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(HIX). 2026-04-30 <div style="margin-top:2pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following additional information is provided for the Fund as of the fiscal year ended April 30, 2026.</span></div> <div style="margin-top:6pt;"><span style="color:#40A6FF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Summary of Fund Expenses</span></div><table cellpadding="0" style="empty-cells:show;width:333pt; border-spacing: 0px;"> <tr style="height:8.15pt;"> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:301.02pt;"> <div style="line-height:10.6pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">Sales Load (as a percentage of offering price)</span><span style="color:#000000;font-family:Arial Narrow;font-size:5.33pt;margin-left:0.0pt;position:relative;top:-2pt;">(1)</span></div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:31.98pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:5pt;text-align:right;width:15.98pt;"> <div style="display:flex;margin:auto;width:17.98pt;"> <div style="display:flex;white-space:nowrap;width:17.98pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:17.98pt;">1.00</span></div> <div style="display:flex;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">%</span></div> </div> </div> </td> </tr> <tr style="height:11.3pt;"> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:301.02pt;"> <div style="line-height:10.6pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">Offering Expense (as a percentage of offering price)</span><span style="color:#000000;font-family:Arial Narrow;font-size:5.33pt;margin-left:0.0pt;position:relative;top:-2pt;">(2)</span></div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:31.98pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:5pt;text-align:right;width:15.98pt;"> <div style="display:flex;margin:auto;width:17.98pt;"> <div style="display:flex;white-space:nowrap;width:17.98pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:17.98pt;">0.16</span></div> <div style="display:flex;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">%</span></div> </div> </div> </td> </tr> <tr style="height:13.45pt;"> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:301.02pt;"> <div style="line-height:10.6pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">Dividend Reinvestment Plan Fees</span><span style="color:#000000;font-family:Arial Narrow;font-size:5.33pt;margin-left:0.0pt;position:relative;top:-2pt;">(3)</span></div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:31.98pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:5pt;text-align:right;width:15.98pt;"> <div style="display:flex;margin:auto;width:17.98pt;"> <div style="display:flex;white-space:nowrap;width:17.98pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:17.98pt;">5.00</span></div> </div> </div> </td> </tr> </table><div style="margin-top:3pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">(1) Represents the estimated commission with respect to the Common Stock being sold in at-the-market offerings. Jones Trading will be entitled to compensation of up to 1.00% of the gross proceeds of the sale of any Common Stock under the Sales Agreement, with the exact amount of such compensation to be mutually agreed upon in writing by the Fund and Jones Trading from time to time.</span></div><div style="margin-top:3pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">(2) Costs incurred by the Fund in connection with the shelf offering are recorded as a prepaid expense. These costs are amortized on a pro-rata basis as shares are sold and are presented as a reduction to the net proceeds from the sale of shares. Any deferred charges remaining at the end of the life of the shelf offering period will be expensed.</span></div><div style="margin-top:3pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">(3) Common Stockholders will pay brokerage charges if they direct the Plan Agent to sell shares of Common Stock held in a dividend reinvestment account. There are no fees charged to stockholders for participating in the Fund’s dividend reinvestment plan. However, stockholders participating in the Plan that elect to sell their shares obtained pursuant to the plan would pay $5.00 per transaction to sell shares.</span></div> as a percentage of offering price 0.01 as a percentage of offering price 0.0016 5 <div style="margin-top:6pt;"><span style="color:#40A6FF;font-family:Arial Narrow;font-size:10pt;">Annual Operating Expenses</span><span style="color:#000000;font-family:Arial Narrow;font-size:1pt;"> </span></div><table cellpadding="0" style="empty-cells:show;width:333pt; border-spacing: 0px;"> <tr style="height:36.65pt;"> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:267.85pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;"> </span></div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:65.15pt;"> <div style="line-height:10.1pt;text-align:left;"> <div style="margin-left:4pt;margin-right:8pt;text-align:Center;white-space:nowrap;"><span style="color:#40A6FF;font-family:Arial Narrow;font-size:7.5pt;">Percentage of</span> <br/></div> <div style="margin-left:4pt;margin-right:8pt;text-align:Center;white-space:nowrap;"><span style="color:#40A6FF;font-family:Arial Narrow;font-size:7.5pt;">Net Assets</span> <br/></div> <div style="margin-left:4pt;margin-right:8pt;text-align:Center;white-space:nowrap;"><span style="color:#40A6FF;font-family:Arial Narrow;font-size:7.5pt;">Attributable to</span> <br/></div> <div style="margin-left:4pt;margin-right:8pt;text-align:Center;white-space:nowrap;"><span style="color:#40A6FF;font-family:Arial Narrow;font-size:7.5pt;">Common Shares</span></div> </div> </td> </tr> <tr style="height:11.3pt;"> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:267.85pt;"> <div style="line-height:10.6pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">Management Fees</span><span style="color:#000000;font-family:Arial Narrow;font-size:5.33pt;margin-left:0.0pt;position:relative;top:-2pt;">(4)</span></div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:65.15pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:5pt;text-align:right;width:49.15pt;"> <div style="display:flex;margin:auto;width:14.43pt;"> <div style="display:flex;white-space:nowrap;width:14.43pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:14.43pt;">1.18</span></div> <div style="display:flex;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">%</span></div> </div> </div> </td> </tr> <tr style="height:11.3pt;"> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:267.85pt;"> <div style="line-height:10.6pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">Interest Payments on Borrowed Funds</span><span style="color:#000000;font-family:Arial Narrow;font-size:5.33pt;margin-left:0.0pt;position:relative;top:-2pt;">(5)</span></div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:65.15pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:5pt;text-align:right;width:49.15pt;"> <div style="display:flex;margin:auto;width:14.43pt;"> <div style="display:flex;white-space:nowrap;width:14.43pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:14.43pt;">2.32</span></div> <div style="display:flex;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">%</span></div> </div> </div> </td> </tr> <tr style="height:11.3pt;"> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:267.85pt;"> <div style="line-height:10.6pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">Other Expenses</span><span style="color:#000000;font-family:Arial Narrow;font-size:5.33pt;margin-left:0.0pt;position:relative;top:-2pt;">(6)</span></div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:65.15pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:5pt;text-align:right;width:49.15pt;"> <div style="display:flex;margin:auto;width:14.43pt;"> <div style="display:flex;white-space:nowrap;width:14.43pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:14.43pt;">0.33</span></div> <div style="display:flex;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">%</span></div> </div> </div> </td> </tr> <tr style="height:13.45pt;"> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:267.85pt;"> <div style="line-height:10.6pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#40A6FF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Total Annual Fund Operating Expenses</span></div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:65.15pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:5pt;text-align:right;width:49.15pt;"> <div style="display:flex;margin:auto;width:14.43pt;"> <div style="display:flex;white-space:nowrap;width:14.43pt;"><span style="color:#40A6FF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;width:14.43pt;">3.83</span></div> <div style="display:flex;"><span style="color:#40A6FF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;width:auto;">%</span></div> </div> </div> </td> </tr> </table><div style="margin-top:3pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">(4) The Investment Manager receives an annual fee, payable monthly, in an amount equal to 0.80% of the Fund’s average weekly “Managed Assets”. Managed Assets means net assets plus the amount of any borrowings (including loans from certain financial institutions, the use of reverse repurchase agreements and/or the issuance of debt securities, collectively “Borrowings”). For the purposes of this table, we have assumed that the Fund has utilized Borrowings in an aggregate amount of 32% of its Managed assets, which equals the average level of Borrowings for the Fund’s fiscal year ended April 30, 2026. If the Fund were to use Borrowings in excess of 32%, the amount of management fees paid to the Investment Manager would be higher because the fees paid are calculated on the Fund’s Managed Assets, which include assets purchased with Borrowings.</span></div><div style="margin-top:3pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">(5) The Fund has utilized Borrowings in an aggregate amount of 32% of its Managed Assets, which equals the average level of leverage for the Fund’s fiscal year ended April 30, 2026. The expenses and rates associated with leverage may vary.</span></div><div style="margin-top:3pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">(6) “Other Expenses” are based on amounts incurred in the fiscal year ended April 30, 2026.</span></div> <span style="color:#40A6FF;font-family:Arial Narrow;font-size:7.5pt;">Percentage of</span> <span style="color:#40A6FF;font-family:Arial Narrow;font-size:7.5pt;">Net Assets</span> <span style="color:#40A6FF;font-family:Arial Narrow;font-size:7.5pt;">Attributable to</span> <div style="margin-left:4pt;margin-right:8pt;text-align:Center;white-space:nowrap;"><span style="color:#40A6FF;font-family:Arial Narrow;font-size:7.5pt;">Common Shares</span></div> 0.0118 0.0232 0.0033 0.0383 Costs incurred by the Fund in connection with the shelf offering are recorded as a prepaid expense. These costs are amortized on a pro-rata basis as shares are sold and are presented as a reduction to the net proceeds from the sale of shares. Any deferred charges remaining at the end of the life of the shelf offering period will be expensed. The Investment Manager receives an annual fee, payable monthly, in an amount equal to 0.80% of the Fund’s average weekly “Managed Assets”. Managed Assets means net assets plus the amount of any borrowings (including loans from certain financial institutions, the use of reverse repurchase agreements and/or the issuance of debt securities, collectively “Borrowings”). For the purposes of this table, we have assumed that the Fund has utilized Borrowings in an aggregate amount of 32% of its Managed assets, which equals the average level of Borrowings for the Fund’s fiscal year ended April 30, 2026. If the Fund were to use Borrowings in excess of 32%, the amount of management fees paid to the Investment Manager would be higher because the fees paid are calculated on the Fund’s Managed Assets, which include assets purchased with Borrowings. “Other Expenses” are based on amounts incurred in the fiscal year ended April 30, 2026. <div style="line-height:11.13pt;text-align:left;"><span style="color:#40A6FF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Examples</span></div><div style="margin-top:2pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">An investor would pay the following expenses on a $1,000 investment in the Fund, assuming a 5% annual return:</span></div><table cellpadding="0" style="empty-cells:show;width:333pt; border-spacing: 0px;"> <tr style="height:8.15pt;"> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:77.75pt;"> <div style="line-height:10.1pt;text-align:left;"> <div style="margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#40A6FF;font-family:Arial Narrow;font-size:7.5pt;">One Year</span></div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:83.75pt;"> <div style="line-height:10.1pt;text-align:left;"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap;"><span style="color:#40A6FF;font-family:Arial Narrow;font-size:7.5pt;">Three Years</span></div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:83.75pt;"> <div style="line-height:10.1pt;text-align:left;"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap;"><span style="color:#40A6FF;font-family:Arial Narrow;font-size:7.5pt;">Five Years</span></div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:87.75pt;"> <div style="line-height:10.1pt;text-align:left;"> <div style="margin-left:4pt;margin-right:8pt;text-align:Center;white-space:nowrap;"><span style="color:#40A6FF;font-family:Arial Narrow;font-size:7.5pt;">Ten Years</span></div> </div> </td> </tr> <tr style="height:13.45pt;"> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:77.75pt;"> <div style="line-height:10.6pt;text-align:left;"> <div style="margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">$50</span></div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:83.75pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:71.75pt;"> <div style="display:flex;margin:auto;width:16.2pt;"> <div style="display:flex;white-space:nowrap;width:16.2pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:16.2pt;">128</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:83.75pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:71.75pt;"> <div style="display:flex;margin:auto;width:16.2pt;"> <div style="display:flex;white-space:nowrap;width:16.2pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:16.2pt;">207</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:87.75pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:5pt;text-align:right;width:71.75pt;"> <div style="display:flex;margin:auto;width:16.2pt;"> <div style="display:flex;white-space:nowrap;width:16.2pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:16.2pt;">413</span></div> </div> </div> </td> </tr> </table><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The above table and example are intended to assist investors in understanding the various costs and expenses directly or indirectly associated with investing in Shares of the Fund. The “Example” assumes that all dividends and other distributions are reinvested at net asset value and that the percentage amounts listed in the table above under Total Annual Operating Expenses remain the same in the years shown. The above table and example and the assumption in the example of a 5% annual return are required by regulations of the SEC that are applicable to all investment companies; the assumed 5% annual return is not a prediction of, and does not represent, the projected or actual performance of the Fund’s Common Shares.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">The example should not be considered a representation of past or future expenses, and the Fund’s actual expenses may be greater than or less than those shown. The Fund’s actual rate of return may be greater or less than the hypothetical 5% return shown in the example.</span></div> 50 128 207 413 <div style="margin-top:6pt;"><span style="color:#40A6FF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Market Price and Net Asset Valuation (NAV) Information</span></div><div style="margin-top:2pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s Common Stock is traded on the NYSE under the symbol “HIX”. The below table details for the period indicated the high and low closing market prices, the NAV, and premium to or discount from NAV, on the date of each of the high and low market </span></div><div style="line-height:11.5pt;margin-top:0.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">prices.</span><span style="color:#000000;font-family:Arial Narrow;font-size:1pt;"> </span></div><table cellpadding="0" style="empty-cells:show;width:333pt; border-spacing: 0px;"> <tr style="height:27.15pt;"> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:98.09pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;"> </span></div> </div> </td> <td colspan="2" style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:63.64pt;"> <div style="line-height:10.1pt;text-align:left;"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap;"><span style="color:#40A6FF;font-family:Arial Narrow;font-size:7.5pt;">Quarterly Closing</span> <br/></div> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap;"><span style="color:#40A6FF;font-family:Arial Narrow;font-size:7.5pt;">Market Price</span></div> </div> </td> <td colspan="2" style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:83.64pt;"> <div style="line-height:10.1pt;text-align:left;"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap;"><span style="color:#40A6FF;font-family:Arial Narrow;font-size:7.5pt;">Quarterly Closing</span> <br/></div> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap;"><span style="color:#40A6FF;font-family:Arial Narrow;font-size:7.5pt;">NAV Price</span> <br/></div> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap;"><span style="color:#40A6FF;font-family:Arial Narrow;font-size:7.5pt;">on Date of Market Price</span></div> </div> </td> <td colspan="2" style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:87.63pt;"> <div style="line-height:10.1pt;text-align:left;"> <div style="margin-left:4pt;margin-right:8pt;text-align:Center;white-space:nowrap;"><span style="color:#40A6FF;font-family:Arial Narrow;font-size:7.5pt;">Quarterly Closing</span> <br/></div> <div style="margin-left:4pt;margin-right:8pt;text-align:Center;white-space:nowrap;"><span style="color:#40A6FF;font-family:Arial Narrow;font-size:7.5pt;">Premium/(Discount)</span> <br/></div> <div style="margin-left:4pt;margin-right:8pt;text-align:Center;white-space:nowrap;"><span style="color:#40A6FF;font-family:Arial Narrow;font-size:7.5pt;">on Date of Market Price</span></div> </div> </td> </tr> <tr style="height:11.3pt;"> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:98.09pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;"> </span></div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:31.82pt;"> <div style="line-height:10.1pt;text-align:left;"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap;"><span style="color:#40A6FF;font-family:Arial Narrow;font-size:7.5pt;">High</span></div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:31.82pt;"> <div style="line-height:10.1pt;text-align:left;"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap;"><span style="color:#40A6FF;font-family:Arial Narrow;font-size:7.5pt;">Low</span></div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:41.82pt;"> <div style="line-height:10.1pt;text-align:left;"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap;"><span style="color:#40A6FF;font-family:Arial Narrow;font-size:7.5pt;">High</span></div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:41.82pt;"> <div style="line-height:10.1pt;text-align:left;"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap;"><span style="color:#40A6FF;font-family:Arial Narrow;font-size:7.5pt;">Low</span></div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:40.04pt;"> <div style="line-height:10.1pt;text-align:left;"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap;"><span style="color:#40A6FF;font-family:Arial Narrow;font-size:7.5pt;">High</span></div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:47.59pt;"> <div style="line-height:10.1pt;text-align:left;"> <div style="margin-left:4pt;margin-right:8pt;text-align:Center;white-space:nowrap;"><span style="color:#40A6FF;font-family:Arial Narrow;font-size:7.5pt;">Low</span></div> </div> </td> </tr> <tr style="height:11.3pt;"> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:98.09pt;"> <div style="line-height:10.6pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#40A6FF;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">Fiscal Year 2026:</span></div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:31.82pt;"> <div style="line-height:0.5pt;margin-left:6pt;margin-right:6pt;text-align:right;width:19.82pt;"> <div style="display:flex;margin:auto;width:17.98pt;"> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:31.82pt;"> <div style="line-height:0.5pt;margin-left:6pt;margin-right:6pt;text-align:right;width:19.82pt;"> <div style="display:flex;margin:auto;width:17.98pt;"> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:41.82pt;"> <div style="line-height:0.5pt;margin-left:6pt;margin-right:6pt;text-align:right;width:29.82pt;"> <div style="display:flex;margin:auto;width:17.98pt;"> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:41.82pt;"> <div style="line-height:0.5pt;margin-left:6pt;margin-right:6pt;text-align:right;width:29.82pt;"> <div style="display:flex;margin:auto;width:17.98pt;"> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:40.04pt;"> <div style="line-height:0.5pt;margin-left:6pt;margin-right:6pt;text-align:right;width:28.04pt;"> <div style="display:flex;margin:auto;width:24.2pt;"> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:47.59pt;"> <div style="line-height:0.5pt;margin-left:6pt;margin-right:5pt;text-align:right;width:31.59pt;"> <div style="display:flex;margin:auto;width:27.75pt;"> </div> </div> </td> </tr> <tr style="height:11.3pt;"> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:98.09pt;"> <div style="line-height:10.6pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:8pt;">July 31, 2025</span></div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:31.82pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:19.82pt;"> <div style="display:flex;margin:auto;width:17.98pt;"> <div style="display:flex;white-space:nowrap;width:17.98pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:17.98pt;">4.35</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:31.82pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:19.82pt;"> <div style="display:flex;margin:auto;width:17.98pt;"> <div style="display:flex;white-space:nowrap;width:17.98pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:17.98pt;">4.08</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:41.82pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:29.82pt;"> <div style="display:flex;margin:auto;width:17.98pt;"> <div style="display:flex;white-space:nowrap;width:17.98pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:17.98pt;">4.37</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:41.82pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:29.82pt;"> <div style="display:flex;margin:auto;width:17.98pt;"> <div style="display:flex;white-space:nowrap;width:17.98pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:17.98pt;">4.27</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:40.04pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:28.04pt;"> <div style="display:flex;margin:auto;width:24.2pt;"> <div style="display:flex;white-space:nowrap;width:24.2pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:24.2pt;">(0.46)%</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:47.59pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:5pt;text-align:right;width:31.59pt;"> <div style="display:flex;margin:auto;width:27.75pt;"> <div style="display:flex;white-space:nowrap;width:27.75pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:27.75pt;">(4.45)%</span></div> </div> </div> </td> </tr> <tr style="height:11.3pt;"> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:98.09pt;"> <div style="line-height:10.6pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:8pt;">October 31, 2025</span></div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:31.82pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:19.82pt;"> <div style="display:flex;margin:auto;width:17.98pt;"> <div style="display:flex;white-space:nowrap;width:17.98pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:17.98pt;">4.40</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:31.82pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:19.82pt;"> <div style="display:flex;margin:auto;width:17.98pt;"> <div style="display:flex;white-space:nowrap;width:17.98pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:17.98pt;">4.18</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:41.82pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:29.82pt;"> <div style="display:flex;margin:auto;width:17.98pt;"> <div style="display:flex;white-space:nowrap;width:17.98pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:17.98pt;">4.46</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:41.82pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:29.82pt;"> <div style="display:flex;margin:auto;width:17.98pt;"> <div style="display:flex;white-space:nowrap;width:17.98pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:17.98pt;">4.40</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:40.04pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:28.04pt;"> <div style="display:flex;margin:auto;width:24.2pt;"> <div style="display:flex;white-space:nowrap;width:24.2pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:24.2pt;">(1.35)%</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:47.59pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:5pt;text-align:right;width:31.59pt;"> <div style="display:flex;margin:auto;width:27.75pt;"> <div style="display:flex;white-space:nowrap;width:27.75pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:27.75pt;">(5.00)%</span></div> </div> </div> </td> </tr> <tr style="height:11.3pt;"> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:98.09pt;"> <div style="line-height:10.6pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:8pt;">January 30, 2026</span></div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:31.82pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:19.82pt;"> <div style="display:flex;margin:auto;width:17.98pt;"> <div style="display:flex;white-space:nowrap;width:17.98pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:17.98pt;">4.28</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:31.82pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:19.82pt;"> <div style="display:flex;margin:auto;width:17.98pt;"> <div style="display:flex;white-space:nowrap;width:17.98pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:17.98pt;">4.07</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:41.82pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:29.82pt;"> <div style="display:flex;margin:auto;width:17.98pt;"> <div style="display:flex;white-space:nowrap;width:17.98pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:17.98pt;">4.37</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:41.82pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:29.82pt;"> <div style="display:flex;margin:auto;width:17.98pt;"> <div style="display:flex;white-space:nowrap;width:17.98pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:17.98pt;">4.30</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:40.04pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:28.04pt;"> <div style="display:flex;margin:auto;width:24.2pt;"> <div style="display:flex;white-space:nowrap;width:24.2pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:24.2pt;">(2.06)%</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:47.59pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:5pt;text-align:right;width:31.59pt;"> <div style="display:flex;margin:auto;width:27.75pt;"> <div style="display:flex;white-space:nowrap;width:27.75pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:27.75pt;">(5.35)%</span></div> </div> </div> </td> </tr> <tr style="height:11.3pt;"> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:98.09pt;"> <div style="line-height:10.6pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:8pt;">April 30, 2026</span></div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:31.82pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:19.82pt;"> <div style="display:flex;margin:auto;width:17.98pt;"> <div style="display:flex;white-space:nowrap;width:17.98pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:17.98pt;">4.33</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:31.82pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:19.82pt;"> <div style="display:flex;margin:auto;width:17.98pt;"> <div style="display:flex;white-space:nowrap;width:17.98pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:17.98pt;">3.76</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:41.82pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:29.82pt;"> <div style="display:flex;margin:auto;width:17.98pt;"> <div style="display:flex;white-space:nowrap;width:17.98pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:17.98pt;">4.33</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:41.82pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:29.82pt;"> <div style="display:flex;margin:auto;width:17.98pt;"> <div style="display:flex;white-space:nowrap;width:17.98pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:17.98pt;">4.10</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:40.04pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:28.04pt;"> <div style="display:flex;margin:auto;width:24.2pt;"> <div style="display:flex;white-space:nowrap;width:24.2pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:24.2pt;">0.00%</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:47.59pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:5pt;text-align:right;width:31.59pt;"> <div style="display:flex;margin:auto;width:27.75pt;"> <div style="display:flex;white-space:nowrap;width:27.75pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:27.75pt;">(8.29)%</span></div> </div> </div> </td> </tr> <tr style="height:11.3pt;"> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:98.09pt;"> <div style="line-height:10.6pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#40A6FF;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">Fiscal Year 2025:</span></div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:31.82pt;"> <div style="line-height:0.5pt;margin-left:6pt;margin-right:6pt;text-align:right;width:19.82pt;"> <div style="display:flex;margin:auto;width:17.98pt;"> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:31.82pt;"> <div style="line-height:0.5pt;margin-left:6pt;margin-right:6pt;text-align:right;width:19.82pt;"> <div style="display:flex;margin:auto;width:17.98pt;"> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:41.82pt;"> <div style="line-height:0.5pt;margin-left:6pt;margin-right:6pt;text-align:right;width:29.82pt;"> <div style="display:flex;margin:auto;width:17.98pt;"> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:41.82pt;"> <div style="line-height:0.5pt;margin-left:6pt;margin-right:6pt;text-align:right;width:29.82pt;"> <div style="display:flex;margin:auto;width:17.98pt;"> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:40.04pt;"> <div style="line-height:0.5pt;margin-left:6pt;margin-right:6pt;text-align:right;width:28.04pt;"> <div style="display:flex;margin:auto;width:24.2pt;"> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:47.59pt;"> <div style="line-height:0.5pt;margin-left:6pt;margin-right:5pt;text-align:right;width:31.59pt;"> <div style="display:flex;margin:auto;width:27.75pt;"> </div> </div> </td> </tr> <tr style="height:11.3pt;"> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:98.09pt;"> <div style="line-height:10.6pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:8pt;">July 31, 2024</span></div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:31.82pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:19.82pt;"> <div style="display:flex;margin:auto;width:17.98pt;"> <div style="display:flex;white-space:nowrap;width:17.98pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:17.98pt;">4.52</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:31.82pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:19.82pt;"> <div style="display:flex;margin:auto;width:17.98pt;"> <div style="display:flex;white-space:nowrap;width:17.98pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:17.98pt;">4.34</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:41.82pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:29.82pt;"> <div style="display:flex;margin:auto;width:17.98pt;"> <div style="display:flex;white-space:nowrap;width:17.98pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:17.98pt;">4.57</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:41.82pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:29.82pt;"> <div style="display:flex;margin:auto;width:17.98pt;"> <div style="display:flex;white-space:nowrap;width:17.98pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:17.98pt;">4.53</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:40.04pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:28.04pt;"> <div style="display:flex;margin:auto;width:24.2pt;"> <div style="display:flex;white-space:nowrap;width:24.2pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:24.2pt;">(1.09)%</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:47.59pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:5pt;text-align:right;width:31.59pt;"> <div style="display:flex;margin:auto;width:27.75pt;"> <div style="display:flex;white-space:nowrap;width:27.75pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:27.75pt;">(4.19)%</span></div> </div> </div> </td> </tr> <tr style="height:11.3pt;"> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:98.09pt;"> <div style="line-height:10.6pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:8pt;">October 31, 2024</span></div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:31.82pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:19.82pt;"> <div style="display:flex;margin:auto;width:17.98pt;"> <div style="display:flex;white-space:nowrap;width:17.98pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:17.98pt;">4.53</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:31.82pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:19.82pt;"> <div style="display:flex;margin:auto;width:17.98pt;"> <div style="display:flex;white-space:nowrap;width:17.98pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:17.98pt;">4.31</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:41.82pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:29.82pt;"> <div style="display:flex;margin:auto;width:17.98pt;"> <div style="display:flex;white-space:nowrap;width:17.98pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:17.98pt;">4.64</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:41.82pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:29.82pt;"> <div style="display:flex;margin:auto;width:17.98pt;"> <div style="display:flex;white-space:nowrap;width:17.98pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:17.98pt;">4.49</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:40.04pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:28.04pt;"> <div style="display:flex;margin:auto;width:24.2pt;"> <div style="display:flex;white-space:nowrap;width:24.2pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:24.2pt;">(2.37)%</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:47.59pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:5pt;text-align:right;width:31.59pt;"> <div style="display:flex;margin:auto;width:27.75pt;"> <div style="display:flex;white-space:nowrap;width:27.75pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:27.75pt;">(4.01)%</span></div> </div> </div> </td> </tr> <tr style="height:11.3pt;"> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:98.09pt;"> <div style="line-height:10.6pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:8pt;">January 31, 2025</span></div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:31.82pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:19.82pt;"> <div style="display:flex;margin:auto;width:17.98pt;"> <div style="display:flex;white-space:nowrap;width:17.98pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:17.98pt;">4.53</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:31.82pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:19.82pt;"> <div style="display:flex;margin:auto;width:17.98pt;"> <div style="display:flex;white-space:nowrap;width:17.98pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:17.98pt;">4.18</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:41.82pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:29.82pt;"> <div style="display:flex;margin:auto;width:17.98pt;"> <div style="display:flex;white-space:nowrap;width:17.98pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:17.98pt;">4.56</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:41.82pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:29.82pt;"> <div style="display:flex;margin:auto;width:17.98pt;"> <div style="display:flex;white-space:nowrap;width:17.98pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:17.98pt;">4.44</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:40.04pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:28.04pt;"> <div style="display:flex;margin:auto;width:24.2pt;"> <div style="display:flex;white-space:nowrap;width:24.2pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:24.2pt;">(0.66)%</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:47.59pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:5pt;text-align:right;width:31.59pt;"> <div style="display:flex;margin:auto;width:27.75pt;"> <div style="display:flex;white-space:nowrap;width:27.75pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:27.75pt;">(5.86)%</span></div> </div> </div> </td> </tr> <tr style="height:13.45pt;"> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:98.09pt;"> <div style="line-height:10.6pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:8pt;">April 30, 2025</span></div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:31.82pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:19.82pt;"> <div style="display:flex;margin:auto;width:17.98pt;"> <div style="display:flex;white-space:nowrap;width:17.98pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:17.98pt;">4.41</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:31.82pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:19.82pt;"> <div style="display:flex;margin:auto;width:17.98pt;"> <div style="display:flex;white-space:nowrap;width:17.98pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:17.98pt;">3.75</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:41.82pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:29.82pt;"> <div style="display:flex;margin:auto;width:17.98pt;"> <div style="display:flex;white-space:nowrap;width:17.98pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:17.98pt;">4.49</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:41.82pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:29.82pt;"> <div style="display:flex;margin:auto;width:17.98pt;"> <div style="display:flex;white-space:nowrap;width:17.98pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:17.98pt;">4.18</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:40.04pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:28.04pt;"> <div style="display:flex;margin:auto;width:24.2pt;"> <div style="display:flex;white-space:nowrap;width:24.2pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:24.2pt;">(1.78)%</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:47.59pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:5pt;text-align:right;width:31.59pt;"> <div style="display:flex;margin:auto;width:27.75pt;"> <div style="display:flex;white-space:nowrap;width:27.75pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:27.75pt;">(10.29)%</span></div> </div> </div> </td> </tr> </table><div style="margin-top:3pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">Source of market prices: NYSE.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The NAV per Common Share on April 30, 2026 was $4.18 and the market price per Common Stock at the close of business on April 30, 2026 was $4.02, representing a 3.83% discount from such net asset value. As of April 30, 2026, the Fund has 90,069,708 outstanding shares of Common Stock.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Shares of a closed-end investment company may frequently trade at prices lower than NAV. The Fund’s Common Stock has traded in the market below, at and above net asset value since the commencement of the Fund’s operations. The Fund cannot determine the reasons why the Fund’s Common Stock trades at a premium to or discount from NAV, nor can the Fund predict whether its Stock will trade in the future at a premium to or discount from NAV, or the level of any premium or discount. The Board regularly monitors the relationship between the market price and NAV of the Common Stock. If the Common Stock were to trade at a substantial discount to NAV for an extended period of time, the Board may consider the repurchase of the Fund’s Common Stock on the open market, the making of a tender offer for such shares or other programs intended to reduce the discount. The Fund cannot assure you that its Board will decide to take or propose any of these actions, or that </span></div><div style="line-height:11.5pt;margin-top:0.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">share repurchases or tender offers will actually reduce market discount.</span></div> 4.35 4.08 4.37 4.27 -0.0046 -0.0445 4.4 4.18 4.46 4.4 -0.0135 -0.05 4.28 4.07 4.37 4.3 -0.0206 -0.0535 4.33 3.76 4.33 4.1 0 -0.0829 4.52 4.34 4.57 4.53 -0.0109 -0.0419 4.53 4.31 4.64 4.49 -0.0237 -0.0401 4.53 4.18 4.56 4.44 -0.0066 -0.0586 4.41 3.75 4.49 4.18 -0.0178 -0.1029 4.18 4.02 0.0383 90069708 <div style="margin-top:6pt;"><span style="color:#40A6FF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Senior Securities Table</span></div><div style="margin-top:2pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund engaged in senior securities during the prior ten years as follows:</span><span style="color:#000000;font-family:Arial Narrow;font-size:1pt;"> </span></div><table cellpadding="0" style="empty-cells:show;width:333pt; border-spacing: 0px;"> <tr style="height:46.15pt;"> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:191.57pt;"> <div style="line-height:10.1pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#40A6FF;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Fiscal Year Ended</span></div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:53.24pt;"> <div style="line-height:10.1pt;text-align:left;"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap;"><span style="color:#40A6FF;font-family:Arial Narrow;font-size:7.5pt;">Total</span> <br/></div> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap;"><span style="color:#40A6FF;font-family:Arial Narrow;font-size:7.5pt;">Amount</span> <br/></div> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap;"><span style="color:#40A6FF;font-family:Arial Narrow;font-size:7.5pt;">Outstanding</span><span style="color:#40A6FF;font-family:Arial Narrow;font-size:5pt;position:relative;top:-1.88pt;">(1)</span></div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:46.97pt;"> <div style="line-height:10.1pt;text-align:left;"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap;"><span style="color:#40A6FF;font-family:Arial Narrow;font-size:7.5pt;">Asset</span> <br/></div> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap;"><span style="color:#40A6FF;font-family:Arial Narrow;font-size:7.5pt;">Coverage</span> <br/></div> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap;"><span style="color:#40A6FF;font-family:Arial Narrow;font-size:7.5pt;">per $1,000</span><span style="color:#40A6FF;font-family:Arial Narrow;font-size:5pt;position:relative;top:-1.88pt;">(2)</span></div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:41.22pt;"> <div style="line-height:10.1pt;text-align:left;"> <div style="margin-left:4pt;margin-right:8pt;text-align:Center;white-space:nowrap;"><span style="color:#40A6FF;font-family:Arial Narrow;font-size:7.5pt;">Average</span> <br/></div> <div style="margin-left:4pt;margin-right:8pt;text-align:Center;white-space:nowrap;"><span style="color:#40A6FF;font-family:Arial Narrow;font-size:7.5pt;">Market</span> <br/></div> <div style="margin-left:4pt;margin-right:8pt;text-align:Center;white-space:nowrap;"><span style="color:#40A6FF;font-family:Arial Narrow;font-size:7.5pt;">Value</span> <br/></div> <div style="margin-left:4pt;margin-right:8pt;text-align:Center;white-space:nowrap;"><span style="color:#40A6FF;font-family:Arial Narrow;font-size:7.5pt;">Per</span> <br/></div> <div style="margin-left:4pt;margin-right:8pt;text-align:Center;white-space:nowrap;"><span style="color:#40A6FF;font-family:Arial Narrow;font-size:7.5pt;">Unit</span><span style="color:#40A6FF;font-family:Arial Narrow;font-size:5pt;position:relative;top:-1.88pt;">(3)</span></div> </div> </td> </tr> <tr style="height:11.3pt;"> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:191.57pt;"> <div style="line-height:10.6pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#40A6FF;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">Revolving Credit Facility:</span></div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:53.24pt;"> <div style="line-height:0.5pt;margin-left:6pt;margin-right:6pt;text-align:right;width:41.24pt;"> <div style="display:flex;margin:auto;width:41.06pt;"> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:46.97pt;"> <div style="line-height:0.5pt;margin-left:6pt;margin-right:6pt;text-align:right;width:34.97pt;"> <div style="display:flex;margin:auto;width:21.53pt;"> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:41.22pt;"> <div style="line-height:0.5pt;margin-left:6pt;margin-right:5pt;text-align:right;width:25.22pt;"> <div style="display:flex;margin:auto;width:13.99pt;"> </div> </div> </td> </tr> <tr style="height:11.3pt;"> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:191.57pt;"> <div style="line-height:10.6pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:8pt;">April 30, 2026*</span></div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:53.24pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:41.24pt;"> <div style="display:flex;margin:auto;width:41.06pt;"> <div style="display:flex;white-space:nowrap;width:41.06pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:41.06pt;">157,000,000</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:46.97pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:34.97pt;"> <div style="display:flex;margin:auto;width:21.53pt;"> <div style="display:flex;white-space:nowrap;width:21.53pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.53pt;">3,398</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:41.22pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:5pt;text-align:right;width:25.22pt;"> <div style="display:flex;margin:auto;width:13.99pt;"> <div style="display:flex;white-space:nowrap;width:13.99pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:13.99pt;"><span style="-sec-ix-hidden: hidden-fact-0">N/A</span></span></div> </div> </div> </td> </tr> <tr style="height:11.3pt;"> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:191.57pt;"> <div style="line-height:10.6pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:8pt;">April 30, 2025*</span></div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:53.24pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:41.24pt;"> <div style="display:flex;margin:auto;width:41.06pt;"> <div style="display:flex;white-space:nowrap;width:41.06pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:41.06pt;">157,000,000</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:46.97pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:34.97pt;"> <div style="display:flex;margin:auto;width:21.53pt;"> <div style="display:flex;white-space:nowrap;width:21.53pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.53pt;">3,443</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:41.22pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:5pt;text-align:right;width:25.22pt;"> <div style="display:flex;margin:auto;width:13.99pt;"> <div style="display:flex;white-space:nowrap;width:13.99pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:13.99pt;"><span style="-sec-ix-hidden: hidden-fact-1">N/A</span></span></div> </div> </div> </td> </tr> <tr style="height:11.3pt;"> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:191.57pt;"> <div style="line-height:10.6pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:8pt;">April 30, 2024*</span></div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:53.24pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:41.24pt;"> <div style="display:flex;margin:auto;width:41.06pt;"> <div style="display:flex;white-space:nowrap;width:41.06pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:41.06pt;">147,000,000</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:46.97pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:34.97pt;"> <div style="display:flex;margin:auto;width:21.53pt;"> <div style="display:flex;white-space:nowrap;width:21.53pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.53pt;">3,752</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:41.22pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:5pt;text-align:right;width:25.22pt;"> <div style="display:flex;margin:auto;width:13.99pt;"> <div style="display:flex;white-space:nowrap;width:13.99pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:13.99pt;"><span style="-sec-ix-hidden: hidden-fact-2">N/A</span></span></div> </div> </div> </td> </tr> <tr style="height:11.3pt;"> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:191.57pt;"> <div style="line-height:10.6pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:8pt;">April 30, 2023*</span></div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:53.24pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:41.24pt;"> <div style="display:flex;margin:auto;width:41.06pt;"> <div style="display:flex;white-space:nowrap;width:41.06pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:41.06pt;">106,000,000</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:46.97pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:34.97pt;"> <div style="display:flex;margin:auto;width:21.53pt;"> <div style="display:flex;white-space:nowrap;width:21.53pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.53pt;">3,959</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:41.22pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:5pt;text-align:right;width:25.22pt;"> <div style="display:flex;margin:auto;width:13.99pt;"> <div style="display:flex;white-space:nowrap;width:13.99pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:13.99pt;"><span style="-sec-ix-hidden: hidden-fact-3">N/A</span></span></div> </div> </div> </td> </tr> <tr style="height:11.3pt;"> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:191.57pt;"> <div style="line-height:10.6pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:8pt;">April 30, 2022*</span></div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:53.24pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:41.24pt;"> <div style="display:flex;margin:auto;width:41.06pt;"> <div style="display:flex;white-space:nowrap;width:41.06pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:41.06pt;">154,500,000</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:46.97pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:34.97pt;"> <div style="display:flex;margin:auto;width:21.53pt;"> <div style="display:flex;white-space:nowrap;width:21.53pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.53pt;">3,236</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:41.22pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:5pt;text-align:right;width:25.22pt;"> <div style="display:flex;margin:auto;width:13.99pt;"> <div style="display:flex;white-space:nowrap;width:13.99pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:13.99pt;"><span style="-sec-ix-hidden: hidden-fact-4">N/A</span></span></div> </div> </div> </td> </tr> <tr style="height:11.3pt;"> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:191.57pt;"> <div style="line-height:10.6pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:8pt;">April 30, 2021*</span></div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:53.24pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:41.24pt;"> <div style="display:flex;margin:auto;width:41.06pt;"> <div style="display:flex;white-space:nowrap;width:41.06pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:41.06pt;">158,000,000</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:46.97pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:34.97pt;"> <div style="display:flex;margin:auto;width:21.53pt;"> <div style="display:flex;white-space:nowrap;width:21.53pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.53pt;">3,654</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:41.22pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:5pt;text-align:right;width:25.22pt;"> <div style="display:flex;margin:auto;width:13.99pt;"> <div style="display:flex;white-space:nowrap;width:13.99pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:13.99pt;"><span style="-sec-ix-hidden: hidden-fact-5">N/A</span></span></div> </div> </div> </td> </tr> <tr style="height:11.3pt;"> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:191.57pt;"> <div style="line-height:10.6pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:8pt;">April 30, 2020*</span></div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:53.24pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:41.24pt;"> <div style="display:flex;margin:auto;width:41.06pt;"> <div style="display:flex;white-space:nowrap;width:41.06pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:41.06pt;">208,000,000</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:46.97pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:34.97pt;"> <div style="display:flex;margin:auto;width:21.53pt;"> <div style="display:flex;white-space:nowrap;width:21.53pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.53pt;">3,506</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:41.22pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:5pt;text-align:right;width:25.22pt;"> <div style="display:flex;margin:auto;width:13.99pt;"> <div style="display:flex;white-space:nowrap;width:13.99pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:13.99pt;"><span style="-sec-ix-hidden: hidden-fact-6">N/A</span></span></div> </div> </div> </td> </tr> <tr style="height:11.3pt;"> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:191.57pt;"> <div style="line-height:10.6pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:8pt;">April 30, 2019*</span></div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:53.24pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:41.24pt;"> <div style="display:flex;margin:auto;width:41.06pt;"> <div style="display:flex;white-space:nowrap;width:41.06pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:41.06pt;">246,500,000</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:46.97pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:34.97pt;"> <div style="display:flex;margin:auto;width:21.53pt;"> <div style="display:flex;white-space:nowrap;width:21.53pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.53pt;">3,524</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:41.22pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:5pt;text-align:right;width:25.22pt;"> <div style="display:flex;margin:auto;width:13.99pt;"> <div style="display:flex;white-space:nowrap;width:13.99pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:13.99pt;"><span style="-sec-ix-hidden: hidden-fact-7">N/A</span></span></div> </div> </div> </td> </tr> <tr style="height:11.3pt;"> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:191.57pt;"> <div style="line-height:10.6pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:8pt;">April 30, 2018</span></div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:53.24pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:41.24pt;"> <div style="display:flex;margin:auto;width:41.06pt;"> <div style="display:flex;white-space:nowrap;width:41.06pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:41.06pt;">235,000,000</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:46.97pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:34.97pt;"> <div style="display:flex;margin:auto;width:21.53pt;"> <div style="display:flex;white-space:nowrap;width:21.53pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.53pt;">3,710</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:41.22pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:5pt;text-align:right;width:25.22pt;"> <div style="display:flex;margin:auto;width:13.99pt;"> <div style="display:flex;white-space:nowrap;width:13.99pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:13.99pt;"><span style="-sec-ix-hidden: hidden-fact-8">N/A</span></span></div> </div> </div> </td> </tr> <tr style="height:13.45pt;"> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;width:191.57pt;"> <div style="line-height:10.6pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:8pt;">April 30, 2017</span></div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:53.24pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:41.24pt;"> <div style="display:flex;margin:auto;width:41.06pt;"> <div style="display:flex;white-space:nowrap;width:41.06pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:41.06pt;">240,000,000</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:46.97pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:6pt;text-align:right;width:34.97pt;"> <div style="display:flex;margin:auto;width:21.53pt;"> <div style="display:flex;white-space:nowrap;width:21.53pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">$</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:21.53pt;">3,796</span></div> </div> </div> </td> <td style="border-bottom:0.3pt solid #B2B2B2;padding-bottom:1.65pt;padding-top:1.65pt;vertical-align:Bottom;white-space:nowrap;width:41.22pt;"> <div style="line-height:10.6pt;margin-left:6pt;margin-right:5pt;text-align:right;width:25.22pt;"> <div style="display:flex;margin:auto;width:13.99pt;"> <div style="display:flex;white-space:nowrap;width:13.99pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:13.99pt;"><span style="-sec-ix-hidden: hidden-fact-9">N/A</span></span></div> </div> </div> </td> </tr> </table><div style="margin-top:3pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">* The Fund had open reverse repurchase agreements at April 30, 2026, 2025, 2024, 2023, 2022, 2021, 2020 and 2019.</span></div><div style="margin-top:3pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">(1) Total amount of senior securities outstanding at the end of the period presented.</span></div><div style="margin-top:3pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">(2) Asset coverage per $1,000 of indebtedness is the value of net assets plus the senior securities outstanding at the end of the period divided by the senior securities outstanding at the end of the period.</span></div><div style="margin-top:3pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">(3) Not applicable, as these senior securities were not registered for public trading.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:9.5pt;"> </span></div> 157000000 3398 157000000 3443 147000000 3752 106000000 3959 154500000 3236 158000000 3654 208000000 3506 246500000 3524 235000000 3710 240000000 3796 <div style="margin-top:3pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">* The Fund had open reverse repurchase agreements at April 30, 2026, 2025, 2024, 2023, 2022, 2021, 2020 and 2019.</span></div><div style="margin-top:3pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">(1) Total amount of senior securities outstanding at the end of the period presented.</span></div><div style="margin-top:3pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">(2) Asset coverage per $1,000 of indebtedness is the value of net assets plus the senior securities outstanding at the end of the period divided by the senior securities outstanding at the end of the period.</span></div><div style="margin-top:3pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">(3) Not applicable, as these senior securities were not registered for public trading.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:9.5pt;"> </span></div> Not applicable, as these senior securities were not registered for public trading. <div style="float:left;margin-left:27.5pt;margin-top:6.0pt;width:333pt;min-height:480pt;"> <div style="line-height:10.0pt;text-align:left;"><span style="color:#40A6FF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment Objectives</span></div> <div style="line-height:12.0pt;margin-top:2pt;text-align:left;"> <div style="margin-top:2pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s primary investment objective is to maximize current income by investing at least 80% of its net assets, plus any borrowings for investment purposes, in high-yield debt securities. As a secondary objective, the Fund seeks capital appreciation to the extent consistent with its objective of seeking to maximize current income.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"> <div style="margin-top:6pt;"><span style="color:#40A6FF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal Investment Policies and Strategies</span></div> </div> <div style="line-height:12.0pt;margin-top:2pt;text-align:left;"> <div style="margin-top:2pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund will invest at least 80% of its net assets plus any borrowings for investment purposes in high-yield debt securities. The Fund’s investment manager is free to invest in debt securities of any maturity. Certain of the debt securities purchased by the Fund may be rated as low as “C” by Moody’s Investor Service (“Moody’s”) or “D” by Standard &amp; Poor’s Ratings Services (“S&amp;P”) or may be comparable to securities so rated. The Fund is not required to dispose of a debt security if its credit rating or credit quality declines.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests up to 35% of its total assets in debt securities of issuers located in emerging market countries. “Emerging market country” is defined to include any country which is, at the time of investment, (i) represented in the J.P. Morgan Emerging Market Bond Index Global or the J.P. Morgan Corporate Emerging Market Bond Index Broad or (ii) categorized by the World Bank in its annual categorization as middle- or low-income. The Fund may also invest in securities denominated in currencies of emerging market countries. There is no minimum rating criteria for the Fund’s investments in such securities. The Fund’s investments in debt securities of emerging market issuers may include dollar and non-dollar-denominated (a) debt obligations issued or guaranteed by foreign national, provincial, state, municipal or other governments with taxing authority or by their agencies or instrumentalities; (b) debt obligations of supranational entities; (c) debt obligations and other fixed-income securities of foreign corporate issuers; (d) debt obligations of U.S. corporate issuers; and (e) debt securities issued by corporations that generate significant profits from emerging market countries.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest up to 30% of its assets in zero coupon securities, pay-in-kind bonds and deferred payment securities. The Fund may also invest up to 20% of its total assets in common stock, convertible securities, warrants, preferred stock or other equity securities of U.S. and foreign issuers when consistent with its objectives.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in high-yield foreign and U.S. corporate securities including bonds, debentures, notes, commercial paper and preferred stock and will generally be unsecured. The Fund may invest in corporate debt securities with variable rates of interest or which involve equity features, such as contingent interest or participations based on revenues, sales or profits (i.e., interest or other payments, often in addition to a fixed rate of return, that are based on the borrower’s attainment of specified levels of revenues, sales or profits </span></div> </div> </div><div style="float:left;margin-left:27.5pt;margin-top:6.0pt;width:333pt;min-height:480pt;"> <div style="line-height:12.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">and thus enable the holder of the security to share in the potential success of the venture). The Fund may invest in high-yield debt securities with floating interest rates.</span></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in fixed and floating rate loans arranged through private negotiations between a corporate borrower or a foreign sovereign entity and one or more financial institutions in the form of participations in loans and assignments of all or a portion of loans from third parties.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In times of adverse market conditions, the Fund may employ alternative strategies, including investment of a substantial portion of the Fund’s assets in securities rated higher than “Baa” by Moody’s or “BBB” by S&amp;P, or in unrated securities of comparable quality. In addition, in order to maintain liquidity, the Fund may invest up to 35% of its total assets in high- quality short-term money market instruments. Such instruments may include obligations of the U.S. Government or its agencies or instrumentalities; commercial paper of issuers rated, at the time of purchase, A-2 or better by S&amp;P or P-2 or better by Moody’s or which, in the opinion of management, are of comparable creditworthiness; certificates of deposit, banker’s acceptances or time deposits of United States banks with total assets of at least $1 billion (including obligations of foreign branches of such banks) and of the 75 largest foreign commercial banks in terms of total assets (including domestic branches of such banks); and repurchase agreements with respect to the foregoing obligations.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In times of adverse market conditions, the Fund may invest its assets without limit in high-quality short-term money market instruments.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Pursuant to the 1940 Act, the Fund may use leverage through borrowings in an aggregate amount of up to approximately 33 1/3% of the Fund’s total assets less all liabilities and indebtedness not represented by senior securities (for these purposes, “total net assets”) immediately after such borrowings. Furthermore, the Fund may use leverage through the issuance of preferred stock in an aggregate amount of liquidation preference attributable to the preferred stock combined with the aggregate amount of any borrowings of up to approximately 50% of the Fund’s total net assets immediately after such issuance.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may, in addition to engaging in the transactions described above, borrow money for temporary or emergency purposes (including, for example, clearance of transactions, share repurchases or payments of dividends to stockholders) in an amount not exceeding 5% of the value of the fund’s total assets (including the amount borrowed).</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under Rule 18f-4(d), the Fund may enter into reverse repurchase agreements or similar financing transactions in reliance on the rule if the Fund either (i) complies with the asset coverage requirements of Section 18 of the 1940 Act, and combines the aggregate amount of indebtedness associated with all reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing </span></div> </div> </div><div style="float:left;margin-left:27.5pt;margin-top:67.5pt;width:333pt;min-height:480pt;"> <div style="line-height:12.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">indebtedness when calculating its asset coverage ratio; or (ii) treats all reverse repurchase agreements or similar financing transactions as derivatives transactions for all purposes under the rule.</span></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may engage in currency transactions with counterparties to hedge the value of portfolio securities denominated in particular currencies against fluctuations in relative value or to generate income or gain. Currency transactions include currency forward contracts, exchange-listed currency futures contracts and options thereon, exchange-listed and OTC options on currencies and currency swaps.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may use a variety of derivative instruments as part of its investment strategies or for hedging or risk management purposes. Examples of derivative instruments that the fund may use include options contracts, futures contracts, options on futures contracts, credit default swaps and other swap agreements. The Fund may purchase and sell futures contracts, purchase and sell (or write) exchange-listed and over-the-counter put and call options on securities, financial indices and futures contracts, enter into various interest rate and currency transactions and enter into other similar transactions which may be developed in the future to the extent the management determines that they are consistent with the fund’s investment objectives and policies and applicable regulatory requirements. The Fund may use any or all of these techniques at any time, and the use of any particular derivative transaction will depend on market conditions.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may enter into interest rate swaps and may purchase interest rate caps, floors and collars and may sell interest rate caps, floors and collars that it has purchased.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may also enter into (a) contracts for the purchase or sale for future delivery (“futures contracts”) of debt securities, aggregates of securities, indices based upon the prices thereof and other financial indices and (b) put or call options on such futures contracts.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may purchase or sell exchange-traded or over-the-counter put or call options on securities and indices based upon the prices, yields or spreads of securities.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may purchase securities on a firm commitment basis, including when-issued securities. The Fund may also invest in delayed-delivery securities.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may lend portfolio securities to brokers or dealers or other financial institutions. The Fund does not currently intend to make loans of portfolio securities with a value in excess of 33 1/3% of the value of its total assets.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest, without limitation, in illiquid securities, which are securities that cannot be sold within seven days at a price which the fund would determine to be fair value. The Fund may purchase Rule 144A securities for which there is a secondary market of qualified institutional buyers, as defined in Rule 144A promulgated under the Securities </span></div> </div> </div><div style="line-height:12.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Act. The Fund may purchase securities for which there is a limited trading market or which are subject to restrictions on resale to the public.</span></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in dollar rolls, asset-backed securities and mortgage-backed securities.</span></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in securities of other investment companies to the extent that these investments are consistent with the Fund’s investment objective, strategies and policies and permissible under the 1940 Act. The Fund may also invest in securities of private funds that rely on exceptions from the definition of investment company under Sections 3(c)(1) or 3(c)(7) of the 1940 Act, structured finance vehicles or other entities not traditionally considered pooled investment vehicles, and companies that rely on the exceptions from the definition of investment company under Section 3(c)(5)(A) or (B) of the 1940 Act. The Fund may invest in portfolio affiliates of the Fund within the meaning of, and in reliance on, Rules 17a-6 and 17d-1(d)(5) under the 1940 Act. The Fund may invest in other investment companies to gain broad market or sector exposure, including during periods when it has large amounts of uninvested cash or when Western Asset believes that share prices of other investment companies offer attractive values. In general, under the 1940 Act, an investment company may not (i) own more than 3% of the outstanding voting securities of any one registered investment company, (ii) invest more than 5% of its total assets in the securities of any single registered investment company or (iii) invest more than 10% of its total assets in securities of other registered investment companies (the “3-5-10% Limitations”). The Fund may rely on certain exemptions to exceed the 3-5-10% Limitations when investing in another registered investment company (including money market funds) or business development company. To the extent that the Fund invests in another investment company, because other investment companies pay advisory, administrative and service fees that are borne indirectly by investors, such as the Fund, there may be duplication of investment management and other fees.</span></div> </div> <div style="margin-top:6pt;"><span style="color:#40A6FF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal Risk Factors</span></div><div style="margin-top:2pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">There is no assurance that the Fund will meet its investment objectives. You may lose money on your investment in the Fund. The value of the Fund’s shares may go up or down, sometimes rapidly and unpredictably. Market conditions, financial conditions of issuers represented in the Fund’s portfolio, investment strategies, portfolio management, and other factors affect the volatility of the Fund’s shares. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following section includes a summary of the principal risks of investing in the Fund.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Investment Risk and Market Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in the Fund represents an indirect investment in the securities owned by the Fund. The value </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">of these securities may increase or decrease, at times rapidly and unexpectedly. Your investment in the Fund may at any point in the future be worth less than your original investment even after taking into account the reinvestment of dividends and distributions.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Below Investment Grade Securities (High-Yield) Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> At any one time, substantially all of the Fund’s Managed Assets may be invested in high-yield debt securities. High yield debt securities are generally subject to greater credit risks than higher-grade debt securities, including the risk of default on the payment of interest or principal. High yield debt securities are considered speculative, typically have lower liquidity and are more difficult to value than higher grade bonds. High yield debt securities tend to be volatile and more susceptible to adverse events, credit downgrades and negative sentiments and may be difficult to sell at a desired price, or at all, during periods of uncertainty or market turmoil.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Low Rated and Unrated Securities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may invest in instruments that are low rated or unrated. Debt securities of emerging market issuers may be considered to have a credit quality rated below investment grade by internationally recognized credit rating organizations such as Moody’s and S&amp;P. Non-investment grade securities (that is, rated Ba1 or lower by Moody’s or BB+ or lower by S&amp;P) are commonly referred to as “junk bonds” and are regarded as predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal in accordance with the terms of the obligations and involve major risk exposure to adverse conditions. Some of the emerging market issuer securities held by the Fund, which may not be paying interest currently or may be in payment default, may be comparable to securities rated as low as C by Moody’s or CCC or lower by S&amp;P. These securities are considered to have extremely poor prospects of ever attaining any real investment standing, to have a current identifiable vulnerability to default, to be unlikely to have the capacity to pay interest and repay principal when due in the event of adverse business, financial or economic conditions and/or to be in default or not current in the payment of interest or principal.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Low rated and unrated debt instruments generally offer a higher current yield than that available from higher grade issues, but typically involve greater risk. Low rated and unrated securities are especially subject to adverse changes in general economic conditions, to changes in the financial condition of their issuers and to price fluctuation in response to changes in interest rates. During periods of economic downturn or rising interest rates, issuers of low rated and unrated instruments may experience financial stress that could adversely affect their ability to make payments of principal and interest and increase the possibility of default. Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may also decrease the values and liquidity of low rated and unrated securities especially in a market characterized by a low volume of trading.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Default Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Investments in fixed-income securities are subject to the risk that the issuer of the security could default on its obligations, causing a fund to sustain losses on those </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">investments. A default could impact both interest and principal payments. High-yield fixed-income securities (commonly known as “junk bonds”) are considered speculative with respect to the issuer’s capacity to pay interest and repay principal in accordance with the terms of the obligations. This means that, compared to issuers of higher rated securities, issuers of medium and lower rated securities are less likely to have the capacity to pay interest and repay principal when due in the event of adverse business, financial or economic conditions and/or may be in default or not current in the payment of interest or principal.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The market values of medium and lower rated securities tend to be more sensitive to company-specific developments and changes in economic conditions than higher rated securities. The companies that issue these securities often are highly leveraged, and their ability to service their debt obligations during an economic downturn or periods of rising interest rates may be impaired. In addition, these companies may not have access to more traditional methods of financing, and may be unable to repay debt at maturity by refinancing. The risk of loss due to default in payment of interest or principal by these issuers is significantly greater than with higher rated securities because medium and lower rated securities generally are unsecured and subordinated to senior debt.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Default, or the market’s perception that an issuer is likely to default, could reduce the value and liquidity of securities held by the Fund, thereby reducing the value of your investment in the Common Stock. In addition, default may cause the Fund to incur expenses in seeking recovery of principal or interest on its portfolio holdings.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Foreign (Non-U.S.) Investment Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> A fund that invests in foreign (non-U.S.) securities may experience more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. Investments in foreign securities (including those denominated in U.S. dollars) are subject to economic and political developments in the countries and regions where the issuers operate or are domiciled, or where the securities are traded, such as changes in economic or monetary policies. Values may also be affected by restrictions on receiving the investment proceeds from a foreign country. Less information may be publicly available about foreign companies than about U.S. companies. Foreign companies are generally not subject to the same accounting, auditing and financial reporting standards as are U.S. companies. In addition, the Fund’s investments in foreign securities may be subject to the risk of nationalization or expropriation of assets, imposition of currency exchange controls or restrictions on the repatriation of foreign currency, confiscatory taxation, political or financial instability and adverse diplomatic developments. In addition, there may be difficulty in obtaining or enforcing a court judgment abroad. Dividends or interest on, or </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">proceeds from the sale of, foreign securities may be subject to non-U.S. withholding taxes, and special U.S. tax considerations may apply.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The risks of foreign investment are greater for investments in emerging markets. Emerging market countries typically have economic and political systems that are less fully developed, and that can be expected to be less stable, than those of more advanced countries. Low trading volumes may result in a lack of liquidity and in price volatility. Emerging market countries may have policies that restrict investment by foreigners, that require governmental approval prior to investments by foreign persons, or that prevent foreign investors from withdrawing their money at will. An investment in emerging market securities should be considered speculative.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Economic and Political Risks.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The economies of individual emerging market countries may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rate of inflation, currency depreciation, capital reinvestment, resource self-sufficiency and balance of payments position. Further, the economies of developing countries generally are heavily dependent upon international trade and, accordingly, have been and may continue to be adversely affected by trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade. These economies also have been and may continue to be adversely affected by economic conditions in the countries with which they trade.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">With respect to any emerging market country, there is the possibility of nationalization, expropriation or confiscatory taxation, political changes, governmental regulation, social instability or diplomatic developments (including war) which could affect adversely the economies of such countries or the value of the Fund’s investments in those countries.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Investment Controls; Repatriation.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Foreign investment in certain emerging market issuers is restricted or controlled to varying degrees. These restrictions or controls may at times limit or preclude foreign investment in certain emerging market issuers and increase the costs and expenses of the Fund. Certain emerging market countries require governmental approval prior to investments by foreign persons in a particular issuer, limit the amount of investment by foreign persons in a particular issuer, limit the investment by foreign persons only to a specific class of securities of an issuer that may have less advantageous rights than the classes available for purchase by domiciliaries of the countries and/or impose additional taxes on foreign investors. Certain emerging market countries may also restrict investment opportunities in issuers in industries deemed important to national interests.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Emerging market countries may require governmental approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In addition, if a deterioration occurs in an emerging market country’s balance of payments, the </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">country could impose temporary restrictions on foreign capital remittances. The Fund could be adversely affected by delays in, or a refusal to grant, any restrictions on investments. Investing in local markets in emerging market countries may require the Fund to adopt special procedures, seek local government approvals or take other actions, each of which may involve additional costs to the Fund.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Market Illiquidity.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> No established secondary markets may exist for many of the emerging market issuer securities in which the Fund may invest. Markets may become illiquid quickly. Reduced secondary market liquidity may have an adverse effect on market price and the Fund’s ability to dispose of particular instruments when necessary to meet its liquidity requirements or in response to specific economic events such as a deterioration in the creditworthiness of the issuer. Reduced secondary market liquidity for certain emerging market issuer securities may also make it more difficult for the Fund to obtain accurate market quotations for purposes of valuing its portfolio and calculating its net asset value. Market quotations are generally available on many emerging market issuer securities only from a limited number of dealers and may not necessarily represent firm bids of those dealers or prices for actual sales.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Currency Devaluations and Fluctuations.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could erase investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls and speculation. The Fund may be unable or may choose not to hedge its foreign currency exposure.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Financial Information and Standards.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Issuers in emerging market countries generally are subject to accounting, auditing and financial standards and requirements that differ, in some cases significantly, from those applicable to U.S. issuers. In particular, the assets and profits appearing on the financial statements of an emerging market country issuer may not reflect its financial position or results of operations in the way they would be reflected had the financial statements been prepared in accordance with U.S. generally accepted accounting principles. In addition, for an issuer that keeps accounting records in local currency, inflation accounting rules may require, for both tax and accounting purposes, that certain assets and liabilities be restated on the issuer’s balance sheet in order to express items in terms of currency of constant purchasing power. Inflation accounting may indirectly generate losses or profits. Consequently, financial data may be materially affected by restatements for inflation and may not accurately reflect the real condition of those issuers and securities markets. Substantially less information may be publicly available about issuers in emerging market countries than is available about U.S. issuers.</span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Smaller Company Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The general risks associated with income-producing securities are particularly pronounced for securities issued by companies with smaller market capitalizations. These companies may have limited product lines, markets or financial resources or they may depend on a few key employees. As a result, they may be subject to greater levels of credit, market and issuer risk. Securities of smaller companies may trade less frequently and in lesser volume than more widely held securities and their values may fluctuate more sharply than other securities. Companies with medium-sized market capitalizations may have risks similar to those of smaller companies.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The market price of the Fund’s investments will change in response to changes in interest rates and other factors. During periods of declining interest rates, the market price of fixed income securities generally rises. Conversely, during periods of rising interest rates, the market price of such securities generally declines. The magnitude of these fluctuations in the market price of fixed income securities is generally greater for securities with longer maturities. Additionally, such risk may be greater during a period of historically low interest rates. Fluctuations in the market price of the Fund’s securities will not affect interest income derived from securities already owned by the Fund, but will be reflected in the Fund’s net asset value. The U.S. Federal Reserve has raised interest rates from historically low levels. It may continue to raise interest rates. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Any additional interest rate increases in the future could cause the value of the fund’s holdings to decrease. It cannot be predicted when inflation will return to more normalized levels or how long financial authorities will counter inflationary pressures with monetary tightening. The Fund may utilize certain strategies, including investments in structured notes or interest rate swap or cap transactions, for the purpose of reducing the interest rate sensitivity of the portfolio and decreasing the Fund’s exposure to interest rate risk, although there is no assurance that it will do so or that such strategies will be successful.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk and Counterparty Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> If an issuer or guarantor of a security held by the Fund or a counterparty to a financial contract with the Fund defaults or its credit is downgraded, or is perceived to be less creditworthy, or if the value of the assets underlying a security declines, the value of your investment will typically decline. Changes in actual or perceived creditworthiness may occur quickly.  The Fund could be delayed or hindered in its enforcement of rights against an issuer, guarantor or counterparty. Subordinated securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer and will be disproportionately affected by a default, downgrade or perceived decline in creditworthiness. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Reinvestment Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund invests the proceeds from matured, traded or called debt </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">obligations at market interest rates that are below the portfolio’s current earnings rate. A decline in income could affect the price of Common Stock or the Fund’s overall return.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Liquidity Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund has no limit on its ability to purchase illiquid securities. Liquidity risk exists when particular investments are difficult to sell. Securities may become illiquid after purchase by the Fund, particularly during periods of market turmoil. When the Fund holds illiquid investments, the portfolio may be harder to value, especially in changing markets, and if the Fund is forced to sell these investments in order to segregate assets or for other cash needs, the Fund may suffer a loss.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Duration Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The duration of a fixed-income security is a measure of the portfolio’s sensitivity to changes in interest rates. Prices of fixed-income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. Holding long duration investments may expose the Fund to certain magnified risks. These include interest rate risk, credit risk and liquidity risk, as discussed above.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Management Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund is subject to management risk because it is an actively managed investment portfolio. The Manager and each individual portfolio manager will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Leverage Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund generally utilizes leverage, and under current market conditions intends to continue to use leverage. The value of your investment may be more volatile if the fund borrows or uses instruments, such as derivatives, that have a leveraging effect on the fund’s portfolio. Other risks described in the Prospectus also will be compounded because leverage generally magnifies the effect of a change in the  value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have had. The fund may also have to sell assets at inopportune times to satisfy its obligations created by the use of leverage or derivatives. The use of leverage is considered to be a speculative investment practice and may result in the loss of a substantial amount, and possibly all, of the fund’s assets. In addition, the fund’s portfolio will be leveraged if it exercises its right to delay payment on a redemption, and losses will result if the value of the fund’s assets declines between the time a redemption request is deemed to be received by the fund and the time the fund liquidates assets to meet redemption requests.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Derivatives Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may utilize a variety of derivative instruments for investment or risk management purposes, such as options, futures contracts, swap agreements and credit default swaps. Using derivatives can increase Fund losses and reduce opportunities for gains when market prices, interest rates, currencies, or the derivatives themselves behave in a way not anticipated by the Fund. Using derivatives also can have a leveraging effect and increase Fund volatility. Certain derivatives have the potential for unlimited loss, </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">regardless of the size of the initial investment. Derivatives may not be available at the time or price desired, may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the Fund. Derivatives are generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative. The value of a derivative may fluctuate more than the underlying assets, rates, indices or other indicators to which it relates. Use of derivatives may have different tax consequences for the Fund than an investment in the underlying security, and those differences may affect the amount, timing and character of income distributed to shareholders. The U.S. government and foreign governments are in the process of adopting and implementing regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make derivatives more costly, limit their availability or utility, otherwise adversely affect their performance or disrupt markets.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund operates under Rule 18f-4 under the 1940 Act which, among other things, governs the use of derivative investments and certain financing transactions (e.g. reverse repurchase agreements) by registered investment companies. Among other things, Rule 18f-4 requires funds that invest in derivative instruments beyond a specified limited amount to apply a value at risk (VaR) based limit to their use of certain derivative instruments and financing transactions and to adopt and implement a derivatives risk management program. A fund that uses derivative instruments in a limited amount is not subject to the full requirements of Rule 18f-4. Compliance with Rule 18f-4 by the Fund could, among other things, make derivatives more costly, limit their availability or utility, or otherwise adversely affect their performance. Rule 18f-4 may limit the Fund’s ability to use derivatives as part of its investment strategy and may not work as intended to limit losses from derivatives.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Credit default swap contracts involve heightened risks and may result in losses to the Fund. Credit default swaps may be illiquid and difficult to value. When the Fund sells credit protection via a credit default swap, credit risk increases since the Fund has exposure to both the issuer whose credit is the subject of the swap and the counterparty to the swap.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Investment in Loans Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Investments in loans are generally subject to the same risks as investments in other types of debt obligations, including, among others, credit risk and interest rate risk, which are discussed above, and prepayment risk and extension risk, which are discussed below. In addition, in many cases loans are subject to the risks associated with below-investment grade securities. This means loans are often subject to significant credit risks, including a greater possibility that the borrower will be adversely affected by changes in market or economic conditions and may default or enter bankruptcy. This risk of default will increase in the event of an economic downturn or a substantial increase in interest rates (which will increase the cost of the borrower’s debt service). Transactions in </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">loans may settle on a delayed basis. As a result, the proceeds from the sale of a loan may not be available to make additional investments. The Fund considers “junior loans” to be loans that have a junior position in an issuer’s capital structure. Because junior loans are unsecured and subordinated and thus lower in priority of payment to senior loans, they are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. There are no limitations on the Fund’s investments in junior loans. Bank loans may not be considered securities and therefore, the Fund may not have the protections afforded by U.S. federal securities laws with respect to such investments.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Dollar Rolls, Asset-Backed Securities and Mortgage-Backed Securities Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in dollar rolls, asset-backed securities and mortgage-backed securities. Under a dollar roll transaction, the Fund sells securities for delivery in the current month, or sells securities it has purchased on a “to-be-announced” basis, and simultaneously contracts to repurchase substantially similar (same type and coupon) securities on a specified future date. During the roll period, the Fund forgoes principal and interest paid on the purchased securities. Dollar rolls are speculative techniques involving leverage, and are considered borrowings by the Fund if the Fund does not establish and maintain a segregated account. In addition, dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price. In the event the buyer of securities under a dollar roll files for bankruptcy or becomes insolvent, the Fund’s use of proceeds may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund’s obligation to repurchase the securities. Successful use of dollar rolls may depend upon the ability of the Fund’s investment manager to correctly predict interest rates and prepayments. There is no assurance that dollar rolls can be successfully employed.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Mortgage-backed securities may be issued by private companies or by agencies of the U.S. Government and represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. Certain debt instruments may only pay principal at maturity or may only represent the right to receive payments of principal or payments of interest on underlying pools of mortgages, assets or government securities, but not both. The value of these types of instruments may change more drastically than debt securities that pay both principal and interest during periods of changing interest rates. The Fund may obtain a below market yield or incur a loss on such instruments during periods of declining interest rates. Principal only and interest only instruments are subject to extension risk. For mortgage derivatives and structured securities that have imbedded leverage features, small changes in interest or prepayment </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">rates may cause large and sudden price movements. Mortgage derivatives may be illiquid and hard to value in declining markets.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may enter into a swap or cap transaction to attempt to protect itself from increasing interest expenses on borrowings resulting from increasing short-term interest rates or dividend expenses on any preferred shares. A decline in interest rates may result in a decline in net amounts receivable by the Fund from the counterparty under the swap or cap (or an increase in the net amounts payable by the Fund to the counterparty under the swap), which may result in a decline in the net asset value of the Fund.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Valuation Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The sales price the Fund could receive for any particular portfolio investment may differ from the Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair value methodology. These differences may increase significantly and affect Fund investments more broadly during periods of market volatility. The Fund’s ability to value its investments may be impacted by technological issues and/or errors by pricing services or other third party service providers. The valuation of the Fund’s investments involves subjective judgment.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risks of Warrants and Rights.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Warrants and rights are subject to the same market risks as stocks, but may be more volatile in price. Warrants and rights do not carry the right to dividends or voting rights with respect to their underlying securities, and they do not represent any rights in the assets of the issuer. An investment in warrants or rights may be considered speculative. In addition, the value of a warrant or right does not necessarily change with the value of the underlying security and a warrant or right ceases to have value if it is not exercised prior to its expiration date. The purchase of warrants or rights involves the risk that the Fund could lose the purchase value of a warrant or right if the right to subscribe to additional shares is not exercised prior to the warrants’ or rights’ expiration. Also, the purchase of warrants and rights involves the risk that the effective price paid for the warrant or right added to the subscription price of the related security may exceed the value of the subscribed security’s market price such as when there is no movement in the price of the underlying security.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Temporary Defensive Strategies Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">When Western Asset anticipates unusual market or other conditions, the Fund may temporarily depart from its principal investment strategies as a defensive measure and invest all or a portion of its assets in obligations of the U.S. government, its agencies or instrumentalities; other investment grade debt securities; investment grade commercial paper; certificates of deposit and bankers’ acceptances; repurchase agreements with respect to any of the foregoing investments or any other fixed income securities that Western Asset considers consistent with this strategy. To the extent that the Fund invests defensively, it may not achieve its investment objectives.</span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Market Price Discount from Net Asset Value.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Shares of closed-end investment companies frequently trade at a discount from their net asset value. This risk is separate and distinct from the risk that the Fund’s net asset value could decrease as a result of its investment activities and may be a greater risk to investors expecting to sell their Common Stock in a relatively short period following completion of this offering. Whether investors will realize gains or losses upon the sale of the Common Stock will depend not upon the Fund’s net asset value but upon whether the market price of the Common Stock at the time of sale is above or below the investor’s purchase price for the Common Stock.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Inflation/Deflation Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Inflation risk is the risk that the value of certain assets or income from the Fund’s investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Common Stock and distributions on the Common Stock can decline. In addition, during any periods of rising inflation, the dividend rates or borrowing costs associated with the Fund’s use of leverage would likely increase, which would tend to further reduce returns to stockholders. Deflation risk is the risk that prices throughout the economy decline over time—the opposite of inflation.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer defaults more likely, which may result in a decline in the value of the Fund’s portfolio.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Market Events Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. The market values of securities or other assets will fluctuate, sometimes sharply and unpredictably, due to factors such as economic events, governmental actions or intervention, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by trade disputes, labor strikes or other factors, political developments, armed conflicts, economic sanctions and countermeasures in response to sanctions, major cybersecurity events, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, public health events, terrorism, wars, natural disasters and other circumstances in one country or region could have profound impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries or markets directly affected, the value and liquidity of the investments may be negatively affected.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Ongoing armed conflicts in Europe and the Middle East have caused and could continue to cause significant market disruptions and volatility. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain fund investments as well as fund performance and liquidity. For example, following Russia’s invasion of Ukraine in 2022, Russian stocks lost all, or nearly all, of their market value. Further, recent escalations of conflict in the Middle East could lead to disruptions in local, regional, national and global markets and economies for an unknown period of time. The </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">United States and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts on affected companies and securities. For example, the United States has recently enacted and proposed to enact significant new tariffs and President Trump has directed various federal agencies to further evaluate key aspects of U.S. trade policy, which could potentially lead to significant changes to current policies, treaties and tariffs. There continues to exist significant uncertainty about the future relationship between the U.S. and other countries with respect to such trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the U.S. For example, the United States has imposed tariffs and other trade barriers on Chinese exports, has restricted sales of certain categories of goods to China, and has established barriers to investments in China. Trade disputes may adversely affect the economies of the United States and its trading partners, as well as companies directly or indirectly affected and financial markets generally. The United States government has prohibited U.S. persons from investing in Chinese companies designated as related to the Chinese military. These and possible future restrictions could limit the Fund’s opportunities for investment and require the sale of securities at a loss or make them illiquid. Moreover, the Chinese government is involved in a longstanding dispute with Taiwan that has included threats of invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt unification of Taiwan by force, or if other geopolitical conflicts develop or get worse, economies, markets and individual securities may be severely affected both regionally and globally, and the value of the Fund’s assets may go down.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Raising the ceiling on U.S. government debt has become increasingly politicized. Any failure to increase the total amount that the U.S. government is authorized to borrow could lead to a default on U.S. government obligations, with unpredictable consequences for economies and markets in the U.S. and elsewhere. Recently, inflation and interest rates have increased and may rise further. These circumstances could adversely affect the value and liquidity of the fund’s investments, impair the fund’s ability to satisfy redemption requests, and negatively impact the fund’s performance.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Legislative and Regulatory Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Prices for high-yield securities may be affected by legislative and regulatory developments which could adversely affect the Fund’s net asset value and investment practices, the secondary market for high-yield securities, the financial condition of issuers of these securities and the value of outstanding high-yield securities. These risks generally are higher than issuers in emerging market countries.</span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Anti-Takeover Provisions Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s Charter and Bylaws include provisions that are designed to limit the ability of other entities or persons to acquire control of the Fund for short-term objectives, including by converting the Fund to open-end status or changing the composition of the Board, that may be detrimental to the Fund’s ability to achieve its primary investment objective of seeking to maximize current income. The Bylaws provide that the Fund shall be subject to the provisions of the MCSAA (as defined below). There can be no assurance, however, that the provisions of the MCSAA will be sufficient to deter professional arbitrageurs that seek to cause the Fund to take actions that may not be consistent with its investment objective or aligned with the interests of long-term stockholders, such as liquidating debt investments prior to maturity, triggering taxable events for stockholders and decreasing the size of the Fund. See “Certain Provisions in the Charter and Bylaws” and “Certain Provisions in the Charter and Bylaws—Maryland Control Share Acquisition Act” (“MCSAA”). Such provisions may limit the ability of stockholders to sell their shares at a premium over prevailing market prices by discouraging an investor from seeking to obtain control of the Fund.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Valuation Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The sales price the Fund could receive for any particular portfolio investment may differ from the Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair value methodology. These differences may increase significantly and affect Fund investments more broadly during periods of market volatility. The Fund’s ability to value its investments may be impacted by technological issues and/or errors by pricing services or other third party service providers. The valuation of the Fund’s investments involves subjective judgment.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Tax Risks. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">To qualify for the favorable U.S. federal income tax treatment generally accorded to regulated investment companies, among other things, the Fund must derive in each taxable year at least 90% of its gross income from certain prescribed sources and satisfy certain distribution and asset diversification requirements. If for any taxable year the Fund does not qualify as a regulated investment company, all of its taxable income (including its net capital gain) would be subject to tax at regular corporate rates without any deduction for distributions to stockholders, and such distributions would be taxable as ordinary dividends to the extent of the Fund’s current or accumulated earnings and profits.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Operational Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The valuation of the Fund’s investments may be negatively impacted because of the operational risks arising from factors such as processing errors and human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel, and errors caused by third party service providers or trading counterparties. It is not possible to identify all of the operational risks that may affect the Fund or to develop processes and controls that completely eliminate or mitigate the occurrence of such failures. The Fund could be negatively impacted as a result.</span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Cybersecurity Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Like other funds and business enterprises, the Fund, the Manager, Western Asset, the relevant listing exchange and their service providers are subject to the risk of cybersecurity incidents occurring from time to time. Cybersecurity incidents, whether intentionally caused by third parties or otherwise, may allow an unauthorized party to gain access to fund assets, fund or customer data (including private stockholder information) or proprietary information, cause the Fund, the Manager, Western Asset, the relevant listing exchange and/or their service providers (including, but not limited to, fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. The Fund, Western Asset, and the subadvisers have limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers, and such third party service providers may have limited indemnification obligations to the Fund or the Manager. Cybersecurity incidents may result in financial losses to the Fund and its stockholders, and substantial costs may be incurred in order to prevent any future cybersecurity incidents. Issuers of securities in which the fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">New ways to carry out cyber attacks continue to develop. There is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the fund’s ability to plan for or respond to a cyber attack.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Investment Risk and Market Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in the Fund represents an indirect investment in the securities owned by the Fund. The value </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">of these securities may increase or decrease, at times rapidly and unexpectedly. Your investment in the Fund may at any point in the future be worth less than your original investment even after taking into account the reinvestment of dividends and distributions.</span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Below Investment Grade Securities (High-Yield) Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> At any one time, substantially all of the Fund’s Managed Assets may be invested in high-yield debt securities. High yield debt securities are generally subject to greater credit risks than higher-grade debt securities, including the risk of default on the payment of interest or principal. High yield debt securities are considered speculative, typically have lower liquidity and are more difficult to value than higher grade bonds. High yield debt securities tend to be volatile and more susceptible to adverse events, credit downgrades and negative sentiments and may be difficult to sell at a desired price, or at all, during periods of uncertainty or market turmoil.</span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Low Rated and Unrated Securities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may invest in instruments that are low rated or unrated. Debt securities of emerging market issuers may be considered to have a credit quality rated below investment grade by internationally recognized credit rating organizations such as Moody’s and S&amp;P. Non-investment grade securities (that is, rated Ba1 or lower by Moody’s or BB+ or lower by S&amp;P) are commonly referred to as “junk bonds” and are regarded as predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal in accordance with the terms of the obligations and involve major risk exposure to adverse conditions. Some of the emerging market issuer securities held by the Fund, which may not be paying interest currently or may be in payment default, may be comparable to securities rated as low as C by Moody’s or CCC or lower by S&amp;P. These securities are considered to have extremely poor prospects of ever attaining any real investment standing, to have a current identifiable vulnerability to default, to be unlikely to have the capacity to pay interest and repay principal when due in the event of adverse business, financial or economic conditions and/or to be in default or not current in the payment of interest or principal.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Low rated and unrated debt instruments generally offer a higher current yield than that available from higher grade issues, but typically involve greater risk. Low rated and unrated securities are especially subject to adverse changes in general economic conditions, to changes in the financial condition of their issuers and to price fluctuation in response to changes in interest rates. During periods of economic downturn or rising interest rates, issuers of low rated and unrated instruments may experience financial stress that could adversely affect their ability to make payments of principal and interest and increase the possibility of default. Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may also decrease the values and liquidity of low rated and unrated securities especially in a market characterized by a low volume of trading.</span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Default Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Investments in fixed-income securities are subject to the risk that the issuer of the security could default on its obligations, causing a fund to sustain losses on those </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">investments. A default could impact both interest and principal payments. High-yield fixed-income securities (commonly known as “junk bonds”) are considered speculative with respect to the issuer’s capacity to pay interest and repay principal in accordance with the terms of the obligations. This means that, compared to issuers of higher rated securities, issuers of medium and lower rated securities are less likely to have the capacity to pay interest and repay principal when due in the event of adverse business, financial or economic conditions and/or may be in default or not current in the payment of interest or principal.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The market values of medium and lower rated securities tend to be more sensitive to company-specific developments and changes in economic conditions than higher rated securities. The companies that issue these securities often are highly leveraged, and their ability to service their debt obligations during an economic downturn or periods of rising interest rates may be impaired. In addition, these companies may not have access to more traditional methods of financing, and may be unable to repay debt at maturity by refinancing. The risk of loss due to default in payment of interest or principal by these issuers is significantly greater than with higher rated securities because medium and lower rated securities generally are unsecured and subordinated to senior debt.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Default, or the market’s perception that an issuer is likely to default, could reduce the value and liquidity of securities held by the Fund, thereby reducing the value of your investment in the Common Stock. In addition, default may cause the Fund to incur expenses in seeking recovery of principal or interest on its portfolio holdings.</span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Foreign (Non-U.S.) Investment Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> A fund that invests in foreign (non-U.S.) securities may experience more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. Investments in foreign securities (including those denominated in U.S. dollars) are subject to economic and political developments in the countries and regions where the issuers operate or are domiciled, or where the securities are traded, such as changes in economic or monetary policies. Values may also be affected by restrictions on receiving the investment proceeds from a foreign country. Less information may be publicly available about foreign companies than about U.S. companies. Foreign companies are generally not subject to the same accounting, auditing and financial reporting standards as are U.S. companies. In addition, the Fund’s investments in foreign securities may be subject to the risk of nationalization or expropriation of assets, imposition of currency exchange controls or restrictions on the repatriation of foreign currency, confiscatory taxation, political or financial instability and adverse diplomatic developments. In addition, there may be difficulty in obtaining or enforcing a court judgment abroad. Dividends or interest on, or </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">proceeds from the sale of, foreign securities may be subject to non-U.S. withholding taxes, and special U.S. tax considerations may apply.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The risks of foreign investment are greater for investments in emerging markets. Emerging market countries typically have economic and political systems that are less fully developed, and that can be expected to be less stable, than those of more advanced countries. Low trading volumes may result in a lack of liquidity and in price volatility. Emerging market countries may have policies that restrict investment by foreigners, that require governmental approval prior to investments by foreign persons, or that prevent foreign investors from withdrawing their money at will. An investment in emerging market securities should be considered speculative.</span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Economic and Political Risks.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The economies of individual emerging market countries may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rate of inflation, currency depreciation, capital reinvestment, resource self-sufficiency and balance of payments position. Further, the economies of developing countries generally are heavily dependent upon international trade and, accordingly, have been and may continue to be adversely affected by trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade. These economies also have been and may continue to be adversely affected by economic conditions in the countries with which they trade.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">With respect to any emerging market country, there is the possibility of nationalization, expropriation or confiscatory taxation, political changes, governmental regulation, social instability or diplomatic developments (including war) which could affect adversely the economies of such countries or the value of the Fund’s investments in those countries.</span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Investment Controls; Repatriation.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Foreign investment in certain emerging market issuers is restricted or controlled to varying degrees. These restrictions or controls may at times limit or preclude foreign investment in certain emerging market issuers and increase the costs and expenses of the Fund. Certain emerging market countries require governmental approval prior to investments by foreign persons in a particular issuer, limit the amount of investment by foreign persons in a particular issuer, limit the investment by foreign persons only to a specific class of securities of an issuer that may have less advantageous rights than the classes available for purchase by domiciliaries of the countries and/or impose additional taxes on foreign investors. Certain emerging market countries may also restrict investment opportunities in issuers in industries deemed important to national interests.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Emerging market countries may require governmental approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In addition, if a deterioration occurs in an emerging market country’s balance of payments, the </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">country could impose temporary restrictions on foreign capital remittances. The Fund could be adversely affected by delays in, or a refusal to grant, any restrictions on investments. Investing in local markets in emerging market countries may require the Fund to adopt special procedures, seek local government approvals or take other actions, each of which may involve additional costs to the Fund.</span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Market Illiquidity.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> No established secondary markets may exist for many of the emerging market issuer securities in which the Fund may invest. Markets may become illiquid quickly. Reduced secondary market liquidity may have an adverse effect on market price and the Fund’s ability to dispose of particular instruments when necessary to meet its liquidity requirements or in response to specific economic events such as a deterioration in the creditworthiness of the issuer. Reduced secondary market liquidity for certain emerging market issuer securities may also make it more difficult for the Fund to obtain accurate market quotations for purposes of valuing its portfolio and calculating its net asset value. Market quotations are generally available on many emerging market issuer securities only from a limited number of dealers and may not necessarily represent firm bids of those dealers or prices for actual sales.</span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Currency Devaluations and Fluctuations.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could erase investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls and speculation. The Fund may be unable or may choose not to hedge its foreign currency exposure.</span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Financial Information and Standards.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Issuers in emerging market countries generally are subject to accounting, auditing and financial standards and requirements that differ, in some cases significantly, from those applicable to U.S. issuers. In particular, the assets and profits appearing on the financial statements of an emerging market country issuer may not reflect its financial position or results of operations in the way they would be reflected had the financial statements been prepared in accordance with U.S. generally accepted accounting principles. In addition, for an issuer that keeps accounting records in local currency, inflation accounting rules may require, for both tax and accounting purposes, that certain assets and liabilities be restated on the issuer’s balance sheet in order to express items in terms of currency of constant purchasing power. Inflation accounting may indirectly generate losses or profits. Consequently, financial data may be materially affected by restatements for inflation and may not accurately reflect the real condition of those issuers and securities markets. Substantially less information may be publicly available about issuers in emerging market countries than is available about U.S. issuers.</span></div> <div style="line-height:12.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Smaller Company Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The general risks associated with income-producing securities are particularly pronounced for securities issued by companies with smaller market capitalizations. These companies may have limited product lines, markets or financial resources or they may depend on a few key employees. As a result, they may be subject to greater levels of credit, market and issuer risk. Securities of smaller companies may trade less frequently and in lesser volume than more widely held securities and their values may fluctuate more sharply than other securities. Companies with medium-sized market capitalizations may have risks similar to those of smaller companies.</span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The market price of the Fund’s investments will change in response to changes in interest rates and other factors. During periods of declining interest rates, the market price of fixed income securities generally rises. Conversely, during periods of rising interest rates, the market price of such securities generally declines. The magnitude of these fluctuations in the market price of fixed income securities is generally greater for securities with longer maturities. Additionally, such risk may be greater during a period of historically low interest rates. Fluctuations in the market price of the Fund’s securities will not affect interest income derived from securities already owned by the Fund, but will be reflected in the Fund’s net asset value. The U.S. Federal Reserve has raised interest rates from historically low levels. It may continue to raise interest rates. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Any additional interest rate increases in the future could cause the value of the fund’s holdings to decrease. It cannot be predicted when inflation will return to more normalized levels or how long financial authorities will counter inflationary pressures with monetary tightening. The Fund may utilize certain strategies, including investments in structured notes or interest rate swap or cap transactions, for the purpose of reducing the interest rate sensitivity of the portfolio and decreasing the Fund’s exposure to interest rate risk, although there is no assurance that it will do so or that such strategies will be successful.</span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk and Counterparty Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> If an issuer or guarantor of a security held by the Fund or a counterparty to a financial contract with the Fund defaults or its credit is downgraded, or is perceived to be less creditworthy, or if the value of the assets underlying a security declines, the value of your investment will typically decline. Changes in actual or perceived creditworthiness may occur quickly.  The Fund could be delayed or hindered in its enforcement of rights against an issuer, guarantor or counterparty. Subordinated securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer and will be disproportionately affected by a default, downgrade or perceived decline in creditworthiness. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Reinvestment Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund invests the proceeds from matured, traded or called debt </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">obligations at market interest rates that are below the portfolio’s current earnings rate. A decline in income could affect the price of Common Stock or the Fund’s overall return.</span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Liquidity Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund has no limit on its ability to purchase illiquid securities. Liquidity risk exists when particular investments are difficult to sell. Securities may become illiquid after purchase by the Fund, particularly during periods of market turmoil. When the Fund holds illiquid investments, the portfolio may be harder to value, especially in changing markets, and if the Fund is forced to sell these investments in order to segregate assets or for other cash needs, the Fund may suffer a loss.</span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Duration Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The duration of a fixed-income security is a measure of the portfolio’s sensitivity to changes in interest rates. Prices of fixed-income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. Holding long duration investments may expose the Fund to certain magnified risks. These include interest rate risk, credit risk and liquidity risk, as discussed above.</span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Management Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund is subject to management risk because it is an actively managed investment portfolio. The Manager and each individual portfolio manager will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results.</span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Leverage Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund generally utilizes leverage, and under current market conditions intends to continue to use leverage. The value of your investment may be more volatile if the fund borrows or uses instruments, such as derivatives, that have a leveraging effect on the fund’s portfolio. Other risks described in the Prospectus also will be compounded because leverage generally magnifies the effect of a change in the  value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have had. The fund may also have to sell assets at inopportune times to satisfy its obligations created by the use of leverage or derivatives. The use of leverage is considered to be a speculative investment practice and may result in the loss of a substantial amount, and possibly all, of the fund’s assets. In addition, the fund’s portfolio will be leveraged if it exercises its right to delay payment on a redemption, and losses will result if the value of the fund’s assets declines between the time a redemption request is deemed to be received by the fund and the time the fund liquidates assets to meet redemption requests.</span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Derivatives Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may utilize a variety of derivative instruments for investment or risk management purposes, such as options, futures contracts, swap agreements and credit default swaps. Using derivatives can increase Fund losses and reduce opportunities for gains when market prices, interest rates, currencies, or the derivatives themselves behave in a way not anticipated by the Fund. Using derivatives also can have a leveraging effect and increase Fund volatility. Certain derivatives have the potential for unlimited loss, </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">regardless of the size of the initial investment. Derivatives may not be available at the time or price desired, may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the Fund. Derivatives are generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative. The value of a derivative may fluctuate more than the underlying assets, rates, indices or other indicators to which it relates. Use of derivatives may have different tax consequences for the Fund than an investment in the underlying security, and those differences may affect the amount, timing and character of income distributed to shareholders. The U.S. government and foreign governments are in the process of adopting and implementing regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make derivatives more costly, limit their availability or utility, otherwise adversely affect their performance or disrupt markets.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund operates under Rule 18f-4 under the 1940 Act which, among other things, governs the use of derivative investments and certain financing transactions (e.g. reverse repurchase agreements) by registered investment companies. Among other things, Rule 18f-4 requires funds that invest in derivative instruments beyond a specified limited amount to apply a value at risk (VaR) based limit to their use of certain derivative instruments and financing transactions and to adopt and implement a derivatives risk management program. A fund that uses derivative instruments in a limited amount is not subject to the full requirements of Rule 18f-4. Compliance with Rule 18f-4 by the Fund could, among other things, make derivatives more costly, limit their availability or utility, or otherwise adversely affect their performance. Rule 18f-4 may limit the Fund’s ability to use derivatives as part of its investment strategy and may not work as intended to limit losses from derivatives.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Credit default swap contracts involve heightened risks and may result in losses to the Fund. Credit default swaps may be illiquid and difficult to value. When the Fund sells credit protection via a credit default swap, credit risk increases since the Fund has exposure to both the issuer whose credit is the subject of the swap and the counterparty to the swap.</span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Investment in Loans Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Investments in loans are generally subject to the same risks as investments in other types of debt obligations, including, among others, credit risk and interest rate risk, which are discussed above, and prepayment risk and extension risk, which are discussed below. In addition, in many cases loans are subject to the risks associated with below-investment grade securities. This means loans are often subject to significant credit risks, including a greater possibility that the borrower will be adversely affected by changes in market or economic conditions and may default or enter bankruptcy. This risk of default will increase in the event of an economic downturn or a substantial increase in interest rates (which will increase the cost of the borrower’s debt service). Transactions in </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">loans may settle on a delayed basis. As a result, the proceeds from the sale of a loan may not be available to make additional investments. The Fund considers “junior loans” to be loans that have a junior position in an issuer’s capital structure. Because junior loans are unsecured and subordinated and thus lower in priority of payment to senior loans, they are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. There are no limitations on the Fund’s investments in junior loans. Bank loans may not be considered securities and therefore, the Fund may not have the protections afforded by U.S. federal securities laws with respect to such investments.</span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Dollar Rolls, Asset-Backed Securities and Mortgage-Backed Securities Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in dollar rolls, asset-backed securities and mortgage-backed securities. Under a dollar roll transaction, the Fund sells securities for delivery in the current month, or sells securities it has purchased on a “to-be-announced” basis, and simultaneously contracts to repurchase substantially similar (same type and coupon) securities on a specified future date. During the roll period, the Fund forgoes principal and interest paid on the purchased securities. Dollar rolls are speculative techniques involving leverage, and are considered borrowings by the Fund if the Fund does not establish and maintain a segregated account. In addition, dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price. In the event the buyer of securities under a dollar roll files for bankruptcy or becomes insolvent, the Fund’s use of proceeds may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund’s obligation to repurchase the securities. Successful use of dollar rolls may depend upon the ability of the Fund’s investment manager to correctly predict interest rates and prepayments. There is no assurance that dollar rolls can be successfully employed.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Mortgage-backed securities may be issued by private companies or by agencies of the U.S. Government and represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. Certain debt instruments may only pay principal at maturity or may only represent the right to receive payments of principal or payments of interest on underlying pools of mortgages, assets or government securities, but not both. The value of these types of instruments may change more drastically than debt securities that pay both principal and interest during periods of changing interest rates. The Fund may obtain a below market yield or incur a loss on such instruments during periods of declining interest rates. Principal only and interest only instruments are subject to extension risk. For mortgage derivatives and structured securities that have imbedded leverage features, small changes in interest or prepayment </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">rates may cause large and sudden price movements. Mortgage derivatives may be illiquid and hard to value in declining markets.</span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may enter into a swap or cap transaction to attempt to protect itself from increasing interest expenses on borrowings resulting from increasing short-term interest rates or dividend expenses on any preferred shares. A decline in interest rates may result in a decline in net amounts receivable by the Fund from the counterparty under the swap or cap (or an increase in the net amounts payable by the Fund to the counterparty under the swap), which may result in a decline in the net asset value of the Fund.</span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Valuation Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The sales price the Fund could receive for any particular portfolio investment may differ from the Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair value methodology. These differences may increase significantly and affect Fund investments more broadly during periods of market volatility. The Fund’s ability to value its investments may be impacted by technological issues and/or errors by pricing services or other third party service providers. The valuation of the Fund’s investments involves subjective judgment.</span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risks of Warrants and Rights.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Warrants and rights are subject to the same market risks as stocks, but may be more volatile in price. Warrants and rights do not carry the right to dividends or voting rights with respect to their underlying securities, and they do not represent any rights in the assets of the issuer. An investment in warrants or rights may be considered speculative. In addition, the value of a warrant or right does not necessarily change with the value of the underlying security and a warrant or right ceases to have value if it is not exercised prior to its expiration date. The purchase of warrants or rights involves the risk that the Fund could lose the purchase value of a warrant or right if the right to subscribe to additional shares is not exercised prior to the warrants’ or rights’ expiration. Also, the purchase of warrants and rights involves the risk that the effective price paid for the warrant or right added to the subscription price of the related security may exceed the value of the subscribed security’s market price such as when there is no movement in the price of the underlying security.</span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Temporary Defensive Strategies Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">When Western Asset anticipates unusual market or other conditions, the Fund may temporarily depart from its principal investment strategies as a defensive measure and invest all or a portion of its assets in obligations of the U.S. government, its agencies or instrumentalities; other investment grade debt securities; investment grade commercial paper; certificates of deposit and bankers’ acceptances; repurchase agreements with respect to any of the foregoing investments or any other fixed income securities that Western Asset considers consistent with this strategy. To the extent that the Fund invests defensively, it may not achieve its investment objectives.</span></div> <div style="line-height:12.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Market Price Discount from Net Asset Value.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Shares of closed-end investment companies frequently trade at a discount from their net asset value. This risk is separate and distinct from the risk that the Fund’s net asset value could decrease as a result of its investment activities and may be a greater risk to investors expecting to sell their Common Stock in a relatively short period following completion of this offering. Whether investors will realize gains or losses upon the sale of the Common Stock will depend not upon the Fund’s net asset value but upon whether the market price of the Common Stock at the time of sale is above or below the investor’s purchase price for the Common Stock.</span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Inflation/Deflation Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Inflation risk is the risk that the value of certain assets or income from the Fund’s investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Common Stock and distributions on the Common Stock can decline. In addition, during any periods of rising inflation, the dividend rates or borrowing costs associated with the Fund’s use of leverage would likely increase, which would tend to further reduce returns to stockholders. Deflation risk is the risk that prices throughout the economy decline over time—the opposite of inflation.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer defaults more likely, which may result in a decline in the value of the Fund’s portfolio.</span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Market Events Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. The market values of securities or other assets will fluctuate, sometimes sharply and unpredictably, due to factors such as economic events, governmental actions or intervention, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by trade disputes, labor strikes or other factors, political developments, armed conflicts, economic sanctions and countermeasures in response to sanctions, major cybersecurity events, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, public health events, terrorism, wars, natural disasters and other circumstances in one country or region could have profound impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries or markets directly affected, the value and liquidity of the investments may be negatively affected.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Ongoing armed conflicts in Europe and the Middle East have caused and could continue to cause significant market disruptions and volatility. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain fund investments as well as fund performance and liquidity. For example, following Russia’s invasion of Ukraine in 2022, Russian stocks lost all, or nearly all, of their market value. Further, recent escalations of conflict in the Middle East could lead to disruptions in local, regional, national and global markets and economies for an unknown period of time. The </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">United States and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts on affected companies and securities. For example, the United States has recently enacted and proposed to enact significant new tariffs and President Trump has directed various federal agencies to further evaluate key aspects of U.S. trade policy, which could potentially lead to significant changes to current policies, treaties and tariffs. There continues to exist significant uncertainty about the future relationship between the U.S. and other countries with respect to such trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the U.S. For example, the United States has imposed tariffs and other trade barriers on Chinese exports, has restricted sales of certain categories of goods to China, and has established barriers to investments in China. Trade disputes may adversely affect the economies of the United States and its trading partners, as well as companies directly or indirectly affected and financial markets generally. The United States government has prohibited U.S. persons from investing in Chinese companies designated as related to the Chinese military. These and possible future restrictions could limit the Fund’s opportunities for investment and require the sale of securities at a loss or make them illiquid. Moreover, the Chinese government is involved in a longstanding dispute with Taiwan that has included threats of invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt unification of Taiwan by force, or if other geopolitical conflicts develop or get worse, economies, markets and individual securities may be severely affected both regionally and globally, and the value of the Fund’s assets may go down.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Raising the ceiling on U.S. government debt has become increasingly politicized. Any failure to increase the total amount that the U.S. government is authorized to borrow could lead to a default on U.S. government obligations, with unpredictable consequences for economies and markets in the U.S. and elsewhere. Recently, inflation and interest rates have increased and may rise further. These circumstances could adversely affect the value and liquidity of the fund’s investments, impair the fund’s ability to satisfy redemption requests, and negatively impact the fund’s performance.</span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Legislative and Regulatory Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Prices for high-yield securities may be affected by legislative and regulatory developments which could adversely affect the Fund’s net asset value and investment practices, the secondary market for high-yield securities, the financial condition of issuers of these securities and the value of outstanding high-yield securities. These risks generally are higher than issuers in emerging market countries.</span></div> <div style="line-height:12.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Anti-Takeover Provisions Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s Charter and Bylaws include provisions that are designed to limit the ability of other entities or persons to acquire control of the Fund for short-term objectives, including by converting the Fund to open-end status or changing the composition of the Board, that may be detrimental to the Fund’s ability to achieve its primary investment objective of seeking to maximize current income. The Bylaws provide that the Fund shall be subject to the provisions of the MCSAA (as defined below). There can be no assurance, however, that the provisions of the MCSAA will be sufficient to deter professional arbitrageurs that seek to cause the Fund to take actions that may not be consistent with its investment objective or aligned with the interests of long-term stockholders, such as liquidating debt investments prior to maturity, triggering taxable events for stockholders and decreasing the size of the Fund. See “Certain Provisions in the Charter and Bylaws” and “Certain Provisions in the Charter and Bylaws—Maryland Control Share Acquisition Act” (“MCSAA”). Such provisions may limit the ability of stockholders to sell their shares at a premium over prevailing market prices by discouraging an investor from seeking to obtain control of the Fund.</span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Valuation Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The sales price the Fund could receive for any particular portfolio investment may differ from the Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair value methodology. These differences may increase significantly and affect Fund investments more broadly during periods of market volatility. The Fund’s ability to value its investments may be impacted by technological issues and/or errors by pricing services or other third party service providers. The valuation of the Fund’s investments involves subjective judgment.</span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Tax Risks. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">To qualify for the favorable U.S. federal income tax treatment generally accorded to regulated investment companies, among other things, the Fund must derive in each taxable year at least 90% of its gross income from certain prescribed sources and satisfy certain distribution and asset diversification requirements. If for any taxable year the Fund does not qualify as a regulated investment company, all of its taxable income (including its net capital gain) would be subject to tax at regular corporate rates without any deduction for distributions to stockholders, and such distributions would be taxable as ordinary dividends to the extent of the Fund’s current or accumulated earnings and profits.</span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Operational Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The valuation of the Fund’s investments may be negatively impacted because of the operational risks arising from factors such as processing errors and human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel, and errors caused by third party service providers or trading counterparties. It is not possible to identify all of the operational risks that may affect the Fund or to develop processes and controls that completely eliminate or mitigate the occurrence of such failures. The Fund could be negatively impacted as a result.</span></div> <div style="line-height:12.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Cybersecurity Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Like other funds and business enterprises, the Fund, the Manager, Western Asset, the relevant listing exchange and their service providers are subject to the risk of cybersecurity incidents occurring from time to time. Cybersecurity incidents, whether intentionally caused by third parties or otherwise, may allow an unauthorized party to gain access to fund assets, fund or customer data (including private stockholder information) or proprietary information, cause the Fund, the Manager, Western Asset, the relevant listing exchange and/or their service providers (including, but not limited to, fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. The Fund, Western Asset, and the subadvisers have limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers, and such third party service providers may have limited indemnification obligations to the Fund or the Manager. Cybersecurity incidents may result in financial losses to the Fund and its stockholders, and substantial costs may be incurred in order to prevent any future cybersecurity incidents. Issuers of securities in which the fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">New ways to carry out cyber attacks continue to develop. There is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the fund’s ability to plan for or respond to a cyber attack.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span></div> N-2 0001058239 false * The Fund had open reverse repurchase agreements at April 30, 2026, 2025, 2024, 2023, 2022, 2021, 2020 and 2019. (1) Total amount of senior securities outstanding at the end of the period presented. (2) Asset coverage per $1,000 of indebtedness is the value of net assets plus the senior securities outstanding at the end of the period divided by the senior securities outstanding at the end of the period. (3) Not applicable, as these senior securities were not registered for public trading.