0001832871
2026-06-22
2026-06-22
0001832871
cik0001832871:CounterpartyRiskMember
2026-06-22
2026-06-22
0001832871
cik0001832871:SwapsRiskMember
2026-06-22
2026-06-22
0001832871
cik0001832871:GeneralRisksMember
2026-06-22
2026-06-22
0001832871
cik0001832871:UnratedSecuritiesRiskMember
2026-06-22
2026-06-22
0001832871
cik0001832871:SecuritiesLendingRiskMember
2026-06-22
2026-06-22
0001832871
cik0001832871:InflationRiskMember
2026-06-22
2026-06-22
0001832871
cik0001832871:DeflationRiskMember
2026-06-22
2026-06-22
0001832871
cik0001832871:RisksAssociatedWithRecentMarketEventsMember
2026-06-22
2026-06-22
0001832871
cik0001832871:EventRiskMember
2026-06-22
2026-06-22
0001832871
cik0001832871:DefensiveInvestingRiskMember
2026-06-22
2026-06-22
0001832871
cik0001832871:MisconductOfEmployeesAndOfServiceProvidersRiskMember
2026-06-22
2026-06-22
0001832871
cik0001832871:PortfolioTurnoverRiskMember
2026-06-22
2026-06-22
0001832871
cik0001832871:AntiTakeoverProvisionsRiskMember
2026-06-22
2026-06-22
0001832871
cik0001832871:WhenIssuedForwardCommitmentAndDelayedDeliveryTransactionsRiskMember
2026-06-22
2026-06-22
0001832871
cik0001832871:RepurchaseAgreementsRiskMember
2026-06-22
2026-06-22
0001832871
cik0001832871:ValuationRiskMember
2026-06-22
2026-06-22
0001832871
cik0001832871:DecisionMakingAuthorityRiskMember
2026-06-22
2026-06-22
0001832871
cik0001832871:ManagementRiskMember
2026-06-22
2026-06-22
0001832871
cik0001832871:RelianceOnTheAdvisorRiskMember
2026-06-22
2026-06-22
0001832871
cik0001832871:RelianceOnServiceProvidersRiskMember
2026-06-22
2026-06-22
0001832871
cik0001832871:InformationTechnologySystemsRiskMember
2026-06-22
2026-06-22
0001832871
cik0001832871:OperationalAndTechnologyRisksMember
2026-06-22
2026-06-22
0001832871
cik0001832871:MarketDisruptionAndGeopoliticalRiskMember
2026-06-22
2026-06-22
0001832871
cik0001832871:RegulationAndGovernmentInterventionRiskMember
2026-06-22
2026-06-22
0001832871
cik0001832871:RegulationAsACommodityPoolMember
2026-06-22
2026-06-22
0001832871
cik0001832871:FailuresOfFuturesCommissionMerchantsAndClearingOrganizationsRiskMember
2026-06-22
2026-06-22
0001832871
cik0001832871:LegalTaxAndRegulatoryRisksMember
2026-06-22
2026-06-22
0001832871
cik0001832871:PotentialConflictsOfInterestOfTheAdvisorAndOthersMember
2026-06-22
2026-06-22
0001832871
cik0001832871:LimitedVotingRightsRiskMember
2026-06-22
2026-06-22
0001832871
cik0001832871:SpecialRedemptionRightsRiskMember
2026-06-22
2026-06-22
0001832871
cik0001832871:NewTypesOfSecuritiesRiskMember
2026-06-22
2026-06-22
0001832871
cik0001832871:USGovernmentSecuritiesRiskMember
2026-06-22
2026-06-22
0001832871
cik0001832871:ReferenceRateReplacementRiskMember
2026-06-22
2026-06-22
0001832871
cik0001832871:StrategicTransactionsAndDerivativesRiskMember
2026-06-22
2026-06-22
0001832871
cik0001832871:ZeroCouponSecuritiesRiskMember
2026-06-22
2026-06-22
0001832871
cik0001832871:VariableRateDemandObligationsRiskMember
2026-06-22
2026-06-22
0001832871
cik0001832871:PrivateActivityBondsMember
2026-06-22
2026-06-22
0001832871
cik0001832871:PreferredSecuritiesRiskMember
2026-06-22
2026-06-22
0001832871
cik0001832871:DeferralRiskMember
2026-06-22
2026-06-22
0001832871
cik0001832871:SubordinationRiskMember
2026-06-22
2026-06-22
0001832871
cik0001832871:CommonSharesMember
2026-06-22
2026-06-22
0001832871
cik0001832871:PreferredSharesMember
2026-06-22
2026-06-22
0001832871
dei:BusinessContactMember
2026-06-22
2026-06-22
0001832871
cik0001832871:VRDPSharesMember
2025-12-31
0001832871
cik0001832871:TOBTrustCertificatesMember
2025-12-31
0001832871
cik0001832871:TOBTrustCertificatesMember
2024-12-31
0001832871
cik0001832871:VRDPSharesMember
2024-12-31
0001832871
cik0001832871:TOBTrustCertificatesMember
2023-12-31
0001832871
cik0001832871:VRDPSharesMember
2023-12-31
0001832871
cik0001832871:CommonSharesMember
2026-06-12
2026-06-12
0001832871
cik0001832871:PreferredSharesMember
2026-06-12
2026-06-12
0001832871
cik0001832871:SeriesW7VRDPSharesMember
2026-06-12
2026-06-12
0001832871
cik0001832871:CommonSharesMember
2026-06-12
0001832871
cik0001832871:CommonSharesMember
2026-01-01
2026-03-31
0001832871
cik0001832871:CommonSharesMember
2025-10-01
2025-12-31
0001832871
cik0001832871:CommonSharesMember
2025-07-01
2025-09-30
0001832871
cik0001832871:CommonSharesMember
2025-04-01
2025-06-30
0001832871
cik0001832871:CommonSharesMember
2025-01-01
2025-03-31
0001832871
cik0001832871:CommonSharesMember
2024-10-01
2024-12-31
0001832871
cik0001832871:CommonSharesMember
2024-07-01
2024-09-30
0001832871
cik0001832871:CommonSharesMember
2024-04-01
2024-06-30
0001832871
cik0001832871:CommonSharesMember
2024-01-01
2024-03-31
0001832871
cik0001832871:VRDPSharesMember
2022-12-31
0001832871
cik0001832871:TOBTrustCertificatesMember
2022-12-31
shares
pure
iso4217:USD
iso4217:USD
shares
0001832871
false
N-2/A
333-294651
811-23621
N-2
true
1
true
false
true
6
true
BlackRock 2037 Municipal Target Term Trust
100 Bellevue Parkway
Wilmington
DE
19809
800
882-0052
John M. Perlowski, President
50 Hudson Yards
New York
NY
10001
From time to time after the effective date of this Registration Statement.
false
true
true
false
false
false
false
false
false
false
true
false
false
true
No
false
false
<table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border-spacing:0;margin:0 auto">
<tr>
<td style="width:80%"></td>
<td style="vertical-align:bottom;width:17%"></td>
<td></td>
<td></td>
<td></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; font-weight: bold; line-height: normal;">Shareholder Transaction Expenses</div></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">Sales load paid by you (as a percentage of offering price)<div style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(1)</div></div></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">1.00</td>
<td style="white-space:nowrap;vertical-align:bottom">% </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">Offering expenses borne by the Trust (as a percentage of offering price)<div style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(1)</div></div></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">0.09</td>
<td style="white-space:nowrap;vertical-align:bottom">% </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">Dividend reinvestment plan fees</div></td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> <br/><br/><br/></td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">$0.02 per share for<br/><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">open-market</div><br/>purchases of<br/>common shares<div style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(2)</div></td>
<td style="white-space:nowrap;vertical-align:bottom"> <br/> <br/> <br/> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">Dividend reinvestment plan sale transaction fee</div></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom;text-align:right">2.50</td>
<td style="white-space:nowrap;vertical-align:bottom"><div style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(2)</div> </td></tr></table>
<table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt;border-spacing:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top;text-align:left">(1)</td>
<td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: "Times New Roman"; text-align: justify; line-height: normal;">If the common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses. Trust shareholders will pay all offering expenses involved with an offering. </div></td></tr></table>
<table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt;border-spacing:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top;text-align:left">(2)</td>
<td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: "Times New Roman"; text-align: justify; line-height: normal;">Computershare Trust Company, N.A.’s (the “Reinvestment Plan Agent”) fees for the handling of the reinvestment of dividends will be paid by the Trust. However, you will pay a $0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. You will also be charged a $2.50 sales fee and pay a $0.15 per share fee if you direct the Reinvestment Plan Agent to sell your common shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay. </div></td></tr></table>
as a percentage of offering price
0.01
as a percentage of offering price
0.0009
0.02
2.5
<table style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border-spacing:0;margin:0 auto">
<tr>
<td style="width:80%"></td>
<td style="vertical-align:bottom;width:17%"></td>
<td></td>
<td></td>
<td></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Estimated Annual Expenses</div></div> (as a percentage of net assets attributable to common shares)</div></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">Management Fees<div style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(3)</div></div></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">0.76</td>
<td style="white-space:nowrap;vertical-align:bottom">% </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">Other Expenses<div style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(4)</div></div></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">1.40</td>
<td style="white-space:nowrap;vertical-align:bottom">% </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">Miscellaneous Other Expenses</div></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">0.10% </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">Interest Expense<div style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(5)</div></div></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">1.30% </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">Acquired Fund Fees and Expenses<div style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(6)</div></div></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">0.01</td>
<td style="white-space:nowrap;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 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="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">Total Annual Expenses<div style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(7)</div></div></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">2.17</td>
<td style="white-space:nowrap;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: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td>
<td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td>
<td> </td></tr></table>
<table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt;border-spacing:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top;text-align:left">(3)</td>
<td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: "Times New Roman"; text-align: justify; line-height: normal;">The Trust currently pays the Advisor an annual fee, payable monthly, in an amount equal to 0.55% of the average daily value of the Trust’s Managed Assets. “Managed Assets” means the total assets of the Trust (including any assets attributable to money borrowed for investment purposes) minus the sum of the Trust’s accrued liabilities (other than money borrowed for investment purposes). </div></td></tr></table>
<table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt;border-spacing:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top;text-align:left">(4)</td>
<td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: "Times New Roman"; text-align: justify; line-height: normal;">Other Expenses are based on estimated amounts for the current fiscal year. </div></td></tr></table>
<table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt;border-spacing:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top;text-align:left">(5)</td>
<td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: "Times New Roman"; text-align: justify; line-height: normal;">The total expense table includes interest expense associated with the Trust’s investments in TOB Residuals (also known as “inverse floaters”). Although such interest expense is actually paid by special purpose vehicles in which the Trust invests, it is recorded on the Trust’s financial statements for accounting purposes. The total expense table also includes, in interest expense, dividends associated with the VRDP Shares, because the VRDP Shares are considered debt of the Trust for financial reporting purposes. The Trust uses leverage to seek to enhance its returns to common shareholders. This leverage generally takes two forms: the issuance of VRDP Shares and investment in TOB Residuals. Both forms of leverage benefit common shareholders if the cost of the leverage is lower than the returns earned by the Trust when it invests the proceeds from the leverage. In order to help you better understand the costs associated with the Trust’s leverage strategy, the Total Annual Expenses After Fee Waivers and/or Expense Reimbursements (excluding interest expense) are 0.87%. </div></td></tr></table>
<table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt;border-spacing:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top;text-align:left">(6)</td>
<td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: "Times New Roman"; text-align: justify; line-height: normal;">The Trust and the Advisor have entered into a fee waiver agreement (the “Fee Waiver Agreement”), pursuant to which the Advisor has contractually agreed to waive the management fee with respect to any portion of the Trust’s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds (“ETFs”) managed by the Advisor or its affiliates and other exchange-traded products sponsored by the Advisor or its affiliates, in each case that have a contractual management fee, through June 30, 2028. In addition, pursuant to the Fee Waiver Agreement, the Advisor has contractually agreed to waive its management fees by the amount of investment advisory fees the Trust pays to the Advisor indirectly through its investment in money market funds managed by the Advisor or its affiliates, through June 30, 2028. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by the Trust (upon the vote of a majority of the Trustees who are not “interested persons” (as defined in the Investment Company Act) of the Trust (the “Independent Trustees”) or a majority of the outstanding voting securities of the Trust), upon 90 days’ written notice by the Trust to the Advisor. </div></td></tr></table>
<table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt;border-spacing:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top;text-align:left">(7)</td>
<td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: "Times New Roman"; text-align: justify; line-height: normal;">The Total Annual Expenses do not correlate to the ratios of expenses to average net assets in the Trust’s most recent annual report, which do not include Acquired Fund Fees and Expenses. </div></td></tr></table>
as a percentage of net assets attributable to common shares
0.0076
0.014
0.001
0.013
0.0001
0.0217
The Trust currently pays the Advisor an annual fee, payable monthly, in an amount equal to 0.55% of the average daily value of the Trust’s Managed Assets. “Managed Assets” means the total assets of the Trust (including any assets attributable to money borrowed for investment purposes) minus the sum of the Trust’s accrued liabilities (other than money borrowed for investment purposes).
Other Expenses are based on estimated amounts for the current fiscal year.
The Trust and the Advisor have entered into a fee waiver agreement (the “Fee Waiver Agreement”), pursuant to which the Advisor has contractually agreed to waive the management fee with respect to any portion of the Trust’s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds (“ETFs”) managed by the Advisor or its affiliates and other exchange-traded products sponsored by the Advisor or its affiliates, in each case that have a contractual management fee, through June 30, 2028. In addition, pursuant to the Fee Waiver Agreement, the Advisor has contractually agreed to waive its management fees by the amount of investment advisory fees the Trust pays to the Advisor indirectly through its investment in money market funds managed by the Advisor or its affiliates, through June 30, 2028. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by the Trust (upon the vote of a majority of the Trustees who are not “interested persons” (as defined in the Investment Company Act) of the Trust (the “Independent Trustees”) or a majority of the outstanding voting securities of the Trust), upon 90 days’ written notice by the Trust to the Advisor.
<div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The following example illustrates the expenses (including the sales load of $10.00 and offering costs of $0.81) that you would pay on a $1,000 investment in common shares, assuming (i) the Fee Waiver Agreement described above is only in effect for the first year, since it expires on June 30, 2028, and (ii) a 5% annual return: </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div>
<table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt;width:100%;border-spacing:0;margin:0 auto">
<tr>
<td style="width:66%"></td>
<td style="vertical-align:bottom;width:3%"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align:bottom;width:3%"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align:bottom;width:3%"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align:bottom;width:3%"></td>
<td></td>
<td></td>
<td></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">One Year</div></div></td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Three Years</div></div></td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Five Years</div></div></td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Ten Years</div></div></td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">Total expenses incurred</div></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"> 33</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right"> 78</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right"> 126</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"> 259</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td></tr></table><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">The example should not be considered a representation of future expenses. The example assumes that the estimated “Other Expenses” set forth in the Estimated Annual Expenses table are accurate, that the rate listed under Total Annual Expenses remains the same each year and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. Moreover, the Trust’s actual rate of return may be greater or less than the hypothetical 5% return shown in the example. </div>
The following example illustrates the expenses (including the sales load of $10.00 and offering costs of $0.81) that you would pay on a $1,000 investment in common shares, assuming (i) the Fee Waiver Agreement described above is only in effect for the first year, since it expires on June 30, 2028, and (ii) a 5% annual return:
33
78
126
259
The example should not be considered a representation of future expenses. The example assumes that the estimated “Other Expenses” set forth in the Estimated Annual Expenses table are accurate, that the rate listed under Total Annual Expenses remains the same each year and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. Moreover, the Trust’s actual rate of return may be greater or less than the hypothetical 5% return shown in the example.
50000000
0
0
0
256369
0
0
0
51270000
12335000
12335000
0
5062
13818
14056
0
<div id="toc152115_4" style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">SENIOR SECURITIES </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The following table sets forth information regarding the Trust’s outstanding senior securities as of the end of December 31, 2025, 2024 and 2023. There were no senior securities outstanding as of December 31, 2022. The Trust’s audited financial statements, including Deloitte & Touche LLP Report of Independent Registered Public Accounting Firm, and accompanying notes to financial statements, are included in the Trust’s annual report to shareholders for the fiscal year ended December 31, 2025. </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div>
<table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:84%;border-spacing:0;margin:0 auto">
<tr>
<td style="width:61%"></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:5%"></td>
<td></td>
<td></td>
<td></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="vertical-align: bottom; white-space: nowrap; padding-bottom: 0.5pt;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; font-size: 8pt; font-family: "Times New Roman"; font-weight: bold; line-height: normal;">Fiscal Year/Period Ended*</div></td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Total<br/>Amount</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Outstanding<br/>(000)</div></div></td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Asset</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Coverage</div></div></td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Liquidating</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Preference<br/>Per Unit</div></div></td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td colspan="12" style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">VRDP Shares</div></div></td>
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0em; text-indent: 0em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;"> </div></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">December 31, 2025</div></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom;text-align:right">50,000</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom;text-align:right">256,369</td>
<td style="white-space:nowrap;vertical-align:bottom"><div style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(a)</div> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom;text-align:right">100,000</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td></tr>
<tr style="font-size:1pt">
<td colspan="13" style="height:6pt"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td colspan="12" style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">TOB Trust Certificates</div></div></td>
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0em; text-indent: 0em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;"> </div></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">December 31, 2025</div></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">51,270</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">5,062</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">N/A</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">December 31, 2024</div></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">12,335</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">13,818</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">N/A</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">December 31, 2023</div></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">12,335</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">14,056</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">N/A</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td></tr></table><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div>
<table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top;text-align:left">*</td>
<td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman"; text-align: justify; line-height: normal;">There were no VRDP Shares outstanding as of December 31, 2024, 2023 and 2022. </div></td></tr></table>
<table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top;text-align:left">(a)</td>
<td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman"; text-align: justify; line-height: normal;">Calculated by subtracting the Trust’s total liabilities (not including VRDP Shares and TOBs) from the Trust’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VRDP Shares, and by multiplying the results by 100,000. </div></td></tr></table>
<div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The following table sets forth information regarding the Trust’s outstanding senior securities as of the end of December 31, 2025, 2024 and 2023. There were no senior securities outstanding as of December 31, 2022. The Trust’s audited financial statements, including Deloitte & Touche LLP Report of Independent Registered Public Accounting Firm, and accompanying notes to financial statements, are included in the Trust’s annual report to shareholders for the fiscal year ended December 31, 2025. </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div>
<table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:84%;border-spacing:0;margin:0 auto">
<tr>
<td style="width:61%"></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:5%"></td>
<td></td>
<td></td>
<td></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="vertical-align: bottom; white-space: nowrap; padding-bottom: 0.5pt;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; font-size: 8pt; font-family: "Times New Roman"; font-weight: bold; line-height: normal;">Fiscal Year/Period Ended*</div></td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Total<br/>Amount</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Outstanding<br/>(000)</div></div></td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Asset</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Coverage</div></div></td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Liquidating</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Preference<br/>Per Unit</div></div></td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td colspan="12" style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">VRDP Shares</div></div></td>
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0em; text-indent: 0em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;"> </div></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">December 31, 2025</div></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom;text-align:right">50,000</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom;text-align:right">256,369</td>
<td style="white-space:nowrap;vertical-align:bottom"><div style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(a)</div> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom">$</td>
<td style="vertical-align:bottom;text-align:right">100,000</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td></tr>
<tr style="font-size:1pt">
<td colspan="13" style="height:6pt"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td colspan="12" style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">TOB Trust Certificates</div></div></td>
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0em; text-indent: 0em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;"> </div></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">December 31, 2025</div></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">51,270</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">5,062</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">N/A</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">December 31, 2024</div></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">12,335</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">13,818</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">N/A</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">December 31, 2023</div></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">12,335</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">14,056</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">N/A</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td></tr></table><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div>
<table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top;text-align:left">*</td>
<td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman"; text-align: justify; line-height: normal;">There were no VRDP Shares outstanding as of December 31, 2024, 2023 and 2022. </div></td></tr></table>
<table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top;text-align:left">(a)</td>
<td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman"; text-align: justify; line-height: normal;">Calculated by subtracting the Trust’s total liabilities (not including VRDP Shares and TOBs) from the Trust’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VRDP Shares, and by multiplying the results by 100,000. </div></td></tr></table>
50000000
256369
100000
51270000
5062
0
12335000
13818
0
12335000
14056
0
<div id="toc152115_7" style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">DESCRIPTION OF SHARES </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Common Shares </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust is authorized to issue an unlimited number of common shares of beneficial interest, par value $0.001 per share. Each common share has one vote and, when issued and paid for in accordance with the terms of this offering, will be fully paid and, under the Maryland Statutory Trust Act and the Trust’s governing documents, the purchasers of the common shares will have no obligation to make further payments for the purchase of the common shares or contributions to the Trust solely by reason of their ownership of the common shares, except that, as described in the Trust’s governing documents, the Board of Trustees of the Trust (the “Board”) shall have the power, as frequently as they may determine, to cause shareholders to pay certain expenses of the Trust by setting off charges due from shareholders from declared but unpaid dividends or distributions owed the shareholders and/or by reducing the number of common shares owned by each respective shareholder. If and whenever preferred shares are outstanding, the holders of common shares will not be entitled to receive any distributions from the Trust unless all accrued dividends on preferred shares have been paid, unless asset coverage (as defined in the Investment Company Act) with respect to preferred shares would be at least 200% after giving effect to the distributions and unless certain other requirements imposed by any rating agencies rating the preferred shares have been met. See “Description of Shares—Preferred Shares” in the SAI. All common shares are equal as to dividends, assets and voting privileges and have no conversion, appraisal, preemptive or other subscription rights. The Trust will send annual and semi-annual reports, including financial statements, to all holders of its shares. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Unlike <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">open-end</div> funds, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">closed-end</div> funds like the Trust do not continuously offer shares and do not provide daily redemptions. Rather, if a shareholder determines to buy additional common shares or sell shares already held, the shareholder may do so by trading through a broker on the NYSE or otherwise. Shares of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">closed-end</div> investment </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">companies frequently trade on an exchange at prices lower than NAV. Shares of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">closed-end</div> investment companies like the Trust have during some periods traded at prices higher than NAV and during other periods have traded at prices lower than NAV. Because the market value of the common shares may be influenced by such factors as dividend levels (which are in turn affected by expenses), call protection on its portfolio securities, dividend stability, portfolio credit quality, the Trust’s NAV, relative demand for and supply of such shares in the market, general market and economic conditions, market sentiment and other factors beyond the control of the Trust, the Trust cannot assure you that its common shares will trade at a price equal to or higher than NAV in the future. The common shares are designed primarily for long-term investors and you should not purchase the common shares if you intend to sell them soon after purchase. See “Repurchase of Common Shares” below and “Repurchase of Common Shares” in the SAI. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust’s outstanding common shares are, and when issued, the common shares offered by this Prospectus will be, publicly held and listed and traded on the NYSE under the symbol “BMN.” The Trust determines its NAV on a daily basis. The following table sets forth, for the quarters indicated, the highest and lowest daily closing prices on the NYSE per common share, and the NAV per common share and the premium to or discount from NAV, on the date of each of the high and low market prices. The table also sets forth the number of common shares traded on the NYSE during the respective quarters. </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div>
<table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border-spacing:0;margin:0 auto">
<tr>
<td style="width:36%"></td>
<td style="vertical-align:bottom;width:3%"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align:bottom;width:3%"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align:bottom;width:3%"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align:bottom;width:3%"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align:bottom;width:3%"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align:bottom;width:3%"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align:bottom;width:3%"></td>
<td></td>
<td></td>
<td></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap"><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: "Times New Roman"; font-weight: bold; line-height: normal;">During Quarter Ended</div></td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td colspan="6" style="border-bottom:1.00pt solid #000000;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;">NYSE Market Price</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Per Common Share</div></div></td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td colspan="6" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;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</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Share on<br/>Date of Market Price</div></div></td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td colspan="6" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Premium/(Discount) on</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Date of Market Price</div></div></td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td colspan="2" style="border-bottom:1.00pt solid #000000;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;">Trading</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Volume</div></div></td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td colspan="2" style="vertical-align:bottom;text-align:center"><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:center"><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:center"><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:center"><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;white-space:nowrap;text-align:center"><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;white-space:nowrap;text-align:center"><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"> </td>
<td style="vertical-align:bottom"> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">March 31, 2026</div></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">27.53</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">25.81</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">26.28</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">25.29</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">4.75%</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">2.06%</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">482,580</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">December 31, 2025</div></td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">26.18</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">24.65</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">25.76</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">25.89</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.63%</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">(4.79)%</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">919,970</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">September 30, 2025</div></td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">25.20</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">24.00</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">25.44</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">24.69</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">(0.94)%</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">(2.79)%</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">785,082</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">June 30, 2025</div></td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">25.35</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">23.59</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">25.50</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">24.81</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">(0.59)%</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">(4.92)%</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">883,189</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">March 31, 2025</div></td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">25.87</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">25.05</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">25.77</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">25.56</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">0.39%</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">(1.99)%</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">715,617</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">December 31, 2024</div></td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">25.77</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">24.61</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">26.21</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">25.87</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">(1.68)%</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">(4.87)%</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">871,857</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">September 30, 2024</div></td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">25.57</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">24.46</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">26.32</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">25.98</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">(2.85)%</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">(5.85)%</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">1,031,538</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">June 30, 2024</div></td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">24.95</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">23.80</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">25.95</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">25.75</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">(3.85)%</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">(7.57)%</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">1,001,952</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">March 31, 2024</div></td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">24.36</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">23.58</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">26.12</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">25.95</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">(6.74)%</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">(9.13)%</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">1,560,667</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td></tr></table><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">As of June 12, 2026, the NAV per common share of the Trust was $25.89 and the market price per common share was $26.26, representing a premium to NAV of 1.43%. Common shares of the Trust have historically traded at both a premium and discount to NAV. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Preferred Shares </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Amended and Restated Agreement and Declaration of Trust provides that the Board may authorize and issue preferred shares, with rights as determined by the Board, by action of the Board without the approval of the holders of the common shares. Under the Investment Company Act, the Trust is permitted to have outstanding more than one series of preferred shares so long as no single series has a priority over another series as to the distribution of assets of the Trust or the payment of dividends. Holders of common shares have no preemptive right to purchase any preferred shares that might be issued. The Trust is authorized to issue an unlimited number of preferred shares of beneficial interest, par value $0.001 per share. The Trust has issued 500 preferred shares of beneficial interests designated as Series <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">W-7</div> Variable Rate Demand Preferred Shares (previously defined as “VRDP Shares”), pursuant to the Statement of Preferences Establishing and Fixing the Rights and Preferences of Variable Rate Demand Preferred Shares and Supplementing the Amended and Restated Agreement and Declaration of Trust, dated October 1, 2025 (the “Statement of Preferences”). </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Distribution Preference and Liquidation Preference</div></div>. The VRDP Shares rank prior to the Trust’s common shares as to the payment of dividends by the Trust, and distribution of assets upon dissolution, liquidation or winding up of the Trust. The Investment Company Act prohibits the declaration of any dividend on the Trust’s common shares or the repurchase of the Trust’s common shares if the Trust fails to maintain asset coverage of at least </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">200% of the liquidation preference of the Trust’s outstanding VRDP Shares. The VRDP Shares have a liquidation preference of $100,000.00 per share. In addition, pursuant to the Statement of Preferences, the Trust is restricted from declaring and paying dividends on classes of shares ranking junior to or on parity with the VRDP Shares or repurchasing such shares if the Trust fails to declare and pay dividends on the VRDP Shares, redeem any VRDP Shares required to be redeemed under the Statement of Preferences or comply with the basic maintenance amount requirement of the ratings agencies rating the VRDP Shares. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Voting Rights</div></div>. The holders of the VRDP Shares have voting rights equal to the voting rights of the holders of the common shares (one vote per share) and will vote together with holders of the common shares (one vote per share) as a single class on certain matters. However, the holders of outstanding preferred shares, including the VRDP Shares, voting as a separate class, are also entitled to elect two trustees to the Board at all times. Holders of VRDP Shares are also entitled to elect a majority of the Trust’s Board as provided in the Statement of Preferences if dividends on the VRDP Shares are not paid for a period of two years. Holders of VRDP Shares are also generally entitled to a separate class vote to amend the Statement of Preferences. In addition, the Investment Company Act requires the approval of the holders of a majority of any outstanding VRDP Shares, voting as a separate class, to (a) adopt any plan of reorganization that would adversely affect the VRDP Shares, (b) change the Trust’s <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">sub-classification</div> as a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">closed-end</div> investment company or change its fundamental investment restrictions or (c) change its business so as to cease to be an investment company. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Redemption, Purchase and Sale of VRDP Shares</div></div>. The Trust is required to redeem its VRDP Shares on the maturity date, unless earlier redeemed or repurchased. Six months prior to the maturity date, the Trust is required to begin to segregate liquid assets with the Trust’s custodian to fund the redemption. In addition, the Trust is required to redeem certain of its outstanding VRDP Shares if it fails to comply with certain asset coverage, basic maintenance amount or leverage requirements. Subject to certain conditions, the VRDP Shares may also be redeemed, in whole or in part, at any time at the option of the Trust. The redemption price per VRDP Share is equal to the liquidation preference per share plus any outstanding unpaid dividends. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Board has authorized the redemption of up to 67% of the Trust’s currently outstanding VRDP Shares on one or more occasions between April 1, 2026 and October 1, 2026. The timing and amount of any redemption of the Trust’s currently outstanding VRDP Shares would depend on a number of factors, including, among others, the desired mix of leverage from preferred shares versus TOBs, yield levels and borrowing costs. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Liquidity Feature</div></div>. The VRDP Shares are subject to a fee agreement between the Trust and the liquidity provider that requires a per annum liquidity fee and, in some cases, an upfront or initial commitment fee, payable to the liquidity provider. As of December 31, 2025, the fee agreement is set to expire, unless renewed or terminated in advance, on October 20, 2028. The VRDP Shares are also subject to a purchase agreement in connection with the liquidity feature. In the event a purchase agreement is not renewed or is terminated in advance, and the VRDP Shares do not become subject to a purchase agreement with an alternate liquidity provider, the VRDP Shares will be subject to mandatory purchase by the liquidity provider prior to the termination of the purchase agreement. In the event of such mandatory purchase, the Trust is required to redeem the VRDP Shares six months after the purchase date. Immediately after such mandatory purchase, the Trust is required to begin to segregate liquid assets with its custodian to fund the redemption. There is no assurance that the Trust will replace such redeemed VRDP Shares with any other preferred shares or other form of leverage. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Please see “Description of Shares” in the SAI for more information. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Authorized and Outstanding Shares </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The following table provides the Trust’s authorized shares and common shares and preferred shares outstanding as of June 12, 2026. </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div>
<table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:84%;border-spacing:0;margin:0 auto">
<tr>
<td style="width:42%"></td>
<td style="vertical-align:bottom;width:14%"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align:bottom;width:14%"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align:bottom;width:14%"></td>
<td></td>
<td></td>
<td></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="vertical-align: bottom; white-space: nowrap; padding-bottom: 0.5pt;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; font-size: 8pt; font-family: "Times New Roman"; font-weight: bold; line-height: normal;">Title of Class</div></td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Amount Authorized</div></div></td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Amount Held by</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Trust or for its</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Account</div></div></td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Amount Outstanding</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Exclusive of Amount</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">held by Trust or for<br/>its Account</div></div></td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">Common Shares</div></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:center">Unlimited</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">0</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">6,147,653</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">Preferred Shares</div></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:center">Unlimited</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">0</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">500</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Series W-7 VRDP Shares</div></div></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">500</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">0</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">500</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td></tr></table>
Common Shares
<div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust’s outstanding common shares are, and when issued, the common shares offered by this Prospectus will be, publicly held and listed and traded on the NYSE under the symbol “BMN.” The Trust determines its NAV on a daily basis. The following table sets forth, for the quarters indicated, the highest and lowest daily closing prices on the NYSE per common share, and the NAV per common share and the premium to or discount from NAV, on the date of each of the high and low market prices. The table also sets forth the number of common shares traded on the NYSE during the respective quarters. </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div>
<table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border-spacing:0;margin:0 auto">
<tr>
<td style="width:36%"></td>
<td style="vertical-align:bottom;width:3%"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align:bottom;width:3%"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align:bottom;width:3%"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align:bottom;width:3%"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align:bottom;width:3%"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align:bottom;width:3%"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align:bottom;width:3%"></td>
<td></td>
<td></td>
<td></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap"><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: "Times New Roman"; font-weight: bold; line-height: normal;">During Quarter Ended</div></td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td colspan="6" style="border-bottom:1.00pt solid #000000;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;">NYSE Market Price</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Per Common Share</div></div></td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td colspan="6" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;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</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Share on<br/>Date of Market Price</div></div></td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td colspan="6" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Premium/(Discount) on</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Date of Market Price</div></div></td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td colspan="2" style="border-bottom:1.00pt solid #000000;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;">Trading</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Volume</div></div></td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td colspan="2" style="vertical-align:bottom;text-align:center"><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:center"><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:center"><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:center"><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;white-space:nowrap;text-align:center"><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;white-space:nowrap;text-align:center"><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"> </td>
<td style="vertical-align:bottom"> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">March 31, 2026</div></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">27.53</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">25.81</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">26.28</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">25.29</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">4.75%</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">2.06%</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">482,580</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">December 31, 2025</div></td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">26.18</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">24.65</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">25.76</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">25.89</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.63%</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">(4.79)%</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">919,970</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">September 30, 2025</div></td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">25.20</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">24.00</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">25.44</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">24.69</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">(0.94)%</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">(2.79)%</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">785,082</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">June 30, 2025</div></td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">25.35</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">23.59</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">25.50</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">24.81</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">(0.59)%</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">(4.92)%</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">883,189</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">March 31, 2025</div></td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">25.87</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">25.05</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">25.77</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">25.56</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">0.39%</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">(1.99)%</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">715,617</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">December 31, 2024</div></td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">25.77</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">24.61</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">26.21</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">25.87</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">(1.68)%</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">(4.87)%</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">871,857</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">September 30, 2024</div></td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">25.57</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">24.46</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">26.32</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">25.98</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">(2.85)%</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">(5.85)%</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">1,031,538</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">June 30, 2024</div></td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">24.95</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">23.80</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">25.95</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">25.75</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">(3.85)%</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">(7.57)%</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">1,001,952</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">March 31, 2024</div></td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">24.36</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">23.58</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">26.12</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">25.95</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">(6.74)%</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">(9.13)%</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">1,560,667</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td></tr></table><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">As of June 12, 2026, the NAV per common share of the Trust was $25.89 and the market price per common share was $26.26, representing a premium to NAV of 1.43%. Common shares of the Trust have historically traded at both a premium and discount to NAV. </div>
27.53
25.81
26.28
25.29
0.0475
0.0206
26.18
24.65
25.76
25.89
0.0163
-0.0479
25.2
24
25.44
24.69
-0.0094
-0.0279
25.35
23.59
25.5
24.81
-0.0059
-0.0492
25.87
25.05
25.77
25.56
0.0039
-0.0199
25.77
24.61
26.21
25.87
-0.0168
-0.0487
25.57
24.46
26.32
25.98
-0.0285
-0.0585
24.95
23.8
25.95
25.75
-0.0385
-0.0757
24.36
23.58
26.12
25.95
-0.0674
-0.0913
25.89
26.26
0.0143
Preferred Shares
<div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Authorized and Outstanding Shares </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The following table provides the Trust’s authorized shares and common shares and preferred shares outstanding as of June 12, 2026. </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div>
<table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:84%;border-spacing:0;margin:0 auto">
<tr>
<td style="width:42%"></td>
<td style="vertical-align:bottom;width:14%"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align:bottom;width:14%"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align:bottom;width:14%"></td>
<td></td>
<td></td>
<td></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="vertical-align: bottom; white-space: nowrap; padding-bottom: 0.5pt;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; font-size: 8pt; font-family: "Times New Roman"; font-weight: bold; line-height: normal;">Title of Class</div></td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Amount Authorized</div></div></td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Amount Held by</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Trust or for its</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Account</div></div></td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Amount Outstanding</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Exclusive of Amount</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">held by Trust or for<br/>its Account</div></div></td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">Common Shares</div></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:center">Unlimited</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">0</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">6,147,653</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">Preferred Shares</div></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:center">Unlimited</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">0</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">500</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Series W-7 VRDP Shares</div></div></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">500</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">0</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">500</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td></tr></table>
Common Shares
0
6147653
Preferred Shares
0
500
Series W-7 VRDP Shares
500
0
500
<div id="toc152115_8" style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">THE TRUST’S INVESTMENTS </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Investment Objectives and Policies </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Please refer to the section of the Trust’s most recent annual report on Form <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">N-CSR</div> entitled <a href="http://www.sec.gov/Archives/edgar/data/1832871/000119312526093583/d222609dncsr.htm">“Investment Objectives, Policies and Risks—Investment Objectives and Policies”</a>, which is incorporated by reference herein, for a discussion of the Trust’s investment objectives and policies. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Description of Municipal Securities </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Set forth below is a detailed description of the municipal securities in which the Trust invests. Information with respect to ratings assigned to tax exempt obligations that the Trust may purchase is set forth in <div style="text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">Exhibit A</div> to the SAI. Obligations are included within the term “municipal securities” if the interest paid thereon is excluded from gross income for federal income tax purposes in the opinion of bond counsel to the issuer. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Municipal securities include debt obligations issued to obtain funds for various public purposes, including the construction of a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general operating expenses and loans to other public institutions and facilities. In addition, certain types of private activity bonds (“PABs”) (or industrial development bonds, under <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pre-1986</div> law) are issued by or on behalf of public authorities to finance various privately owned or operated facilities, including among other things, airports, public ports, mass commuting facilities, multi-family housing projects, as well as facilities for water supply, gas, electricity, sewage or solid waste disposal and other specialized facilities. Other types of PABs, the proceeds of which are used for the construction, equipment or improvement of privately operated industrial or commercial facilities, may constitute municipal securities. The interest on municipal securities may bear a fixed rate or be payable at a variable or floating rate. The two principal classifications of municipal securities are “general obligation” bonds and “revenue” bonds, which latter category includes PABs. Municipal securities typically are issued to finance public projects, such as roads or public buildings, to pay general operating expenses or to refinance outstanding debt. Municipal securities may also be issued for private activities, such as housing, medical and educational facility construction, or for privately owned industrial development and pollution control projects. General obligation bonds are backed by the full faith and credit, or taxing authority, of the issuer and may be repaid from any revenue source. Revenue bonds may be repaid only from the revenues of a specific facility or source. Municipal securities may be issued on a long-term basis to provide permanent financing. The repayment of such debt may be secured generally by a pledge of the full faith and credit taxing power of the issuer, a limited or special tax, or any other revenue source, including project revenues, which may include tolls, fees and other user charges, lease payments and mortgage payments. Municipal securities may also be issued to finance projects on a short-term interim basis, anticipating repayment with the proceeds of the later issuance of long-term debt. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The municipal securities in which the Trust invests pay interest or income that, in the opinion of bond counsel to the issuer, is exempt from regular Federal income tax. The Advisor does not conduct its own analysis of the tax </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">status of the interest or income paid by municipal securities held by the Trust, but will rely on the opinion of counsel to the issuer of each such instrument. The Trust may also invest in municipal securities issued by United States Territories (such as Puerto Rico or Guam) that are exempt from regular Federal income tax. In addition to the types of municipal securities described in this Prospectus, the Trust may invest in other securities that pay interest or income that is, or make other distributions that are, exempt from regular Federal income tax and/or state and local personal taxes, regardless of the technical structure of the issuer of the instrument. The Trust treats all of such <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">tax-exempt</div> securities as municipal securities. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The yields on municipal securities are dependent on a variety of factors, including prevailing interest rates and the condition of the general money market and the municipal security market, the size of a particular offering, the maturity of the obligation and the rating of the issue. The market value of municipal securities will vary with changes in interest rate levels and as a result of changing evaluations of the ability of bond issuers to meet interest and principal payments. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust has not established any limit on the percentage of its portfolio that may be invested in PABs. The Trust may not be a suitable investment for investors who are already subject to the federal alternative minimum tax or who would become subject to the federal alternative minimum tax as a result of an investment in the Trust’s Shares. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">General Obligation Bonds</div></div>. General obligation bonds are typically secured by the issuer’s pledge of its faith, credit and taxing power for the repayment of principal and the payment of interest. The taxing power of any governmental entity may be limited, however, by provisions of its state constitution or laws, and an entity’s creditworthiness will depend on many factors, including potential erosion of its tax base due to population declines, natural disasters, declines in the state’s industrial base or inability to attract new industries, economic limits on the ability to tax without eroding the tax base, state legislative proposals or voter initiatives to limit ad valorem real property taxes and the extent to which the entity relies on federal or state aid, access to capital markets or other factors beyond the state’s or entity’s control. Accordingly, the capacity of the issuer of a general obligation bond as to the timely payment of interest and the repayment of principal when due is affected by the issuer’s maintenance of its tax base. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Revenue Bonds</div></div>. Revenue or special obligation bonds are typically payable only from the revenues derived from a particular facility or class of facilities or, in some cases, from the proceeds of a special excise tax or other specific revenue sources such as payments from the user of the facility being financed. Accordingly, the timely payment of interest and the repayment of principal in accordance with the terms of the revenue or special obligation bond is a function of the economic viability of such facility or such revenue source. Revenue bonds issued by state or local agencies to finance the development of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">low-income,</div> multi-family housing involve special risks in addition to those associated with municipal securities generally, including that the underlying properties may not generate sufficient income to pay expenses and interest costs. Such bonds are generally <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-recourse</div> against the property owner, may be junior to the rights of others with an interest in the properties, may pay interest that changes based in part on the financial performance of the property, may be prepayable without penalty and may be used to finance the construction of housing developments which, until completed and rented, do not generate income to pay interest. Increases in interest rates payable on senior obligations may make it more difficult for issuers to meet payment obligations on subordinated bonds. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Municipal Notes</div></div>. Municipal notes are shorter term municipal debt obligations. They may provide interim financing in anticipation of tax collection, bond sales or revenue receipts. If there is a shortfall in the anticipated proceeds, repayment on the note may be delayed or the note may not be fully repaid, and the Trust may lose money. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Municipal Commercial Paper</div></div>. Municipal commercial paper is generally unsecured and issued to meet short-term financing needs. The lack of security presents some risk of loss to the Trust since, in the event of an issuer’s bankruptcy, unsecured creditors are repaid only after the secured creditors out of the assets, if any, that remain. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Moral Obligation Bonds</div></div>. Municipal securities may also include “moral obligation” bonds, which are normally issued by special purpose public authorities. If an issuer of moral obligation bonds is unable to meet its obligations, the repayment of such bonds becomes a moral commitment but not a legal obligation of the state or municipality in question. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Municipal Lease Obligations</div></div>. Also included within the general category of municipal securities are certificates of participation (“COPs”) issued by government authorities or entities to finance the acquisition or construction of equipment, land and/or facilities. COPs represent participations in a lease, an installment purchase contract or a conditional sales contract (hereinafter collectively called “lease obligations”) relating to such equipment, land or facilities. Municipal leases, like other municipal debt obligations, are subject to the risk of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-payment.</div> Although lease obligations do not constitute general obligations of the issuer for which the issuer’s unlimited taxing power is pledged, a lease obligation is frequently backed by the issuer’s covenant to budget for, appropriate and make the payments due under the lease obligation. However, certain lease obligations contain <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">“non-appropriation”</div> clauses which provide that the issuer has no obligation to make lease or installment purchase payments in future years unless money is appropriated for such purpose on a yearly basis. Although <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">“non-appropriation”</div> lease obligations are secured by the leased property, disposition of the property in the event of foreclosure might prove difficult and the value of the property may be insufficient to pay lease obligations. Certain investments in lease obligations may be illiquid. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Zero-Coupon Bonds</div></div>. Municipal securities may include <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">zero-coupon</div> bonds. Zero-coupon bonds are securities that are sold at a discount to par value and do not pay interest during the life of the security. The discount approximates the total amount of interest the security will accrue and compound over the period until maturity at a rate of interest reflecting the market rate of the security at the time of issuance. Upon maturity, the holder of a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">zero-coupon</div> bond is entitled to receive the par value of the security. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">While interest payments are not made on such securities, holders of such securities are deemed to have received income (“phantom income”) annually, notwithstanding that cash may not be received currently. The effect of owning instruments that do not make current interest payments is that a fixed yield is earned not only on the original investment but also, in effect, on all discount accretion during the life of the obligations. This implicit reinvestment of earnings at a fixed rate eliminates the risk of being unable to invest distributions at a rate as high as the implicit yield on the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">zero-coupon</div> bond, but at the same time eliminates the holder’s ability to reinvest at higher rates in the future. For this reason, some of these securities may be subject to substantially greater price fluctuations during periods of changing market interest rates than are comparable securities that pay interest currently. Longer term <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">zero-coupon</div> bonds are more exposed to interest rate risk than shorter term <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">zero-coupon</div> bonds. These investments benefit the issuer by mitigating its need for cash to meet debt service, but also require a higher rate of return to attract investors who are willing to defer receipt of cash. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust accrues income with respect to these securities for U.S. federal income tax and accounting purposes prior to the receipt of cash payments. Zero-coupon bonds may be subject to greater fluctuation in value and less liquidity in the event of adverse market conditions than comparably rated securities that pay cash interest at regular intervals. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Further, to maintain its qualification for pass-through treatment under the U.S. federal tax laws, the Trust is required to distribute income to its shareholders and, consequently, may have to dispose of other, more liquid portfolio securities under disadvantageous circumstances or may have to leverage itself by borrowing in order to generate the cash to satisfy these distributions. The required distributions may result in an increase in the Trust’s exposure to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">zero-coupon</div> bonds. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">In addition to the above-described risks, there are certain other risks related to investing in <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">zero-coupon</div> bonds. During a period of severe market conditions, the market for such securities may become even less liquid. In addition, as these securities do not pay cash interest, the Trust’s investment exposure to these securities and their risks, including credit risk, will increase during the time these securities are held in the Trust’s portfolio. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="white-space:nowrap;display:inline;">Pre-Refunded</div> Municipal Securities</div></div>. 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. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">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:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">PABs</div></div>. The Trust may purchase municipal securities classified as PABs. Interest received on certain PABs is treated as an item of “tax preference” for purposes of the federal alternative minimum tax and may impact the overall tax liability of certain investors in the Trust. PABs, formerly referred to as industrial development bonds, are issued by, or on behalf of, states, municipalities or 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 PABs, 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 federal tax laws may place substantial limitations on the size of such issues. Such bonds are secured primarily by revenues derived from loan repayments or lease payments due from the entity which may or may not be guaranteed by a parent company or otherwise secured. PABs generally are not secured by a pledge of the taxing power of the issuer of such bonds. Therefore, an investor should be aware that repayment of such bonds generally depends on the revenues of a private entity and be aware of the risks that such an investment may entail. The continued ability of an entity to generate sufficient revenues for the payment of principal and interest on such bonds will be affected by many factors including the size of the entity, capital structure, demand for its products or services, competition, general economic conditions, government regulation and the entity’s dependence on revenues for the operation of the particular facility being financed. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The ability of issuers of municipal leases to make timely lease payments may be adversely impacted in general economic downturns and as relative governmental cost burdens are allocated and reallocated among federal, state and local governmental units. Such <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-payment</div> would result in a reduction of income to the Trust, and could result in a reduction in the value of the municipal lease experiencing <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-payment</div> and a potential decrease in the NAV of the Trust. Issuers of municipal lease obligations might seek protection under the bankruptcy laws. In the event of bankruptcy of such an issuer, the Trust could experience delays and limitations with respect to the collection of principal and interest on such municipal leases and the Trust may not, in all circumstances, be able to collect all principal and interest to which it is entitled. To enforce its rights in the event of a default in lease payments, the Trust might take possession of and manage the assets securing the issuer’s obligations on such securities, which may increase the Trust’s operating expenses and adversely affect the NAV of the Trust. When the lease contains a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-appropriation</div> clause, however, the failure to pay would not be a default and the Trust would not have the right to take possession of the assets. Any income derived from the Trust’s ownership or operation of such assets may not be <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">tax-exempt</div> or may fail to generate qualifying income for purposes of the income tests applicable to regulated investment companies (“RICs”). In addition, the Trust’s intention to qualify as a RIC under the Code may limit the extent to which the Trust may exercise its rights by taking possession of such assets, because as a RIC the Trust is subject to certain limitations on its investments and on the nature of its income. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Special Taxing Districts</div></div>. 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 (a type of municipal </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">security established by the Mello-Roos Community Facilities Act of 1982), 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. They often are exposed to real estate development-related risks and can have more taxpayer concentration risk than general <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">tax-supported</div> bonds, such as general obligation bonds. Further, the fees, special taxes, or tax allocations and other revenues that are established to secure such financings are generally limited as to the rate or amount that may be levied or assessed and are not subject to increase pursuant to rate covenants or municipal or corporate guarantees. The bonds could default if development failed to progress as anticipated or if larger taxpayers failed to pay the assessments, fees and taxes as provided in the financing plans of the districts. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">When-Issued Securities, Delayed Delivery Securities and Forward Commitments</div></div>. The Trust may purchase or sell securities that it is entitled to receive on a when-issued basis. The Trust may also purchase or sell securities on a delayed delivery basis. The Trust may also purchase or sell securities through a forward commitment. These transactions involve the purchase or sale of securities by the Trust at an established price with payment and delivery taking place in the future. The purchase will be recorded on the date the Trust enters into the commitment and the value of the securities will thereafter be reflected in the Trust’s NAV. The Trust has not established any limit on the percentage of its assets that may be committed in connection with these transactions. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">There can be no assurance that a security purchased on a when-issued basis will be issued or that a security purchased or sold through a forward commitment will be delivered. A default by a counterparty may result in the Trust missing the opportunity of obtaining a price considered to be advantageous. The value of securities in these transactions on the delivery date may be more or less than the Trust’s purchase price. The Trust may bear the risk of a decline in the value of the security in these transactions and may not benefit from an appreciation in the value of the security during the commitment period. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">If deemed advisable as a matter of investment strategy, the Trust may dispose of or renegotiate a commitment after it has been entered into, and may sell securities it has committed to purchase before those securities are delivered to the Trust on the settlement date. In these cases the Trust may realize a taxable capital gain or loss. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">When the Trust engages in when-issued, delayed delivery or forward commitment transactions, it relies on the other party to consummate the trade. Failure of such party to do so may result in the Trust’s incurring a loss or missing an opportunity to obtain a price considered to be advantageous. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The market value of the securities underlying a commitment to purchase securities, and any subsequent fluctuations in their market value, is taken into account when determining the market value of the Trust starting on the day the Trust agrees to purchase the securities. The Trust does not earn interest on the securities it has committed to purchase until they are paid for and delivered on the settlement date. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Rule <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">18f-4</div> under the Investment Company Act permits the Trust to enter into when-issued or forward-settling securities (e.g., firm and standby commitments, including <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">to-be-announced</div></div> (“TBA”) commitments, and dollar rolls) and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-standard</div> settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the Investment Company Act, provided that the Trust intends to physically settle the transaction and the transaction will settle within 35 days of its trade date (the “Delayed-Settlement Securities Provision”). If a when-issued, forward-settling or <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-standard</div> settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then it is treated as a derivatives transaction under Rule <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">18f-4.</div> </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Yields</div></div>. Yields on municipal securities are dependent on a variety of factors, including the general condition of the money market and of the municipal security market, the size of a particular offering, the financial condition of the issuer, the maturity of the obligation and the rating of the issue. The ability of the Trust to achieve its investment objective is also dependent on the continuing ability of the issuers of the securities in which the Trust invests to meet their obligations for the payment of interest and principal when due. There are variations in the risks involved in holding municipal securities, both within a particular classification and between classifications, </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">depending on numerous factors. Furthermore, the rights of owners of municipal securities and the obligations of the issuer of such municipal securities may be subject to applicable bankruptcy, insolvency and similar laws and court decisions affecting the rights of creditors generally and to general equitable principles, which may limit the enforcement of certain remedies. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">“</div></div><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">High Yield</div></div><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">”</div></div><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> or </div></div><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">“</div></div><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Junk</div></div><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">”</div></div><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> Bonds</div></div>. The Trust may invest up to 35% of its Managed Assets in municipal securities that are rated, at the time of investment, below investment grade quality (rated Ba/BB or below by Moody’s, S&P or Fitch) or securities that are unrated but judged to be of comparable quality by the Advisor. Such securities, sometimes referred to as “high yield” or “junk” bonds, are predominantly speculative with respect to the capacity to pay interest and repay principal in accordance with the terms of the security, generally involve a greater volatility of price than securities in higher rating categories and substantial risk of loss, and are susceptible to default or decline in market value due to adverse economic and business developments. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Other Investment Companies </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust may invest up to 10% of its total assets in securities of other investment companies, including <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">open-end</div> or <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">closed-end</div> investment companies that invest primarily in municipal securities of the types in which the Trust may invest directly. The Trust generally expects to invest in other investment companies either during periods when it has large amounts of uninvested cash, or during periods when there is a shortage of attractive, high-yielding municipal securities available in the market. As a shareholder in an investment company, the Trust will bear its ratable share of that investment company’s expenses, and will remain subject to payment of the Trust’s advisory and other fees and expenses with respect to assets so invested. Holders of Shares will therefore be subject to duplicative expenses to the extent the Trust invests in other investment companies. The Advisor will take expenses into account when evaluating the investment merits of an investment in an investment company relative to available municipal securities investments. In addition, the securities of other investment companies may also be leveraged and will therefore be subject to the same leverage risks to which the Trust is subject. As described in this Prospectus in the sections entitled “Risks” and “Leverage,” the net asset value of leveraged shares will be more volatile and the yield to shareholders will tend to fluctuate more than the yield generated by unleveraged shares. Investment companies may have investment policies that differ from those of the Trust. In addition, to the extent the Trust invests in other investment companies, the Trust will be dependent upon the investment and research abilities of persons other than the Advisor. The Trust treats its investments in such open- or <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">closed-end</div> investment companies as investments in municipal securities. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Tax-Exempt</div> Preferred Securities </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust may also invest up to 10% of its total assets in preferred interests of other investment funds that pay dividends that are exempt from regular federal income tax. A portion of such dividends may be capital gain distributions subject to federal capital gains tax. Such funds, in turn, invest in municipal securities and other assets that generally pay interest or make distributions that are exempt from regular federal income tax, such as revenue bonds issued by state or local agencies to fund the development of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">low-income,</div> <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">multi-family</div> housing. Investing in such <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">tax-exempt</div> preferred shares involves many of the same issues as investing in other <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">open-end</div> or <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">closed-end</div> investment companies as discussed above. These investments also have additional risks, including liquidity risk, the absence of regulation governing investment practices, capital structure and leverage, affiliated transactions and other matters, and concentration of investments in particular issuers or industries. The Trust will treat investments in <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">tax-exempt</div> preferred shares as investments in municipal securities. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Short-Term Debt Securities; Temporary Defensive <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Positions; Invest-Up or</div> Wind-Down Period </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">During temporary defensive periods (e.g., times when, in the Advisor’s opinion, temporary imbalances of supply and demand or other temporary dislocations in <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">the tax-exempt securities</div> market adversely affect the price at which long-term or intermediate-term municipal securities are available, or in connection with the termination of the Trust), and in order to keep cash on hand fully invested, including (i) the period during which the net </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">proceeds of this offering are being invested or (ii) the period of time preceding the Trust’s termination, the Trust may invest any percentage of its assets in liquid, short-term investments including high quality, short-term securities which may be <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">either tax-exempt or</div> taxable and securities of other <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">open-end</div> <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">or closed-end investment</div> companies that invest primarily in municipal securities of the type in which the Trust may invest directly. The Trust intends to invest in taxable short-term investments only in the event that <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">suitable tax-exempt temporary</div> investments are not available at reasonable prices and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">yields. Tax-exempt temporary</div> investments include various obligations issued by state and local governmental issuers, such <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">as tax-exempt notes</div> (bond anticipation notes, tax anticipation notes and revenue anticipation notes or other such municipal securities maturing in three years or less from the date of issuance), municipal commercial paper and variable rate demand obligations (“VRDOs”). The Trust’s expectation is that it will invest only in taxable temporary investments which are U.S. Government securities or securities rated within the highest grade by Moody’s, S&P or Fitch, and which mature within one year from the date of purchase or carry a variable or floating rate of interest. Taxable temporary investments of the Trust may include certificates of deposit issued by U.S. banks with assets of at least $1 billion, commercial paper or corporate notes, bonds or debentures with a remaining maturity of one year or less, or repurchase agreements. To the extent the Trust invests in taxable investments, the Trust will not at such times be in a position to achieve its investment objective <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">of tax-exempt income.</div> </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Strategic Transactions </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust may purchase and sell futures contracts, enter into various interest rate transactions and swap contracts (including, but not limited to, credit default swaps) and may purchase and sell exchange-listed and OTC put and call options on securities and swap contracts, financial indices and futures contracts and use other derivative instruments or management techniques (collectively, “Strategic Transactions”). These Strategic Transactions may be used for duration management and other risk management purposes, subject to the Trust’s investment restrictions. While the Trust’s use of Strategic Transactions is intended to reduce the volatility of the NAV of the Trust’s Shares, the NAV of the Trust’s Shares will fluctuate. No assurance can be given that the Trust’s Strategic Transactions will be effective. There is no particular strategy that requires use of one technique rather than another as the decision to use any particular strategy or instrument is a function of market conditions and the composition of the portfolio. The ability of the Trust to use Strategic Transactions successfully will depend on the Advisor’s ability to predict pertinent market movements as well as sufficient correlation among the instruments, which cannot be assured. Strategic Transactions subject the Trust to the risk that, if the Advisor incorrectly forecasts market values, interest rates or other applicable factors, the Trust’s performance could suffer. Certain of these Strategic Transactions, such as investments in inverse floating rate securities and credit default swaps, may provide investment leverage to the Trust’s portfolio. The Trust is not required to use derivatives or other portfolio strategies to seek to hedge its portfolio and may choose not to do so. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The use of Strategic Transactions may result in losses greater than if they had not been used, may require the Trust to sell or purchase portfolio securities at inopportune times or for prices other than current market values, may limit the amount of appreciation the Trust can realize on an investment or may cause the Trust to hold a security that it might otherwise sell. Furthermore, the Trust may only engage in Strategic Transactions from time to time and may not necessarily be engaging in hedging activities when movements in interest rates occur. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust’s investment objectives and the requirements of Subchapter M of the Code for qualification as a regulated investment company may restrict or affect the ability of the Trust to engage in Strategic Transactions. In addition, the use of certain Strategic Transactions may give rise to taxable income and have certain other consequences, such as subjecting a portion of the Trust’s dividends to regular federal income tax. However, under normal circumstances, the Trust does not intend to use Strategic Transactions that give rise to taxable income. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Financial Futures Transactions and Options</div></div>. The Trust is authorized to purchase and sell certain exchange traded financial futures contracts (“financial futures contracts”) in order to hedge its investments against declines in value, and to hedge against increases in the cost of securities it intends to purchase or to seek to enhance the </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Trust’s return. However, any transactions involving financial futures or options (including puts and calls associated therewith) will be in accordance with the Trust’s investment policies and limitations. A financial futures contract obligates the seller of a contract to deliver and the purchaser of a contract to take delivery of the type of financial instrument covered by the contract, or in the case of index-based futures contracts to make and accept a cash settlement, at a specific future time for a specified price. To hedge its portfolio, the Trust may take an investment position in a futures contract which will move in the opposite direction from the portfolio position being hedged. A sale of financial futures contracts may provide a hedge against a decline in the value of portfolio securities because such depreciation may be offset, in whole or in part, by an increase in the value of the position in the financial futures contracts. A purchase of financial futures contracts may provide a hedge against an increase in the cost of securities intended to be purchased because such appreciation may be offset, in whole or in part, by an increase in the value of the position in the futures contracts. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Distributions, if any, of net long-term capital gains from certain transactions in futures or options are taxable at long-term capital gains rates for U.S. federal income tax purposes. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Futures Contracts</div></div>. A futures contract is an agreement between two parties to buy and sell a security or, in the case of an index-based futures contract, to make and accept a cash settlement for a set price on a future date. A majority of transactions in futures contracts, however, do not result in the actual delivery of the underlying instrument or cash settlement, but are settled through liquidation, i.e., by entering into an offsetting transaction. Futures contracts have been designed by boards of trade which have been designated “contracts markets” by the CFTC. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The purchase or sale of a futures contract differs from the purchase or sale of a security in that no price or premium is paid or received. Instead, an amount of cash or securities acceptable to the broker and the relevant contract market, which varies, but is generally about 5% of the contract amount, must be deposited with the broker. This amount is known as “initial margin” and represents a “good faith” deposit assuring the performance of both the purchaser and seller under the futures contract. Subsequent payments to and from the broker, called “variation margin,” are required to be made on a daily basis as the price of the futures contract fluctuates making the long and short positions in the futures contract more or less valuable, a process known as “marking to the market.” At any time prior to the settlement date of the futures contract, the position may be closed out by taking an opposite position that will operate to terminate the position in the futures contract. A final determination of variation margin is then made, additional cash is required to be paid to or released by the broker and the purchaser realizes a loss or gain. In addition, a nominal commission is paid on each completed sale transaction. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust may also purchase and sell financial futures contracts on U.S. Government securities as a hedge against adverse changes in interest rates as described below. The Trust may purchase and write call and put options on futures contracts on U.S. Government securities and purchase and sell municipal security index futures contracts in connection with its hedging strategies. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust also may engage in other futures contracts transactions such as futures contracts on other municipal bond indices that may become available if the Advisor should determine that there is normally a sufficient correlation between the prices of such futures contracts and the municipal securities in which the Trust invests to make such hedging appropriate. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Futures Strategies</div></div>. The Trust may sell a financial futures contract (i.e., assume a short position) in anticipation of a decline in the value of its investments resulting from an increase in interest rates or otherwise. The risk of decline could be reduced without employing futures as a hedge by selling investments and either reinvesting the proceeds in securities with shorter maturities or by holding assets in cash. This strategy, however, entails increased transaction costs in the form of dealer spreads and typically would reduce the average yield of the Trust’s portfolio securities as a result of the shortening of maturities. The sale of futures contracts provides an alternative means of hedging against declines in the value of its investments. As such values decline, the value of the Trust’s positions in the futures contracts will tend to increase, thus offsetting all or a portion of the </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">depreciation in the market value of the Trust’s investments that are being hedged. While the Trust will incur commission expenses in selling and closing out futures positions, commissions on futures transactions are typically lower than transaction costs incurred in the purchase and sale of the Trust’s investments being hedged. In addition, the ability of the Trust to trade in the standardized contracts available in the futures markets may offer a more effective defensive position than a program to reduce the average maturity of the portfolio securities due to the unique and varied credit and technical characteristics of the instruments available to the Trust. Employing futures as a hedge also may permit the Trust to assume a defensive posture without reducing the yield on its investments beyond any amounts required to engage in futures trading. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">When the Trust intends to purchase a security, the Trust may purchase futures contracts as a hedge against any increase in the cost of such security resulting from a decrease in interest rates or otherwise, that may occur before such purchase can be effected. Subject to the degree of correlation between such securities and futures contracts, subsequent increases in the cost of such securities should be reflected in the value of the futures held by the Trust. As such purchases are made, an equivalent amount of futures contracts will be closed out. Due to changing market conditions and interest rate forecasts, however, a futures position may be terminated without a corresponding purchase of portfolio securities. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Call Options on Futures Contracts</div></div>. The Trust may also purchase and sell exchange traded call and put options on financial futures contracts. The purchase of a call option on a futures contract is analogous to the purchase of a call option on an individual security. Depending on the pricing of the option compared to either the futures contract upon which it is based or the price of the underlying securities, it may or may not be less risky than ownership of the futures contract or underlying securities. Like the purchase of a futures contract, the Trust may purchase a call option on a futures contract to hedge against a market advance when the Trust is not fully invested. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The writing of a call option on a futures contract constitutes a partial hedge against declining prices of the securities which are deliverable upon exercise of the futures contract. If the futures price at expiration is below the exercise price, the Trust will retain the full amount of the option premium, which provides a partial hedge against any decline that may have occurred in the Trust’s portfolio holdings. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Put Options on Futures Contracts</div></div>. The purchase of a put option on a futures contract is analogous to the purchase of a protective put option on portfolio securities. The Trust may purchase a put option on a futures contract to hedge the Trust’s portfolio against the risk of rising interest rates. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The writing of a put option on a futures contract constitutes a partial hedge against increasing prices of the securities which are deliverable upon exercise of the futures contract. If the futures price at expiration is higher than the exercise price, the Trust will retain the full amount of the option premium, which provides a partial hedge against any increase in the price of securities which the Trust intends to purchase. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The writer of an option on a futures contract is required to deposit initial and variation margin pursuant to requirements similar to those applicable to futures contracts. Premiums received from the writing of an option will be included in initial margin. The writing of an option on a futures contract involves risks similar to those relating to futures contracts. The CFTC subjects advisers to registered investment companies to regulation by the CFTC if a fund that is advised by the investment adviser either (i) invests, directly or indirectly, more than a prescribed level of its liquidation value in CFTC-regulated futures, options and swaps (“CFTC Derivatives”), or (ii) markets itself as providing investment exposure to such instruments. To the extent the Trust uses CFTC Derivatives, it intends to do so below such prescribed levels and will not market itself as a “commodity pool” or a vehicle for trading such instruments. Accordingly, the Advisor has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act (“CEA”) pursuant to Rule 4.5 under the CEA. The Advisor is not, therefore, subject to registration or regulation as a “commodity pool operator” under the CEA in respect of the Trust. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Counterparty Credit Standards</div></div>. To the extent that the Trust engages in principal transactions, including, but not limited to, OTC options, forward currency transactions, swap transactions, repurchase agreements and the purchase and sale of bonds and other fixed-income securities, it must rely on the creditworthiness of its counterparties under such transactions. In certain instances, the credit risk of a counterparty is increased by the lack of a central clearing house for certain transactions, including certain swap contracts. In the event of the insolvency of a counterparty, the Trust may not be able to recover its assets, in full or at all, during the insolvency process. Counterparties to investments may have no obligation to make markets in such investments and may have the ability to apply essentially discretionary margin and credit requirements. Similarly, the Trust will be subject to the risk of bankruptcy of, or the inability or refusal to perform with respect to such investments by, the counterparties with which it deals. The Advisor will seek to minimize the Trust’s exposure to counterparty risk by entering into such transactions with counterparties the Advisor believes to be creditworthy at the time it enters into the transaction. Certain option transactions and Strategic Transactions may require the Trust to provide collateral to secure its performance obligations under a contract, which would also entail counterparty credit risk. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Securities Lending </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust may lend portfolio securities to certain borrowers determined to be creditworthy by the Advisor, including to borrowers affiliated with the Advisor. The borrowers provide collateral that is maintained in an amount at least equal to the current market value of the securities loaned. No securities loan will be made on behalf of the Trust if, as a result, the aggregate value of all securities loans of the Trust exceeds <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">one-third</div> of the value of the Trust’s total assets (including the value of the collateral received). The Trust may terminate a loan at any time and obtain the return of the securities loaned. The Trust receives the value of any interest or cash or <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-cash</div> distributions paid on the loaned securities. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">With respect to loans that are collateralized by cash, the borrower may be entitled to receive a fee based on the amount of cash collateral. The Trust is compensated by the difference between the amount earned on the reinvestment of cash collateral and the fee paid to the borrower. In the case of collateral other than cash, the Trust is compensated by a fee paid by the borrower equal to a percentage of the market value of the loaned securities. Any cash collateral received by the Trust for such loans, and uninvested cash, may be invested, among other things, in a private investment company managed by an affiliate of the Advisor or in registered money market funds advised by the Advisor or their affiliates; such investments are subject to investment risk. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust conducts its securities lending pursuant to an exemptive order from the SEC permitting it to lend portfolio securities to borrowers affiliated with the Trust and to retain an affiliate of the Trust as lending agent. To the extent that the Trust engages in securities lending, BlackRock Investment Management, LLC (“BIM”) acts as securities lending agent for the Trust, subject to the overall supervision of the Advisor, pursuant to a written agreement (the “Securities Lending Agency Agreement”). BIM administers the lending program in accordance with guidelines approved by the Board. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">To the extent the Trust engages in securities lending, the Trust retains a portion of the securities lending income and remits the remaining portion to BIM as compensation for its services as securities lending agent. Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees as defined below), and any fees or other payments to and from borrowers of securities. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Trust is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BlackRock (the “collateral investment fees”); however, the securities lending agent has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Trust bears to an annual rate of 0.04%. Such money market fund shares will not be subject to a sales load, redemption fee, distribution fee or service fee. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">To the extent that the Trust invests cash collateral in a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-government</div> money market fund, the Trust may be subject to a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, the Trust will be subject to a mandatory liquidity fee if the money market fund’s total net redemptions on a single day exceed 5% of the money market fund’s net assets, unless the liquidity costs are de minimis (i.e., less than one basis point (0.01%)). The money market fund will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If the money market fund cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day. The imposition of any such discretionary or mandatory liquidity fee would reduce the Trust’s returns on securities lending. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Under the securities lending program, the Trust is categorized into a specific asset class. The determination of the Trust’s asset class category (fixed income, domestic equity, international equity, or fund of funds), each of which may be subject to a different fee arrangement, is based on a methodology agreed to between the Trust and BIM. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Pursuant to the current securities lending agreement: (i) if the Trust were to engage in securities lending, the Trust retains 82% of securities lending income (which excludes collateral investment expenses), and (ii) this amount can never be less than 70% of the sum of securities lending income plus collateral investment expenses. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Fixed-Income Complex in a calendar year exceeds a specified threshold, the Trust, pursuant to the current securities lending agreement, will receive for the remainder of that calendar year securities lending income as follows: (i) if the Trust were to engage in securities lending, 85% of securities lending income (which excludes collateral investment expenses); and (ii) this amount can never be less than 70% of the sum of securities lending income plus collateral investment expenses. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Other Investment Policies </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust has adopted certain other policies as set forth below. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Temporary Investments </div></div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust may invest in short-term <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">tax-exempt</div> and taxable securities subject to the limitations set forth above. The <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">tax-exempt</div> money market securities may include municipal notes, municipal commercial paper, municipal securities with a remaining maturity of less than one year, variable rate demand notes and participations therein. Municipal notes include tax anticipation notes, bond anticipation notes, revenue anticipation notes and grant anticipation notes. Anticipation notes are sold as interim financing in anticipation of tax collection, bond sales, government grants or revenue receipts. Municipal commercial paper refers to short-term unsecured promissory notes generally issued to finance short-term credit needs. The taxable money market securities in which the Trust may invest as Temporary Investments consist of U.S. Government securities, U.S. Government agency securities, domestic bank or savings institution certificates of deposit and bankers’ acceptances, short-term corporate debt securities such as commercial paper and repurchase agreements. These Temporary Investments must have a stated maturity not in excess of one year from the date of purchase. The Trust may not invest in any security issued by a commercial bank or a savings institution unless the bank or institution is organized and operating in the United States, has total assets of at least one billion dollars and is a member of the Federal Deposit Insurance Corporation (“FDIC”), except that up to 10% of total assets may be invested in certificates of deposit of smaller institutions if such certificates are fully insured by the FDIC. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Short-term taxable fixed-income investments include, without limitation, the following: </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">(1) U.S. Government securities, including bills, notes and bonds differing as to maturity and rates of interest that are either issued or guaranteed by the U.S. Treasury or by U.S. Government agencies or instrumentalities. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">U.S. Government securities include securities issued by (a) the Federal Housing Administration, Farmers Home Administration, Export-Import Bank of the United States, Small Business Administration, and the Government National Mortgage Association, whose securities are supported by the full faith and credit of the United States; (b) the Federal Home Loan Banks, Federal Intermediate Credit Banks, and the Tennessee Valley Authority, whose securities are supported by the right of the agency to borrow from the U.S. Treasury; (c) the Federal National Mortgage Association, whose securities are supported by the discretionary authority of the U.S. Government to purchase certain obligations of the agency or instrumentality; and (d) the Student Loan Marketing Association, whose securities are supported only by its credit. While the U.S. Government provides financial support to such U.S. Government-sponsored agencies or instrumentalities, no assurance can be given that it always will do so since it is not so obligated by law. The U.S. Government, its agencies and instrumentalities do not guarantee the market value of their securities. Consequently, the value of such securities may fluctuate. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">(2) Certificates of deposit issued against funds deposited in a bank or a savings and loan association. Such certificates are for a definite period of time, earn a specified rate of return, and are normally negotiable. The issuer of a certificate of deposit agrees to pay the amount deposited plus interest to the bearer of the certificate on the date specified thereon. Certificates of deposit purchased by the Trust may not be fully insured by the FDIC. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">(3) Repurchase agreements, which involve purchases of debt securities. At the time the Trust purchases securities pursuant to a repurchase agreement, it simultaneously agrees to resell and redeliver such securities to the seller, who also simultaneously agrees to buy back the securities at a fixed price and time. This assures a predetermined yield for the Trust during its holding period, since the resale price is always greater than the purchase price and reflects an agreed-upon market rate. Such actions afford an opportunity for the Trust to invest temporarily available cash. The Trust may enter into repurchase agreements only with respect to obligations of the U.S. Government, its agencies or instrumentalities; certificates of deposit; or bankers’ acceptances in which the Trust may invest. Repurchase agreements may be considered loans to the seller, collateralized by the underlying securities. The risk to the Trust is limited to the ability of the seller to pay the agreed-upon sum on the repurchase date; in the event of default, the repurchase agreement provides that the Trust is entitled to sell the underlying collateral. If the value of the collateral declines after the agreement is entered into, and if the seller defaults under a repurchase agreement when the value of the underlying collateral is less than the repurchase price, the Trust could incur a loss of both principal and interest. The Advisor monitors the value of the collateral at the time the action is entered into and at all times during the term of the repurchase agreement. The Advisor does so in an effort to determine that the value of the collateral always equals or exceeds the agreed-upon repurchase price to be paid to the Trust. If the seller were to be subject to a federal bankruptcy proceeding, the ability of the Trust to liquidate the collateral could be delayed or impaired because of certain provisions of the bankruptcy laws. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">(4) Commercial paper, which consists of short-term unsecured promissory notes, including variable rate master demand notes issued by corporations to finance their current operations. Master demand notes are direct lending arrangements between the Trust and a corporation. There is no secondary market for such notes. However, they are redeemable by the Trust at any time. The Advisor will consider the financial condition of the corporation (e.g., earning power, cash flow and other liquidity ratios) and will continuously monitor the corporation’s ability to meet all of its financial obligations, because the Trust’s liquidity might be impaired if the corporation were unable to pay principal and interest on demand. Investments in commercial paper will be limited to commercial paper rated in the highest categories by a major rating agency and which mature within one year of the date of purchase or carry a variable or floating rate of interest. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">If the Trust invests in short-term taxable fixed-income investments, a portion of your dividends would be subject to regular federal income tax. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Short-term <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">tax-exempt</div> fixed-income securities are securities that are exempt from regular federal income tax and mature within three years or less from the date of issuance. Short-term <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">tax-exempt</div> fixed-income securities include, without limitation, the following: </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">(1) Bond Anticipation Notes (“BANs”) are usually general obligations of state and local governmental issuers which are sold to obtain interim financing for projects that will eventually be funded through the sale of long-term debt obligations or bonds. The ability of an issuer to meet its obligations on its BANs is primarily dependent on the issuer’s access to the long-term municipal bond market and the likelihood that the proceeds of such bond sales will be used to pay the principal and interest on the BANs. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">(2) Tax Anticipation Notes (“TANs”) are issued by state and local governments to finance the current operations of such governments. Repayment is generally to be derived from specific future tax revenues. TANs are usually general obligations of the issuer. A weakness in an issuer’s capacity to raise taxes due to, among other things, a decline in its tax base or a rise in delinquencies could adversely affect the issuer’s ability to meet its obligations on outstanding TANs. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">(3) Revenue Anticipation Notes (“RANs”) are issued by governments or governmental bodies with the expectation that future revenues from a designated source will be used to repay the notes. In general, they also constitute general obligations of the issuer. A decline in the receipt of projected revenues, such as anticipated revenues from another level of government, could adversely affect an issuer’s ability to meet its obligations on outstanding RANs. In addition, the possibility that the revenues would, when received, be used to meet other obligations could affect the ability of the issuer to pay the principal and interest on RANs. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">(4) Construction Loan Notes are issued to provide construction financing for specific projects. Frequently, these notes are redeemed with funds obtained from the Federal Housing Administration. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">(5) Bank Notes are notes issued by local government bodies and agencies to commercial banks as evidence of borrowings. The purposes for which the notes are issued are varied but they are frequently issued to meet short-term working capital or capital-project needs. These notes may have risks similar to the risks associated with TANs and RANs. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">(6) <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Tax-Exempt</div> Commercial Paper (“municipal paper”) represents very short-term unsecured, negotiable promissory notes, issued by states, municipalities and their agencies. Payment of principal and interest on issues of municipal paper may be made from various sources, to the extent the funds are available therefrom. Maturities on municipal paper generally will be shorter than the maturities of TANs, BANs or RANs. There is a limited secondary market for issues of municipal paper. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Certain municipal bonds may carry variable or floating rates of interest whereby the rate of interest is not fixed but varies with changes in specified market rates or indices, such as a bank prime rate or <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">tax-exempt</div> money market indices. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">While the various types of notes described above as a group represent the major portion of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">tax-exempt</div> note market, other types of notes are available in the marketplace and the Trust may invest in such other types of notes to the extent permitted under its investment objective, policies and limitations. Such notes may be issued for different purposes and may be secured differently from those mentioned above. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Interest Rate Swap Transactions </div></div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">In order to seek to hedge the value of the Trust against interest rate fluctuations or to seek to increase the Trust’s return, the Trust may enter into interest rate swap transactions such as Municipal Market Data AAA Cash Curve swaps (“MMD Swaps”) or Securities Industry and Financial Markets Association Municipal Swap Index swaps (“SIFMA Swaps”). To the extent that the Trust enters into these transactions, the Trust expects to do so primarily </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">to preserve a return or spread on a particular investment or portion of its portfolio as a duration management technique or to protect against any increase in the price of securities the Trust anticipates purchasing at a later date. The Trust may enter into these transactions primarily as a hedge or for duration or risk management rather than as a speculative investment. However, the Trust also may invest in MMD Swaps and SIFMA Swaps to seek to enhance return or gain or to increase the Trust’s yield, for example, during periods of steep interest rate yield curves (i.e., wide differences between short-term and long-term interest rates). </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust may purchase and sell SIFMA Swaps in the SIFMA swap market. In a SIFMA Swap, the Trust exchanges with another party their respective commitments to pay or receive interest (e.g., an exchange of fixed rate payments for floating rate payments linked to the SIFMA Municipal Swap Index). Because the underlying index is a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">tax-exempt</div> index, SIFMA Swaps may reduce cross-market risks incurred by the Trust and increase the Trust’s ability to hedge effectively. SIFMA Swaps are typically quoted for the entire yield curve, beginning with a seven day floating rate index out to 30 years. The duration of a SIFMA Swap is approximately equal to the duration of a fixed-rate municipal security with the same attributes as the swap (e.g., coupon, maturity, call feature). </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust may also purchase and sell MMD Swaps, also known as MMD rate locks. An MMD Swap permits the Trust to lock in a specified municipal interest rate for a portion of its portfolio to preserve a return on a particular investment or a portion of its portfolio as a duration management technique or to protect against any increase in the price of securities to be purchased at a later date. By using an MMD Swap, the Trust can create a synthetic long or short position, allowing the Trust to select the most attractive part of the yield curve. An MMD Swap is a contract between the Trust and an MMD Swap provider pursuant to which the parties agree to make payments to each other on a notional amount, contingent upon whether the Municipal Market Data AAA General Obligation Scale is above or below a specified level on the expiration date of the contract. For example, if the Trust buys an MMD Swap and the Municipal Market Data AAA General Obligation Scale is below the specified level on the expiration date, the counterparty to the contract will make a payment to the Trust equal to the specified level minus the actual level, multiplied by the notional amount of the contract. If the Municipal Market Data AAA General Obligation Scale is above the specified level on the expiration date, the Trust will make a payment to the counterparty equal to the actual level minus the specified level, multiplied by the notional amount of the contract. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">In connection with investments in SIFMA and MMD Swaps, there is a risk that municipal yields will move in the opposite direction than anticipated by the Trust, which would cause the Trust to make payments to its counterparty in the transaction that could adversely affect the Trust’s performance. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">If there is a default by the other party to an uncleared interest rate swap transaction, generally the Trust will have contractual remedies pursuant to the agreements related to the transaction. With respect to interest rate swap transactions cleared through a central clearing counterparty, a clearing organization will be substituted for the counterparty and will guarantee the parties’ performance under the swap agreement. However, there can be no assurances that the clearing organization will satisfy its obligation to the Trust or that the Trust would be able to recover the full amount of assets deposited on its behalf with the clearing organization in the event of the default by the clearing organization or the Trust’s clearing broker. Certain U.S. federal income tax requirements may limit the Trust’s ability to engage in interest rate swaps. Distributions attributable to transactions in interest rate swaps generally will be taxable as ordinary income to shareholders. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Call Rights </div></div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust may purchase a municipal security issuer’s right to call all or a portion of such municipal security for mandatory tender for purchase (a “Call Right”). A holder of a Call Right may exercise such right to require a mandatory tender for the purchase of related municipal securities, subject to certain conditions. A Call Right that is not exercised prior to maturity of the related municipal security will expire without value. The economic effect of holding both the Call Right and the related municipal security is identical to holding a municipal security <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">as a non-callable security. Certain</div> investments in such obligations may be illiquid. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Credit Default Swap Agreements </div></div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust may enter into credit default swap agreements for hedging purposes or to seek to increase its return. The credit default swap agreement may have as reference obligations one or more securities that are not currently held by the Trust. The protection “buyer” in a credit default contract may be obligated to pay the protection “seller” an upfront or a periodic stream of payments over the term of the contract, provided that no credit event on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount (the difference between the market value of the reference obligation and its par value), if the swap is cash settled. The Trust may be either the buyer or seller in the transaction. If the Trust is a buyer and no credit event occurs, the Trust may recover nothing if the swap is held through its termination date. However, if a credit event occurs, the buyer generally may elect to receive the full notional value of the swap in exchange for an equal face amount of deliverable obligations of the reference entity whose value may have significantly decreased. As a seller, the Trust generally receives an upfront payment or a fixed rate of income throughout the term of the swap, which typically is between six (6) months and three years, provided that there is no credit event. If a credit event occurs, generally the seller must pay the buyer the full notional value of the swap in exchange for an equal face amount of deliverable obligations of the reference entity whose value may have significantly decreased. As the seller, the Trust would effectively add leverage to its portfolio because, in addition to its total net assets, the Trust would be subject to investment exposure on the notional amount of the swap. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Credit default swap agreements involve greater risks than if the Trust had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to illiquidity risk, counterparty risk and credit risks. The Trust will enter into credit default swap agreements only with counterparties the Advisor believes to be creditworthy at the time they enter into such transactions. A buyer generally also will lose its investment and recover nothing should no credit event occur and the swap is held to its termination date. If a credit event were to occur, the value of any deliverable obligation received by the seller, coupled with the upfront or periodic payments previously received, may be less than the full notional value it pays to the buyer, resulting in a loss of value to the seller. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">VRDOs and Participating VRDOs </div></div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">VRDOs are <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">tax-exempt</div> obligations that contain a floating or variable interest rate adjustment formula and right of demand on the part of the holder thereof to receive payment of the unpaid principal balance plus accrued interest upon a short notice period not to exceed seven (7) days. There is, however, the possibility that because of default or insolvency the demand feature of VRDOs and Participating VRDOs may not be honored. The interest rates are adjustable at intervals (ranging from daily to up to one year) to some prevailing market rate for similar investments, such adjustment formula being calculated to maintain the market value of the VRDOs, at approximately the par value of the VRDOs on the adjustment date. The adjustments typically are based upon the SIFMA Municipal Swap Index or some other appropriate interest rate adjustment index. The Trust may invest in all types of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">tax-exempt</div> instruments currently outstanding or to be issued in the future which satisfy its short-term maturity and quality standards. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Participating VRDOs provide the Trust with a specified undivided interest (up to 100%) of the underlying obligation and the right to demand payment of the unpaid principal balance plus accrued interest on the Participating VRDOs from the financial institution upon a specified number of days’ notice, not to exceed seven (7) days. In addition, the Participating VRDO is backed by an irrevocable letter of credit or guaranty of the financial institution. The Trust would have an undivided interest in the underlying obligation and thus participate on the same basis as the financial institution in such obligation except that the financial institution typically retains fees out of the interest paid on the obligation for servicing the obligation, providing the letter of credit and issuing the repurchase commitment. The Trust has been advised by its counsel that the Trust should be entitled to treat the income received on Participating VRDOs as interest from <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">tax-exempt</div> obligations as long as the Trust </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">does not invest more than 20% of its total assets in such investments and certain other conditions are met. It is contemplated that the Trust will not invest more than 20% of its assets in Participating VRDOs. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Temporary Investments, VRDOs and Participating VRDOs in which the Trust may invest will be in the following rating categories at the time of purchase: <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">MIG-1/VMIG-1</div></div> through <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">MIG-3/VMIG-3</div></div> for notes and VRDOs and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Prime-1</div> through <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Prime-3</div> for commercial paper (as determined by Moody’s), <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">SP-1</div> through <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">SP-2</div> for notes and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">A-1</div> through <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">A-3</div> for VRDOs and commercial paper (as determined by S&P), or F1 through F3 for notes, VRDOs and commercial paper (as determined by Fitch). Temporary Investments, if not rated, must be of comparable quality in the opinion of the Advisor. In addition, the Trust reserves the right to invest temporarily a greater portion of its assets in Temporary Investments for defensive purposes, when, in the judgment of the Advisor, market conditions warrant. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Repurchase Agreements </div></div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust may invest in securities pursuant to repurchase agreements. Repurchase agreements may be entered into only with a member bank of the Federal Reserve System or a primary dealer or an affiliate thereof, in U.S. Government securities. A repurchase agreement is a contractual agreement whereby the seller of securities agrees to repurchase the same security at a specified price on a future date agreed upon by the parties. The agreed-upon repurchase price determines the yield during the Trust’s holding period. Repurchase agreements are considered to be loans collateralized by the underlying security that is the subject of the repurchase contract. The risk to the Trust is limited to the ability of the issuer to pay the agreed-upon repurchase price on the delivery date; however, although the value of the underlying collateral at the time the transaction is entered into always equals or exceeds the agreed-upon repurchase price, if the value of the collateral declines there is a risk of loss of both principal and interest. In the event of default, the collateral may be sold but the Trust might incur a loss if the value of the collateral declines, and might incur disposition costs or experience delays in connection with liquidating the collateral. In addition, if bankruptcy proceedings are commenced with respect to the seller of the security, realization upon the collateral by the Trust may be delayed or limited. The Advisor will monitor the value of the collateral at the time the transaction is entered into and throughout the term of the repurchase agreement in an effort to determine that such value always equals or exceeds the agreed-upon repurchase price. In the event the value of the collateral declines below the repurchase price, the Advisor will demand additional collateral from the issuer to increase the value of the collateral to at least that of the repurchase price, including interest. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">In general, for federal income tax purposes, repurchase agreements are treated as collateralized loans secured by the securities “sold.” Therefore, amounts earned under such agreements will not be considered <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">tax-exempt</div> interest. The treatment of purchase and sales contracts is less certain. </div>
<div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Effects of Leverage </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Assuming that leverage will represent approximately 19.20% of the Trust’s Managed Assets and that the Trust will bear expenses relating to that leverage at an average annual rate of 1.30%, the income generated by the Trust’s portfolio (net of estimated expenses) must exceed 0.25% in order to cover the expenses specifically related to the Trust’s use of leverage. Of course, these numbers are merely estimates used for illustration. Actual leverage expenses will vary frequently and may be significantly higher or lower than the rate estimated above. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The following table is furnished in response to requirements of the SEC. It is designed to illustrate the effect of leverage on total returns from an investment in the common shares assuming investment portfolio total returns (comprised of income and changes in the value of securities held in the Trust’s portfolio) of (10)%, (5)%, 0%, 5% and 10%. These assumed investment portfolio returns are hypothetical figures and are not necessarily indicative of the investment portfolio returns expected to be experienced by the Trust. See “Risks.” The table further reflects the use of leverage representing 19.20% of the Trust’s Managed Assets and the Trust’s currently projected annual leverage expense of 1.30%. </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div>
<table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border-spacing:0;margin:0 auto">
<tr>
<td style="width:62%"></td>
<td style="vertical-align:bottom;width:2%"></td>
<td></td>
<td></td>
<td style="vertical-align:bottom;width:2%"></td>
<td style="vertical-align:bottom;width:2%"></td>
<td></td>
<td></td>
<td style="vertical-align:bottom;width:2%"></td>
<td style="vertical-align:bottom;width:2%"></td>
<td></td>
<td></td>
<td style="vertical-align:bottom;width:2%"></td>
<td style="vertical-align:bottom;width:2%"></td>
<td></td>
<td></td>
<td style="vertical-align:bottom;width:2%"></td>
<td style="vertical-align:bottom;width:5%"></td>
<td></td>
<td></td>
<td></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">Assumed Portfolio Total Return (Net of Expenses)</div></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">(10.00</td>
<td style="white-space:nowrap;vertical-align:bottom">)% </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">(5.00</td>
<td style="white-space:nowrap;vertical-align:bottom">)% </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">0.00</td>
<td style="white-space:nowrap;vertical-align:bottom">% </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">5.00</td>
<td style="white-space:nowrap;vertical-align:bottom">% </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">10.00</td>
<td style="white-space:nowrap;vertical-align:bottom">% </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">Corresponding Total Return to Holders of Common Shares</div></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="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="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">(8.59</td>
<td style="white-space:nowrap;vertical-align:bottom">)% </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">(0.41</td>
<td style="white-space:nowrap;vertical-align:bottom">)% </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">7.77</td>
<td style="white-space:nowrap;vertical-align:bottom">% </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">15.95</td>
<td style="white-space:nowrap;vertical-align:bottom">% </td></tr></table><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The corresponding total return to holders of common shares is composed of two elements: the common share dividends paid by the Trust (the amount of which is largely determined by the net investment income of the </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Trust) and gains or losses on the value of the securities the Trust owns. As required by SEC rules, the table assumes that the Trust is more likely to suffer capital losses than to enjoy capital appreciation. For example, to assume a total return of 0% the Trust must assume that the interest it receives on its investments is entirely offset by losses in the value of those securities. </div>
<div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The following table is furnished in response to requirements of the SEC. It is designed to illustrate the effect of leverage on total returns from an investment in the common shares assuming investment portfolio total returns (comprised of income and changes in the value of securities held in the Trust’s portfolio) of (10)%, (5)%, 0%, 5% and 10%. These assumed investment portfolio returns are hypothetical figures and are not necessarily indicative of the investment portfolio returns expected to be experienced by the Trust. See “Risks.” The table further reflects the use of leverage representing 19.20% of the Trust’s Managed Assets and the Trust’s currently projected annual leverage expense of 1.30%. </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div>
<table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border-spacing:0;margin:0 auto">
<tr>
<td style="width:62%"></td>
<td style="vertical-align:bottom;width:2%"></td>
<td></td>
<td></td>
<td style="vertical-align:bottom;width:2%"></td>
<td style="vertical-align:bottom;width:2%"></td>
<td></td>
<td></td>
<td style="vertical-align:bottom;width:2%"></td>
<td style="vertical-align:bottom;width:2%"></td>
<td></td>
<td></td>
<td style="vertical-align:bottom;width:2%"></td>
<td style="vertical-align:bottom;width:2%"></td>
<td></td>
<td></td>
<td style="vertical-align:bottom;width:2%"></td>
<td style="vertical-align:bottom;width:5%"></td>
<td></td>
<td></td>
<td></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">Assumed Portfolio Total Return (Net of Expenses)</div></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">(10.00</td>
<td style="white-space:nowrap;vertical-align:bottom">)% </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">(5.00</td>
<td style="white-space:nowrap;vertical-align:bottom">)% </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">0.00</td>
<td style="white-space:nowrap;vertical-align:bottom">% </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">5.00</td>
<td style="white-space:nowrap;vertical-align:bottom">% </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">10.00</td>
<td style="white-space:nowrap;vertical-align:bottom">% </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">Corresponding Total Return to Holders of Common Shares</div></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="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="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">(8.59</td>
<td style="white-space:nowrap;vertical-align:bottom">)% </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">(0.41</td>
<td style="white-space:nowrap;vertical-align:bottom">)% </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">7.77</td>
<td style="white-space:nowrap;vertical-align:bottom">% </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:right">15.95</td>
<td style="white-space:nowrap;vertical-align:bottom">% </td></tr></table>
The following table is furnished in response to requirements of the SEC. It is designed to illustrate the effect of leverage on total returns from an investment in the common shares assuming investment portfolio total returns (comprised of income and changes in the value of securities held in the Trust’s portfolio) of (10)%, (5)%, 0%, 5% and 10%. These assumed investment portfolio returns are hypothetical figures and are not necessarily indicative of the investment portfolio returns expected to be experienced by the Trust. See “Risks.” The table further reflects the use of leverage representing 19.20% of the Trust’s Managed Assets and the Trust’s currently projected annual leverage expense of 1.30%.
-0.1677
-0.0859
-0.0041
0.0777
0.1595
<div id="toc152115_10" style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">RISKS </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The NAV and market price of, and dividends paid on, the common shares will fluctuate with and be affected by, among other things, the risks more fully described below. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">General Risks </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Please refer to the section of the Trust’s most recent annual report on Form <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">N-CSR</div> entitled <a href="http://www.sec.gov/Archives/edgar/data/1832871/000119312526093583/d222609dncsr.htm">“Investment Objectives, Policies and Risks—Risk Factors”</a>, which is incorporated by reference herein, for a discussion of the general risks of investing in the Trust. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">Other Risks </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Unrated Securities Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust may purchase securities that are not rated by any rating organization. The Advisor may, after assessing such securities’ credit quality, internally assign ratings to certain of those securities in categories similar to those of rating organizations. Some unrated securities may not have an active trading market or may be difficult to value, which means the Trust might have difficulty selling them promptly at an acceptable price. To the extent that the Trust invests in unrated securities, the Trust’s ability to achieve its investment objectives will be more dependent on the Advisor’s credit analysis than would be the case when the Trust invests in rated securities. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Zero-Coupon Securities Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Zero-coupon securities are securities that are sold at a discount to par value and do not pay interest during the life of the security. The discount approximates the total amount of interest the security will accrue and compound over the period until maturity at a rate of interest reflecting the market rate of the security at the time of issuance. Upon maturity, the holder of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">a zero-coupon security</div> is entitled to receive the par value of the security. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust accrues income with respect to these securities for U.S. federal income tax and accounting purposes prior to the receipt of cash payments. Zero-coupon securities may be subject to greater fluctuation in value and less liquidity in the event of adverse market conditions than comparably rated securities that pay cash interest at regular intervals. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Further, to maintain its qualification for pass-through treatment under the U.S. federal tax laws, the Trust is required to distribute income to its shareholders and, consequently, may have to dispose of other, more liquid portfolio securities under disadvantageous circumstances or may have to leverage itself by borrowing in order to generate the cash to satisfy these distributions. The required distributions may result in an increase in the Trust’s exposure <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">to zero-coupon securities.</div> </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">In addition to the above-described risks, there are certain other risks related to investing in <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">zero-coupon</div> securities. During a period of severe market conditions, the market for such securities may become even less </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">liquid. In addition, as these securities do not pay cash interest, the Trust’s investment exposure to these securities and their risks, including credit risk, will increase during the time these securities are held in the Trust’s portfolio. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Variable Rate Demand Obligations Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">VRDOs are floating rate securities that combine an interest in a long-term municipal bond with a right to demand payment before maturity from a bank or other financial institution. If the bank or financial institution is unable to pay, the Trust may lose money. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Private Activity Bonds </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust may invest without limit in certain <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">tax-exempt</div> securities classified as “private activity bonds.” These bonds may subject certain investors in the Trust to the federal alternative minimum tax. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Preferred Securities Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">There are special risks associated with investing in preferred securities, including: </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;">Deferral Risk</div></div></div>. Preferred securities may include provisions that permit the issuer, at its discretion, to defer distributions for a stated period without any adverse consequences to the issuer. If the Trust owns a preferred security that is deferring its distributions, the Trust may be required to report income for tax purposes although it has not yet received such income. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;">Subordination Risk</div></div></div>. Preferred securities are subordinated to bonds and other debt instruments in a company’s capital structure in terms of having priority to corporate income and liquidation payments, and therefore will be subject to greater credit risk than debt instruments. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;">Limited Voting Rights Risk</div></div></div>. Generally, preferred security holders (such as the Trust) have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may elect a number of directors to the issuer’s board. Generally, once all the arrearages have been paid, the preferred security holders no longer have voting rights. In the case of trust preferred securities, holders generally have no voting rights, except if (i) the issuer fails to pay dividends for a specified period of time or (ii) a declaration of default occurs and is continuing. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;">Special Redemption Rights Risk</div></div></div>. In certain varying circumstances, an issuer of preferred securities may redeem the securities prior to a specified date. For instance, for certain types of preferred securities, a redemption may be triggered by certain changes in U.S. federal income tax or securities laws. As with call provisions, a special redemption by the issuer may negatively impact the return of the security held by the Trust. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;">New Types of Securities Risk</div></div></div>. From time to time, preferred securities, including trust preferred securities, have been, and may in the future be, offered having features other than those described herein. The Trust reserves the right to invest in these securities if the Advisor believes that doing so would be consistent with the Trust’s investment objectives and policies. Since the market for these instruments would be new, the Trust may have difficulty disposing of them at a suitable price and time. In addition to limited liquidity, these instruments may present other risks, such as high price volatility. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">U.S. Government Securities Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">U.S. Government debt securities generally involve lower levels of credit risk than other types of fixed-income securities of similar maturities, although, as a result, the yields available from U.S. Government debt securities are generally lower than the yields available from such other securities. Like other fixed-income securities, the values of U.S. Government securities change as interest rates fluctuate. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Reference Rate Replacement Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust’s investments, payment obligations and financing terms may be based on floating rates, such as the Secured Overnight Financing Rate (“SOFR”), Sterling Overnight Interbank Average Rate (“SONIA”), and other similar types of reference rates (“Reference Rates”). The elimination of a Reference Rate or any other changes or reforms to the determination or supervision of a Reference Rate could have an adverse impact on the market for, or value of, any instruments (including debt instruments and certain derivative instruments) or payments linked to those Reference Rates. In addition, any substitute Reference Rate and any pricing adjustments imposed by a regulator or by counterparties or otherwise may adversely affect the Trust’s performance and/or net asset value. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The London Interbank Offered Rate (“LIBOR”) had historically been used extensively in the U.S. and globally as a “benchmark” or “reference rate” for various commercial and financial contracts, including corporate and municipal bonds, bank loans, asset-backed and mortgage-related securities, interest rate swaps and other derivatives. Instruments in which the Trust invests may have historically paid interest at floating rates based on LIBOR or may have been subject to interest caps or floors based on LIBOR. The Trust and issuers of instruments in which the Trust invests may have also historically obtained financing at floating rates based on LIBOR. In connection with the global transition away from LIBOR led by regulators and market participants as a result of benchmark reforms, LIBOR was last published on a representative basis at the end of June 2023. Alternative Reference Rates to LIBOR have been established in most major currencies and markets in these alternative rates are continuing to develop (e.g., SOFR for <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">USD-LIBOR</div> and SONIA for GBP-LIBOR). While the transition from LIBOR has gone relatively smoothly, residual risks associated with the transition may remain that may impact markets or particular investments and, as such, the full impact of the transition on the Trust or the financial instruments in which the Trust invests cannot yet be fully determined. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">SOFR is intended to be a broad measure of the cost of borrowing funds overnight in transactions that are collateralized by U.S. Treasury securities. SOFR is calculated based on transaction-level repo data collected from various sources. For each trading day, SOFR is calculated as a volume-weighted median rate derived from such data. Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from LIBOR. LIBOR is intended to be an unsecured rate that represents interbank funding costs for different short-term maturities or tenors. It is a forward-looking rate reflecting expectations regarding interest rates for the applicable tenor. Thus, LIBOR is intended to be sensitive, in certain respects, to bank credit risk and to term interest rate risk. In contrast, SOFR is a secured overnight rate reflecting the credit of U.S. Treasury securities as collateral. Thus, it is largely insensitive to credit-risk considerations and to short-term interest rate risks. SOFR is a transaction-based rate, and it has been more volatile than other benchmark or market rates, such as three-month LIBOR, during certain periods. For these reasons, among others, there is no assurance that SOFR, or rates derived from SOFR, will perform in the same or similar way as LIBOR would have performed at any time, and there is no assurance that SOFR-based rates will be a suitable substitute for LIBOR. SOFR has a relatively limited history, having been first published in April 2018. The future performance of SOFR, and SOFR-based Reference Rates, cannot be predicted based on SOFR’s history or otherwise. Levels of SOFR in the future may bear little or no relation to historical levels of SOFR, LIBOR or other rates. There can also be no assurance that SOFR will not be discontinued or fundamentally altered in a manner that is materially adverse to the interests of the Trust. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">In addition, interest rates or other types of rates and indices which are classified as “benchmarks” have been the subject of ongoing national and international regulatory reform, including under the European Union (“EU”) regulation on indices used as benchmarks in financial instruments and financial contracts (known as the “Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom (“UK”) law by virtue of the EU (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the implementation of these reforms, the manner of administration of benchmarks has changed and may further change in the future, with the result that relevant benchmarks may perform differently than in the past, the use of benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and certain benchmarks may be eliminated entirely. Such changes could cause </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">increased market volatility and disruptions in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other consequences which cannot be predicted. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Strategic Transactions and Derivatives Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust may engage in various Strategic Transactions for duration management and other investment and risk management purposes, including to attempt to protect against possible changes in the market value of the Trust’s portfolio resulting from trends in the securities markets and changes in interest rates or to protect the Trust’s unrealized gains in the value of its portfolio securities, to facilitate the sale of portfolio securities for investment purposes or to establish a position in the securities markets as a temporary substitute for purchasing particular securities or to enhance income or gain. Derivatives are financial contracts or instruments whose value depends on, or is derived from, the value of an underlying asset, reference rate or index (or relationship between two indices). The Trust also may use derivatives to add leverage to the portfolio and/or to hedge against increases in the Trust’s costs associated with any leverage strategy that it may employ. The use of Strategic Transactions to enhance current income may be speculative. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Strategic Transactions involve risks. The risks associated with Strategic Transactions include (i) the imperfect correlation between the value of such instruments and the underlying assets, (ii) the possible default of the counterparty to the transaction, (iii) illiquidity of the derivative instruments, and (iv) high volatility losses caused by unanticipated market movements, which are potentially unlimited. Although both OTC and exchange-traded derivatives markets may experience a lack of liquidity, OTC <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-standardized</div> derivative transactions are generally less liquid than exchange-traded instruments. The illiquidity of the derivatives markets may be due to various factors, including congestion, disorderly markets, limitations on deliverable supplies, the participation of speculators, government regulation and intervention, and technical and operational or system failures. In addition, daily limits on price fluctuations and speculative position limits on exchanges on which the Trust may conduct its transactions in derivative instruments may prevent prompt liquidation of positions, subjecting the Trust to the potential of greater losses. Furthermore, the Trust’s ability to successfully use Strategic Transactions depends on the Advisor’s ability to predict pertinent asset prices, interest rates, currency exchange rates and other economic factors, which cannot be assured. The use of Strategic Transactions may result in losses greater than if they had not been used, may require the Trust to sell or purchase portfolio securities at inopportune times or for prices other than current market values, may limit the amount of appreciation the Trust can realize on an investment or may cause the Trust to hold a security that it might otherwise sell. Additionally, amounts paid by the Trust as premiums and cash or other assets held in margin accounts with respect to Strategic Transactions are not otherwise available to the Trust for investment purposes. Please see the Trust’s SAI for a more detailed description of Strategic Transactions and the various derivative instruments the Trust may use and the various risks associated with them. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Exchange-traded derivatives and OTC derivative transactions submitted for clearing through a central counterparty have become subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as possible margin requirements mandated by the SEC or the CFTC. The CFTC and federal banking regulators also have imposed margin requirements on <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-cleared</div> OTC derivatives, and the SEC’s <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-cleared</div> margin requirements for security-based swaps became effective on November 1, 2021. Applicable margin requirements may increase the overall costs for the Trust. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Many OTC derivatives are valued on the basis of dealers’ pricing of these instruments. However, the price at which dealers value a particular derivative and the price that the same dealers would actually be willing to pay for such derivative should the Trust wish or be forced to sell such position may be materially different. Such differences can result in an overstatement of the Trust’s NAV and may materially adversely affect the Trust in situations in which the Trust is required to sell derivative instruments. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to imperfect matching between the derivative and the underlying security, and there can be no assurance that the Trust’s hedging transactions will be effective. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Derivatives may give rise to a form of leverage and may expose the Trust to greater risk and increase its costs. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation is not yet known and may not be known for some time. New regulation may make derivatives more costly, may limit the availability of derivatives, or may otherwise adversely affect the value or performance of derivatives. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Future regulatory developments may impact the Trust’s ability to invest or remain invested in certain derivatives. Legislation or regulation may also change the way in which the Trust itself is regulated. The Advisor cannot predict the effects of any new governmental regulation that may be implemented on the ability of the Trust to use swaps or any other financial derivatives product, and there can be no assurance that any new governmental regulation will not adversely affect the Trust’s ability to achieve its investment objectives. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;">Counterparty Risk</div></div></div>. The Trust will be subject to credit risk with respect to the counterparties to the derivative contracts entered into by the Trust. Because derivative transactions in which the Trust may engage may involve instruments that are not traded on an exchange or cleared through a central counterparty but are instead traded between counterparties based on contractual relationships, the Trust is subject to the risk that a counterparty will not perform its obligations under the related contracts. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Trust may experience significant delays in obtaining any recovery in bankruptcy or other reorganization proceedings. The Trust may obtain only a limited recovery, or may obtain no recovery, in such circumstances. Although the Trust intends to enter into transactions only with counterparties that the Advisor believes to be creditworthy, there can be no assurance that, as a result, a counterparty will not default and that the Trust will not sustain a loss on a transaction. In the event of the counterparty’s bankruptcy or insolvency, the Trust’s collateral may be subject to the conflicting claims of the counterparty’s creditors, and the Trust may be exposed to the risk of a court treating the Trust as a general unsecured creditor of the counterparty, rather than as the owner of the collateral. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The counterparty credit risk for cleared derivatives is generally lower than for uncleared OTC derivative transactions since a clearing organization is the counterparty to a cleared derivative contract and a clearing organization is generally considered to be of better credit quality than a counterparty to an uncleared OTC derivative transaction. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">However, there can be no assurance that a clearing organization, or its members, will satisfy its obligations to the Trust, or that the Trust would be able to recover the full amount of assets deposited on its behalf with the clearing organization in the event of the default by the clearing organization or the Trust’s clearing broker. In addition, cleared derivative transactions benefit from daily <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">marking-to-market</div></div> and settlement, and segregation and minimum capital requirements applicable to intermediaries. Uncleared OTC derivative transactions generally may not benefit from such protections. This exposes the Trust to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Trust to suffer a loss. Such “counterparty risk” is accentuated for contracts with longer maturities where events may intervene to prevent settlement, or where the Trust has concentrated its transactions with a single or small group of counterparties. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">In addition, the Trust is subject to the risk that issuers of the instruments in which it invests and trades may default on their obligations under those instruments, and that certain events may occur that have an immediate and significant adverse effect on the value of those instruments. There can be no assurance that an issuer of an instrument in which the Trust invests will not default, or that an event that has an immediate and significant adverse effect on the value of an instrument will not occur, and that the Trust will not sustain a loss on a transaction as a result. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;">Swaps Risk</div></div></div>. Swaps are a type of derivative. Swap agreements involve the risk of changes in market value of the swap position as well as the risk that the swap counterparty will default on its payment or other obligations to the Trust and the risk that the Trust will not be able to meet its obligations to pay the other party to the agreement. In order to seek to hedge the value of the Trust’s portfolio, to hedge against increases in the Trust’s cost associated with interest payments on any outstanding borrowings or to seek to increase the Trust’s return, the Trust may enter into swaps, including interest rate swap, total return swap (sometimes referred to as a “contract for difference”) and/or credit default swap transactions. In interest rate swap transactions, there is a risk that yields </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">will move in the direction opposite of the direction anticipated by the Trust, which would cause the Trust to make payments to its counterparty in the transaction that could adversely affect Trust performance. In addition to the risks applicable to swaps generally (including counterparty risk, high volatility, illiquidity risk and credit risk), credit default swap transactions involve special risks because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default or other credit event by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The United States, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”) requires that certain derivatives with U.S. persons must be executed on a regulated market and a substantial portion of OTC derivatives must be submitted for clearing to regulated clearinghouses. As a result, swap transactions entered into by the Trust are subject to various requirements applicable to swaps under the Dodd-Frank Act, including clearing, exchange-execution, reporting and recordkeeping requirements. These requirements may make it more difficult and costly for the Trust to enter into swap transactions and may also render certain strategies in which the Trust might otherwise engage impossible or so costly that they will no longer be economical to implement. Furthermore, the number of counterparties that may be willing to enter into swap transactions with the Trust may be limited as a result of the swap regulations applicable to such transactions under the Dodd-Frank Act. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Credit default and total return swap agreements may effectively add leverage to the Trust’s portfolio because, in addition to its Managed Assets, the Trust would be subject to investment exposure on the notional amount of the swap in excess of any premium and margin required to establish and maintain the position. Total return swap agreements are subject to market risk as well as the risk that a counterparty will default on its payment obligations to the Trust thereunder. The Trust is not required to enter into swap transactions for hedging purposes or to enhance income or gain and may choose not to do so. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">When-Issued, Forward Commitment and Delayed Delivery Transactions Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust may purchase securities on a when-issued basis (including on a forward commitment or “TBA” (to be announced) basis) and may purchase or sell securities for delayed delivery. When-issued and delayed delivery transactions occur when securities are purchased or sold by the Trust with payment and delivery taking place in the future to secure an advantageous yield or price. Securities purchased on a when-issued or delayed delivery basis may expose the Trust to counterparty risk of default as well as the risk that securities may experience fluctuations in value prior to their actual delivery. The Trust will not accrue income with respect to a when-issued or delayed delivery security prior to its stated delivery date. Purchasing securities on a when-issued or delayed delivery basis can involve the additional risk that the price or yield available in the market when the delivery takes place may not be as favorable as that obtained in the transaction itself. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Repurchase Agreements Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Subject to its investment objectives and policies, the Trust may enter into repurchase agreements. Repurchase agreements typically involve the acquisition by the Trust of fixed-income securities from a selling financial institution such as a bank, savings and loan association or broker-dealer. The agreement provides that the Trust will sell the securities back to the institution at a fixed time in the future. The Trust does not bear the risk of a decline in the value of the underlying security unless the seller defaults under its repurchase obligation. In the event of the bankruptcy or other default of a seller of a repurchase agreement, the Trust could experience both delays in liquidating the underlying securities and losses, including possible decline in the value of the underlying security during the period in which the Trust seeks to enforce its rights thereto; possible lack of access to income on the underlying security during this period; and expenses of enforcing its rights. While repurchase agreements involve certain risks not associated with direct investments in fixed-income securities, the Trust follows procedures approved by the Board that are designed to minimize such risks. In addition, the value of the collateral underlying the repurchase agreement will be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. In the event of a default or bankruptcy by a selling financial </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">institution, the Trust generally will seek to liquidate such collateral. However, the exercise of the Trust’s right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Trust could suffer a loss. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Valuation Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust is subject to valuation risk, which is the risk that one or more of the securities in which the Trust invests are valued at prices that the Trust is unable to obtain upon sale due to factors such as incomplete data, market instability or human error. The Advisor may use an independent pricing service or prices provided by dealers to value securities at their market value. Because the secondary markets for certain investments may be limited, such instruments may be difficult to value. See “Net Asset Value.” When market quotations are not available, the Advisor may price such investments pursuant to a number of methodologies, such as computer-based analytical modeling or individual security evaluations. These methodologies generate approximations of market values, and there may be significant professional disagreement about the best methodology for a particular type of financial instrument or different methodologies that might be used under different circumstances. In the absence of an actual market transaction, reliance on such methodologies is essential, but may introduce significant variances in the ultimate valuation of the Trust’s investments. Technological issues and/or errors by pricing services or other third-party service providers may also impact the Trust’s ability to value its investments and the calculation of the Trust’s NAV. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">When market quotations are not readily available or are believed by the Advisor to be unreliable, the Advisor will fair value the Trust’s investments in accordance with its policies and procedures. Fair value represents a good faith approximation of the value of an asset or liability. The fair value of an asset or liability held by the Trust is the amount the Trust might reasonably expect to receive from the current sale of that asset or the cost to extinguish that liability in an <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">arm’s-length</div> transaction. Fair value pricing may require determinations that are inherently subjective and inexact about the value of a security or other asset. As a result, there can be no assurance that fair value priced assets will not result in future adjustments to the prices of securities or other assets, or that fair value pricing will reflect a price that the Trust is able to obtain upon sale, and it is possible that the fair value determined for a security or other asset will be materially different from quoted or published prices, from the prices used by others for the same security or other asset and/or from the value that actually could be or is realized upon the sale of that security or other asset. For example, the Trust’s NAV could be adversely affected if the Trust’s determinations regarding the fair value of the Trust’s investments were materially higher than the values that the Trust ultimately realizes upon the disposal of such investments. Where market quotations are not readily available, valuation may require more research than for more liquid investments. In addition, elements of judgment may play a greater role in valuation in such cases than for investments with a more active secondary market because there is less reliable objective data available. The Advisor anticipates that up to approximately 25% of the Trust’s net assets (calculated at the time of investment) may be valued using fair value. This percentage may increase over the life of the Trust and may exceed 25% of the Trust’s net assets due to a number of factors, such as when the Trust nears dissolution; outflows of cash from time to time; and changes in the valuation of these investments. The Trust prices its shares daily and therefore all assets, including assets valued at fair value, are valued daily. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust’s NAV per common share is a critical component in several operational matters including computation of advisory and services fees. Consequently, variance in the valuation of the Trust’s investments will impact, positively or negatively, the fees and expenses shareholders will pay. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Event Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Event risk is the risk that corporate issuers may undergo restructurings, such as mergers, leveraged buyouts, takeovers, or similar events financed by increased debt. As a result of the added debt, the credit quality and market value of a company’s securities may decline significantly. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Defensive Investing Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">For defensive purposes, the Trust may allocate assets into cash or short-term fixed-income securities without limitation. In doing so, the Trust may succeed in avoiding losses but may otherwise fail to achieve its investment objectives. Further, the value of short-term fixed-income securities may be affected by changing interest rates and by changes in credit ratings of the investments. If the Trust holds cash uninvested it will be subject to the credit risk of the depository institution holding the cash. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Securities Lending Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust may lend securities to financial institutions. Securities lending involves exposure to certain risks, including operational risk (i.e., the risk of losses resulting from problems in the settlement and accounting process), “gap” risk (i.e., the risk of a mismatch between the return on cash collateral reinvestments and the fees the Trust has agreed to pay a borrower), foreign exchange risk (i.e., the risk of a shortfall at default when a cash collateral investment is denominated in a currency other than the currency of the assets being loaned due to movements in foreign exchange rates), and credit, legal, counterparty and market risks. If a securities lending counterparty were to default, the Trust would be subject to the risk of a possible delay in receiving collateral or in recovering the loaned securities, or to a possible loss of rights in the collateral. In the event a borrower does not return the Trust’s securities as agreed, the Trust may experience losses if the proceeds received from liquidating the collateral do not at least equal the value of the loaned security at the time the collateral is liquidated, plus the transaction costs incurred in purchasing replacement securities. This event could trigger adverse tax consequences for the Trust. The Trust could lose money if its short-term investment of the collateral declines in value over the period of the loan. Substitute payments for dividends received by the Trust for securities loaned out by the Trust will generally not be considered qualified dividend income. The securities lending agent will take the tax effects on shareholders of this difference into account in connection with the Trust’s securities lending program. Substitute payments received on <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">tax-exempt</div> securities loaned out will generally not be <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">tax-exempt</div> income. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Inflation Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Inflation risk is the risk that the value of assets or income from investment will be worth less in the future, as inflation decreases the value of money. Inflation rates may change frequently and drastically as a result of various factors, including unexpected shifts in the domestic or global economy. As inflation increases, the real value of the common shares and distributions on those shares can decline. In addition, during any periods of rising inflation, interest rates on any borrowings by the Trust would likely increase, which would tend to further reduce returns to the holders of common shares. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Deflation Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Deflation risk is the risk that prices throughout the economy decline over time, which may have an adverse effect on the market valuation of companies, their assets and their revenues. In addition, 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 Trust’s portfolio. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Risks Associated with Recent Market Events </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">In 2022 and 2023, the Federal Reserve raised interest rates eleven times as part of its efforts to address rising inflation. Certain foreign central banks similarly tightened monetary policy during this period. Beginning in September 2024, the Federal Reserve began lowering interest rates, cutting the federal funds rate six times through December 2025. The Federal Reserve held the federal funds rate steady in the first quarter of 2026, though further rate changes may occur depending on economic conditions, including the pace of inflation and the state of the labor market. It is difficult to accurately predict the pace at which interest rates might change, the </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">timing, frequency or magnitude of any such changes in interest rates, or when such changes might stop or again reverse course. Additionally, various economic and political factors, including trade policy, fiscal policy and geopolitical developments, could cause the Federal Reserve or other foreign central banks to change their approach in the future and such actions may result in an economic slowdown both in the U.S. and abroad. Unexpected changes in interest rates could lead to significant market volatility or reduce liquidity in certain sectors of the market. Deteriorating economic fundamentals may, in turn, increase the risk of default or insolvency of particular issuers, negatively impact market value, cause credit spreads to widen, and reduce bank balance sheets. Any of these could cause an increase in market volatility, reduce liquidity across various markets or decrease confidence in the markets, which could negatively affect the value of debt instruments held by the Trust and result in a negative impact on the Trust’s performance. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Recent policy initiatives undertaken by the U.S. Government have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets, and could adversely affect the investment performance of the Trust. In particular, actions taken by the U.S. Government in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Trust invests. Political and diplomatic events within the United States, including a contentious domestic political environment, changes in political party control of one or more branches of the U.S. Government, the U.S. Government’s inability at times to agree on a long-term budget and deficit reduction plan, the threat of a U.S. Government shutdown, and disagreements over, or threats not to increase, the U.S. Government’s borrowing limit (or “debt ceiling”), as well as political and diplomatic events abroad, may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. A downgrade of the ratings of U.S. Government debt obligations, or concerns about the U.S. Government’s credit quality in general, could have a substantial negative effect on the U.S. and global economies. For example, concerns about the U.S. Government’s credit quality may cause increased volatility in the stock and bond markets, higher interest rates, reduced prices and liquidity of U.S. Treasury securities, and/or increased costs of various kinds of debt. Moreover, although the U.S. Government has honored its credit obligations, there remains a possibility that the United States could default on its obligations. The consequences of such an unprecedented event are impossible to predict, but it is likely that a default by the United States would be highly disruptive to the U.S. and global securities markets and could significantly impair the value of the Trust’s investments. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">In recent years, some countries, including the United States, have adopted more protectionist trade policies. Slowing global economic growth, the rise in protectionist trade policies, inflationary pressures, changes to some major international trade agreements, risks associated with the trade agreements between countries and regions, including the U.S. and other foreign nations, political or economic dysfunction within some countries or regions, including the U.S., and dramatic changes in commodity and currency prices could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition, if the U.S. dollar continues to be strong, it may decrease foreign demand for U.S. assets, which could have a negative impact on certain issuers and/or industries. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Market Disruption and Geopolitical Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Investments by the Trust are materially affected by conditions in the global financial markets and economic and political conditions throughout the world, such as interest rates, the availability and cost of credit, inflation rates, economic uncertainty, changes in laws, trade policies, commodity prices, tariffs, currency exchange rates and controls and national and international political circumstances (including wars and other forms of conflict, terrorist acts, and security operations) and catastrophic events such as fires, floods, earthquakes, tornados, hurricanes and pandemics could materially affect the Trust’s investments to the extent it materially affects global economies or global financial markets. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Additionally, the occurrence of events similar to those in recent years, such as localized wars, instability, new and ongoing epidemics and pandemics of infectious diseases and other global health events, natural/</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">environmental disasters, terrorist attacks in the United States and around the world, social and political discord, debt crises, sovereign debt downgrades, increasingly strained relations between the United States and a number of foreign countries, new and continued political unrest in various countries, the exit or potential exit of one or more countries from the European Union, continued changes in the balance of political power among and within the branches of the U.S. Government, government shutdowns and other factors, may result in market volatility, may have long term effects on the United States and worldwide financial markets, and may cause further economic uncertainties in the United States and worldwide and could have a significant adverse impact on the value and risk profile of the Trust’s portfolio. These factors are outside of the Trust’s control and may affect the level and volatility of securities prices and the liquidity and value of the Trust’s portfolio investments, and the Trust may not be able to successfully manage its exposure to these conditions, which may result in substantial losses to Shareholders. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of this military action, resulting sanctions and future local, regional or global market disruptions, are impossible to predict, but could be significant. Any such disruptions caused by Russian military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks on Russian entities or individuals, including politicians, could have a severe adverse effect on the region, including significant negative economic impacts. How long such military action and related events will last cannot be predicted. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">In recent years, the U.S. Government has indicated its intent to alter its approach to international trade policy and in some cases to renegotiate, or potentially terminate, certain existing bilateral or multi-lateral trade agreements and treaties with foreign countries, and has made proposals and taken actions related thereto, including the imposition of tariffs on imported goods. Tariffs on imported goods could further increase costs, decrease margins, reduce the competitiveness of products and services offered by current and future portfolio companies and adversely affect the revenues and profitability of portfolio companies whose businesses rely on goods imported from such impacted jurisdictions. More generally, these actions may trigger a significant reduction in international trade, the oversupply of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies and/or large segments of a foreign country’s export industry, which could have a negative impact on the Trust’s performance. The U.S. Government has imposed, and may in the future further increase, tariffs on certain foreign goods, including from China, such as steel and aluminum. Some foreign governments, including China, have instituted retaliatory tariffs on certain U.S. goods. Most recently, the current U.S. presidential administration has imposed or sought to impose significant increases to tariffs on goods imported into the United States, including from China, Canada and Mexico. U.S. companies that source material and goods from China and those that make large amounts of sales in China would be particularly vulnerable to an escalation of trade tensions. Uncertainty regarding the outcome of the trade tensions and the potential for a trade war could cause the U.S. dollar to decline against safe-haven currencies, such as the Japanese yen and the euro. 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. Increased trade tensions could have a material adverse effect on the global economy. The Trust and its portfolio investments could be materially and adversely affected. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Cybersecurity incidents affecting particular companies or industries may adversely affect the economies of particular countries of the world in which the Trust invests. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The occurrence of any of these above events could have a significant adverse impact on the value and risk profile of the Trust’s portfolio. The Trust does not know how long the securities markets may be affected by similar events and cannot predict the effects of similar events in the future on the U.S. economy and securities markets. There can be no assurance that similar events and other market disruptions will not have other material and adverse implications. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Regulation and Government Intervention Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Federal, state, and other governments, their regulatory agencies or self-regulatory organizations may take actions that affect the regulation of the issuers in which the Trust invests in ways that are unforeseeable. Legislation or regulation may also change the way in which the Trust is regulated. Such legislation or regulation could limit or preclude the Trust’s ability to achieve its investment objectives. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">In light of popular, political and judicial focus on finance related consumer protection, financial institution practices are also subject to greater scrutiny and criticism generally. In the case of transactions between financial institutions and the general public, there may be a greater tendency toward strict interpretation of terms and legal rights in favor of the consuming public, particularly where there is a real or perceived disparity in risk allocation and/or where consumers are perceived as not having had an opportunity to exercise informed consent to the transaction. In the event of conflicting interests between retail investors holding common shares of a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">closed-end</div> investment company such as the Trust and a large financial institution, a court may similarly seek to strictly interpret terms and legal rights in favor of retail investors. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust may be affected by governmental action in ways that are not foreseeable, and there is a possibility that such actions could have a significant adverse effect on the Trust and its ability to achieve its investment objective. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Investment Company Act Regulations </div></div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust is a registered <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">closed-end</div> management investment company and as such is subject to regulations under the Investment Company Act. Generally speaking, any contract or provision thereof that is made, or where performance involves a violation of the Investment Company Act or any rule or regulation thereunder is unenforceable by either party unless a court finds otherwise. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Regulation as a “Commodity Pool” </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The CFTC subjects advisers to registered investment companies to regulation by the CFTC if a fund that is advised by the investment adviser either (i) invests, directly or indirectly, more than a prescribed level of its liquidation value in CFTC-regulated futures, options and swaps (“CFTC Derivatives”), or (ii) markets itself as providing investment exposure to such instruments. To the extent the Trust uses CFTC Derivatives, it intends to do so below such prescribed levels and will not market itself as a “commodity pool” or a vehicle for trading such instruments. Accordingly, the Advisor has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act (“CEA”) pursuant to Rule 4.5 under the CEA. The Advisor is not, therefore, subject to registration or regulation as a “commodity pool operator” under the CEA in respect of the Trust. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Failures of Futures Commission Merchants and Clearing Organizations Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust is required to deposit funds to margin open positions in cleared derivative instruments (both futures and swaps) with a clearing broker registered as a “futures commission merchant” (“FCM”). The CEA requires an FCM to segregate all funds received from customers with respect to any orders for the purchase or sale of U.S. domestic futures contracts and cleared swaps from the FCM’s proprietary assets. Similarly, the CEA requires each FCM to hold in a separate secure account all funds received from customers with respect to any orders for the purchase or sale of foreign futures contracts and segregate any such funds from the funds received with respect to domestic futures contracts. However, all funds and other property received by an FCM from its customers are held by an FCM on a commingled basis in an omnibus account and amounts in excess of assets posted to the clearing organization may be invested by an FCM in certain instruments permitted under the applicable regulation. There is a risk that assets deposited by the Trust with any FCM as margin for futures contracts or commodity options may, in certain circumstances, be used to satisfy losses of other clients of the Trust’s FCM. In addition, the assets of the Trust posted as margin against both swaps and futures contracts may not be fully protected in the event of the FCM’s bankruptcy. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Legal, Tax and Regulatory Risks </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Legal, tax and regulatory changes could occur that may have material adverse effects on the Trust. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">To qualify for the favorable U.S. federal income tax treatment generally accorded to RICs, the Trust must, among other things, derive in each taxable year at least 90% of its gross income from certain prescribed sources and distribute for each taxable year at least 90% of its “investment company taxable income” (generally, ordinary income plus the excess, if any, of net short-term capital gain over net long-term capital loss). If for any taxable year the Trust does not qualify as a RIC, all of its taxable income for that year (including its net capital gain) would be subject to tax at regular corporate rates without any deduction for distributions to shareholders, and such distributions would be taxable as ordinary dividends to the extent of the Trust’s current and accumulated earnings and profits. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The current presidential administration has called for significant changes to U.S. fiscal, tax, trade, healthcare, immigration, foreign, and government regulatory policy. In this regard, there is significant uncertainty with respect to legislation, regulation and government policy at the federal level, as well as the state and local levels. Recent events have created a climate of heightened uncertainty and introduced new and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">difficult-to-quantify</div></div> macroeconomic and political risks with potentially <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">far-reaching</div> implications. There has been a corresponding meaningful increase in the uncertainty surrounding interest rates, inflation, foreign exchange rates, trade volumes and fiscal and monetary policy. To the extent the U.S. Congress or the current presidential administration implements changes to U.S. policy, those changes may impact, among other things, the U.S. and global economy, international trade and relations, unemployment, immigration, corporate taxes, healthcare, the U.S. regulatory environment, inflation and other areas. Although the Trust cannot predict the impact, if any, of these changes to the Trust’s business, they could adversely affect the Trust’s business, financial condition, operating results and cash flows. Until the Trust knows what policy changes are made and how those changes impact the Trust’s business and the business of the Trust’s competitors over the long term, the Trust will not know if, overall, the Trust will benefit from them or be negatively affected by them. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Treasury Department. Revisions in U.S. federal tax laws and interpretations of these laws could adversely affect the tax consequences of your investment. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Potential Conflicts of Interest of the Advisor and Others </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The investment activities of the Advisor and its affiliates (including BlackRock, Inc. and its subsidiaries (collectively, the “Affiliates”)), and their respective directors, officers or employees, in managing their own accounts and other accounts, may present conflicts of interest that could disadvantage the Trust and its shareholders. The Advisor and its Affiliates may engage in proprietary trading and advise accounts and other funds that have investment objectives similar to those of the Trust and/or that engage in and compete for transactions in the same or similar types of securities, currencies and other assets as are held by the Trust. Subject to the requirements of the Investment Company Act, the Advisor and its Affiliates intend to engage in such activities and may receive compensation from third parties for their services. Neither the Advisor nor any Affiliate is under any obligation to share any investment opportunity, idea or strategy with the Trust. As a result, an Affiliate may compete with the Trust for appropriate investment opportunities. The results of the Trust’s investment activities, therefore, may differ from those of an Affiliate and of another account managed by an Affiliate. It is possible that the Trust could sustain losses during periods in which one or more Affiliates and other accounts achieve profits on their trading for proprietary or other accounts. The opposite result is also possible. The Advisor has adopted policies and procedures designed to address potential conflicts of interest. For additional information about potential conflicts of interest and the way in which BlackRock addresses such conflicts, please see “Conflicts of Interest” and “Management of the Trust—Portfolio Management—Potential Material Conflicts of Interest” in the SAI. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Decision-Making Authority Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Investors have no authority to make decisions or to exercise business discretion on behalf of the Trust, except as set forth in the Trust’s governing documents. The authority for all such decisions is generally delegated to the Board, which in turn, has delegated the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">day-to-day</div></div> management of the Trust’s investment activities to the Advisor, subject to oversight by the Board. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Management Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust is subject to management risk because it is an actively managed investment portfolio. The Advisor and the individual portfolio managers will apply investment techniques and risk analyses in making investment decisions for the Trust, but there can be no guarantee that these will produce the desired results. The Trust may be subject to a relatively high level of management risk because the Trust may invest in derivative instruments, which may be highly specialized instruments that require investment techniques and risk analyses different from those associated with equities and bonds. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Reliance on the Advisor Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust is dependent upon services and resources provided by the Advisor, and therefore the Advisor’s parent, BlackRock. The Advisor is not required to devote its full time to the business of the Trust and there is no guarantee or requirement that any investment professional or other employee of the Advisor will allocate a substantial portion of his or her time to the Trust. The loss of one or more individuals involved with the Advisor could have a material adverse effect on the performance or the continued operation of the Trust. For additional information on the Advisor and BlackRock, see “Management of the Trust—Investment Advisor.” </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Reliance on Service Providers Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust must rely upon the performance of service providers to perform certain functions, which may include functions that are integral to the Trust’s operations and financial performance. Failure by any service provider to carry out its obligations to the Trust in accordance with the terms of its appointment, to exercise due care and skill or to perform its obligations to the Trust at all as a result of insolvency, bankruptcy or other causes could have a material adverse effect on the Trust’s performance and returns to shareholders. The termination of the Trust’s relationship with any service provider, or any delay in appointing a replacement for such service provider, could materially disrupt the business of the Trust and could have a material adverse effect on the Trust’s performance and returns to shareholders. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Information Technology Systems Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust is dependent on the Advisor for certain management services as well as back-office functions. The Advisor depends on information technology systems in order to assess investment opportunities, strategies and markets and to monitor and control risks for the Trust. It is possible that a failure of some kind which causes disruptions to these information technology systems could materially limit the Advisor’s ability to adequately assess and adjust investments, formulate strategies and provide adequate risk control. Any such information technology-related difficulty could harm the performance of the Trust. Further, failure of the back-office functions of the Advisor to process trades in a timely fashion could prejudice the investment performance of the Trust. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Operational and Technology Risks </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust and the entities with which it interacts directly or indirectly are susceptible to operational and technology risks, including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">result in losses for the Trust and its shareholders or impair the Trust’s operations. These entities include, but are not limited to, the Trust’s adviser, administrator, distributor, other service providers (e.g., index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries, counterparties, market makers, authorized participants, listing exchanges, other financial market operators, and governmental authorities, as applicable. Operational and technology risks for the issuers in which the Trust invests could also result in material adverse consequences for such issuers and may cause the Trust’s investments in such issuers to lose value. The Trust may incur substantial costs in order to mitigate operational and technology risks. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the Trust invests, the Trust or any of its service providers. They include, but are not limited to, gaining unauthorized access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks, particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in any of the following: financial losses; interference with the Trust’s ability to calculate its NAV; disclosure of confidential information; impediments to trading; submission of erroneous trades by the Trust or erroneous subscription or redemption orders; the inability of the Trust or its service providers to transact business; violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render records of the Trust, including records relating to its assets and transactions, shareholder ownership of Trust shares, and other data integral to the Trust’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural disasters, equipment malfunctions and processing errors that threaten information and technology systems relied upon by the Trust or its service providers, as well as market events that occur at a pace that overloads these systems, may also disrupt business operations or impact critical data. Recent advances in AI technology pose risks to the Trust and its portfolio investments. These advancements could harm the Trust and its portfolio investments by reducing the demand for both the technology and software offerings of the Trust’s portfolio investments. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Additionally, these advancements could significantly disrupt the Trust’s portfolio investments and subject them to increased competition, which could have a material adverse effect on business, financial condition, and results of operations. AI technology advancements, including efficiency improvements, without related increases in the adoption and development of such technologies, could also negatively impact demand for, and the valuation of, digital infrastructure assets. AI refers to computer systems that can perform tasks that would otherwise require human intelligence and encompasses various different forms of artificial intelligence, including machine learning models. AI is typically designed to analyze data, learn from patterns and experiences, make decisions, and solve problems. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust and its portfolio investments could be exposed to the risks of AI technology if third-party service providers or any counterparties, whether or not known to the Trust, also use AI technology in their business activities. The Trust and its service providers may not be in a position to control the use of AI technology in third-party products or services. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Use of AI technology could include the input of confidential information in contravention of applicable policies, contractual or other obligations or restrictions, resulting in such confidential information becoming accessible by other third-party AI technology applications and users. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Independent of its context of use, AI technology is generally highly reliant on the collection and analysis of large amounts of data, may incorporate biased or inaccurate data, and it is not possible or practicable to incorporate all relevant data into the models that AI technology utilizes to operate. Certain data in such models will inevitably contain a degree of inaccuracy and error, or could otherwise be inadequate or flawed, which would be likely to degrade the effectiveness of AI technology. The output or results of any such AI technologies may therefore be incomplete, erroneous, distorted or misleading. Further, AI tools may lack transparency as to how data is utilized and how outputs are generated. AI technologies may also allow the unintended introduction of vulnerabilities </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">into infrastructures and applications. To the extent that the Trust or its portfolio investments are exposed to the risks of AI technology use, any such inaccuracies or errors could have adverse impacts on the Trust or its investments. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Regulations related to AI technology could also impose certain obligations and costs related to monitoring and compliance. For example, in April 2023, the Federal Trade Commission, U.S. Department of Justice, Consumer Financial Protection Bureau, and U.S. Equal Employment Opportunity Commission released a joint statement on artificial intelligence demonstrating interest in monitoring the development and use of automated systems and enforcement of their respective laws and regulations. In October 2023, an executive order established new standards for AI safety and security. In addition to the U.S. regulatory framework, in 2024, the EU adopted the Artificial Intelligence Act, which applies to certain AI technology and the data used to train, test, and deploy them, which may create additional compliance burdens, higher administrative costs, and significant penalties should the Trust, the adviser, or the Trust’s portfolio investments fail to comply. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">AI technology and its applications, including in the investment and financial sectors, continue to develop rapidly, and it is impossible to predict the future risks that may arise from such developments. The full extent of current or future risks related thereto is not possible to predict, and the Trust may not be able to anticipate, prevent, mitigate, or remediate all of the potential risks, challenges, or impacts of such changes. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">While the Trust’s service providers are required to have appropriate operational, information security and cybersecurity risk management policies and procedures, their methods of risk management may differ from those of the Trust in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls. The Trust and its adviser seek to reduce these risks through controls, procedures and oversight, including establishing business continuity plans and risk management systems. However, there are inherent limitations in such plans and systems, including the possibility that certain risks that may affect the Trust have not been identified or may emerge in the future; that such plans and systems may not completely eliminate the occurrence or mitigate the effects of operational or information security disruptions or failures or of cybersecurity incidents; or that prevention and remediation efforts will not be successful or that incidents will go undetected. The Trust cannot control the systems, information security or other cybersecurity of the issuers in which it invests or its service providers, counterparties, and other third parties whose activities affect the Trust. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial resources to monitor and implement required changes. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Misconduct of Employees and of Service Providers Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Misconduct or misrepresentations by employees of the Advisor or the Trust’s service providers could cause significant losses to the Trust. Employee misconduct may include binding the Trust to transactions that exceed authorized limits or present unacceptable risks and unauthorized trading activities, concealing unsuccessful trading activities (which, in any case, may result in unknown and unmanaged risks or losses) or making misrepresentations regarding any of the foregoing. Losses could also result from actions by the Trust’s service providers, including, without limitation, failing to recognize trades and misappropriating assets. In addition, employees and service providers may improperly use or disclose confidential information, which could result in litigation or serious financial harm, including limiting the Trust’s business prospects or future marketing activities. Despite the Advisor’s due diligence efforts, misconduct and intentional misrepresentations may be undetected or not fully comprehended, thereby potentially undermining the Advisor’s due diligence efforts. As a result, no assurances can be given that the due diligence performed by the Advisor will identify or prevent any such misconduct. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Portfolio Turnover Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust’s annual portfolio turnover rate may vary greatly from year to year, as well as within a given year. Portfolio turnover rate is not considered a limiting factor in the execution of investment decisions for the Trust. A higher portfolio turnover rate results in correspondingly greater brokerage commissions and other transactional expenses that are borne by the Trust. High portfolio turnover may result in an increased realization of net short-term capital gains by the Trust which, when distributed to common shareholders, will be taxable as ordinary income. Additionally, in a declining market, portfolio turnover may create realized capital losses. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Anti-Takeover Provisions Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust’s Amended and Restated Agreement and Declaration of Trust and Amended and Restated Bylaws include provisions that could limit the ability of other entities or persons to acquire control of the Trust or convert the Trust to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">open-end</div> status or to change the composition of the Board. Such provisions could limit the ability of shareholders to sell their shares at a premium over prevailing market prices by discouraging a third party from seeking to obtain control of the Trust. See “Certain Provisions in the Amended and Restated Agreement and Declaration of Trust and the Amended and Restated Bylaws.” </div>
<div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">General Risks </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Please refer to the section of the Trust’s most recent annual report on Form <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">N-CSR</div> entitled <a href="http://www.sec.gov/Archives/edgar/data/1832871/000119312526093583/d222609dncsr.htm">“Investment Objectives, Policies and Risks—Risk Factors”</a>, which is incorporated by reference herein, for a discussion of the general risks of investing in the Trust. </div>
<div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Unrated Securities Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust may purchase securities that are not rated by any rating organization. The Advisor may, after assessing such securities’ credit quality, internally assign ratings to certain of those securities in categories similar to those of rating organizations. Some unrated securities may not have an active trading market or may be difficult to value, which means the Trust might have difficulty selling them promptly at an acceptable price. To the extent that the Trust invests in unrated securities, the Trust’s ability to achieve its investment objectives will be more dependent on the Advisor’s credit analysis than would be the case when the Trust invests in rated securities. </div>
<div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Zero-Coupon Securities Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Zero-coupon securities are securities that are sold at a discount to par value and do not pay interest during the life of the security. The discount approximates the total amount of interest the security will accrue and compound over the period until maturity at a rate of interest reflecting the market rate of the security at the time of issuance. Upon maturity, the holder of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">a zero-coupon security</div> is entitled to receive the par value of the security. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust accrues income with respect to these securities for U.S. federal income tax and accounting purposes prior to the receipt of cash payments. Zero-coupon securities may be subject to greater fluctuation in value and less liquidity in the event of adverse market conditions than comparably rated securities that pay cash interest at regular intervals. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Further, to maintain its qualification for pass-through treatment under the U.S. federal tax laws, the Trust is required to distribute income to its shareholders and, consequently, may have to dispose of other, more liquid portfolio securities under disadvantageous circumstances or may have to leverage itself by borrowing in order to generate the cash to satisfy these distributions. The required distributions may result in an increase in the Trust’s exposure <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">to zero-coupon securities.</div> </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">In addition to the above-described risks, there are certain other risks related to investing in <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">zero-coupon</div> securities. During a period of severe market conditions, the market for such securities may become even less </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">liquid. In addition, as these securities do not pay cash interest, the Trust’s investment exposure to these securities and their risks, including credit risk, will increase during the time these securities are held in the Trust’s portfolio. </div>
<div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Variable Rate Demand Obligations Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">VRDOs are floating rate securities that combine an interest in a long-term municipal bond with a right to demand payment before maturity from a bank or other financial institution. If the bank or financial institution is unable to pay, the Trust may lose money. </div>
<div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Private Activity Bonds </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust may invest without limit in certain <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">tax-exempt</div> securities classified as “private activity bonds.” These bonds may subject certain investors in the Trust to the federal alternative minimum tax. </div>
<div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Preferred Securities Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">There are special risks associated with investing in preferred securities, including: </div>
<div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;">Deferral Risk</div></div></div>. Preferred securities may include provisions that permit the issuer, at its discretion, to defer distributions for a stated period without any adverse consequences to the issuer. If the Trust owns a preferred security that is deferring its distributions, the Trust may be required to report income for tax purposes although it has not yet received such income. </div>
<div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;">Subordination Risk</div></div></div>. Preferred securities are subordinated to bonds and other debt instruments in a company’s capital structure in terms of having priority to corporate income and liquidation payments, and therefore will be subject to greater credit risk than debt instruments. </div>
<div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;">Limited Voting Rights Risk</div></div></div>. Generally, preferred security holders (such as the Trust) have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may elect a number of directors to the issuer’s board. Generally, once all the arrearages have been paid, the preferred security holders no longer have voting rights. In the case of trust preferred securities, holders generally have no voting rights, except if (i) the issuer fails to pay dividends for a specified period of time or (ii) a declaration of default occurs and is continuing. </div>
<div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;">Special Redemption Rights Risk</div></div></div>. In certain varying circumstances, an issuer of preferred securities may redeem the securities prior to a specified date. For instance, for certain types of preferred securities, a redemption may be triggered by certain changes in U.S. federal income tax or securities laws. As with call provisions, a special redemption by the issuer may negatively impact the return of the security held by the Trust. </div>
<div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;">New Types of Securities Risk</div></div></div>. From time to time, preferred securities, including trust preferred securities, have been, and may in the future be, offered having features other than those described herein. The Trust reserves the right to invest in these securities if the Advisor believes that doing so would be consistent with the Trust’s investment objectives and policies. Since the market for these instruments would be new, the Trust may have difficulty disposing of them at a suitable price and time. In addition to limited liquidity, these instruments may present other risks, such as high price volatility. </div>
<div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">U.S. Government Securities Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">U.S. Government debt securities generally involve lower levels of credit risk than other types of fixed-income securities of similar maturities, although, as a result, the yields available from U.S. Government debt securities are generally lower than the yields available from such other securities. Like other fixed-income securities, the values of U.S. Government securities change as interest rates fluctuate. </div>
<div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Reference Rate Replacement Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust’s investments, payment obligations and financing terms may be based on floating rates, such as the Secured Overnight Financing Rate (“SOFR”), Sterling Overnight Interbank Average Rate (“SONIA”), and other similar types of reference rates (“Reference Rates”). The elimination of a Reference Rate or any other changes or reforms to the determination or supervision of a Reference Rate could have an adverse impact on the market for, or value of, any instruments (including debt instruments and certain derivative instruments) or payments linked to those Reference Rates. In addition, any substitute Reference Rate and any pricing adjustments imposed by a regulator or by counterparties or otherwise may adversely affect the Trust’s performance and/or net asset value. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The London Interbank Offered Rate (“LIBOR”) had historically been used extensively in the U.S. and globally as a “benchmark” or “reference rate” for various commercial and financial contracts, including corporate and municipal bonds, bank loans, asset-backed and mortgage-related securities, interest rate swaps and other derivatives. Instruments in which the Trust invests may have historically paid interest at floating rates based on LIBOR or may have been subject to interest caps or floors based on LIBOR. The Trust and issuers of instruments in which the Trust invests may have also historically obtained financing at floating rates based on LIBOR. In connection with the global transition away from LIBOR led by regulators and market participants as a result of benchmark reforms, LIBOR was last published on a representative basis at the end of June 2023. Alternative Reference Rates to LIBOR have been established in most major currencies and markets in these alternative rates are continuing to develop (e.g., SOFR for <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">USD-LIBOR</div> and SONIA for GBP-LIBOR). While the transition from LIBOR has gone relatively smoothly, residual risks associated with the transition may remain that may impact markets or particular investments and, as such, the full impact of the transition on the Trust or the financial instruments in which the Trust invests cannot yet be fully determined. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">SOFR is intended to be a broad measure of the cost of borrowing funds overnight in transactions that are collateralized by U.S. Treasury securities. SOFR is calculated based on transaction-level repo data collected from various sources. For each trading day, SOFR is calculated as a volume-weighted median rate derived from such data. Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from LIBOR. LIBOR is intended to be an unsecured rate that represents interbank funding costs for different short-term maturities or tenors. It is a forward-looking rate reflecting expectations regarding interest rates for the applicable tenor. Thus, LIBOR is intended to be sensitive, in certain respects, to bank credit risk and to term interest rate risk. In contrast, SOFR is a secured overnight rate reflecting the credit of U.S. Treasury securities as collateral. Thus, it is largely insensitive to credit-risk considerations and to short-term interest rate risks. SOFR is a transaction-based rate, and it has been more volatile than other benchmark or market rates, such as three-month LIBOR, during certain periods. For these reasons, among others, there is no assurance that SOFR, or rates derived from SOFR, will perform in the same or similar way as LIBOR would have performed at any time, and there is no assurance that SOFR-based rates will be a suitable substitute for LIBOR. SOFR has a relatively limited history, having been first published in April 2018. The future performance of SOFR, and SOFR-based Reference Rates, cannot be predicted based on SOFR’s history or otherwise. Levels of SOFR in the future may bear little or no relation to historical levels of SOFR, LIBOR or other rates. There can also be no assurance that SOFR will not be discontinued or fundamentally altered in a manner that is materially adverse to the interests of the Trust. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">In addition, interest rates or other types of rates and indices which are classified as “benchmarks” have been the subject of ongoing national and international regulatory reform, including under the European Union (“EU”) regulation on indices used as benchmarks in financial instruments and financial contracts (known as the “Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom (“UK”) law by virtue of the EU (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the implementation of these reforms, the manner of administration of benchmarks has changed and may further change in the future, with the result that relevant benchmarks may perform differently than in the past, the use of benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and certain benchmarks may be eliminated entirely. Such changes could cause </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">increased market volatility and disruptions in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other consequences which cannot be predicted. </div>
<div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Strategic Transactions and Derivatives Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust may engage in various Strategic Transactions for duration management and other investment and risk management purposes, including to attempt to protect against possible changes in the market value of the Trust’s portfolio resulting from trends in the securities markets and changes in interest rates or to protect the Trust’s unrealized gains in the value of its portfolio securities, to facilitate the sale of portfolio securities for investment purposes or to establish a position in the securities markets as a temporary substitute for purchasing particular securities or to enhance income or gain. Derivatives are financial contracts or instruments whose value depends on, or is derived from, the value of an underlying asset, reference rate or index (or relationship between two indices). The Trust also may use derivatives to add leverage to the portfolio and/or to hedge against increases in the Trust’s costs associated with any leverage strategy that it may employ. The use of Strategic Transactions to enhance current income may be speculative. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Strategic Transactions involve risks. The risks associated with Strategic Transactions include (i) the imperfect correlation between the value of such instruments and the underlying assets, (ii) the possible default of the counterparty to the transaction, (iii) illiquidity of the derivative instruments, and (iv) high volatility losses caused by unanticipated market movements, which are potentially unlimited. Although both OTC and exchange-traded derivatives markets may experience a lack of liquidity, OTC <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-standardized</div> derivative transactions are generally less liquid than exchange-traded instruments. The illiquidity of the derivatives markets may be due to various factors, including congestion, disorderly markets, limitations on deliverable supplies, the participation of speculators, government regulation and intervention, and technical and operational or system failures. In addition, daily limits on price fluctuations and speculative position limits on exchanges on which the Trust may conduct its transactions in derivative instruments may prevent prompt liquidation of positions, subjecting the Trust to the potential of greater losses. Furthermore, the Trust’s ability to successfully use Strategic Transactions depends on the Advisor’s ability to predict pertinent asset prices, interest rates, currency exchange rates and other economic factors, which cannot be assured. The use of Strategic Transactions may result in losses greater than if they had not been used, may require the Trust to sell or purchase portfolio securities at inopportune times or for prices other than current market values, may limit the amount of appreciation the Trust can realize on an investment or may cause the Trust to hold a security that it might otherwise sell. Additionally, amounts paid by the Trust as premiums and cash or other assets held in margin accounts with respect to Strategic Transactions are not otherwise available to the Trust for investment purposes. Please see the Trust’s SAI for a more detailed description of Strategic Transactions and the various derivative instruments the Trust may use and the various risks associated with them. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Exchange-traded derivatives and OTC derivative transactions submitted for clearing through a central counterparty have become subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as possible margin requirements mandated by the SEC or the CFTC. The CFTC and federal banking regulators also have imposed margin requirements on <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-cleared</div> OTC derivatives, and the SEC’s <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-cleared</div> margin requirements for security-based swaps became effective on November 1, 2021. Applicable margin requirements may increase the overall costs for the Trust. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Many OTC derivatives are valued on the basis of dealers’ pricing of these instruments. However, the price at which dealers value a particular derivative and the price that the same dealers would actually be willing to pay for such derivative should the Trust wish or be forced to sell such position may be materially different. Such differences can result in an overstatement of the Trust’s NAV and may materially adversely affect the Trust in situations in which the Trust is required to sell derivative instruments. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to imperfect matching between the derivative and the underlying security, and there can be no assurance that the Trust’s hedging transactions will be effective. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Derivatives may give rise to a form of leverage and may expose the Trust to greater risk and increase its costs. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation is not yet known and may not be known for some time. New regulation may make derivatives more costly, may limit the availability of derivatives, or may otherwise adversely affect the value or performance of derivatives. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Future regulatory developments may impact the Trust’s ability to invest or remain invested in certain derivatives. Legislation or regulation may also change the way in which the Trust itself is regulated. The Advisor cannot predict the effects of any new governmental regulation that may be implemented on the ability of the Trust to use swaps or any other financial derivatives product, and there can be no assurance that any new governmental regulation will not adversely affect the Trust’s ability to achieve its investment objectives. </div>
<div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;">Counterparty Risk</div></div></div>. The Trust will be subject to credit risk with respect to the counterparties to the derivative contracts entered into by the Trust. Because derivative transactions in which the Trust may engage may involve instruments that are not traded on an exchange or cleared through a central counterparty but are instead traded between counterparties based on contractual relationships, the Trust is subject to the risk that a counterparty will not perform its obligations under the related contracts. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Trust may experience significant delays in obtaining any recovery in bankruptcy or other reorganization proceedings. The Trust may obtain only a limited recovery, or may obtain no recovery, in such circumstances. Although the Trust intends to enter into transactions only with counterparties that the Advisor believes to be creditworthy, there can be no assurance that, as a result, a counterparty will not default and that the Trust will not sustain a loss on a transaction. In the event of the counterparty’s bankruptcy or insolvency, the Trust’s collateral may be subject to the conflicting claims of the counterparty’s creditors, and the Trust may be exposed to the risk of a court treating the Trust as a general unsecured creditor of the counterparty, rather than as the owner of the collateral. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The counterparty credit risk for cleared derivatives is generally lower than for uncleared OTC derivative transactions since a clearing organization is the counterparty to a cleared derivative contract and a clearing organization is generally considered to be of better credit quality than a counterparty to an uncleared OTC derivative transaction. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">However, there can be no assurance that a clearing organization, or its members, will satisfy its obligations to the Trust, or that the Trust would be able to recover the full amount of assets deposited on its behalf with the clearing organization in the event of the default by the clearing organization or the Trust’s clearing broker. In addition, cleared derivative transactions benefit from daily <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">marking-to-market</div></div> and settlement, and segregation and minimum capital requirements applicable to intermediaries. Uncleared OTC derivative transactions generally may not benefit from such protections. This exposes the Trust to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Trust to suffer a loss. Such “counterparty risk” is accentuated for contracts with longer maturities where events may intervene to prevent settlement, or where the Trust has concentrated its transactions with a single or small group of counterparties. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">In addition, the Trust is subject to the risk that issuers of the instruments in which it invests and trades may default on their obligations under those instruments, and that certain events may occur that have an immediate and significant adverse effect on the value of those instruments. There can be no assurance that an issuer of an instrument in which the Trust invests will not default, or that an event that has an immediate and significant adverse effect on the value of an instrument will not occur, and that the Trust will not sustain a loss on a transaction as a result. </div>
<div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;">Swaps Risk</div></div></div>. Swaps are a type of derivative. Swap agreements involve the risk of changes in market value of the swap position as well as the risk that the swap counterparty will default on its payment or other obligations to the Trust and the risk that the Trust will not be able to meet its obligations to pay the other party to the agreement. In order to seek to hedge the value of the Trust’s portfolio, to hedge against increases in the Trust’s cost associated with interest payments on any outstanding borrowings or to seek to increase the Trust’s return, the Trust may enter into swaps, including interest rate swap, total return swap (sometimes referred to as a “contract for difference”) and/or credit default swap transactions. In interest rate swap transactions, there is a risk that yields </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">will move in the direction opposite of the direction anticipated by the Trust, which would cause the Trust to make payments to its counterparty in the transaction that could adversely affect Trust performance. In addition to the risks applicable to swaps generally (including counterparty risk, high volatility, illiquidity risk and credit risk), credit default swap transactions involve special risks because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default or other credit event by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The United States, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”) requires that certain derivatives with U.S. persons must be executed on a regulated market and a substantial portion of OTC derivatives must be submitted for clearing to regulated clearinghouses. As a result, swap transactions entered into by the Trust are subject to various requirements applicable to swaps under the Dodd-Frank Act, including clearing, exchange-execution, reporting and recordkeeping requirements. These requirements may make it more difficult and costly for the Trust to enter into swap transactions and may also render certain strategies in which the Trust might otherwise engage impossible or so costly that they will no longer be economical to implement. Furthermore, the number of counterparties that may be willing to enter into swap transactions with the Trust may be limited as a result of the swap regulations applicable to such transactions under the Dodd-Frank Act. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Credit default and total return swap agreements may effectively add leverage to the Trust’s portfolio because, in addition to its Managed Assets, the Trust would be subject to investment exposure on the notional amount of the swap in excess of any premium and margin required to establish and maintain the position. Total return swap agreements are subject to market risk as well as the risk that a counterparty will default on its payment obligations to the Trust thereunder. The Trust is not required to enter into swap transactions for hedging purposes or to enhance income or gain and may choose not to do so. </div>
<div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">When-Issued, Forward Commitment and Delayed Delivery Transactions Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust may purchase securities on a when-issued basis (including on a forward commitment or “TBA” (to be announced) basis) and may purchase or sell securities for delayed delivery. When-issued and delayed delivery transactions occur when securities are purchased or sold by the Trust with payment and delivery taking place in the future to secure an advantageous yield or price. Securities purchased on a when-issued or delayed delivery basis may expose the Trust to counterparty risk of default as well as the risk that securities may experience fluctuations in value prior to their actual delivery. The Trust will not accrue income with respect to a when-issued or delayed delivery security prior to its stated delivery date. Purchasing securities on a when-issued or delayed delivery basis can involve the additional risk that the price or yield available in the market when the delivery takes place may not be as favorable as that obtained in the transaction itself. </div>
<div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Repurchase Agreements Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Subject to its investment objectives and policies, the Trust may enter into repurchase agreements. Repurchase agreements typically involve the acquisition by the Trust of fixed-income securities from a selling financial institution such as a bank, savings and loan association or broker-dealer. The agreement provides that the Trust will sell the securities back to the institution at a fixed time in the future. The Trust does not bear the risk of a decline in the value of the underlying security unless the seller defaults under its repurchase obligation. In the event of the bankruptcy or other default of a seller of a repurchase agreement, the Trust could experience both delays in liquidating the underlying securities and losses, including possible decline in the value of the underlying security during the period in which the Trust seeks to enforce its rights thereto; possible lack of access to income on the underlying security during this period; and expenses of enforcing its rights. While repurchase agreements involve certain risks not associated with direct investments in fixed-income securities, the Trust follows procedures approved by the Board that are designed to minimize such risks. In addition, the value of the collateral underlying the repurchase agreement will be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. In the event of a default or bankruptcy by a selling financial </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">institution, the Trust generally will seek to liquidate such collateral. However, the exercise of the Trust’s right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Trust could suffer a loss. </div>
<div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Valuation Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust is subject to valuation risk, which is the risk that one or more of the securities in which the Trust invests are valued at prices that the Trust is unable to obtain upon sale due to factors such as incomplete data, market instability or human error. The Advisor may use an independent pricing service or prices provided by dealers to value securities at their market value. Because the secondary markets for certain investments may be limited, such instruments may be difficult to value. See “Net Asset Value.” When market quotations are not available, the Advisor may price such investments pursuant to a number of methodologies, such as computer-based analytical modeling or individual security evaluations. These methodologies generate approximations of market values, and there may be significant professional disagreement about the best methodology for a particular type of financial instrument or different methodologies that might be used under different circumstances. In the absence of an actual market transaction, reliance on such methodologies is essential, but may introduce significant variances in the ultimate valuation of the Trust’s investments. Technological issues and/or errors by pricing services or other third-party service providers may also impact the Trust’s ability to value its investments and the calculation of the Trust’s NAV. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">When market quotations are not readily available or are believed by the Advisor to be unreliable, the Advisor will fair value the Trust’s investments in accordance with its policies and procedures. Fair value represents a good faith approximation of the value of an asset or liability. The fair value of an asset or liability held by the Trust is the amount the Trust might reasonably expect to receive from the current sale of that asset or the cost to extinguish that liability in an <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">arm’s-length</div> transaction. Fair value pricing may require determinations that are inherently subjective and inexact about the value of a security or other asset. As a result, there can be no assurance that fair value priced assets will not result in future adjustments to the prices of securities or other assets, or that fair value pricing will reflect a price that the Trust is able to obtain upon sale, and it is possible that the fair value determined for a security or other asset will be materially different from quoted or published prices, from the prices used by others for the same security or other asset and/or from the value that actually could be or is realized upon the sale of that security or other asset. For example, the Trust’s NAV could be adversely affected if the Trust’s determinations regarding the fair value of the Trust’s investments were materially higher than the values that the Trust ultimately realizes upon the disposal of such investments. Where market quotations are not readily available, valuation may require more research than for more liquid investments. In addition, elements of judgment may play a greater role in valuation in such cases than for investments with a more active secondary market because there is less reliable objective data available. The Advisor anticipates that up to approximately 25% of the Trust’s net assets (calculated at the time of investment) may be valued using fair value. This percentage may increase over the life of the Trust and may exceed 25% of the Trust’s net assets due to a number of factors, such as when the Trust nears dissolution; outflows of cash from time to time; and changes in the valuation of these investments. The Trust prices its shares daily and therefore all assets, including assets valued at fair value, are valued daily. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust’s NAV per common share is a critical component in several operational matters including computation of advisory and services fees. Consequently, variance in the valuation of the Trust’s investments will impact, positively or negatively, the fees and expenses shareholders will pay. </div>
<div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Event Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Event risk is the risk that corporate issuers may undergo restructurings, such as mergers, leveraged buyouts, takeovers, or similar events financed by increased debt. As a result of the added debt, the credit quality and market value of a company’s securities may decline significantly. </div>
<div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Defensive Investing Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">For defensive purposes, the Trust may allocate assets into cash or short-term fixed-income securities without limitation. In doing so, the Trust may succeed in avoiding losses but may otherwise fail to achieve its investment objectives. Further, the value of short-term fixed-income securities may be affected by changing interest rates and by changes in credit ratings of the investments. If the Trust holds cash uninvested it will be subject to the credit risk of the depository institution holding the cash. </div>
<div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Securities Lending Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust may lend securities to financial institutions. Securities lending involves exposure to certain risks, including operational risk (i.e., the risk of losses resulting from problems in the settlement and accounting process), “gap” risk (i.e., the risk of a mismatch between the return on cash collateral reinvestments and the fees the Trust has agreed to pay a borrower), foreign exchange risk (i.e., the risk of a shortfall at default when a cash collateral investment is denominated in a currency other than the currency of the assets being loaned due to movements in foreign exchange rates), and credit, legal, counterparty and market risks. If a securities lending counterparty were to default, the Trust would be subject to the risk of a possible delay in receiving collateral or in recovering the loaned securities, or to a possible loss of rights in the collateral. In the event a borrower does not return the Trust’s securities as agreed, the Trust may experience losses if the proceeds received from liquidating the collateral do not at least equal the value of the loaned security at the time the collateral is liquidated, plus the transaction costs incurred in purchasing replacement securities. This event could trigger adverse tax consequences for the Trust. The Trust could lose money if its short-term investment of the collateral declines in value over the period of the loan. Substitute payments for dividends received by the Trust for securities loaned out by the Trust will generally not be considered qualified dividend income. The securities lending agent will take the tax effects on shareholders of this difference into account in connection with the Trust’s securities lending program. Substitute payments received on <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">tax-exempt</div> securities loaned out will generally not be <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">tax-exempt</div> income. </div>
<div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Inflation Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Inflation risk is the risk that the value of assets or income from investment will be worth less in the future, as inflation decreases the value of money. Inflation rates may change frequently and drastically as a result of various factors, including unexpected shifts in the domestic or global economy. As inflation increases, the real value of the common shares and distributions on those shares can decline. In addition, during any periods of rising inflation, interest rates on any borrowings by the Trust would likely increase, which would tend to further reduce returns to the holders of common shares. </div>
<div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Deflation Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Deflation risk is the risk that prices throughout the economy decline over time, which may have an adverse effect on the market valuation of companies, their assets and their revenues. In addition, 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 Trust’s portfolio. </div>
<div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Risks Associated with Recent Market Events </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">In 2022 and 2023, the Federal Reserve raised interest rates eleven times as part of its efforts to address rising inflation. Certain foreign central banks similarly tightened monetary policy during this period. Beginning in September 2024, the Federal Reserve began lowering interest rates, cutting the federal funds rate six times through December 2025. The Federal Reserve held the federal funds rate steady in the first quarter of 2026, though further rate changes may occur depending on economic conditions, including the pace of inflation and the state of the labor market. It is difficult to accurately predict the pace at which interest rates might change, the </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">timing, frequency or magnitude of any such changes in interest rates, or when such changes might stop or again reverse course. Additionally, various economic and political factors, including trade policy, fiscal policy and geopolitical developments, could cause the Federal Reserve or other foreign central banks to change their approach in the future and such actions may result in an economic slowdown both in the U.S. and abroad. Unexpected changes in interest rates could lead to significant market volatility or reduce liquidity in certain sectors of the market. Deteriorating economic fundamentals may, in turn, increase the risk of default or insolvency of particular issuers, negatively impact market value, cause credit spreads to widen, and reduce bank balance sheets. Any of these could cause an increase in market volatility, reduce liquidity across various markets or decrease confidence in the markets, which could negatively affect the value of debt instruments held by the Trust and result in a negative impact on the Trust’s performance. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Recent policy initiatives undertaken by the U.S. Government have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets, and could adversely affect the investment performance of the Trust. In particular, actions taken by the U.S. Government in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Trust invests. Political and diplomatic events within the United States, including a contentious domestic political environment, changes in political party control of one or more branches of the U.S. Government, the U.S. Government’s inability at times to agree on a long-term budget and deficit reduction plan, the threat of a U.S. Government shutdown, and disagreements over, or threats not to increase, the U.S. Government’s borrowing limit (or “debt ceiling”), as well as political and diplomatic events abroad, may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. A downgrade of the ratings of U.S. Government debt obligations, or concerns about the U.S. Government’s credit quality in general, could have a substantial negative effect on the U.S. and global economies. For example, concerns about the U.S. Government’s credit quality may cause increased volatility in the stock and bond markets, higher interest rates, reduced prices and liquidity of U.S. Treasury securities, and/or increased costs of various kinds of debt. Moreover, although the U.S. Government has honored its credit obligations, there remains a possibility that the United States could default on its obligations. The consequences of such an unprecedented event are impossible to predict, but it is likely that a default by the United States would be highly disruptive to the U.S. and global securities markets and could significantly impair the value of the Trust’s investments. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">In recent years, some countries, including the United States, have adopted more protectionist trade policies. Slowing global economic growth, the rise in protectionist trade policies, inflationary pressures, changes to some major international trade agreements, risks associated with the trade agreements between countries and regions, including the U.S. and other foreign nations, political or economic dysfunction within some countries or regions, including the U.S., and dramatic changes in commodity and currency prices could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition, if the U.S. dollar continues to be strong, it may decrease foreign demand for U.S. assets, which could have a negative impact on certain issuers and/or industries. </div>
<div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Market Disruption and Geopolitical Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Investments by the Trust are materially affected by conditions in the global financial markets and economic and political conditions throughout the world, such as interest rates, the availability and cost of credit, inflation rates, economic uncertainty, changes in laws, trade policies, commodity prices, tariffs, currency exchange rates and controls and national and international political circumstances (including wars and other forms of conflict, terrorist acts, and security operations) and catastrophic events such as fires, floods, earthquakes, tornados, hurricanes and pandemics could materially affect the Trust’s investments to the extent it materially affects global economies or global financial markets. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Additionally, the occurrence of events similar to those in recent years, such as localized wars, instability, new and ongoing epidemics and pandemics of infectious diseases and other global health events, natural/</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">environmental disasters, terrorist attacks in the United States and around the world, social and political discord, debt crises, sovereign debt downgrades, increasingly strained relations between the United States and a number of foreign countries, new and continued political unrest in various countries, the exit or potential exit of one or more countries from the European Union, continued changes in the balance of political power among and within the branches of the U.S. Government, government shutdowns and other factors, may result in market volatility, may have long term effects on the United States and worldwide financial markets, and may cause further economic uncertainties in the United States and worldwide and could have a significant adverse impact on the value and risk profile of the Trust’s portfolio. These factors are outside of the Trust’s control and may affect the level and volatility of securities prices and the liquidity and value of the Trust’s portfolio investments, and the Trust may not be able to successfully manage its exposure to these conditions, which may result in substantial losses to Shareholders. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of this military action, resulting sanctions and future local, regional or global market disruptions, are impossible to predict, but could be significant. Any such disruptions caused by Russian military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks on Russian entities or individuals, including politicians, could have a severe adverse effect on the region, including significant negative economic impacts. How long such military action and related events will last cannot be predicted. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">In recent years, the U.S. Government has indicated its intent to alter its approach to international trade policy and in some cases to renegotiate, or potentially terminate, certain existing bilateral or multi-lateral trade agreements and treaties with foreign countries, and has made proposals and taken actions related thereto, including the imposition of tariffs on imported goods. Tariffs on imported goods could further increase costs, decrease margins, reduce the competitiveness of products and services offered by current and future portfolio companies and adversely affect the revenues and profitability of portfolio companies whose businesses rely on goods imported from such impacted jurisdictions. More generally, these actions may trigger a significant reduction in international trade, the oversupply of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies and/or large segments of a foreign country’s export industry, which could have a negative impact on the Trust’s performance. The U.S. Government has imposed, and may in the future further increase, tariffs on certain foreign goods, including from China, such as steel and aluminum. Some foreign governments, including China, have instituted retaliatory tariffs on certain U.S. goods. Most recently, the current U.S. presidential administration has imposed or sought to impose significant increases to tariffs on goods imported into the United States, including from China, Canada and Mexico. U.S. companies that source material and goods from China and those that make large amounts of sales in China would be particularly vulnerable to an escalation of trade tensions. Uncertainty regarding the outcome of the trade tensions and the potential for a trade war could cause the U.S. dollar to decline against safe-haven currencies, such as the Japanese yen and the euro. 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. Increased trade tensions could have a material adverse effect on the global economy. The Trust and its portfolio investments could be materially and adversely affected. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Cybersecurity incidents affecting particular companies or industries may adversely affect the economies of particular countries of the world in which the Trust invests. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The occurrence of any of these above events could have a significant adverse impact on the value and risk profile of the Trust’s portfolio. The Trust does not know how long the securities markets may be affected by similar events and cannot predict the effects of similar events in the future on the U.S. economy and securities markets. There can be no assurance that similar events and other market disruptions will not have other material and adverse implications. </div>
<div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Regulation and Government Intervention Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Federal, state, and other governments, their regulatory agencies or self-regulatory organizations may take actions that affect the regulation of the issuers in which the Trust invests in ways that are unforeseeable. Legislation or regulation may also change the way in which the Trust is regulated. Such legislation or regulation could limit or preclude the Trust’s ability to achieve its investment objectives. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">In light of popular, political and judicial focus on finance related consumer protection, financial institution practices are also subject to greater scrutiny and criticism generally. In the case of transactions between financial institutions and the general public, there may be a greater tendency toward strict interpretation of terms and legal rights in favor of the consuming public, particularly where there is a real or perceived disparity in risk allocation and/or where consumers are perceived as not having had an opportunity to exercise informed consent to the transaction. In the event of conflicting interests between retail investors holding common shares of a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">closed-end</div> investment company such as the Trust and a large financial institution, a court may similarly seek to strictly interpret terms and legal rights in favor of retail investors. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust may be affected by governmental action in ways that are not foreseeable, and there is a possibility that such actions could have a significant adverse effect on the Trust and its ability to achieve its investment objective. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Investment Company Act Regulations </div></div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust is a registered <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">closed-end</div> management investment company and as such is subject to regulations under the Investment Company Act. Generally speaking, any contract or provision thereof that is made, or where performance involves a violation of the Investment Company Act or any rule or regulation thereunder is unenforceable by either party unless a court finds otherwise. </div>
<div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Regulation as a “Commodity Pool” </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The CFTC subjects advisers to registered investment companies to regulation by the CFTC if a fund that is advised by the investment adviser either (i) invests, directly or indirectly, more than a prescribed level of its liquidation value in CFTC-regulated futures, options and swaps (“CFTC Derivatives”), or (ii) markets itself as providing investment exposure to such instruments. To the extent the Trust uses CFTC Derivatives, it intends to do so below such prescribed levels and will not market itself as a “commodity pool” or a vehicle for trading such instruments. Accordingly, the Advisor has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act (“CEA”) pursuant to Rule 4.5 under the CEA. The Advisor is not, therefore, subject to registration or regulation as a “commodity pool operator” under the CEA in respect of the Trust. </div>
<div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Failures of Futures Commission Merchants and Clearing Organizations Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust is required to deposit funds to margin open positions in cleared derivative instruments (both futures and swaps) with a clearing broker registered as a “futures commission merchant” (“FCM”). The CEA requires an FCM to segregate all funds received from customers with respect to any orders for the purchase or sale of U.S. domestic futures contracts and cleared swaps from the FCM’s proprietary assets. Similarly, the CEA requires each FCM to hold in a separate secure account all funds received from customers with respect to any orders for the purchase or sale of foreign futures contracts and segregate any such funds from the funds received with respect to domestic futures contracts. However, all funds and other property received by an FCM from its customers are held by an FCM on a commingled basis in an omnibus account and amounts in excess of assets posted to the clearing organization may be invested by an FCM in certain instruments permitted under the applicable regulation. There is a risk that assets deposited by the Trust with any FCM as margin for futures contracts or commodity options may, in certain circumstances, be used to satisfy losses of other clients of the Trust’s FCM. In addition, the assets of the Trust posted as margin against both swaps and futures contracts may not be fully protected in the event of the FCM’s bankruptcy. </div>
<div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Legal, Tax and Regulatory Risks </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Legal, tax and regulatory changes could occur that may have material adverse effects on the Trust. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">To qualify for the favorable U.S. federal income tax treatment generally accorded to RICs, the Trust must, among other things, derive in each taxable year at least 90% of its gross income from certain prescribed sources and distribute for each taxable year at least 90% of its “investment company taxable income” (generally, ordinary income plus the excess, if any, of net short-term capital gain over net long-term capital loss). If for any taxable year the Trust does not qualify as a RIC, all of its taxable income for that year (including its net capital gain) would be subject to tax at regular corporate rates without any deduction for distributions to shareholders, and such distributions would be taxable as ordinary dividends to the extent of the Trust’s current and accumulated earnings and profits. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The current presidential administration has called for significant changes to U.S. fiscal, tax, trade, healthcare, immigration, foreign, and government regulatory policy. In this regard, there is significant uncertainty with respect to legislation, regulation and government policy at the federal level, as well as the state and local levels. Recent events have created a climate of heightened uncertainty and introduced new and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">difficult-to-quantify</div></div> macroeconomic and political risks with potentially <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">far-reaching</div> implications. There has been a corresponding meaningful increase in the uncertainty surrounding interest rates, inflation, foreign exchange rates, trade volumes and fiscal and monetary policy. To the extent the U.S. Congress or the current presidential administration implements changes to U.S. policy, those changes may impact, among other things, the U.S. and global economy, international trade and relations, unemployment, immigration, corporate taxes, healthcare, the U.S. regulatory environment, inflation and other areas. Although the Trust cannot predict the impact, if any, of these changes to the Trust’s business, they could adversely affect the Trust’s business, financial condition, operating results and cash flows. Until the Trust knows what policy changes are made and how those changes impact the Trust’s business and the business of the Trust’s competitors over the long term, the Trust will not know if, overall, the Trust will benefit from them or be negatively affected by them. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Treasury Department. Revisions in U.S. federal tax laws and interpretations of these laws could adversely affect the tax consequences of your investment. </div>
<div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Potential Conflicts of Interest of the Advisor and Others </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The investment activities of the Advisor and its affiliates (including BlackRock, Inc. and its subsidiaries (collectively, the “Affiliates”)), and their respective directors, officers or employees, in managing their own accounts and other accounts, may present conflicts of interest that could disadvantage the Trust and its shareholders. The Advisor and its Affiliates may engage in proprietary trading and advise accounts and other funds that have investment objectives similar to those of the Trust and/or that engage in and compete for transactions in the same or similar types of securities, currencies and other assets as are held by the Trust. Subject to the requirements of the Investment Company Act, the Advisor and its Affiliates intend to engage in such activities and may receive compensation from third parties for their services. Neither the Advisor nor any Affiliate is under any obligation to share any investment opportunity, idea or strategy with the Trust. As a result, an Affiliate may compete with the Trust for appropriate investment opportunities. The results of the Trust’s investment activities, therefore, may differ from those of an Affiliate and of another account managed by an Affiliate. It is possible that the Trust could sustain losses during periods in which one or more Affiliates and other accounts achieve profits on their trading for proprietary or other accounts. The opposite result is also possible. The Advisor has adopted policies and procedures designed to address potential conflicts of interest. For additional information about potential conflicts of interest and the way in which BlackRock addresses such conflicts, please see “Conflicts of Interest” and “Management of the Trust—Portfolio Management—Potential Material Conflicts of Interest” in the SAI. </div>
<div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Decision-Making Authority Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Investors have no authority to make decisions or to exercise business discretion on behalf of the Trust, except as set forth in the Trust’s governing documents. The authority for all such decisions is generally delegated to the Board, which in turn, has delegated the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">day-to-day</div></div> management of the Trust’s investment activities to the Advisor, subject to oversight by the Board. </div>
<div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Management Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust is subject to management risk because it is an actively managed investment portfolio. The Advisor and the individual portfolio managers will apply investment techniques and risk analyses in making investment decisions for the Trust, but there can be no guarantee that these will produce the desired results. The Trust may be subject to a relatively high level of management risk because the Trust may invest in derivative instruments, which may be highly specialized instruments that require investment techniques and risk analyses different from those associated with equities and bonds. </div>
<div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Reliance on the Advisor Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust is dependent upon services and resources provided by the Advisor, and therefore the Advisor’s parent, BlackRock. The Advisor is not required to devote its full time to the business of the Trust and there is no guarantee or requirement that any investment professional or other employee of the Advisor will allocate a substantial portion of his or her time to the Trust. The loss of one or more individuals involved with the Advisor could have a material adverse effect on the performance or the continued operation of the Trust. For additional information on the Advisor and BlackRock, see “Management of the Trust—Investment Advisor.” </div>
<div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Reliance on Service Providers Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust must rely upon the performance of service providers to perform certain functions, which may include functions that are integral to the Trust’s operations and financial performance. Failure by any service provider to carry out its obligations to the Trust in accordance with the terms of its appointment, to exercise due care and skill or to perform its obligations to the Trust at all as a result of insolvency, bankruptcy or other causes could have a material adverse effect on the Trust’s performance and returns to shareholders. The termination of the Trust’s relationship with any service provider, or any delay in appointing a replacement for such service provider, could materially disrupt the business of the Trust and could have a material adverse effect on the Trust’s performance and returns to shareholders. </div>
<div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Information Technology Systems Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust is dependent on the Advisor for certain management services as well as back-office functions. The Advisor depends on information technology systems in order to assess investment opportunities, strategies and markets and to monitor and control risks for the Trust. It is possible that a failure of some kind which causes disruptions to these information technology systems could materially limit the Advisor’s ability to adequately assess and adjust investments, formulate strategies and provide adequate risk control. Any such information technology-related difficulty could harm the performance of the Trust. Further, failure of the back-office functions of the Advisor to process trades in a timely fashion could prejudice the investment performance of the Trust. </div>
<div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Operational and Technology Risks </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust and the entities with which it interacts directly or indirectly are susceptible to operational and technology risks, including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">result in losses for the Trust and its shareholders or impair the Trust’s operations. These entities include, but are not limited to, the Trust’s adviser, administrator, distributor, other service providers (e.g., index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries, counterparties, market makers, authorized participants, listing exchanges, other financial market operators, and governmental authorities, as applicable. Operational and technology risks for the issuers in which the Trust invests could also result in material adverse consequences for such issuers and may cause the Trust’s investments in such issuers to lose value. The Trust may incur substantial costs in order to mitigate operational and technology risks. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the Trust invests, the Trust or any of its service providers. They include, but are not limited to, gaining unauthorized access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks, particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in any of the following: financial losses; interference with the Trust’s ability to calculate its NAV; disclosure of confidential information; impediments to trading; submission of erroneous trades by the Trust or erroneous subscription or redemption orders; the inability of the Trust or its service providers to transact business; violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render records of the Trust, including records relating to its assets and transactions, shareholder ownership of Trust shares, and other data integral to the Trust’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural disasters, equipment malfunctions and processing errors that threaten information and technology systems relied upon by the Trust or its service providers, as well as market events that occur at a pace that overloads these systems, may also disrupt business operations or impact critical data. Recent advances in AI technology pose risks to the Trust and its portfolio investments. These advancements could harm the Trust and its portfolio investments by reducing the demand for both the technology and software offerings of the Trust’s portfolio investments. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Additionally, these advancements could significantly disrupt the Trust’s portfolio investments and subject them to increased competition, which could have a material adverse effect on business, financial condition, and results of operations. AI technology advancements, including efficiency improvements, without related increases in the adoption and development of such technologies, could also negatively impact demand for, and the valuation of, digital infrastructure assets. AI refers to computer systems that can perform tasks that would otherwise require human intelligence and encompasses various different forms of artificial intelligence, including machine learning models. AI is typically designed to analyze data, learn from patterns and experiences, make decisions, and solve problems. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust and its portfolio investments could be exposed to the risks of AI technology if third-party service providers or any counterparties, whether or not known to the Trust, also use AI technology in their business activities. The Trust and its service providers may not be in a position to control the use of AI technology in third-party products or services. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Use of AI technology could include the input of confidential information in contravention of applicable policies, contractual or other obligations or restrictions, resulting in such confidential information becoming accessible by other third-party AI technology applications and users. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Independent of its context of use, AI technology is generally highly reliant on the collection and analysis of large amounts of data, may incorporate biased or inaccurate data, and it is not possible or practicable to incorporate all relevant data into the models that AI technology utilizes to operate. Certain data in such models will inevitably contain a degree of inaccuracy and error, or could otherwise be inadequate or flawed, which would be likely to degrade the effectiveness of AI technology. The output or results of any such AI technologies may therefore be incomplete, erroneous, distorted or misleading. Further, AI tools may lack transparency as to how data is utilized and how outputs are generated. AI technologies may also allow the unintended introduction of vulnerabilities </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">into infrastructures and applications. To the extent that the Trust or its portfolio investments are exposed to the risks of AI technology use, any such inaccuracies or errors could have adverse impacts on the Trust or its investments. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Regulations related to AI technology could also impose certain obligations and costs related to monitoring and compliance. For example, in April 2023, the Federal Trade Commission, U.S. Department of Justice, Consumer Financial Protection Bureau, and U.S. Equal Employment Opportunity Commission released a joint statement on artificial intelligence demonstrating interest in monitoring the development and use of automated systems and enforcement of their respective laws and regulations. In October 2023, an executive order established new standards for AI safety and security. In addition to the U.S. regulatory framework, in 2024, the EU adopted the Artificial Intelligence Act, which applies to certain AI technology and the data used to train, test, and deploy them, which may create additional compliance burdens, higher administrative costs, and significant penalties should the Trust, the adviser, or the Trust’s portfolio investments fail to comply. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">AI technology and its applications, including in the investment and financial sectors, continue to develop rapidly, and it is impossible to predict the future risks that may arise from such developments. The full extent of current or future risks related thereto is not possible to predict, and the Trust may not be able to anticipate, prevent, mitigate, or remediate all of the potential risks, challenges, or impacts of such changes. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">While the Trust’s service providers are required to have appropriate operational, information security and cybersecurity risk management policies and procedures, their methods of risk management may differ from those of the Trust in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls. The Trust and its adviser seek to reduce these risks through controls, procedures and oversight, including establishing business continuity plans and risk management systems. However, there are inherent limitations in such plans and systems, including the possibility that certain risks that may affect the Trust have not been identified or may emerge in the future; that such plans and systems may not completely eliminate the occurrence or mitigate the effects of operational or information security disruptions or failures or of cybersecurity incidents; or that prevention and remediation efforts will not be successful or that incidents will go undetected. The Trust cannot control the systems, information security or other cybersecurity of the issuers in which it invests or its service providers, counterparties, and other third parties whose activities affect the Trust. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial resources to monitor and implement required changes. </div>
<div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Misconduct of Employees and of Service Providers Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Misconduct or misrepresentations by employees of the Advisor or the Trust’s service providers could cause significant losses to the Trust. Employee misconduct may include binding the Trust to transactions that exceed authorized limits or present unacceptable risks and unauthorized trading activities, concealing unsuccessful trading activities (which, in any case, may result in unknown and unmanaged risks or losses) or making misrepresentations regarding any of the foregoing. Losses could also result from actions by the Trust’s service providers, including, without limitation, failing to recognize trades and misappropriating assets. In addition, employees and service providers may improperly use or disclose confidential information, which could result in litigation or serious financial harm, including limiting the Trust’s business prospects or future marketing activities. Despite the Advisor’s due diligence efforts, misconduct and intentional misrepresentations may be undetected or not fully comprehended, thereby potentially undermining the Advisor’s due diligence efforts. As a result, no assurances can be given that the due diligence performed by the Advisor will identify or prevent any such misconduct. </div>
<div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Portfolio Turnover Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust’s annual portfolio turnover rate may vary greatly from year to year, as well as within a given year. Portfolio turnover rate is not considered a limiting factor in the execution of investment decisions for the Trust. A higher portfolio turnover rate results in correspondingly greater brokerage commissions and other transactional expenses that are borne by the Trust. High portfolio turnover may result in an increased realization of net short-term capital gains by the Trust which, when distributed to common shareholders, will be taxable as ordinary income. Additionally, in a declining market, portfolio turnover may create realized capital losses. </div>
<div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Anti-Takeover Provisions Risk </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust’s Amended and Restated Agreement and Declaration of Trust and Amended and Restated Bylaws include provisions that could limit the ability of other entities or persons to acquire control of the Trust or convert the Trust to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">open-end</div> status or to change the composition of the Board. Such provisions could limit the ability of shareholders to sell their shares at a premium over prevailing market prices by discouraging a third party from seeking to obtain control of the Trust. See “Certain Provisions in the Amended and Restated Agreement and Declaration of Trust and the Amended and Restated Bylaws.” </div>
<div id="toc152115_16" style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">RIGHTS OFFERINGS </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trust may in the future, and at its discretion, choose to make offerings of rights to its shareholders to purchase common shares. Rights may be issued independently or together with any other offered security and may or may not be transferable by the person purchasing or receiving the rights. In connection with a rights offering to shareholders, we would distribute certificates or other documentation (i.e., rights cards distributed in lieu of certificates) evidencing the rights and a Prospectus Supplement to our shareholders as of the record date that we set for determining the shareholders eligible to receive rights in such rights offering. Any such future rights offering will be made in accordance with the Investment Company Act. Under the Amended and Restated Agreement and Declaration of Trust, and subject to the Investment Company Act, the Board is authorized to approve rights offerings without obtaining shareholder approval. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The staff of the SEC has interpreted the Investment Company Act as not requiring shareholder approval of a transferable rights offering to purchase common shares at a price below the then current NAV so long as certain conditions are met, including: (i) a good faith determination by a fund’s board that such offering would result in a net benefit to existing shareholders; (ii) the offering fully protects shareholders’ preemptive rights and does not discriminate among shareholders (except for the possible effect of not offering fractional rights); (iii) management uses its best efforts to ensure an adequate trading market in the rights for use by shareholders who do not exercise such rights; and (iv) the ratio of a transferable rights offering does not exceed one new share for each three rights held. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The applicable Prospectus Supplement would describe the following terms of the rights in respect of which this Prospectus is being delivered: </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div>
<table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:6%"> </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: "Times New Roman"; font-size: 10pt; text-align: justify; line-height: normal;">the period of time the offering would remain open; </div></td></tr></table><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div></div>
<table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:6%"> </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: "Times New Roman"; font-size: 10pt; text-align: justify; line-height: normal;">the underwriter or distributor, if any, of the rights and any associated underwriting fees or discounts applicable to purchases of the rights; </div></td></tr></table><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div>
<table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:6%"> </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: "Times New Roman"; font-size: 10pt; text-align: justify; line-height: normal;">the title of such rights; </div></td></tr></table><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div>
<table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:6%"> </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: "Times New Roman"; font-size: 10pt; text-align: justify; line-height: normal;">the exercise price for such rights (or method of calculation thereof); </div></td></tr></table><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div>
<table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:6%"> </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: "Times New Roman"; font-size: 10pt; text-align: justify; line-height: normal;">the number of such rights issued in respect of each share; </div></td></tr></table><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div>
<table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:6%"> </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: "Times New Roman"; font-size: 10pt; text-align: justify; line-height: normal;">the number of rights required to purchase a single share; </div></td></tr></table><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div>
<table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:6%"> </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: "Times New Roman"; font-size: 10pt; text-align: justify; line-height: normal;">the extent to which such rights are transferable and the market on which they may be traded if they are transferable; </div></td></tr></table><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div>
<table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:6%"> </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: "Times New Roman"; font-size: 10pt; text-align: justify; line-height: normal;">if applicable, a discussion of the material U.S. federal income tax considerations applicable to the issuance or exercise of such rights; </div></td></tr></table><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div>
<table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:6%"> </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: "Times New Roman"; font-size: 10pt; text-align: justify; line-height: normal;">the date on which the right to exercise such rights will commence, and the date on which such right will expire (subject to any extension); </div></td></tr></table><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div>
<table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:6%"> </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: "Times New Roman"; font-size: 10pt; text-align: justify; line-height: normal;">the extent to which such rights include an over-subscription privilege with respect to unsubscribed securities and the terms of such over-subscription privilege; and </div></td></tr></table><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div>
<table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:6%"> </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: "Times New Roman"; font-size: 10pt; text-align: justify; line-height: normal;">termination rights we may have in connection with such rights offering. </div></td></tr></table><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">A certain number of rights would entitle the holder of the right(s) to purchase for cash such number of common shares at such exercise price as in each case is set forth in, or be determinable as set forth in, the Prospectus Supplement relating to the rights offered thereby. Rights would be exercisable at any time up to the close of business on the expiration date for such rights set forth in the Prospectus Supplement. After the close of business on the expiration date, all unexercised rights would become void. Upon expiration of the rights offering and the receipt of payment and the rights certificate or other appropriate documentation properly executed and completed and duly executed at the corporate trust office of the rights agent, or any other office indicated in the Prospectus Supplement, the common shares purchased as a result of such exercise will be issued as soon as practicable. To the extent permissible under applicable law, we may determine to offer any unsubscribed offered securities directly to persons other than shareholders, to or through agents, underwriters or dealers or through a combination of such methods, as set forth in the applicable Prospectus <div style="letter-spacing: 0px; top: 0px;display:inline;">Supplement</div>. </div>
RIGHTS OFFERINGS
Commencement of operations.
If the common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses. Trust shareholders will pay all offering expenses involved with an offering.
Computershare Trust Company, N.A.’s (the “Reinvestment Plan Agent”) fees for the handling of the reinvestment of dividends will be paid by the Trust. However, you will pay a $0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. You will also be charged a $2.50 sales fee and pay a $0.15 per share fee if you direct the Reinvestment Plan Agent to sell your common shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay.
The Trust currently pays the Advisor an annual fee, payable monthly, in an amount equal to 0.55% of the average daily value of the Trust’s Managed Assets. “Managed Assets” means the total assets of the Trust (including any assets attributable to money borrowed for investment purposes) minus the sum of the Trust’s accrued liabilities (other than money borrowed for investment purposes).
Other Expenses are based on estimated amounts for the current fiscal year.
The total expense table includes interest expense associated with the Trust’s investments in TOB Residuals (also known as “inverse floaters”). Although such interest expense is actually paid by special purpose vehicles in which the Trust invests, it is recorded on the Trust’s financial statements for accounting purposes. The total expense table also includes, in interest expense, dividends associated with the VRDP Shares, because the VRDP Shares are considered debt of the Trust for financial reporting purposes. The Trust uses leverage to seek to enhance its returns to common shareholders. This leverage generally takes two forms: the issuance of VRDP Shares and investment in TOB Residuals. Both forms of leverage benefit common shareholders if the cost of the leverage is lower than the returns earned by the Trust when it invests the proceeds from the leverage. In order to help you better understand the costs associated with the Trust’s leverage strategy, the Total Annual Expenses After Fee Waivers and/or Expense Reimbursements (excluding interest expense) are 0.87%.
The Trust and the Advisor have entered into a fee waiver agreement (the “Fee Waiver Agreement”), pursuant to which the Advisor has contractually agreed to waive the management fee with respect to any portion of the Trust’s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds (“ETFs”) managed by the Advisor or its affiliates and other exchange-traded products sponsored by the Advisor or its affiliates, in each case that have a contractual management fee, through June 30, 2028. In addition, pursuant to the Fee Waiver Agreement, the Advisor has contractually agreed to waive its management fees by the amount of investment advisory fees the Trust pays to the Advisor indirectly through its investment in money market funds managed by the Advisor or its affiliates, through June 30, 2028. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by the Trust (upon the vote of a majority of the Trustees who are not “interested persons” (as defined in the Investment Company Act) of the Trust (the “Independent Trustees”) or a majority of the outstanding voting securities of the Trust), upon 90 days’ written notice by the Trust to the Advisor.
The Total Annual Expenses do not correlate to the ratios of expenses to average net assets in the Trust’s most recent annual report, which do not include Acquired Fund Fees and Expenses.
Calculated by subtracting the Trust’s total liabilities (not including VRDP Shares and TOBs) from the Trust’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VRDP Shares, and by multiplying the results by 100,000.
There were no VRDP Shares outstanding as of December 31, 2024, 2023 and 2022.