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Doubletree Ranch Road Suite 100 Scottsdale AZ 85258 800 992-0180 Huey P. Falgout, Jr. 7337 E Doubletree Ranch Road Suite 100 Scottsdale AZ 85258 As soon as practicable after the effective date of this Registration Statement. false true false false false false false true 2026-06-28 false false false false false false true false true false false false <div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">This table is intended to assist investors in understanding the various costs and expenses directly or indirectly associated </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">with investing in the Fund. The cost you pay to invest in the Fund varies depending upon which class of Common </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Shares you purchase. In accordance with SEC requirements, the table below shows the expenses of the Fund</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> as a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">percentage of the average net assets of the Fund and not as a percentage of gross assets or Managed Assets. By </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">showing expenses as a percentage of the average net assets, expenses are not expressed as a percentage of all of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the assets that are invested for the Fund. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">Investors investing in the Fund through an intermediary should consult the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Appendix to this Prospectus, which includes information regarding financial intermediary specific sales charges and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">related discount policies that apply to purchases through certain specified intermediaries.</div> <table cellpadding="0" cellspacing="0" style="text-align:start; border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;empty-cells:show;width:507pt"> <tr style="height:17.5pt"> <td style="background-color:#D8D8D8;border-bottom:0.5pt solid #000000;padding-bottom:3.125pt;padding-top:3.125pt;vertical-align:middle;width:264.67pt"> <div style="line-height:11.5pt;text-align:left"> <div style="margin-left:6pt;margin-right:18.17pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Class</div></div></div> </div> </td> <td style="background-color:#D8D8D8;border-bottom:0.5pt solid #000000;padding-bottom:3.125pt;padding-top:3.125pt;vertical-align:middle;width:64.46pt"> <div style="line-height:11.5pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:18.17pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Class A</div></div></div> </div> </td> <td style="background-color:#D8D8D8;border-bottom:0.5pt solid #000000;padding-bottom:3.125pt;padding-top:3.125pt;vertical-align:middle;width:60.86pt"> <div style="line-height:11.5pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:18.17pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Class C</div></div></div> </div> </td> <td style="background-color:#D8D8D8;border-bottom:0.5pt solid #000000;padding-bottom:3.125pt;padding-top:3.125pt;vertical-align:middle;width:60.86pt"> <div style="line-height:11.5pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:18.17pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Class I</div></div></div> </div> </td> <td style="background-color:#D8D8D8;border-bottom:0.5pt solid #000000;padding-bottom:3.125pt;padding-top:3.125pt;vertical-align:middle;width:56.15pt"> <div style="line-height:11.5pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Class W</div></div></div> </div> </td> </tr> <tr style="height:15pt"> <td colspan="2" style="padding-bottom:4pt;padding-top:3.125pt;vertical-align:middle;width:329.13pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:6pt;margin-right:18.17pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Shareholder Transaction Expenses</div></div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:3.125pt;vertical-align:middle;white-space:nowrap;width:60.86pt"> <div style="line-height:0.5pt;margin-left:18.17pt;margin-right:18.17pt;text-align:center;width:24.52pt"> <div style="display:flex;margin:auto;width:2.0pt"> <div style="display:flex;white-space:nowrap;width:2.0pt"> </div> </div> </div> </td> <td style="padding-bottom:4pt;padding-top:3.125pt;vertical-align:middle;white-space:nowrap;width:60.86pt"> <div style="line-height:0.5pt;margin-left:18.17pt;margin-right:18.17pt;text-align:center;width:24.52pt"> <div style="display:flex;margin:auto;width:2.0pt"> <div style="display:flex;white-space:nowrap;width:2.0pt"> </div> </div> </div> </td> <td style="padding-bottom:4pt;padding-top:3.125pt;vertical-align:middle;white-space:nowrap;width:56.15pt"> <div style="line-height:0.5pt;margin-left:18.17pt;margin-right:6pt;text-align:center;width:25.48pt"> <div style="display:flex;margin:auto;width:2.0pt"> <div style="display:flex;white-space:nowrap;width:2.0pt"> </div> </div> </div> </td> </tr> <tr style="height:13pt"> <td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:264.67pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:6pt;margin-right:18.17pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Maximum sales charge on your investment (as a percentage of offering price)</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">2</div></div></div> </div> </td> <td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:64.46pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:18.17pt;text-align:Center;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.50%</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">3</div></div></div> </div> </td> <td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:60.86pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:18.17pt;text-align:Center;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div> </div> </td> <td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:60.86pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:18.17pt;text-align:Center;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div> </div> </td> <td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:56.15pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div> </div> </td> </tr> <tr style="height:13pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:264.67pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:6pt;margin-right:18.17pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Dividend Reinvestment and Cash Purchase Plan Fees</div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:64.46pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:18.17pt;text-align:Center;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:60.86pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:18.17pt;text-align:Center;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:60.86pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:18.17pt;text-align:Center;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:56.15pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div> </div> </td> </tr> <tr style="height:13pt"> <td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:264.67pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:6pt;margin-right:18.17pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Early Withdrawal Charge</div></div> </div> </td> <td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:64.46pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:18.17pt;text-align:Center;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">None</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">3</div></div></div> </div> </td> <td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:60.86pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:18.17pt;text-align:Center;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.00%</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">4</div></div></div> </div> </td> <td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:60.86pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:18.17pt;text-align:Center;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div> </div> </td> <td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:56.15pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div> </div> </td> </tr> <tr style="height:13pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:264.67pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:6pt;margin-right:18.17pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Exchange Fee</div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:64.46pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:18.17pt;text-align:Center;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:60.86pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:18.17pt;text-align:Center;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:60.86pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:18.17pt;text-align:Center;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:56.15pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div> </div> </td> </tr> </table> <div> <div style="clear:both;margin-top:6.50pt;position:relative;width:100%"> <div style="float:left;line-height:10.0pt;text-align:left;width:3.9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">1</div></div> <div style="float:left;line-height:10.0pt;margin-left:12.1pt;text-align:left;width:486.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Expense information has been restated to reflect current contractual rates.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 7.44pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:6.00pt;position:relative;width:100%"> <div style="float:left;line-height:10.0pt;text-align:left;width:3.9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">2</div></div> <div style="float:left;line-height:10.0pt;margin-left:12.1pt;text-align:justify;width:486.0pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">The Distributor will pay a dealer reallowance for Class A Common Shares from the sales charge. The Distributor will pay a sales commission for Class C Common Shares to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">authorized dealers from its own assets.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 7.44pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:6.00pt;position:relative;width:100%"> <div style="float:left;line-height:10.0pt;text-align:left;width:3.9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">3</div></div> <div style="float:left;line-height:10.0pt;margin-left:12.1pt;text-align:left;width:486.00pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Reduced for purchases of $100,000 and over for Class A Common Shares, please see </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Sales Charges.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 7.44pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:6.00pt;position:relative;width:100%"> <div style="float:left;line-height:10.0pt;text-align:left;width:3.9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">4</div></div> <div style="float:left;line-height:10.0pt;margin-left:12.1pt;text-align:justify;width:486.0pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">There is no front-end sales charge if you purchase Class A Common Shares in the amount of $500,000 or more. Class A Common Shares purchased in an amount of $500,000 </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">or more are subject to a 1.00% EWC if repurchased by the Fund within 12 months of purchase. Class C Common Shares repurchased by the Fund within the first year after </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">purchase will incur a 1.00% EWC. See </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Sales Charges - Early Withdrawal Charge.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> No EWC will be charged on </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">repurchases</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> that are due to the closing of shareholder accounts </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">having a value of less than $1,000.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 7.44pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> as a percentage of offering price 0.025 0 0 0 0 0 0 0 0 0.01 0 0 0 0 0 0 <table style="text-align:start; border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;empty-cells:show;width:507pt"> <tr style="height:13pt"> <td colspan="2" style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:329.13pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:6pt;margin-right:18.17pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Annual Expenses (as a percentage of average net assets attributable to Common Shares)</div></div></div> </div> </td> <td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:60.86pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:18.17pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: -30.43pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> </td> <td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:60.86pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:18.17pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: -30.43pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> </td> <td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:56.15pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: -30.91pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> </td> </tr> <tr style="height:13pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:264.67pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:6pt;margin-right:18.17pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Management Fees</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">5</div></div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:64.46pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:18.17pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.80%</div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:60.86pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:18.17pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.80%</div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:60.86pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:18.17pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.80%</div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:56.15pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.80%</div></div> </div> </td> </tr> <tr style="height:13pt"> <td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:264.67pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:6pt;margin-right:18.17pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Service Fee</div></div> </div> </td> <td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:64.46pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:18.17pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.25%</div></div> </div> </td> <td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:60.86pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:18.17pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.25%</div></div> </div> </td> <td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:60.86pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:18.17pt;text-align:Center;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div> </div> </td> <td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:56.15pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div> </div> </td> </tr> <tr style="height:13pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:264.67pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:6pt;margin-right:18.17pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Distribution Fee</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">6</div></div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:64.46pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:18.17pt;text-align:Center;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:60.86pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:18.17pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.50%</div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:60.86pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:18.17pt;text-align:Center;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:56.15pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div> </div> </td> </tr> <tr style="height:13pt"> <td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:264.67pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:6pt;margin-right:18.17pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Other Operating Expenses</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">7</div></div></div> </div> </td> <td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:64.46pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:18.17pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.47%</div></div> </div> </td> <td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:60.86pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:18.17pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.47%</div></div> </div> </td> <td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:60.86pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:18.17pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.50%</div></div> </div> </td> <td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:56.15pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.47%</div></div> </div> </td> </tr> <tr style="height:13pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:264.67pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:6pt;margin-right:18.17pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total Annual Expenses</div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:64.46pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:18.17pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.52%</div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:60.86pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:18.17pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.02%</div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:60.86pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:18.17pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.30%</div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:56.15pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.27%</div></div> </div> </td> </tr> <tr style="height:13pt"> <td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:264.67pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:6pt;margin-right:18.17pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fee Waivers/Reimbursements/Recoupment</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">8</div></div></div> </div> </td> <td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:64.46pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:18.17pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.27)%</div></div> </div> </td> <td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:60.86pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:18.17pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.27)%</div></div> </div> </td> <td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:60.86pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:18.17pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.30)%</div></div> </div> </td> <td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:56.15pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.27)%</div></div> </div> </td> </tr> <tr style="height:10.5pt"> <td style="padding-bottom:2pt;padding-top:4pt;vertical-align:middle;width:264.67pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:6pt;margin-right:18.17pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Net Annual Expenses</div></div> </div> </td> <td style="padding-bottom:2pt;padding-top:4pt;vertical-align:middle;width:64.46pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:18.17pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.25%</div></div> </div> </td> <td style="padding-bottom:2pt;padding-top:4pt;vertical-align:middle;width:60.86pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:18.17pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.75%</div></div> </div> </td> <td style="padding-bottom:2pt;padding-top:4pt;vertical-align:middle;width:60.86pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:18.17pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.00%</div></div> </div> </td> <td style="padding-bottom:2pt;padding-top:4pt;vertical-align:middle;width:56.15pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:18.17pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.00%</div></div> </div> </td> </tr> </table> <div> <div style="clear:both;margin-top:6.50pt;position:relative;width:100%"> <div style="float:left;line-height:10.0pt;text-align:left;width:3.9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">1</div></div> <div style="float:left;line-height:10.0pt;margin-left:12.1pt;text-align:left;width:486.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Expense information has been restated to reflect current contractual rates.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 7.44pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:6.00pt;position:relative;width:100%"> <div style="float:left;line-height:10.0pt;text-align:left;width:3.9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">5</div></div> <div style="float:left;line-height:10.0pt;margin-left:12.1pt;text-align:justify;width:486.0pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Pursuant to the investment management agreement with the Fund, the Investment Adviser is paid a fee of 0.80% of the Fund's Managed Assets. For the description of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Managed </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Assets,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> please see </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Description of the Fund – Investment Adviser/Sub-Adviser</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> earlier in this Prospectus.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 7.44pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:6.00pt;position:relative;width:100%"> <div style="float:left;line-height:10.0pt;text-align:left;width:3.9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">6</div></div> <div style="float:left;line-height:10.0pt;margin-left:12.1pt;text-align:justify;width:486.0pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Because the distribution fees payable by Class C Common Shares may be considered an asset-based sales charge, long-term shareholders in that class of the Fund may pay </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">more than the economic equivalent of the maximum front-end sales charges permitted by the Financial Industry Regulatory Authority.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 7.44pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:6.00pt;position:relative;width:100%"> <div style="float:left;line-height:10.0pt;text-align:left;width:3.9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">7</div></div> <div style="float:left;line-height:10.0pt;margin-left:12.1pt;text-align:left;width:486.00pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Other Operating Expenses are estimated amounts for the current fiscal year.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 7.44pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:6.00pt;position:relative;width:100%"> <div style="float:left;line-height:10.0pt;text-align:left;width:3.9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">8</div></div> <div style="float:left;line-height:10.0pt;margin-left:12.1pt;text-align:justify;width:486.0pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">The Investment Adviser is contractually obligated to limit expenses of the Fund through July 1, 2027 (the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Expense Limitation Agreement</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">) to the following:</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> Class A Common </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Shares – 1.25%; Class C Common Shares – 1.75%; Class I Common Shares - 1.00%; and Class W Common Shares - 1.00%</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> of average daily net assets. The limitation does </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">not extend to interest, taxes, other investment-related costs, leverage expenses, extraordinary expenses such as litigation or other expenses not incurred in the ordinary </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">course of business, and expenses of any counsel or other persons or services retained by the Trustees who are not </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">interested persons</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> as that term is defined by the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Investment Company Act of 1940, as amended. Modification of the Expense Limitation Agreement requires written agreement signed by each of the parties and approval by </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund’s Board of Trustees (the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Board</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">). The Expense Limitation Agreement shall terminate with respect to the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Fund</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> upon termination of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Fund</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">’s advisory agreement </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">with the Investment Adviser, or it may be terminated by the Fund, without payment of any penalty, upon written notice to the Investment Adviser at its principal place of business.</div></div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> as a percentage of average net assets attributable to Common Shares 0.008 0.008 0.008 0.008 0.0025 0.0025 0 0 0 0.005 0 0 0.0047 0.0047 0.005 0.0047 0.0152 0.0202 0.013 0.0127 -0.0027 -0.0027 -0.003 -0.0027 0.0125 0.0175 0.01 0.01 <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Pursuant to the investment management agreement with the Fund, the Investment Adviser is paid a fee of 0.80% of the Fund's Managed Assets. For the description of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Managed </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Assets,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> please see </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Description of the Fund – Investment Adviser/Sub-Adviser</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> earlier in this Prospectus.</div> Other Operating Expenses are estimated amounts for the current fiscal year. <div style="line-height:13.02pt;margin-top:8.00pt;text-align:left"> <div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Examples</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 11.16pt; line-height: 13.02pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div> </div> <div style="line-height:10.974pt;margin-top:0.00pt;text-align:justify"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The following Examples show the amount of the expenses that an investor in the Fund would bear on a $1,000 investment </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">in the Fund that is held for the different time periods in the table. In the first table, it is assumed that the $1,000 </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">remains invested over the entire 10-year period. As a result, no EWCs are included in the listed expense amounts. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The second table assumes that the $1,000 investment is tendered and repurchased at the end of each period shown. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">As a result, EWCs are imposed on certain of those repurchases.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="line-height:10.974pt;text-align:justify"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The Examples assume that all dividends and other distributions are reinvested at NAV and that the percentage amounts </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">listed under Net Annual Expenses in the previous table remain the same in the years shown (except that the Fee </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Waivers/Reimbursements only apply for the first year). The tables and the assumption in the Examples of a 5% annual </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">return are required by regulations of the SEC applicable to all investment companies. The assumed 5% annual return </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">is not a prediction of, and does not represent, the projected or actual performance of the Fund's Common Shares. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">For more complete descriptions of certain of the Fund's costs and expenses, see </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">Classes of Shares,</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> “</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> Sales Charges,</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> ”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">Investment Management and Other Service Providers.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div></div> <div style="line-height: 1pt; margin-top: 0pt; text-align: left; font-size: 1pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;margin-left:45.09pt;width:416.82pt"> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:157.45pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Example #1</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 2.5pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">—</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">No Repurchases</div></div></div></div> </div> </td> <td style="padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:20.64pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> </td> <td style="padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:26.64pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> </td> <td style="padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:48.04pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">1 Year</div></div></div> </div> </td> <td style="padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:52.73pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">3 Years</div></div></div> </div> </td> <td style="padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:52.73pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">5 Years</div></div></div> </div> </td> <td style="padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:58.59pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">10 Years</div></div></div> </div> </td> </tr> <tr style="height:13pt"> <td colspan="7" style="padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:416.82pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">You would pay the following expenses on a $1,000 investment, assuming a 5% annual return.</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="background-color:#CCD6F0;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:157.45pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class A Common Shares</div></div> </div> </td> <td style="background-color:#CCD6F0;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:20.64pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> </td> <td style="background-color:#CCD6F0;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:26.64pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$</div></div> </div> </td> <td style="background-color:#CCD6F0;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:48.04pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">37</div></div></div> </div> </td> <td style="background-color:#CCD6F0;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:52.73pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">69</div></div></div> </div> </td> <td style="background-color:#CCD6F0;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:52.73pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">103</div></div></div> </div> </td> <td style="background-color:#CCD6F0;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:58.59pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">199</div></div></div> </div> </td> </tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:157.45pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class C Common Shares</div></div> </div> </td> <td style="padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:20.64pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> </td> <td style="padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:26.64pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$</div></div> </div> </td> <td style="padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:48.04pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">18</div></div></div> </div> </td> <td style="padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:52.73pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">61</div></div></div> </div> </td> <td style="padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:52.73pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">106</div></div></div> </div> </td> <td style="padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:58.59pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">233</div></div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="background-color:#CCD6F0;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:157.45pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class I Common Shares</div></div> </div> </td> <td style="background-color:#CCD6F0;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:20.64pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> </td> <td style="background-color:#CCD6F0;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:26.64pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$</div></div> </div> </td> <td style="background-color:#CCD6F0;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:48.04pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">10</div></div></div> </div> </td> <td style="background-color:#CCD6F0;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:52.73pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">38</div></div></div> </div> </td> <td style="background-color:#CCD6F0;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:52.73pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">68</div></div></div> </div> </td> <td style="background-color:#CCD6F0;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:58.59pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">154</div></div></div> </div> </td> </tr> <tr style="height:12pt"> <td style="padding-bottom:1.5pt;padding-top:3pt;vertical-align:Top;width:157.45pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class W Common Shares</div></div> </div> </td> <td style="padding-bottom:1.5pt;padding-top:3pt;vertical-align:Top;width:20.64pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> </td> <td style="padding-bottom:1.5pt;padding-top:3pt;vertical-align:Top;width:26.64pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$</div></div> </div> </td> <td style="padding-bottom:1.5pt;padding-top:3pt;vertical-align:Top;width:48.04pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">10</div></div></div> </div> </td> <td style="padding-bottom:1.5pt;padding-top:3pt;vertical-align:Top;width:52.73pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">38</div></div></div> </div> </td> <td style="padding-bottom:1.5pt;padding-top:3pt;vertical-align:Top;width:52.73pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">67</div></div></div> </div> </td> <td style="padding-bottom:1.5pt;padding-top:3pt;vertical-align:Top;width:58.59pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">151</div></div></div> </div> </td> </tr> </table> </div> <div style="line-height:10.974pt;margin-top:6pt;text-align:left"> <div style="margin-top: 6pt; font-size: 9.3pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height: 1pt; margin-top: 0pt; text-align: left; font-size: 1pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;margin-left:0.01pt;width:506.98pt"> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:229.47pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Example #2</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 2.5pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">—</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">With Repurchases at Period End</div></div></div></div> </div> </td> <td style="padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:23.66pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> </td> <td style="padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:29.66pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> </td> <td style="padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:51.06pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">1 Year</div></div></div> </div> </td> <td style="padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:55.75pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">3 Years</div></div></div> </div> </td> <td style="padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:55.75pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">5 Years</div></div></div> </div> </td> <td style="padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:61.62pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">10 Years</div></div></div> </div> </td> </tr> <tr style="height:25pt"> <td colspan="7" style="padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:506.97pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">You would pay the following expenses on a $1,000 investment, assuming a 5% annual return and the tender and </div></div> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">repurchase of the entire investment at the end of each period shown.</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="background-color:#CCD6F0;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:229.47pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class A Common Shares</div></div> </div> </td> <td style="background-color:#CCD6F0;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:23.66pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> </td> <td style="background-color:#CCD6F0;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:29.66pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$</div></div> </div> </td> <td style="background-color:#CCD6F0;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:51.06pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">37</div></div></div> </div> </td> <td style="background-color:#CCD6F0;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:55.75pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">69</div></div></div> </div> </td> <td style="background-color:#CCD6F0;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:55.75pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">103</div></div></div> </div> </td> <td style="background-color:#CCD6F0;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:61.62pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">199</div></div></div> </div> </td> </tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:229.47pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class C Common Shares</div></div> </div> </td> <td style="padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:23.66pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> </td> <td style="padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:29.66pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$</div></div> </div> </td> <td style="padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:51.06pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">28</div></div></div> </div> </td> <td style="padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:55.75pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">61</div></div></div> </div> </td> <td style="padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:55.75pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">106</div></div></div> </div> </td> <td style="padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:61.62pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">233</div></div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="background-color:#CCD6F0;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:229.47pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class I Common Shares</div></div> </div> </td> <td style="background-color:#CCD6F0;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:23.66pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> </td> <td style="background-color:#CCD6F0;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:29.66pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$</div></div> </div> </td> <td style="background-color:#CCD6F0;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:51.06pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">10</div></div></div> </div> </td> <td style="background-color:#CCD6F0;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:55.75pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">38</div></div></div> </div> </td> <td style="background-color:#CCD6F0;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:55.75pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">68</div></div></div> </div> </td> <td style="background-color:#CCD6F0;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:61.62pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">154</div></div></div> </div> </td> </tr> <tr style="height:12pt"> <td style="padding-bottom:1.5pt;padding-top:3pt;vertical-align:Top;width:229.47pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class W Common Shares</div></div> </div> </td> <td style="padding-bottom:1.5pt;padding-top:3pt;vertical-align:Top;width:23.66pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> </td> <td style="padding-bottom:1.5pt;padding-top:3pt;vertical-align:Top;width:29.66pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$</div></div> </div> </td> <td style="padding-bottom:1.5pt;padding-top:3pt;vertical-align:Top;width:51.06pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">10</div></div></div> </div> </td> <td style="padding-bottom:1.5pt;padding-top:3pt;vertical-align:Top;width:55.75pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">38</div></div></div> </div> </td> <td style="padding-bottom:1.5pt;padding-top:3pt;vertical-align:Top;width:55.75pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">67</div></div></div> </div> </td> <td style="padding-bottom:1.5pt;padding-top:3pt;vertical-align:Top;width:61.62pt"> <div style="line-height:11.16pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">151</div></div></div> </div> </td> </tr> </table> </div> <div style="line-height:10.974pt;margin-top:6pt;text-align:justify"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The purpose of each table is to assist you in understanding the various costs and expenses that an investor in the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">Fund will bear directly or indirectly. See </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">Classes of Shares - Choosing a Share Class.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">The foregoing Examples should not be considered a representation of future expenses and actual expenses may be </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">greater or less than those shown.</div></div></div> </div> 37 69 103 199 18 61 106 233 10 38 68 154 10 38 67 151 37 69 103 199 28 61 106 233 10 38 68 154 10 38 67 151 <div style="line-height:13.5pt;text-align:center"><div style="background-color:#D8D8D8;margin-left:0%"><div style="margin-left:0%"><div style="margin-top:4pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">INVESTMENT OBJECTIVE AND POLICIES</div></div></div></div></div></div><div style="clear: both; max-height: 0px;"> </div><div style="line-height:13.02pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investment Objective</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 11.16pt; line-height: 13.02pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div><div style="line-height:10.974pt;text-align:justify"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The Fund's investment objective is to provide investors with a high level of monthly income. The investment objective </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">is fundamental and may not be changed without a majority vote of the shareholders of the Fund. See </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">Description of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund – Fundamental and Non-Fundamental Investment Policies of the Fund</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> later in this Prospectus.</div></div><div style="line-height:2.3pt;margin-top:6.0pt;text-align:left"></div><div style="line-height:13.02pt;margin-top:8.0pt;text-align:left"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Fundamental Policies</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 11.16pt; line-height: 13.02pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">1.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Industry Concentration.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may invest in any industry. The Fund may not invest more than 25% of its total </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">assets, measured at the time of investment, in any single industry.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="clear: both; position: relative; max-height: 0px;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Borrower Diversification.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund is diversified, as such term is defined in the 1940 Act. A diversified fund may </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">not, as to 75% of its total assets, invest more than 5% of its total assets in any one issuer and may not purchase </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">more than 10% of the outstanding voting securities of any one issuer (other than securities issued or guaranteed </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">by the U.S. government or any of its agencies or instrumentalities, or other investment companies). The Fund will </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">consider the borrower on a loan, including a loan participation, to be the issuer of such loan. With respect to no </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">more than 25% of its total assets, the Fund may make investments that are not subject to the foregoing restrictions.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="clear: both; position: relative; max-height: 0px;"> </div><div style="line-height:10.974pt;margin-top:6.826pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">These fundamental policies may only be changed with approval by a majority of all shareholders. See </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">Description of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund – Fundamental and Non-Fundamental Investment Policies of the Fund</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> later in this Prospectus.</div></div></div><div style="line-height:2.3pt;margin-top:6.01pt;text-align:left"></div><div style="line-height:13.02pt;margin-top:8.00pt;text-align:left"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investment Policies</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 11.16pt; line-height: 13.02pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div></div><div style="line-height:10.974pt;margin-top:0.00pt;text-align:justify"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The Investment Adviser and Sub-Adviser follow certain investment policies set by the Fund's Board. Some of those </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">policies are set forth below. Please refer to the SAI for additional information on these and other investment policies.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Use of Leverage.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may borrow money and issue Preferred Shares to the fullest extent permitted by the 1940 </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Act. See </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">Investment Objective and Policies - Policy on Borrowing</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">Investment Objective and Policies - Policy on </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">Issuance of Preferred Shares.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div></div></div><div style="line-height:2.3pt;margin-top:6.00pt;text-align:left"></div><div style="line-height:13.02pt;margin-top:8.00pt;text-align:left"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Policy on Borrowing</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 11.16pt; line-height: 13.02pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div></div><div style="line-height:10.974pt;margin-top:0.00pt;text-align:justify"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The Fund has a policy of borrowing for investment purposes. The Fund seeks to use proceeds from borrowing to acquire </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">loans and other investments which pay interest at a rate higher than the rate the Fund pays on borrowings. Accordingly, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">borrowing has the potential to increase the Fund's total income available to holders of its Common Shares. The Fund </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">may also borrow to finance the repurchase of its Common Shares or to meet cash requirements.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The Fund may issue notes, commercial paper, or other evidences of indebtedness and may be required to secure </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">repayment by mortgaging, pledging, or otherwise granting a security interest in the Fund's assets. The terms of any </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">such borrowings will be subject to the provisions of the 1940 Act and they will also be subject to the more restrictive </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">terms of any credit agreements relating to borrowings and, to the extent the Fund seeks a rating for borrowings, to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">additional guidelines imposed by rating agencies, which are expected to be more restrictive than the provisions of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the 1940 Act. The Fund is permitted to borrow an amount up to 33</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 6pt; position: relative; top: -2.66pt; letter-spacing: 0px;display:inline;"> 1</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">∕</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 6pt; letter-spacing: 0px; top: 0px;display:inline;">3</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">%, or such other percentage permitted by law, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">of its total assets (including the amount borrowed) less all liabilities other than borrowings. See </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">Risk Factors and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">Special Considerations - Leverage</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">.</div></div></div><div style="line-height:13.02pt;margin-top:8.00pt;text-align:left"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Policy on Issuance of Preferred Shares</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 11.16pt; line-height: 13.02pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div></div><div style="line-height:10.974pt;margin-top:0.00pt;text-align:justify"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The Fund has a policy which permits it to issue Preferred Shares for investment purposes. The Fund seeks to use the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">proceeds from Preferred Shares to acquire loans and other investments which pay interest at a rate higher than the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">dividends payable on Preferred Shares. The terms of the issuance of Preferred Shares are subject to the 1940 Act </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">and to additional guidelines imposed by rating agencies, which are more restrictive than the provisions of the 1940 </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Act. Under the 1940 Act, the Fund may issue Preferred Shares so long as immediately after any issuance of Preferred </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Shares the value of the Fund's total assets (less all Fund liabilities and indebtedness that is not senior indebtedness) </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">is at least twice the amount of the Fund's senior indebtedness plus the involuntary liquidation preference of all outstanding </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Preferred Shares. See </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">Risk Factors and Special Considerations - Leverage.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> As of June 5, 2026 the Fund had </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">no</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">Preferred Shares outstanding.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> <div style="line-height:11.16pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"></div></div><div style="line-height:11.16pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Limited Secondary Market for Loans:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> Because of the limited secondary market for loans, the Fund, including through </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">its investments in loans directly or indirectly through its investments in securitized credit instruments, may be limited </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">in its ability to sell loans in its portfolio in a timely fashion and/or at a favorable price. Transactions in loans typically </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">settle on a delayed basis and typically take longer than 7 days to settle. As a result the Fund may not receive the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">proceeds from a sale of a floating rate loan for a significant period of time. Delay in the receipts of settlement proceeds </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">may impair the ability of the Fund to meet its repurchase obligations and may increase the amounts the Fund may be </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">required to borrow. It may also limit the ability of the Fund to repay debt, pay dividends, or to take advantage of new </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">investment opportunities.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> Although the re-sale, or secondary market for loans has grown substantially in recent years, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">both in overall size and number of market participants, there is no organized exchange or board of trade on which </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">loans are traded. Instead, the secondary market for loans is a private, unregulated inter-dealer or inter-bank re-sale </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">market.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Loans usually trade in large denominations and trades can be infrequent and the market for loans may experience </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">volatility. The market has limited transparency so that information about actual trades may be difficult to obtain. Accordingly, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">some loans will be relatively illiquid.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">In addition, loans may require the consent of the borrower and/or the agent prior to sale or assignment. These consent </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">requirements can delay or impede the Fund’s ability to sell loans and can adversely affect the price that can be obtained.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">These considerations may cause the Fund to sell assets at lower prices than it would otherwise consider to meet </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">cash needs or cause the Fund to maintain a greater portion of its assets in cash equivalents than it would otherwise, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">which could negatively impact performance. The Fund may seek to avoid the necessity of selling assets to meet such </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">needs by the use of borrowings.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">From time to time, the occurrence of one or more of the factors described above may create a cascading effect where </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the market for debt instruments (including the market for loans) first experiences volatility and then decreased liquidity. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Such conditions, or other similar conditions, may then adversely affect the value of loans and other instruments, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">widening spreads against higher-quality debt instruments, and making it harder to sell loans at prices at which they </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">have historically or recently traded, thereby further reducing liquidity. For example, during the global liquidity crisis in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the second half of 2008, the average price of loans in the Morningstar</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 6.5pt; position: relative; top: -4.25pt; letter-spacing: 0px;display:inline;">®</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> LSTA</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 6.5pt; position: relative; top: -4.25pt; letter-spacing: 0px;display:inline;">®</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> US Leveraged Loan Index (which includes </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">loans of the type in which the Fund invests) declined by 32% (which included a decline of 3.06% on a single day). </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Additionally, during the recent COVID-19 pandemic, the same index declined by 12.37% in March 2020 (which included </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">a decline of 3.74% on a single day).</div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Declines in the Fund's share price or other market developments (which may be more severe than these prior declines) </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">may lead to increased repurchases, which could cause the Fund to have to sell loans and other instruments at disadvantageous </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">prices and inhibit the ability of the Fund to retain its assets in the hope of greater stabilization in the secondary markets. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">In addition, these or similar circumstances could cause the Fund to sell its highest quality and most liquid loans and </div></div></div> <div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"> </div></div><div style="line-height:10.974pt;text-align:justify"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">other investments in order to satisfy an initial wave of repurchases while leaving the Fund with a remaining portfolio </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">of lower-quality and less liquid investments. In anticipation of such circumstances, the Fund may also need to maintain </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">a larger portion of its assets in liquid instruments than usual. However, there can be no assurance that the Fund will </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">foresee the need to maintain greater liquidity or that actual efforts to maintain a larger portion of assets in liquid </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">investments would successfully mitigate the foregoing risks.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:10.974pt;margin-top:6.01pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">During its monthly repurchase offers, the Fund is required to maintain a percentage of its portfolio, equal to the value </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">of the repurchase amounts, in securities that can be sold or disposed of at approximately the price at which the Fund </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">has valued the investment, within a period equal to the period between a repurchase request deadline and the repurchase </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">payment deadline, or of assets that mature by the next repurchase payment deadline. The requirement to keep a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">portion of the portfolio in liquid securities, however, could negatively impact performance.</div></div></div><div style="line-height:11.16pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Liquidity:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> If an investment is illiquid, the Fund might be unable to sell the investment at a time when the Fund’s manager </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">might wish to sell, or at all. Many of the Fund’s investments may be illiquid. The term </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">illiquid investments</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> for this </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">purpose means any investment that the Fund reasonably expects cannot be sold or disposed of in current market </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">conditions in seven calendar days or less without the sale or disposition significantly changing the market value of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the investment. Further, the lack of an established secondary market may make it more difficult to value illiquid </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">investments, exposing the Fund to the risk that the prices at which it sells illiquid investments will be less than the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">prices at which they were valued when held by the Fund, which could cause the Fund to lose money. Illiquid investments </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">may become harder to value, especially in changing markets. The prices of illiquid investments may be more volatile </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">than more liquid securities, and the risks associated with illiquid securities may be greater in times of financial stress.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The Fund’s investments in illiquid investments may reduce the returns of the Fund because it may be unable to sell </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the illiquid investments at an advantageous time or price or possibly require the Fund to dispose of other investments </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">at unfavorable times or prices in order to satisfy its obligations, which could prevent the Fund from taking advantage </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">of other investment opportunities. Additionally, the market for certain investments may become illiquid under adverse </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">In such cases, the Fund, due to limitations on investments in illiquid investments and the difficulty in purchasing and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">selling such securities or instruments, may be unable to achieve its desired level of exposure to a certain sector.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The risks associated with illiquid instruments may be particularly acute in situations in which the Fund’s operations </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">require cash (such as in connection with repurchase offers) and could result in the Fund borrowing to meet its short-term </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">needs or incurring losses on the sale of illiquid instruments. It may also be the case that other market participants </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">may be attempting to liquidate fixed income holdings at the same time as the Fund, causing increased supply in the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">market and contributing to liquidity risk and downward pricing pressure.</div></div></div><div style="line-height:11.16pt;margin-top:6.01pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Loan Origination:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> Some of the loans in which the Fund invests may be loans originated directly by the Fund. The </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Fund's investment in or origination of loans may also be limited by the requirements the Fund intends to observe </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">under Subchapter M of the Code in order to qualify as a regulated investment company. The Fund may subsequently </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">offer such investments for sale to third parties; provided, that there is no assurance that the Fund will complete the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">sale of such an investment. If the Fund is unable to sell, assign or successfully close transactions for the loans that </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">it originates, the Fund will be forced to hold its interest in such loans for an indeterminate period of time. This could </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">result in the Fund's investments having high exposure to certain borrowers. The Fund will be responsible for the expenses </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">associated with originating a loan (whether or not consummated). This may include significant legal and due diligence </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">expenses, which will be indirectly borne by the Fund and Shareholders.</div></div></div><div style="line-height:11.16pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Manager:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund is subject to manager risk because it is an actively managed investment portfolio. The Investment </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Adviser, the Sub-Adviser, or each individual portfolio manager will make judgments and apply investment techniques </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">and risk analyses in making investment decisions, but there can be no guarantee that these decisions will produce </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the desired results. The Fund’s portfolio may fail to produce the intended results, and the Fund’s portfolio may underperform </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">other comparable funds because of portfolio management decisions related to, among other things, the selection of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">investments, portfolio construction, risk assessments, and/or the outlook on market trends and opportunities.</div></div></div><div style="line-height:11.16pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Market:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">conditions, governmental actions or intervention, market disruptions caused by trade disputes or other factors, political </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">developments, and other factors. Prices of equity securities tend to rise and fall more dramatically than those of debt </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">instruments. Additionally, legislative, regulatory or tax policies or developments may adversely impact the investment </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">techniques available to a manager, add to costs, and impair the ability of the Fund to achieve its investment objectives.</div></div></div><div style="line-height:11.16pt;text-align:justify"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Market Disruption and Geopolitical:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund is subject to the risk that geopolitical events will disrupt securities </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">markets and adversely affect global economies and markets. Due to the increasing interdependence among global </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">trade disputes, tariffs and other restrictions on trade or economic sanctions, rapid technological developments (such </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">as artificial intelligence technologies), and other geopolitical events that have led, and may continue to lead, to increased </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets, generally. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">For example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">in economies throughout the world. Pandemics and other disruptions may also create challenges for real estate markets, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">including lower occupancy rates, decreased lease payments, defaults, and foreclosures, among other consequences. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">markets. Military action by Russia in Ukraine, the prolonged conflict between Hamas and Israel, the Iranian conflict </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">that commenced in February 2026, and political upheaval in Venezuela have resulted, and may continue to result, in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">sanctions, market disruptions, declines in regional and global stock markets, unusual volatility in global commodity </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">markets, and disruptions to energy production or transportation, including through key shipping routes, any of which </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">could adversely affect the value of the Fund's investments, including beyond the Fund's direct exposure to issuers in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the affected regions. The escalation or expansion of hostilities, including the involvement of additional nations, could </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">introduce further uncertainty and volatility in global energy, commodity, and financial markets. The extent and duration </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">of these conflicts, related sanctions, and resulting market disruptions are impossible to predict but could be substantial. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">A number of U.S. domestic banks and foreign (non-U.S.) banks have experienced financial difficulties and, in some </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">sentiment, and other factors affecting the value of the Fund’s investments. Any of these occurrences could disrupt </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the operations of the Fund and of the Fund’s service providers. Recent technological developments in, and the increasingly </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">widespread use of, artificial intelligence, including machine learning technology and generative artificial intelligence </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">(</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">AI</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">), may pose risks to the Fund. For instance, the economy may be significantly impacted by the advanced development </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">and increased regulation of AI. As AI is used more widely, the profitability and growth of Fund holdings may be impacted, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">which could significantly impact the overall performance of the Fund. The legal and regulatory frameworks within which </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">AI operates continue to rapidly evolve, and it is not possible to predict the full extent of current or future risks related </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">thereto.</div></div><div style="line-height:11.16pt;margin-top:6pt;text-align:justify"><div style="margin-top:6pt"></div></div><div style="line-height:11.16pt;margin-top:6pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Mortgage- and/or Asset-Backed Securities:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> Defaults on, or low credit quality or liquidity of, the underlying assets of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the asset-backed (including mortgage-backed) securities may impair the value of these securities and result in losses. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">There may be limitations on the enforceability of any security interest or collateral granted with respect to those underlying </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">assets, and the value of collateral may not satisfy the obligation upon default. These securities also present a higher </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">degree of prepayment and extension risk and interest rate risk than do other types of debt instruments.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> Small movements </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain asset-backed </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">securities. The value of longer-term securities generally changes more in response to changes in market interest rates </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">than shorter-term securities. Additionally, asset-backed securities may be </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">subordinated</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> to other interests in the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">same pool, and a holder of those </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">subordinated</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> securities would receive payments only after any obligations to other </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">more </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">senior</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> investors have been satisfied.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">These securities may be affected significantly by government regulation, market interest rates, market perception of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the creditworthiness of an issuer servicer, and loan-to-value ratio of the underlying assets. During an economic downturn, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the mortgages, commercial or consumer loans, trade or credit card receivables, installment purchase obligations, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">leases, or other debt obligations underlying an asset-backed security may experience an increase in defaults as borrowers </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">experience difficulties in repaying their loans which may cause the valuation of such securities to be more volatile </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">and may reduce the value of such securities. These risks are particularly heightened for investments in asset-backed </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">securities that contain sub-prime loans, which are loans made to borrowers with weakened credit histories and often </div></div></div> <div style="line-height:10.974pt;margin-top:6pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;text-align:justify"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"></div></div><div style="line-height:10.974pt;text-align:justify"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">have higher default rates. In addition, certain types of real estate may be adversely affected by changing usage trends, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">such as office buildings as a result of work-from-home practices and commercial facilities as a result of an increase </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">in online shopping, which could in turn result in defaults and declines in value of mortgage-backed securities secured </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">by such properties.</div></div><div style="line-height:11.16pt;margin-top:6.0pt;text-align:justify"><div style="margin-top:6pt"></div></div><div style="line-height:11.16pt;margin-top:6.0pt;text-align:justify"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Operational:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> The</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> Fund, its service providers, and other market participants increasingly depend on complex information </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">technology and communications systems to conduct business functions. These systems are subject to a number of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">different threats, including operational and information security risks that could adversely affect the Fund and its </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">shareholders, despite the efforts of the Fund and its service providers to adopt technologies, processes, and practices </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">intended to mitigate these risks.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div><div style="line-height:10.974pt;margin-top:6.0pt;text-align:justify"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Operational failures, cyber-attacks, systems failures, processing errors, or human error may result in losses to the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">Fund, impede trading, disrupt portfolio management, or otherwise impair the Fund’s operations.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The use of artificial intelligence (</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">AI</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">), including generative AI, and machine learning could exacerbate operational </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">and information security risks, including through increased automation, reliance on third-party data or models, or the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">potential for model error, misuse, or data compromise, or result in cybersecurity incidents that implicate personal </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">data.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Information relating to the Fund’s investments is delivered electronically, which can give rise to a number of risks, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">including, but not limited to, the risks that such communications may not be secure and may contain computer viruses </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">or other defects, may not be accurately replicated on other systems, or may be intercepted, deleted or interfered </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">with, without the knowledge of the sender or the intended recipient.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div><div style="line-height:10.974pt;margin-top:6.01pt;text-align:justify"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> Fund has limited ability to prevent or mitigate cybersecurity or operational incidents affecting third-party service </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">providers, and such incidents may result in financial losses or additional costs to the Fund and its shareholders.</div></div></div></div><div style="line-height:11.16pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Other Investment Companies:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> The main risk of investing in other investment companies, including ETFs, is the risk </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">that the value of an investment company’s underlying investments might decrease. Shares of investment companies </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">that are listed on an exchange may trade at a discount or premium from their net asset value. You will pay a proportionate </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">share of the expenses of those other investment companies (including management fees, administration fees, and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">custodial fees) in addition to the Fund’s expenses. The investment policies of the other investment companies may </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">not be the same as those of the Fund; as a result, an investment in the other investment companies may be subject </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">to additional or different risks than those to which the Fund is typically subject.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">ETFs are exchange-traded investment companies that are, in many cases, designed to provide investment results </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">corresponding to an index. Additional risks of investments in ETFs include that: (i) an active trading market for an </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">ETF’s shares may not develop or be maintained; or (ii) trading may be halted if the listing exchanges’ officials deem </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">such action appropriate, the shares are delisted from an exchange, or the activation of market-wide </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">circuit breakers</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">(which are tied to large decreases in stock prices) halts trading of an ETF’s shares. In addition, shares of ETFs may </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">trade at a premium or discount to net asset value and are subject to secondary market trading risks. Secondary </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">markets may be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">times of market stress because market makers and authorized participants may step away from making a market in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">an ETF’s shares, which could cause a material decline in the ETF’s net asset value.</div></div></div><div style="line-height:11.16pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Prepayment and Extension:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> Many types of debt instruments are subject to prepayment and extension risk. Prepayment </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">risk is the risk that the issuer of a debt instrument will pay back the principal earlier than expected. This risk is heightened </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">in a falling market interest rate environment. Prepayment may expose the Fund to a lower rate of return upon reinvestment </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">of principal. Also, if a debt instrument subject to prepayment has been purchased at a premium, the value of the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">premium would be lost in the event of prepayment. Extension risk is the risk that the issuer of a debt instrument will </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">pay back the principal later than expected. This risk is heightened in a rising market interest rate environment. This </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">may negatively affect performance, as the value of the debt instrument decreases when principal payments are made </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">later than expected. Additionally, the Fund may be prevented from investing proceeds it would have received at a given </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">time at the higher prevailing interest rates.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> Loans typically have a 6-12 month call protection and may be prepaid </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">partially or in full after the call protection period without penalty.</div></div></div><div style="line-height:11.16pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Private Credit:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> Private credit investments involve a number of significant risks. Such investments are typically <div style="display:inline;">illiquid</div>, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">privately negotiated, are not traded on public markets, and may be subject to contractual transfer restrictions. These </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">investments may be held for extended periods, sometimes several years, and may not be sold at the values assigned </div></div> </div><div style="line-height:11.16pt;text-align:justify"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">by the Fund. Valuations are based on models and assumptions rather than observable market prices and may differ </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">significantly from realized values. Borrowers often provide limited financial and operational information, which can </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">make monitoring and risk assessment difficult.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:10.974pt;margin-top:6pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Generally, little public information exists about private credit issuers, and the Fund is required to rely on the ability of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the Sub-Adviser’s investment professionals to obtain adequate information to evaluate the potential returns from investing </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">in these companies. If the Sub-Adviser is unable to uncover all material information about these companies, it may </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">not be able to make a fully informed investment decision, and the Fund may lose money on its investments. In addition, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">they typically have shorter operating histories, narrower product lines and smaller market shares than larger businesses, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">which tend to render them more vulnerable to competitors’ actions and market conditions, as well as general economic </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">downturns.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Private credit issuers are frequently highly leveraged, often as a result of recapitalization transactions, and may not </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">be rated by nationally recognized credit rating agencies. Private credit issuers may have limited financial resources </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">and may be unable to meet their obligations under their debt securities that the Fund holds, which may be accompanied </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">by a deterioration in the value of any collateral and a reduction in the likelihood of the Fund realizing any guarantees </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">it may have obtained in connection with its investment. The Fund’s private credit investments may, from time to time, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">focus on a particular industry or sector, which could result in outsized exposure to sector-specific risks. Loans may </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">lack financial covenants, reducing early warning protections and increasing default risk. Credit quality can vary significantly </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">based on factors such as total leverage, amount of debt senior to the Fund’s position, variability in the issuer’s cash </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">flows, the size of the issuer, and the quality and coverage of assets securing the debt.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Certain private credit investments may involve direct lending to middle-market or privately held companies. Direct </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">lending investments may expose the Fund to heightened credit, liquidity, and workout risks, including increased reliance </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">on the Sub-Adviser’s underwriting, structuring, and monitoring capabilities. Direct lending borrowers may have limited </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">access to alternative financing sources, which could increase default risk during periods of economic stress, and the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Fund may be required to negotiate restructurings, amendments, or forbearance arrangements, which may be time-consuming </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">and costly and may result in losses.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6.01pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Certain private credit investments may involve asset-based finance or other asset-backed lending arrangements, where </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">repayment is dependent primarily on the performance, value, or cash flows of underlying collateral or receivables </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">rather than the general creditworthiness of a single borrower. Asset-based finance investments may be subject to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">risks related to the quality, diversification, servicing, and valuation of the underlying assets, including receivables, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">inventory, equipment, or other financial or physical assets. Deterioration in collateral performance, servicing disruptions, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">legal or documentation deficiencies, or declines in collateral values may adversely affect recoveries and result in losses </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">to the Fund.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Because private credit investments are illiquid, the Fund may face challenges meeting periodic repurchase offers </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">under its interval structure without selling assets at unfavorable prices or borrowing. Investors should not expect </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">immediate liquidity. Private credit performance may be adversely affected by rising interest rates, economic downturns, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">or tightening credit conditions, which can increase defaults and reduce recovery values. In the event of borrower default, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">enforcement of rights may be costly, time-consuming, and uncertain, particularly in jurisdictions with less developed </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">legal frameworks.</div></div></div><div style="line-height:11.16pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Repurchase Agreements:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> In the event that the other party to a repurchase agreement defaults on its obligations, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the Fund would generally seek to sell the underlying security serving as collateral for the repurchase agreement. However, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the value of collateral may be insufficient to satisfy the counterparty's obligation and/or the Fund may encounter </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">delay and incur costs before being able to sell the security. Such a delay may involve loss of interest or a decline in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">price of the security, which could result in a loss. In addition, if the Fund is characterized by a court as an unsecured </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">creditor, it would be at risk of losing some or all of the principal and interest involved in the transaction.</div></div></div><div style="line-height:11.16pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Reverse Repurchase Agreements and Dollar Roll Transactions:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> Reverse repurchase agreements involve sales of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">portfolio securities to another party and an agreement by the Fund to repurchase the same securities at a later date </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">at a fixed price. During the reverse repurchase agreement period, the Fund continues to receive principal and interest </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">payments on the securities and also has the opportunity to earn a return on the collateral furnished by the counterparty </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">to secure its obligation to redeliver the securities.</div></div></div><div style="line-height:10.974pt;text-align:justify"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Dollar rolls involve selling securities (</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">e.g</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">., mortgage-backed securities or U.S. Treasury securities) and simultaneously </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">entering into a commitment to purchase those or similar securities on a specified future date and price from the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">same party. Mortgage-dollar rolls and U.S. Treasury rolls are types of dollar rolls. During the roll period, principal and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">interest paid on the securities is not received but proceeds from the sale can be invested.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:10.974pt;margin-top:6.0pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Reverse repurchase agreements involve the risks that the interest income earned on the investment of the proceeds </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">will be less than the interest expense and Fund expenses associated with the repurchase agreement, that the market </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">value of the securities sold by the Fund may decline below the price at which the Fund is obligated to repurchase such </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">securities and that the securities may not be returned to the Fund.  If the buyer of securities under a reverse repurchase </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">agreement or dollar rolls files for bankruptcy or becomes insolvent, such a buyer or its trustee or receiver may receive </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">an extension of time to determine whether to enforce the obligation to repurchase the securities and use of the proceeds </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">of the reverse repurchase agreement may effectively be restricted pending such decision.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Reverse repurchase agreements entail many of the same risks as over-the-counter derivatives. These include the risk </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">that the counterparty to the reverse repurchase agreement may not be able to fulfill its obligations, that the parties </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">may disagree as to the meaning or application of contractual terms, or that the instrument may not perform as expected. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">If the broker/dealer to whom the Fund sells securities becomes insolvent, the Fund’s right to purchase or repurchase </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">securities may be restricted. There is no assurance that reverse repurchase agreements or dollar rolls can be successfully </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">employed.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Further, the Fund’s investments in reverse repurchase agreements will be treated as </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">derivatives</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> in connection with </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the Fund’s compliance with Rule 18f-4. Pursuant to Rule 18f-4, the Fund has adopted and implemented a derivatives </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">risk management program to govern its use of derivatives, and the Fund’s derivatives exposure (including its use of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">reverse repurchase agreements) is limited through a VaR test. Rule 18f-4 may restrict the Fund’s ability to enter into </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">reverse repurchase agreements and/or increase the costs of such reverse repurchase agreements, which could adversely </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">affect the value of the Fund’s investments and/or the performance of the Fund.</div></div></div><div style="line-height:11.16pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Securities Lending:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> To generate additional income, the Fund may lend portfolio securities, on a short- or long-term </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">basis, in an amount up to 33 </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 6pt; position: relative; top: -2.66pt; letter-spacing: 0px;display:inline;"> 1</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">∕</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 6pt; letter-spacing: 0px; top: 0px;display:inline;">3</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">% of the Fund’s total assets, to broker-dealers, major banks, or other recognized </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">domestic institutional borrowers of securities. When the Fund lends its securities, it is responsible for investing the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">cash collateral it receives from the borrower of the securities, and the Fund could incur losses in connection with the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">investment of such cash collateral. As with other extensions of credit, there are risks of delay in recovery or even loss </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">of rights in the collateral should the borrower default or fail financially. The Fund intends to engage in lending portfolio </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">securities only when such lending is fully secured by investment grade collateral held by an independent agent.</div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The Fund seeks to minimize investment risk by limiting the investment of cash collateral to high-quality instruments </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">of short maturity. In the event of a borrower default, the Fund will be protected to the extent the Fund is able to exercise </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">its rights in the collateral promptly and the value of such collateral is sufficient to purchase replacement securities. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The Fund is protected by its securities lending agent, which has agreed to indemnify the Fund from losses resulting </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">from borrower default.</div></div></div><div style="line-height:11.16pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Short-Term Debt Instruments and Cash:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> Some of the Senior Loans in which the Fund invests are in the form of revolving </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">credits. In order to permit the Fund to meet its obligations under such loans and to advance additional funds on short </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">notice, the Fund normally maintains unused borrowing capacity that equals or exceeds the total of all unfunded portions </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">of loans in its portfolio. Short-term debt instruments are subject to the risk of the issuer’s inability or unwillingness </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">to meet principal and interest payments on the debt obligation and also may be subject to price volatility due to such </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">factors as market interest rates, market perception of the creditworthiness of the issuer, and general market liquidity.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Because short-term debt instruments pay interest at a fixed-rate, when market interest rates decline, the value of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the Fund’s short-term debt instruments can be expected to rise, and when market interest rates rise, the value of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">short-term debt instruments can be expected to decline.</div></div></div><div style="line-height:11.16pt;margin-top:6.01pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Special Situations:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> A </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> “</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> special situation</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> ”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> arises when, in a manager’s opinion, securities of a particular company will </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">appreciate in value within a reasonable period because of unique circumstances applicable to the company. Special </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">situations investments often involve much greater risk than is inherent in ordinary investments. Investments in special </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">situation companies may not appreciate and the Fund’s performance could suffer if an anticipated development does </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">not occur or does not produce the anticipated result.</div></div></div><div style="line-height:11.16pt;text-align:justify"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Tax Qualification:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund intends to elect to be treated as a regulated investment company under the Code and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">intends each year to qualify and be eligible to be treated as such. If the Fund qualifies as a regulated investment </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">company, it generally will not be subject to U.S. federal income tax on its net investment income or net short-term or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">long-term capital gains distributed (or deemed distributed) to shareholders, provided that, for each taxable year, the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Fund distributes (or is treated as distributing) to its shareholders an amount equal to or exceeding 90% of its </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">investment </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">company taxable income</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> as that term is defined in the Code (which includes, among other things, dividends, taxable </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">interest and the excess of any net short-term capital gains over net long-term capital losses, as reduced by certain </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">deductible expenses). The Fund intends to distribute all or substantially all of its investment company taxable income </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">and net capital gain each year.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:10.974pt;margin-top:6pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">In order for the Fund to qualify as a regulated investment company in any taxable year, the Fund must, among other </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">things, meet certain asset diversification tests and at least 90% of its gross income for such year must be certain </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">types of qualifying income. If the Fund were to fail to meet the income or diversification test described above for any </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">taxable year, the Fund could in some cases cure the failure, including by paying a fund-level tax and, in the case of a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">diversification test failure, disposing of certain assets. If the Fund were ineligible to cure, or otherwise did not cure, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">such failure for any year, or were otherwise to fail to qualify as a regulated investment company accorded special tax </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">treatment in any taxable year, it would be subject to U.S. federal income tax, thereby subjecting any income earned </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">by the Fund to tax at the Fund level and, when such income is distributed, to a further tax as dividends at the shareholder </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">level to the extent of the Fund's current or accumulated earnings and profits.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Some of the income and gain the Fund may recognize (such as income and gain from real estate assets received </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">upon foreclosure of a loan held by the Fund) generally does not constitute qualifying income, and whether certain </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">other income and gain that the Fund may recognize constitutes qualifying income is not certain. The Fund's investments </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">therefore may be limited by the Fund's intention to qualify as a regulated investment company and may bear on the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">Fund's ability to so qualify.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6.01pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The Fund may hold certain investments that do not give rise to qualifying income through one or more wholly owned </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">subsidiaries treated as corporations for U.S. federal income tax purposes. Such subsidiaries will be required to pay </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">U.S. federal income tax on their earnings, which ultimately will reduce the yield on such investments. Depending on </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the assets held by the subsidiary and other considerations, a subsidiary may qualify and elect to be treated as a real </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">estate investment trust for U.S. federal income tax purposes, in which case such subsidiary generally would not be </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">subject to U.S. federal income tax to the extent such subsidiary timely distributes all its income and gains. The Fund </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">may not invest more than 25% of its total assets in (i) any one subsidiary or (ii) two or more subsidiaries that are </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">treated as being in the same, similar or related trades or businesses for purposes of the diversification tests applicable </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">to regulated investment companies.</div></div></div><div style="line-height:11.16pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Temporary Defensive Positions:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> When market conditions make it advisable, the Fund may hold a portion of its assets </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">in cash and short-term interest bearing instruments. Moreover, in periods when, in the opinion of the manager, a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">temporary defensive position is appropriate, up to 100% of the Fund’s assets may be held in cash, short-term interest </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">bearing instruments and/or any other securities the manager considers consistent with a temporary defensive position. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may not achieve its investment objective when pursuing a temporary defensive position.</div></div></div><div style="line-height:11.16pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Unsecured Debt Instruments and Subordinated Loans:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> Unsecured loans and subordinated loans share the same </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">credit risks as those discussed under </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">Risk Factors and Special Considerations - Credit (Loans)</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> except that unsecured </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">loans are not secured by any collateral of the borrower and subordinated loans are not the most senior debt in a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">borrower’s capital structure. Unsecured loans do not enjoy the security associated with collateralization and may pose </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">a greater risk of nonpayment of interest or loss of principal than do secured loans. The primary additional risk in a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">subordinated loan is the potential loss in the event of default by the issuer of the loan. Subordinated loans in an </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">insolvency bear an increased share, relative to senior secured lenders, of the ultimate risk that the borrower’s assets </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">are insufficient to meet its obligations to its creditors.</div></div></div><div style="line-height:11.16pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Valuation of Loans:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund values its assets every day the New York Stock Exchange is open for regular trading. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">However, because the secondary market for floating rate loans is limited, it may be difficult to value loans, exposing </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the Fund to the risk that the price at which it sells loans will be less than the price at which they were valued when </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">held by the Fund. Reliable market value quotations may not be readily available for some loans, and determining the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">fair valuation of such loans may require more research than for securities that trade in a more active secondary market. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">In addition, elements of judgment may play a greater role in the valuation of loans than for securities that trade in a </div></div> </div><div style="line-height:11.16pt;text-align:justify"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">more developed secondary market because there is less reliable, objective market value data available. If the Fund </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">purchases a relatively large portion of a loan, the limitations of the secondary market may inhibit the Fund from selling </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">a portion of the loan and reducing its exposure to a borrower when the manager deems it advisable to do so. Even if </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the Fund itself does not own a relatively large portion of a particular loan, the Fund, in combination with other similar </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">accounts under management by the same portfolio managers, may own large portions of loans. The aggregate amount </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">of holdings could create similar risks if and when the portfolio managers decide to sell those loans. These risks could </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">include, for example, the risk that the sale of an initial portion of the loan could be at a price lower than the price at </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">which the loan was valued by the Fund, the risk that the initial sale could adversely impact the price at which additional </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">portions of the loan are sold, and the risk that the foregoing events could warrant a reduced valuation being assigned </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">to the remaining portion of the loan still owned by the Fund.</div></div><div style="line-height:11.16pt;margin-top:6pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">When-Issued, Delayed Delivery, and Forward Commitment Transactions:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> When-issued, delayed delivery, and forward </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">commitment transactions involve the risk that the security the Fund buys will lose value prior to its delivery. These </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">transactions may result in leverage. The use of leverage may exaggerate any increase or decrease in the net asset </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">value, causing the Fund to be more volatile. The use of leverage may increase expenses and increase the impact of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the Fund’s other risks. There also is the risk that the security will not be issued or that the other party will not meet </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">security and any gain in the security’s price.</div></div></div> <div style="line-height:11.16pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Limited Secondary Market for Loans:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> Because of the limited secondary market for loans, the Fund, including through </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">its investments in loans directly or indirectly through its investments in securitized credit instruments, may be limited </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">in its ability to sell loans in its portfolio in a timely fashion and/or at a favorable price. Transactions in loans typically </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">settle on a delayed basis and typically take longer than 7 days to settle. As a result the Fund may not receive the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">proceeds from a sale of a floating rate loan for a significant period of time. Delay in the receipts of settlement proceeds </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">may impair the ability of the Fund to meet its repurchase obligations and may increase the amounts the Fund may be </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">required to borrow. It may also limit the ability of the Fund to repay debt, pay dividends, or to take advantage of new </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">investment opportunities.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> Although the re-sale, or secondary market for loans has grown substantially in recent years, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">both in overall size and number of market participants, there is no organized exchange or board of trade on which </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">loans are traded. Instead, the secondary market for loans is a private, unregulated inter-dealer or inter-bank re-sale </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">market.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Loans usually trade in large denominations and trades can be infrequent and the market for loans may experience </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">volatility. The market has limited transparency so that information about actual trades may be difficult to obtain. Accordingly, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">some loans will be relatively illiquid.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">In addition, loans may require the consent of the borrower and/or the agent prior to sale or assignment. These consent </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">requirements can delay or impede the Fund’s ability to sell loans and can adversely affect the price that can be obtained.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">These considerations may cause the Fund to sell assets at lower prices than it would otherwise consider to meet </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">cash needs or cause the Fund to maintain a greater portion of its assets in cash equivalents than it would otherwise, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">which could negatively impact performance. The Fund may seek to avoid the necessity of selling assets to meet such </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">needs by the use of borrowings.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">From time to time, the occurrence of one or more of the factors described above may create a cascading effect where </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the market for debt instruments (including the market for loans) first experiences volatility and then decreased liquidity. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Such conditions, or other similar conditions, may then adversely affect the value of loans and other instruments, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">widening spreads against higher-quality debt instruments, and making it harder to sell loans at prices at which they </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">have historically or recently traded, thereby further reducing liquidity. For example, during the global liquidity crisis in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the second half of 2008, the average price of loans in the Morningstar</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 6.5pt; position: relative; top: -4.25pt; letter-spacing: 0px;display:inline;">®</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> LSTA</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 6.5pt; position: relative; top: -4.25pt; letter-spacing: 0px;display:inline;">®</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> US Leveraged Loan Index (which includes </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">loans of the type in which the Fund invests) declined by 32% (which included a decline of 3.06% on a single day). </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Additionally, during the recent COVID-19 pandemic, the same index declined by 12.37% in March 2020 (which included </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">a decline of 3.74% on a single day).</div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Declines in the Fund's share price or other market developments (which may be more severe than these prior declines) </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">may lead to increased repurchases, which could cause the Fund to have to sell loans and other instruments at disadvantageous </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">prices and inhibit the ability of the Fund to retain its assets in the hope of greater stabilization in the secondary markets. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">In addition, these or similar circumstances could cause the Fund to sell its highest quality and most liquid loans and </div></div></div><div style="line-height:10.974pt;text-align:justify"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">other investments in order to satisfy an initial wave of repurchases while leaving the Fund with a remaining portfolio </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">of lower-quality and less liquid investments. In anticipation of such circumstances, the Fund may also need to maintain </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">a larger portion of its assets in liquid instruments than usual. However, there can be no assurance that the Fund will </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">foresee the need to maintain greater liquidity or that actual efforts to maintain a larger portion of assets in liquid </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">investments would successfully mitigate the foregoing risks.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:10.974pt;margin-top:6.01pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">During its monthly repurchase offers, the Fund is required to maintain a percentage of its portfolio, equal to the value </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">of the repurchase amounts, in securities that can be sold or disposed of at approximately the price at which the Fund </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">has valued the investment, within a period equal to the period between a repurchase request deadline and the repurchase </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">payment deadline, or of assets that mature by the next repurchase payment deadline. The requirement to keep a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">portion of the portfolio in liquid securities, however, could negatively impact performance.</div></div></div> <div style="line-height:11.16pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Liquidity:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> If an investment is illiquid, the Fund might be unable to sell the investment at a time when the Fund’s manager </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">might wish to sell, or at all. Many of the Fund’s investments may be illiquid. The term </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">illiquid investments</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> for this </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">purpose means any investment that the Fund reasonably expects cannot be sold or disposed of in current market </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">conditions in seven calendar days or less without the sale or disposition significantly changing the market value of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the investment. Further, the lack of an established secondary market may make it more difficult to value illiquid </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">investments, exposing the Fund to the risk that the prices at which it sells illiquid investments will be less than the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">prices at which they were valued when held by the Fund, which could cause the Fund to lose money. Illiquid investments </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">may become harder to value, especially in changing markets. The prices of illiquid investments may be more volatile </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">than more liquid securities, and the risks associated with illiquid securities may be greater in times of financial stress.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The Fund’s investments in illiquid investments may reduce the returns of the Fund because it may be unable to sell </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the illiquid investments at an advantageous time or price or possibly require the Fund to dispose of other investments </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">at unfavorable times or prices in order to satisfy its obligations, which could prevent the Fund from taking advantage </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">of other investment opportunities. Additionally, the market for certain investments may become illiquid under adverse </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">In such cases, the Fund, due to limitations on investments in illiquid investments and the difficulty in purchasing and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">selling such securities or instruments, may be unable to achieve its desired level of exposure to a certain sector.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The risks associated with illiquid instruments may be particularly acute in situations in which the Fund’s operations </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">require cash (such as in connection with repurchase offers) and could result in the Fund borrowing to meet its short-term </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">needs or incurring losses on the sale of illiquid instruments. It may also be the case that other market participants </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">may be attempting to liquidate fixed income holdings at the same time as the Fund, causing increased supply in the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">market and contributing to liquidity risk and downward pricing pressure.</div></div></div> <div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Loan Origination:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> Some of the loans in which the Fund invests may be loans originated directly by the Fund. The </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Fund's investment in or origination of loans may also be limited by the requirements the Fund intends to observe </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">under Subchapter M of the Code in order to qualify as a regulated investment company. The Fund may subsequently </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">offer such investments for sale to third parties; provided, that there is no assurance that the Fund will complete the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">sale of such an investment. If the Fund is unable to sell, assign or successfully close transactions for the loans that </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">it originates, the Fund will be forced to hold its interest in such loans for an indeterminate period of time. This could </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">result in the Fund's investments having high exposure to certain borrowers. The Fund will be responsible for the expenses </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">associated with originating a loan (whether or not consummated). This may include significant legal and due diligence </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">expenses, which will be indirectly borne by the Fund and Shareholders.</div></div> <div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Manager:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund is subject to manager risk because it is an actively managed investment portfolio. The Investment </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Adviser, the Sub-Adviser, or each individual portfolio manager will make judgments and apply investment techniques </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">and risk analyses in making investment decisions, but there can be no guarantee that these decisions will produce </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the desired results. The Fund’s portfolio may fail to produce the intended results, and the Fund’s portfolio may underperform </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">other comparable funds because of portfolio management decisions related to, among other things, the selection of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">investments, portfolio construction, risk assessments, and/or the outlook on market trends and opportunities.</div></div> <div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Market:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">conditions, governmental actions or intervention, market disruptions caused by trade disputes or other factors, political </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">developments, and other factors. Prices of equity securities tend to rise and fall more dramatically than those of debt </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">instruments. Additionally, legislative, regulatory or tax policies or developments may adversely impact the investment </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">techniques available to a manager, add to costs, and impair the ability of the Fund to achieve its investment objectives.</div></div> <div style="line-height:11.16pt;text-align:justify"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Market Disruption and Geopolitical:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund is subject to the risk that geopolitical events will disrupt securities </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">markets and adversely affect global economies and markets. Due to the increasing interdependence among global </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">trade disputes, tariffs and other restrictions on trade or economic sanctions, rapid technological developments (such </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">as artificial intelligence technologies), and other geopolitical events that have led, and may continue to lead, to increased </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets, generally. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">For example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">in economies throughout the world. Pandemics and other disruptions may also create challenges for real estate markets, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">including lower occupancy rates, decreased lease payments, defaults, and foreclosures, among other consequences. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">markets. Military action by Russia in Ukraine, the prolonged conflict between Hamas and Israel, the Iranian conflict </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">that commenced in February 2026, and political upheaval in Venezuela have resulted, and may continue to result, in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">sanctions, market disruptions, declines in regional and global stock markets, unusual volatility in global commodity </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">markets, and disruptions to energy production or transportation, including through key shipping routes, any of which </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">could adversely affect the value of the Fund's investments, including beyond the Fund's direct exposure to issuers in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the affected regions. The escalation or expansion of hostilities, including the involvement of additional nations, could </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">introduce further uncertainty and volatility in global energy, commodity, and financial markets. The extent and duration </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">of these conflicts, related sanctions, and resulting market disruptions are impossible to predict but could be substantial. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">A number of U.S. domestic banks and foreign (non-U.S.) banks have experienced financial difficulties and, in some </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">sentiment, and other factors affecting the value of the Fund’s investments. Any of these occurrences could disrupt </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the operations of the Fund and of the Fund’s service providers. Recent technological developments in, and the increasingly </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">widespread use of, artificial intelligence, including machine learning technology and generative artificial intelligence </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">(</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">AI</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">), may pose risks to the Fund. For instance, the economy may be significantly impacted by the advanced development </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">and increased regulation of AI. As AI is used more widely, the profitability and growth of Fund holdings may be impacted, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">which could significantly impact the overall performance of the Fund. The legal and regulatory frameworks within which </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">AI operates continue to rapidly evolve, and it is not possible to predict the full extent of current or future risks related </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">thereto.</div></div> <div style="line-height:11.16pt;margin-top:6pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Mortgage- and/or Asset-Backed Securities:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> Defaults on, or low credit quality or liquidity of, the underlying assets of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the asset-backed (including mortgage-backed) securities may impair the value of these securities and result in losses. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">There may be limitations on the enforceability of any security interest or collateral granted with respect to those underlying </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">assets, and the value of collateral may not satisfy the obligation upon default. These securities also present a higher </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">degree of prepayment and extension risk and interest rate risk than do other types of debt instruments.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> Small movements </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain asset-backed </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">securities. The value of longer-term securities generally changes more in response to changes in market interest rates </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">than shorter-term securities. Additionally, asset-backed securities may be </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">subordinated</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> to other interests in the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">same pool, and a holder of those </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">subordinated</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> securities would receive payments only after any obligations to other </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">more </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">senior</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> investors have been satisfied.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">These securities may be affected significantly by government regulation, market interest rates, market perception of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the creditworthiness of an issuer servicer, and loan-to-value ratio of the underlying assets. During an economic downturn, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the mortgages, commercial or consumer loans, trade or credit card receivables, installment purchase obligations, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">leases, or other debt obligations underlying an asset-backed security may experience an increase in defaults as borrowers </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">experience difficulties in repaying their loans which may cause the valuation of such securities to be more volatile </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">and may reduce the value of such securities. These risks are particularly heightened for investments in asset-backed </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">securities that contain sub-prime loans, which are loans made to borrowers with weakened credit histories and often </div></div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">have higher default rates. In addition, certain types of real estate may be adversely affected by changing usage trends, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">such as office buildings as a result of work-from-home practices and commercial facilities as a result of an increase </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">in online shopping, which could in turn result in defaults and declines in value of mortgage-backed securities secured </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">by such properties.</div> <div style="line-height:11.16pt;margin-top:6.0pt;text-align:justify"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Operational:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> The</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> Fund, its service providers, and other market participants increasingly depend on complex information </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">technology and communications systems to conduct business functions. These systems are subject to a number of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">different threats, including operational and information security risks that could adversely affect the Fund and its </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">shareholders, despite the efforts of the Fund and its service providers to adopt technologies, processes, and practices </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">intended to mitigate these risks.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div><div style="line-height:10.974pt;margin-top:6.0pt;text-align:justify"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Operational failures, cyber-attacks, systems failures, processing errors, or human error may result in losses to the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">Fund, impede trading, disrupt portfolio management, or otherwise impair the Fund’s operations.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The use of artificial intelligence (</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">AI</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">), including generative AI, and machine learning could exacerbate operational </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">and information security risks, including through increased automation, reliance on third-party data or models, or the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">potential for model error, misuse, or data compromise, or result in cybersecurity incidents that implicate personal </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">data.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Information relating to the Fund’s investments is delivered electronically, which can give rise to a number of risks, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">including, but not limited to, the risks that such communications may not be secure and may contain computer viruses </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">or other defects, may not be accurately replicated on other systems, or may be intercepted, deleted or interfered </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">with, without the knowledge of the sender or the intended recipient.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div><div style="line-height:10.974pt;margin-top:6.01pt;text-align:justify"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> Fund has limited ability to prevent or mitigate cybersecurity or operational incidents affecting third-party service </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">providers, and such incidents may result in financial losses or additional costs to the Fund and its shareholders.</div></div></div></div> <div style="line-height:11.16pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Other Investment Companies:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> The main risk of investing in other investment companies, including ETFs, is the risk </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">that the value of an investment company’s underlying investments might decrease. Shares of investment companies </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">that are listed on an exchange may trade at a discount or premium from their net asset value. You will pay a proportionate </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">share of the expenses of those other investment companies (including management fees, administration fees, and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">custodial fees) in addition to the Fund’s expenses. The investment policies of the other investment companies may </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">not be the same as those of the Fund; as a result, an investment in the other investment companies may be subject </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">to additional or different risks than those to which the Fund is typically subject.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">ETFs are exchange-traded investment companies that are, in many cases, designed to provide investment results </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">corresponding to an index. Additional risks of investments in ETFs include that: (i) an active trading market for an </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">ETF’s shares may not develop or be maintained; or (ii) trading may be halted if the listing exchanges’ officials deem </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">such action appropriate, the shares are delisted from an exchange, or the activation of market-wide </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">circuit breakers</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">(which are tied to large decreases in stock prices) halts trading of an ETF’s shares. In addition, shares of ETFs may </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">trade at a premium or discount to net asset value and are subject to secondary market trading risks. Secondary </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">markets may be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">times of market stress because market makers and authorized participants may step away from making a market in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">an ETF’s shares, which could cause a material decline in the ETF’s net asset value.</div></div></div> <div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Prepayment and Extension:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> Many types of debt instruments are subject to prepayment and extension risk. Prepayment </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">risk is the risk that the issuer of a debt instrument will pay back the principal earlier than expected. This risk is heightened </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">in a falling market interest rate environment. Prepayment may expose the Fund to a lower rate of return upon reinvestment </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">of principal. Also, if a debt instrument subject to prepayment has been purchased at a premium, the value of the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">premium would be lost in the event of prepayment. Extension risk is the risk that the issuer of a debt instrument will </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">pay back the principal later than expected. This risk is heightened in a rising market interest rate environment. This </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">may negatively affect performance, as the value of the debt instrument decreases when principal payments are made </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">later than expected. Additionally, the Fund may be prevented from investing proceeds it would have received at a given </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">time at the higher prevailing interest rates.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> Loans typically have a 6-12 month call protection and may be prepaid </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">partially or in full after the call protection period without penalty.</div></div> <div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Private Credit:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> Private credit investments involve a number of significant risks. Such investments are typically <div style="display:inline;">illiquid</div>, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">privately negotiated, are not traded on public markets, and may be subject to contractual transfer restrictions. These </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">investments may be held for extended periods, sometimes several years, and may not be sold at the values assigned </div></div><div style="line-height:11.16pt;text-align:justify"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">by the Fund. Valuations are based on models and assumptions rather than observable market prices and may differ </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">significantly from realized values. Borrowers often provide limited financial and operational information, which can </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">make monitoring and risk assessment difficult.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:10.974pt;margin-top:6pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Generally, little public information exists about private credit issuers, and the Fund is required to rely on the ability of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the Sub-Adviser’s investment professionals to obtain adequate information to evaluate the potential returns from investing </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">in these companies. If the Sub-Adviser is unable to uncover all material information about these companies, it may </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">not be able to make a fully informed investment decision, and the Fund may lose money on its investments. In addition, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">they typically have shorter operating histories, narrower product lines and smaller market shares than larger businesses, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">which tend to render them more vulnerable to competitors’ actions and market conditions, as well as general economic </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">downturns.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Private credit issuers are frequently highly leveraged, often as a result of recapitalization transactions, and may not </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">be rated by nationally recognized credit rating agencies. Private credit issuers may have limited financial resources </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">and may be unable to meet their obligations under their debt securities that the Fund holds, which may be accompanied </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">by a deterioration in the value of any collateral and a reduction in the likelihood of the Fund realizing any guarantees </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">it may have obtained in connection with its investment. The Fund’s private credit investments may, from time to time, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">focus on a particular industry or sector, which could result in outsized exposure to sector-specific risks. Loans may </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">lack financial covenants, reducing early warning protections and increasing default risk. Credit quality can vary significantly </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">based on factors such as total leverage, amount of debt senior to the Fund’s position, variability in the issuer’s cash </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">flows, the size of the issuer, and the quality and coverage of assets securing the debt.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Certain private credit investments may involve direct lending to middle-market or privately held companies. Direct </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">lending investments may expose the Fund to heightened credit, liquidity, and workout risks, including increased reliance </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">on the Sub-Adviser’s underwriting, structuring, and monitoring capabilities. Direct lending borrowers may have limited </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">access to alternative financing sources, which could increase default risk during periods of economic stress, and the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Fund may be required to negotiate restructurings, amendments, or forbearance arrangements, which may be time-consuming </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">and costly and may result in losses.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6.01pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Certain private credit investments may involve asset-based finance or other asset-backed lending arrangements, where </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">repayment is dependent primarily on the performance, value, or cash flows of underlying collateral or receivables </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">rather than the general creditworthiness of a single borrower. Asset-based finance investments may be subject to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">risks related to the quality, diversification, servicing, and valuation of the underlying assets, including receivables, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">inventory, equipment, or other financial or physical assets. Deterioration in collateral performance, servicing disruptions, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">legal or documentation deficiencies, or declines in collateral values may adversely affect recoveries and result in losses </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">to the Fund.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Because private credit investments are illiquid, the Fund may face challenges meeting periodic repurchase offers </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">under its interval structure without selling assets at unfavorable prices or borrowing. Investors should not expect </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">immediate liquidity. Private credit performance may be adversely affected by rising interest rates, economic downturns, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">or tightening credit conditions, which can increase defaults and reduce recovery values. In the event of borrower default, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">enforcement of rights may be costly, time-consuming, and uncertain, particularly in jurisdictions with less developed </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">legal frameworks.</div></div></div> <div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Repurchase Agreements:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> In the event that the other party to a repurchase agreement defaults on its obligations, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the Fund would generally seek to sell the underlying security serving as collateral for the repurchase agreement. However, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the value of collateral may be insufficient to satisfy the counterparty's obligation and/or the Fund may encounter </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">delay and incur costs before being able to sell the security. Such a delay may involve loss of interest or a decline in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">price of the security, which could result in a loss. In addition, if the Fund is characterized by a court as an unsecured </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">creditor, it would be at risk of losing some or all of the principal and interest involved in the transaction.</div></div> <div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Reverse Repurchase Agreements and Dollar Roll Transactions:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> Reverse repurchase agreements involve sales of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">portfolio securities to another party and an agreement by the Fund to repurchase the same securities at a later date </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">at a fixed price. During the reverse repurchase agreement period, the Fund continues to receive principal and interest </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">payments on the securities and also has the opportunity to earn a return on the collateral furnished by the counterparty </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">to secure its obligation to redeliver the securities.</div></div><div style="line-height:10.974pt;text-align:justify"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Dollar rolls involve selling securities (</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">e.g</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">., mortgage-backed securities or U.S. Treasury securities) and simultaneously </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">entering into a commitment to purchase those or similar securities on a specified future date and price from the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">same party. Mortgage-dollar rolls and U.S. Treasury rolls are types of dollar rolls. During the roll period, principal and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">interest paid on the securities is not received but proceeds from the sale can be invested.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:10.974pt;margin-top:6.0pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Reverse repurchase agreements involve the risks that the interest income earned on the investment of the proceeds </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">will be less than the interest expense and Fund expenses associated with the repurchase agreement, that the market </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">value of the securities sold by the Fund may decline below the price at which the Fund is obligated to repurchase such </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">securities and that the securities may not be returned to the Fund.  If the buyer of securities under a reverse repurchase </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">agreement or dollar rolls files for bankruptcy or becomes insolvent, such a buyer or its trustee or receiver may receive </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">an extension of time to determine whether to enforce the obligation to repurchase the securities and use of the proceeds </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">of the reverse repurchase agreement may effectively be restricted pending such decision.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Reverse repurchase agreements entail many of the same risks as over-the-counter derivatives. These include the risk </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">that the counterparty to the reverse repurchase agreement may not be able to fulfill its obligations, that the parties </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">may disagree as to the meaning or application of contractual terms, or that the instrument may not perform as expected. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">If the broker/dealer to whom the Fund sells securities becomes insolvent, the Fund’s right to purchase or repurchase </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">securities may be restricted. There is no assurance that reverse repurchase agreements or dollar rolls can be successfully </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">employed.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Further, the Fund’s investments in reverse repurchase agreements will be treated as </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">derivatives</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> in connection with </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the Fund’s compliance with Rule 18f-4. Pursuant to Rule 18f-4, the Fund has adopted and implemented a derivatives </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">risk management program to govern its use of derivatives, and the Fund’s derivatives exposure (including its use of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">reverse repurchase agreements) is limited through a VaR test. Rule 18f-4 may restrict the Fund’s ability to enter into </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">reverse repurchase agreements and/or increase the costs of such reverse repurchase agreements, which could adversely </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">affect the value of the Fund’s investments and/or the performance of the Fund.</div></div></div> <div style="line-height:11.16pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Securities Lending:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> To generate additional income, the Fund may lend portfolio securities, on a short- or long-term </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">basis, in an amount up to 33 </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 6pt; position: relative; top: -2.66pt; letter-spacing: 0px;display:inline;"> 1</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">∕</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 6pt; letter-spacing: 0px; top: 0px;display:inline;">3</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">% of the Fund’s total assets, to broker-dealers, major banks, or other recognized </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">domestic institutional borrowers of securities. When the Fund lends its securities, it is responsible for investing the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">cash collateral it receives from the borrower of the securities, and the Fund could incur losses in connection with the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">investment of such cash collateral. As with other extensions of credit, there are risks of delay in recovery or even loss </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">of rights in the collateral should the borrower default or fail financially. The Fund intends to engage in lending portfolio </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">securities only when such lending is fully secured by investment grade collateral held by an independent agent.</div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The Fund seeks to minimize investment risk by limiting the investment of cash collateral to high-quality instruments </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">of short maturity. In the event of a borrower default, the Fund will be protected to the extent the Fund is able to exercise </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">its rights in the collateral promptly and the value of such collateral is sufficient to purchase replacement securities. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The Fund is protected by its securities lending agent, which has agreed to indemnify the Fund from losses resulting </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">from borrower default.</div></div></div> <div style="line-height:11.16pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Short-Term Debt Instruments and Cash:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> Some of the Senior Loans in which the Fund invests are in the form of revolving </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">credits. In order to permit the Fund to meet its obligations under such loans and to advance additional funds on short </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">notice, the Fund normally maintains unused borrowing capacity that equals or exceeds the total of all unfunded portions </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">of loans in its portfolio. Short-term debt instruments are subject to the risk of the issuer’s inability or unwillingness </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">to meet principal and interest payments on the debt obligation and also may be subject to price volatility due to such </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">factors as market interest rates, market perception of the creditworthiness of the issuer, and general market liquidity.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Because short-term debt instruments pay interest at a fixed-rate, when market interest rates decline, the value of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the Fund’s short-term debt instruments can be expected to rise, and when market interest rates rise, the value of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">short-term debt instruments can be expected to decline.</div></div></div> <div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Special Situations:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> A </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> “</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> special situation</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> ”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> arises when, in a manager’s opinion, securities of a particular company will </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">appreciate in value within a reasonable period because of unique circumstances applicable to the company. Special </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">situations investments often involve much greater risk than is inherent in ordinary investments. Investments in special </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">situation companies may not appreciate and the Fund’s performance could suffer if an anticipated development does </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">not occur or does not produce the anticipated result.</div></div> <div style="line-height:11.16pt;text-align:justify"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Tax Qualification:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund intends to elect to be treated as a regulated investment company under the Code and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">intends each year to qualify and be eligible to be treated as such. If the Fund qualifies as a regulated investment </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">company, it generally will not be subject to U.S. federal income tax on its net investment income or net short-term or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">long-term capital gains distributed (or deemed distributed) to shareholders, provided that, for each taxable year, the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Fund distributes (or is treated as distributing) to its shareholders an amount equal to or exceeding 90% of its </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">investment </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">company taxable income</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> as that term is defined in the Code (which includes, among other things, dividends, taxable </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">interest and the excess of any net short-term capital gains over net long-term capital losses, as reduced by certain </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">deductible expenses). The Fund intends to distribute all or substantially all of its investment company taxable income </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">and net capital gain each year.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:10.974pt;margin-top:6pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">In order for the Fund to qualify as a regulated investment company in any taxable year, the Fund must, among other </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">things, meet certain asset diversification tests and at least 90% of its gross income for such year must be certain </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">types of qualifying income. If the Fund were to fail to meet the income or diversification test described above for any </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">taxable year, the Fund could in some cases cure the failure, including by paying a fund-level tax and, in the case of a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">diversification test failure, disposing of certain assets. If the Fund were ineligible to cure, or otherwise did not cure, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">such failure for any year, or were otherwise to fail to qualify as a regulated investment company accorded special tax </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">treatment in any taxable year, it would be subject to U.S. federal income tax, thereby subjecting any income earned </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">by the Fund to tax at the Fund level and, when such income is distributed, to a further tax as dividends at the shareholder </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">level to the extent of the Fund's current or accumulated earnings and profits.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6.00pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Some of the income and gain the Fund may recognize (such as income and gain from real estate assets received </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">upon foreclosure of a loan held by the Fund) generally does not constitute qualifying income, and whether certain </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">other income and gain that the Fund may recognize constitutes qualifying income is not certain. The Fund's investments </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">therefore may be limited by the Fund's intention to qualify as a regulated investment company and may bear on the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">Fund's ability to so qualify.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 10.974pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:10.974pt;margin-top:6.01pt;text-align:justify"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The Fund may hold certain investments that do not give rise to qualifying income through one or more wholly owned </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">subsidiaries treated as corporations for U.S. federal income tax purposes. Such subsidiaries will be required to pay </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">U.S. federal income tax on their earnings, which ultimately will reduce the yield on such investments. Depending on </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the assets held by the subsidiary and other considerations, a subsidiary may qualify and elect to be treated as a real </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">estate investment trust for U.S. federal income tax purposes, in which case such subsidiary generally would not be </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">subject to U.S. federal income tax to the extent such subsidiary timely distributes all its income and gains. The Fund </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">may not invest more than 25% of its total assets in (i) any one subsidiary or (ii) two or more subsidiaries that are </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">treated as being in the same, similar or related trades or businesses for purposes of the diversification tests applicable </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">to regulated investment companies.</div></div></div> <div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Temporary Defensive Positions:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> When market conditions make it advisable, the Fund may hold a portion of its assets </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">in cash and short-term interest bearing instruments. Moreover, in periods when, in the opinion of the manager, a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">temporary defensive position is appropriate, up to 100% of the Fund’s assets may be held in cash, short-term interest </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">bearing instruments and/or any other securities the manager considers consistent with a temporary defensive position. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may not achieve its investment objective when pursuing a temporary defensive position.</div></div> <div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Unsecured Debt Instruments and Subordinated Loans:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> Unsecured loans and subordinated loans share the same </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">credit risks as those discussed under </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">Risk Factors and Special Considerations - Credit (Loans)</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> except that unsecured </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">loans are not secured by any collateral of the borrower and subordinated loans are not the most senior debt in a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">borrower’s capital structure. Unsecured loans do not enjoy the security associated with collateralization and may pose </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">a greater risk of nonpayment of interest or loss of principal than do secured loans. The primary additional risk in a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">subordinated loan is the potential loss in the event of default by the issuer of the loan. Subordinated loans in an </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">insolvency bear an increased share, relative to senior secured lenders, of the ultimate risk that the borrower’s assets </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">are insufficient to meet its obligations to its creditors.</div></div> <div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Valuation of Loans:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund values its assets every day the New York Stock Exchange is open for regular trading. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">However, because the secondary market for floating rate loans is limited, it may be difficult to value loans, exposing </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the Fund to the risk that the price at which it sells loans will be less than the price at which they were valued when </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">held by the Fund. Reliable market value quotations may not be readily available for some loans, and determining the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">fair valuation of such loans may require more research than for securities that trade in a more active secondary market. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">In addition, elements of judgment may play a greater role in the valuation of loans than for securities that trade in a </div></div><div style="line-height:11.16pt;text-align:justify"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">more developed secondary market because there is less reliable, objective market value data available. If the Fund </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">purchases a relatively large portion of a loan, the limitations of the secondary market may inhibit the Fund from selling </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">a portion of the loan and reducing its exposure to a borrower when the manager deems it advisable to do so. Even if </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the Fund itself does not own a relatively large portion of a particular loan, the Fund, in combination with other similar </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">accounts under management by the same portfolio managers, may own large portions of loans. The aggregate amount </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">of holdings could create similar risks if and when the portfolio managers decide to sell those loans. These risks could </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">include, for example, the risk that the sale of an initial portion of the loan could be at a price lower than the price at </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">which the loan was valued by the Fund, the risk that the initial sale could adversely impact the price at which additional </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">portions of the loan are sold, and the risk that the foregoing events could warrant a reduced valuation being assigned </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">to the remaining portion of the loan still owned by the Fund.</div></div> <div style="margin-top:6pt"><div style="color: rgb(255, 128, 0); font-family: Arial; font-size: 9.765pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">When-Issued, Delayed Delivery, and Forward Commitment Transactions:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; line-height: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;"> When-issued, delayed delivery, and forward </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">commitment transactions involve the risk that the security the Fund buys will lose value prior to its delivery. These </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">transactions may result in leverage. The use of leverage may exaggerate any increase or decrease in the net asset </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">value, causing the Fund to be more volatile. The use of leverage may increase expenses and increase the impact of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the Fund’s other risks. There also is the risk that the security will not be issued or that the other party will not meet </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">security and any gain in the security’s price.</div></div> <div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Each Common Share of the Fund has one vote and shares equally in dividends and distributions, when and if, declared </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">by the Fund, and in the Fund's net assets upon liquidation.</div> <div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">There are no preemptive or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">conversion rights applicable to any of the Common Shares.</div> <div style="line-height:13.02pt;margin-top:8.00pt;text-align:left"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 11.16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Status of Shares</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 11.16pt; line-height: 13.02pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div></div><div style="line-height:10.974pt;margin-top:0.00pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">The following table sets forth information about the Fund's outstanding Common Shares as of June 5, 2026:</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 0.93pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:1.0pt;margin-top:6.00pt;text-align:left"><div style="margin-top:6pt"> </div></div><table cellpadding="0" cellspacing="0" style="text-align:start; border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;empty-cells:show;width:507pt"><tr style="height:38.5pt"><td style="background-color:#D8D8D8;border-bottom:0.5pt solid #000000;padding-bottom:3.125pt;padding-top:3.125pt;vertical-align:middle;width:260.68pt"><div style="line-height:11.5pt;text-align:left"><div style="margin-left:6pt;margin-right:14.18pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Title of Class</div></div></div></div></td><td style="background-color:#D8D8D8;border-bottom:0.5pt solid #000000;padding-bottom:3.125pt;padding-top:3.125pt;vertical-align:middle;width:90.03pt"><div style="line-height:11.5pt;text-align:left"><div style="margin-left:12.18pt;margin-right:12.18pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Number Authorized</div></div></div></div></td><td style="background-color:#D8D8D8;border-bottom:0.5pt solid #000000;padding-bottom:3.125pt;padding-top:3.125pt;vertical-align:middle;width:87.11pt"><div style="line-height:11.5pt;text-align:left"><div style="margin-left:12.18pt;margin-right:12.18pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Number Held By</div></div> </div><div style="margin-left:12.18pt;margin-right:12.18pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8.5pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">the Fund or for its</div></div> </div><div style="margin-left:12.18pt;margin-right:12.18pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8.5pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Own Account</div></div></div></div></td><td style="background-color:#D8D8D8;border-bottom:0.5pt solid #000000;padding-bottom:3.125pt;padding-top:3.125pt;vertical-align:middle;width:69.18pt"><div style="line-height:11.5pt;text-align:left"><div style="margin-left:12.18pt;margin-right:10pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Number</div></div> </div><div style="margin-left:12.18pt;margin-right:10pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8.5pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Outstanding</div></div></div></div></td></tr><tr style="height:15pt"><td style="padding-bottom:4pt;padding-top:3.125pt;vertical-align:middle;width:260.68pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:6pt;margin-right:14.18pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class A Common Shares</div></div></div></div></td><td style="padding-bottom:4pt;padding-top:3.125pt;vertical-align:middle;white-space:nowrap;width:90.03pt"><div style="line-height:9pt;margin-left:14.18pt;margin-right:14.18pt;text-align:center;width:61.68pt"><div style="display:flex;margin:auto;width:29.91pt"> <div style="display:flex;white-space:nowrap;width:29.91pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Unlimited</div></div> </div></div></td><td style="padding-bottom:4pt;padding-top:3.125pt;vertical-align:middle;white-space:nowrap;width:87.11pt"><div style="line-height:9pt;margin-left:14.18pt;margin-right:14.18pt;text-align:center;width:58.76pt"><div style="display:flex;margin:auto;width:6.09pt"><div style="display:flex;margin:auto;width:6.09pt"> <div style="display:flex;white-space:nowrap;width:6.09pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0</div></div> </div> </div></div></td><td style="padding-bottom:4pt;padding-top:3.125pt;vertical-align:middle;white-space:nowrap;width:69.18pt"><div style="line-height:9pt;margin-left:14.18pt;margin-right:6pt;text-align:center;width:42.5pt"><div style="display:flex;margin:auto;width:44.5pt"><div style="display:flex;margin:auto;width:44.5pt"> <div style="display:flex;white-space:nowrap;width:44.5pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">8,690,827.28</div></div> </div> </div></div></td></tr><tr style="height:13pt"><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:260.68pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:6pt;margin-right:14.18pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class C Common Shares</div></div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;white-space:nowrap;width:90.03pt"><div style="line-height:9pt;margin-left:14.18pt;margin-right:14.18pt;text-align:center;width:61.68pt"><div style="display:flex;margin:auto;width:29.91pt"> <div style="display:flex;white-space:nowrap;width:29.91pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Unlimited</div></div> </div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;white-space:nowrap;width:87.11pt"><div style="line-height:9pt;margin-left:14.18pt;margin-right:14.18pt;text-align:center;width:58.76pt"><div style="display:flex;margin:auto;width:6.09pt"><div style="display:flex;margin:auto;width:6.09pt"> <div style="display:flex;white-space:nowrap;width:6.09pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0</div></div> </div> </div></div></td><td style="background-color:#D8D8D8;padding-bottom:4pt;padding-top:4pt;vertical-align:middle;white-space:nowrap;width:69.18pt"><div style="line-height:9pt;margin-left:14.18pt;margin-right:6pt;text-align:center;width:42.5pt"><div style="display:flex;margin:auto;width:44.5pt"><div style="display:flex;margin:auto;width:44.5pt"> <div style="display:flex;white-space:nowrap;width:44.5pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 5.99pt; letter-spacing: 0px; top: 0px;display:inline;">190,950.57</div></div> </div> </div></div></td></tr><tr style="height:13pt"><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;width:260.68pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:6pt;margin-right:14.18pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class I Common Shares</div></div></div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;white-space:nowrap;width:90.03pt"><div style="line-height:9pt;margin-left:14.18pt;margin-right:14.18pt;text-align:center;width:61.68pt"><div style="display:flex;margin:auto;width:29.91pt"> <div style="display:flex;white-space:nowrap;width:29.91pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Unlimited</div></div> </div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;white-space:nowrap;width:87.11pt"><div style="line-height:9pt;margin-left:14.18pt;margin-right:14.18pt;text-align:center;width:58.76pt"><div style="display:flex;margin:auto;width:6.09pt"><div style="display:flex;margin:auto;width:6.09pt"> <div style="display:flex;white-space:nowrap;width:6.09pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0</div></div> </div> </div></div></td><td style="padding-bottom:4pt;padding-top:4pt;vertical-align:middle;white-space:nowrap;width:69.18pt"><div style="line-height:9pt;margin-left:14.18pt;margin-right:6pt;text-align:center;width:42.5pt"><div style="display:flex;margin:auto;width:44.5pt"><div style="display:flex;margin:auto;width:44.5pt"> <div style="display:flex;white-space:nowrap;width:44.5pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 5.99pt; letter-spacing: 0px; top: 0px;display:inline;">518,686.57</div></div> </div> </div></div></td></tr><tr style="height:10.5pt"><td style="background-color:#D8D8D8;padding-bottom:2pt;padding-top:4pt;vertical-align:middle;width:260.68pt"><div style="line-height:9pt;text-align:left"><div style="margin-left:6pt;margin-right:14.18pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class W Common Shares</div></div></div></div></td><td style="background-color:#D8D8D8;padding-bottom:2pt;padding-top:4pt;vertical-align:middle;white-space:nowrap;width:90.03pt"><div style="line-height:9pt;margin-left:14.18pt;margin-right:14.18pt;text-align:center;width:61.68pt"><div style="display:flex;margin:auto;width:29.91pt"> <div style="display:flex;white-space:nowrap;width:29.91pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Unlimited</div></div> </div></div></td><td style="background-color:#D8D8D8;padding-bottom:2pt;padding-top:4pt;vertical-align:middle;white-space:nowrap;width:87.11pt"><div style="line-height:9pt;margin-left:14.18pt;margin-right:14.18pt;text-align:center;width:58.76pt"><div style="display:flex;margin:auto;width:6.09pt"><div style="display:flex;margin:auto;width:6.09pt"> <div style="display:flex;white-space:nowrap;width:6.09pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0</div></div> </div> </div></div></td><td style="background-color:#D8D8D8;padding-bottom:2pt;padding-top:4pt;vertical-align:middle;white-space:nowrap;width:69.18pt"><div style="line-height:9pt;margin-left:14.18pt;margin-right:6pt;text-align:center;width:42.5pt"><div style="display:flex;margin:auto;width:44.5pt"><div style="display:flex;margin:auto;width:44.5pt"> <div style="display:flex;white-space:nowrap;width:44.5pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 5.99pt; letter-spacing: 0px; top: 0px;display:inline;">255,974.57</div></div> </div> </div></div></td></tr></table> Class A Common Shares 0 8690827.28 Class C Common Shares 0 190950.57 Class I Common Shares 0 518686.57 Class W Common Shares 0 255974.57 <div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">All Common Shares have equal rights to the payment of dividends and the distribution </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">of assets upon liquidation.</div> <div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">In the event </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">of any voluntary or involuntary liquidation, dissolution, or winding up of the affairs of the Fund, holders of Preferred </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Shares would be entitled to receive a preferential liquidating distribution (expected to equal the original purchase </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">price per share plus accumulated and unpaid dividends thereon, whether or not earned or declared) before any distribution </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.3pt; letter-spacing: 0px; top: 0px;display:inline;">of assets is made to holders of Common Shares.</div> Expense information has been restated to reflect current contractual rates. The Distributor will pay a dealer reallowance for Class A Common Shares from the sales charge. The Distributor will pay a sales commission for Class C Common Shares to authorized dealers from its own assets. Reduced for purchases of $100,000 and over for Class A Common Shares, please see “Sales Charges.” There is no front-end sales charge if you purchase Class A Common Shares in the amount of $500,000 or more. Class A Common Shares purchased in an amount of $500,000 or more are subject to a 1.00% EWC if repurchased by the Fund within 12 months of purchase. Class C Common Shares repurchased by the Fund within the first year after purchase will incur a 1.00% EWC. See “Sales Charges - Early Withdrawal Charge.” No EWC will be charged on repurchases that are due to the closing of shareholder accounts having a value of less than $1,000. Pursuant to the investment management agreement with the Fund, the Investment Adviser is paid a fee of 0.80% of the Fund's Managed Assets. For the description of “Managed Assets,” please see “Description of the Fund – Investment Adviser/Sub-Adviser” earlier in this Prospectus. Because the distribution fees payable by Class C Common Shares may be considered an asset-based sales charge, long-term shareholders in that class of the Fund may pay more than the economic equivalent of the maximum front-end sales charges permitted by the Financial Industry Regulatory Authority. Other Operating Expenses are estimated amounts for the current fiscal year. The Investment Adviser is contractually obligated to limit expenses of the Fund through July 1, 2027 (the “Expense Limitation Agreement”) to the following: Class A Common Shares – 1.25%; Class C Common Shares – 1.75%; Class I Common Shares - 1.00%; and Class W Common Shares - 1.00% of average daily net assets. The limitation does not extend to interest, taxes, other investment-related costs, leverage expenses, extraordinary expenses such as litigation or other expenses not incurred in the ordinary course of business, and expenses of any counsel or other persons or services retained by the Trustees who are not “interested persons” as that term is defined by the Investment Company Act of 1940, as amended. Modification of the Expense Limitation Agreement requires written agreement signed by each of the parties and approval by the Fund’s Board of Trustees (the “Board”). The Expense Limitation Agreement shall terminate with respect to the Fund upon termination of the Fund’s advisory agreement with the Investment Adviser, or it may be terminated by the Fund, without payment of any penalty, upon written notice to the Investment Adviser at its principal place of business.