calibri; font-size:8pt"> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Year Ended 3/31:</div></div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: Calibri; font-weight: bold; text-align: right; line-height: normal;">Aggregate Amount Outstanding</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: Calibri; font-weight: bold; text-align: right; line-height: normal;">(000) (1)</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Asset Coverage Per $1,000 (2)</div></div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">2026</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$ 0</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">$ 0</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">2025</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">0</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">0</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">2024</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">0</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">0</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">2023</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">0</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">0</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">2022</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">0</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">0</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">2021</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">0</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">0</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">2020</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">0</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">0</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">2019</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">0</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">0</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">2018</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">90,175</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">7,445</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">2017</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">90,175</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;">7,281</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Lucida Sans&quot;; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr></table><div style="font-size:3pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Lucida Sans; font-size:6pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;vertical-align:top;text-align:left">(1)</td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt; font-family: &quot;Lucida Sans&quot;; text-align: left; line-height: normal;">Aggregate Amount Outstanding: Aggregate amount outstanding represents the principal amount outstanding or liquidation preference, if applicable, as of the end of the relevant fiscal year and does not include any preferred shares noticed for redemption as noted on the Statement of Assets and Liabilities, if applicable. </div></td></tr></table> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Lucida Sans; font-size:6pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;vertical-align:top;text-align:left">(2)</td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt; font-family: &quot;Lucida Sans&quot;; text-align: left; line-height: normal;">Asset Coverage Per $1,000: Asset coverage per $1,000 is calculated by subtracting the Fund’s liabilities and indebtedness not represented by senior securities from the Fund’s total assets, dividing the result by the aggregate amount of the Fund’s senior securities representing indebtedness then outstanding (if applicable), plus the aggregate of the involuntary liquidation preference of the outstanding preferred shares, if applicable, and multiplying the result by 1,000. </div></td></tr></table> The information in this table is derived from the financial statements. The financial statements for the year ended March 31, 2026 have been audited by PricewaterhouseCoopers LLP (“PwC”), independent registered public accounting firm. The financial statements with respect to the fiscal years ended prior to 2025, where applicable, have been audited by other auditors. The Fund’s audited financial statements for the year ended March 31, 2026, including the report of PwC thereon, and accompanying notes thereto, are included in this Annual Report. 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 90175000 7445 90175000 7281 The maximum sales charge for offerings made at-the-market is 1.00%. If the Common Shares are sold to or through underwriters in an offering that is not made at-the-market, the applicable Prospectus Supplement will set forth any other applicable sales load. Additionally, the applicable Prospectus Supplement will set forth the offering expenses (if any) borne by Fund common shareholders. You will be charged a $2.50 service charge and pay brokerage charges if you direct Computershare Inc. and Computershare Trust Company, N.A., as agent for the common shareholders, to sell your Common Shares held in a dividend reinvestment account. Stated as percentages of average net assets attributable to Common Shares for the fiscal year ended March 31, 2026. Interest and Other Related Expenses reflect actual expenses and fees for leverage incurred by a Fund for the fiscal year ended March 31, 2026. The types of leverage used by the Fund during the fiscal year ended March 31, 2026 are described in the Fund Leverage and the Notes to Financial Statements sections of this annual report. Actual Interest and Other Related Expenses incurred in the future may be higher or lower. If short-term market interest rates rise in the future, and if the Fund continues to maintain leverage, the cost of which is tied to short-term interest rates, the Fund’s interest expenses on its short-term borrowings can be expected to rise in tandem. The Fund’s use of leverage will increase the amount of management fees paid to the Fund’s adviser and sub-advisor(s). Other Expenses are based on estimated amounts for the current fiscal year. Expenses attributable to the Fund’s investments, if any, in other investment companies are currently estimated not to exceed 0.01%. Aggregate Amount Outstanding: Aggregate amount outstanding represents the principal amount outstanding or liquidation preference, if applicable, as of the end of the relevant fiscal year and does not include any preferred shares noticed for redemption as noted on the Statement of Assets and Liabilities, if applicable. Asset Coverage Per $1,000: Asset coverage per $1,000 is calculated by subtracting the Fund’s liabilities and indebtedness not represented by senior securities from the Fund’s total assets, dividing the result by the aggregate amount of the Fund’s senior securities representing indebtedness then outstanding (if applicable), plus the aggregate of the involuntary liquidation preference of the outstanding preferred shares, if applicable, and multiplying the result by 1,000.