0001528988 2026-07-02 2026-07-02 0001528988 buipot:CommonSharesMember 2026-06-25 2026-06-25 0001528988 buipot:CommonSharesMember 2026-07-02 2026-07-02 0001528988 buipot:CommonSharesMember 2024-01-01 2024-03-31 0001528988 buipot:CommonSharesMember 2025-01-01 2025-03-31 0001528988 buipot:CommonSharesMember 2026-01-01 2026-03-31 0001528988 buipot:CommonSharesMember 2024-04-01 2024-06-30 0001528988 buipot:CommonSharesMember 2025-04-01 2025-06-30 0001528988 buipot:CommonSharesMember 2026-04-01 2026-06-30 0001528988 buipot:CommonSharesMember 2024-07-01 2024-09-30 0001528988 buipot:CommonSharesMember 2025-07-01 2025-09-30 0001528988 buipot:CommonSharesMember 2024-10-01 2024-12-31 0001528988 buipot:CommonSharesMember 2025-10-01 2025-12-31 0001528988 buipot:CommonSharesMember 2026-06-25 iso4217:USD iso4217:USD shares pure shares false 424B2 0001528988 BLACKROCK UTILITIES, INFRASTRUCTURE & POWER OPPORTUNITIES TRUST The Trust’s investment objectives are to provide total return and income through a combination of current income and long-term capital appreciation. <div style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman; text-align: justify;">The following table and example are intended to assist you in understanding the various costs and expenses directly or indirectly associated with investing in our common shares.</div> <table cellpadding="0" cellspacing="0" id="table470326" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 92%; border-spacing: 0px; margin-right: auto; margin-left: auto; table-layout: fixed; outline: none; outline-offset: 0px;"> <tr> <td style="width: 79%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: bottom; width: 5%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 10pt; background-color: #cceeff;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: times new roman; font-weight: bold;">Shareholder Transaction Expenses</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"></td> <td style="vertical-align: bottom;"></td> <td style="vertical-align: bottom;"></td> </tr> </table> <table cellpadding="0" cellspacing="0" class="tableHighlight" id="table716451" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 92%; border-spacing: 0px; margin-right: auto; margin-left: auto; table-layout: fixed; outline: none; outline-offset: 0px;"> <tr> <td style="width: 79%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: bottom; width: 5%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 10pt;"> <td style="vertical-align: top; width: 79%;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.00em; font-size: 10pt; font-family: times new roman;">Sales load paid by you (as a percentage of offering price)<sup style="font-size: 75%; vertical-align: top;">(1)</sup></div> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="vertical-align: bottom; width: 0%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 0%;">1.00</td> <td style="vertical-align: bottom; width: 0%;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 10pt; background-color: #cceeff;"> <td style="vertical-align: top; width: 79%;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.00em; font-size: 10pt; font-family: times new roman;">Offering expenses borne by the Trust (as a percentage of offering price)<sup style="font-size: 75%; vertical-align: top;">(2)</sup></div> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="vertical-align: bottom; width: 0%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 0%;">0.02</td> <td style="vertical-align: bottom; width: 0%;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 10pt;"> <td style="vertical-align: top; width: 79%;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.00em; font-size: 10pt; font-family: times new roman;">Dividend reinvestment plan fees</div> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="vertical-align: bottom; width: 0%;"> <br/><br/><br/></td> <td style="vertical-align: bottom; text-align: right; width: 0%;">$0.02 per share for<br/>open-market<br/>purchases of<br/>common shares<sup style="font-size: 75%; vertical-align: top;">(3)</sup></td> <td style="vertical-align: bottom; width: 0%;"><br/><br/><br/> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table175364" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 8pt; border-spacing: 0px; width: 100%; outline: none; outline-offset: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">(1)</td> <td style="vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: times new roman; text-align: justify;">Represents the estimated commission with respect to the Trust’s common shares being sold in this offering. There is no guarantee that there will be any sales of the Trust’s common shares pursuant to this Prospectus Supplement and the accompanying Prospectus. Actual sales of the Trust’s common shares under this Prospectus Supplement and the accompanying Prospectus, if any, may be less than as set forth under “Capitalization” below. In addition, the price per share of any such sale may be greater than or less than the price set forth under “Capitalization” below, depending on market price of the Trust’s common shares at the time of any such sale.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table880101" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 8pt; border-spacing: 0px; width: 100%; outline: none; outline-offset: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">(2)</td> <td style="vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: times new roman; text-align: justify;">Based on a sale price per share of $28.68, which represents the last reported sale price per share of the Trust’s common shares on the NYSE on June 25, 2026. Assumes all of the common shares being offered by this Prospectus Supplement and the accompanying Prospectus are sold. Represents the initial offering costs incurred by the Trust in connection with this offering, which are estimated to be $116,155. Offering costs generally include, but are not limited to, the preparation, review and filing with the SEC of the Trust’s registration statement, the preparation, review and filing of any associated marketing or similar materials, costs associated with the printing, mailing or other distribution of the Prospectus Supplement and the accompanying Prospectus and/or marketing materials, associated filing fees, NYSE listing fees, and legal and auditing fees associated with the offering.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table973277" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 8pt; border-spacing: 0px; width: 100%; outline: none; outline-offset: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">(3)</td> <td style="vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: times new roman; text-align: justify;">Computershare Trust Company, N.A.’s (the “Reinvestment Plan Agent”) fees for the handling of the reinvestment of dividends will be paid by the Trust. However, you will pay a $0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. You will also be charged a $0.02 per share fee if you direct the Reinvestment Plan Agent to sell your common shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay.</div> </td> </tr> </table> as a percentage of offering price 0.0100 as a percentage of offering price 0.0002 <table cellpadding="0" cellspacing="0" class="tableHighlight" id="table502174" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 92%; border-spacing: 0px; margin-right: auto; margin-left: auto; table-layout: fixed; outline: none; outline-offset: 0px;"> <tr> <td style="width: 79%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: bottom; width: 5%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 10pt; background-color: #cceeff;"> <td style="vertical-align: top; width: 79%;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Estimated Annual Expenses</span> (as a percentage of net assets attributable to common shares)</div> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="vertical-align: bottom; width: 0%;"></td> <td style="vertical-align: bottom; width: 0%;"></td> <td style="vertical-align: bottom; width: 0%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 10pt;"> <td style="vertical-align: top; width: 79%;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.00em; font-size: 10pt; font-family: times new roman;">Management Fees<sup style="font-size: 75%; vertical-align: top;">(4)(5)</sup></div> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="vertical-align: bottom; width: 0%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 0%;">1.00</td> <td style="vertical-align: bottom; width: 0%;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 10pt; background-color: #cceeff;"> <td style="vertical-align: top; width: 79%;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.00em; font-size: 10pt; font-family: times new roman;">Other Expenses<sup style="font-size: 75%; vertical-align: top;">(6)</sup></div> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="vertical-align: bottom; width: 0%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 0%;">0.08</td> <td style="vertical-align: bottom; width: 0%;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 10pt;"> <td style="vertical-align: top; width: 79%;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.00em; font-size: 10pt; font-family: times new roman;">Total Annual Expenses<sup style="font-size: 75%; vertical-align: top;">(7)</sup></div> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="vertical-align: bottom; width: 0%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 0%;">1.08</td> <td style="vertical-align: bottom; width: 0%;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 10pt; background-color: #cceeff;"> <td style="vertical-align: top; width: 79%;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.00em; font-size: 10pt; font-family: times new roman;">Fee Waivers and/or Expense Reimbursements<sup style="font-size: 75%; vertical-align: top;">(5)</sup></div> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="vertical-align: bottom; width: 0%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 0%;">(0.01</td> <td style="vertical-align: bottom; width: 0%;">)% </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; width: 79%;"></td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="vertical-align: bottom; width: 0%;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1.00px solid #000000;"> </div> </td> <td style="vertical-align: bottom; width: 0%;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1.00px solid #000000;"> </div> </td> <td style="width: 0%;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 10pt;"> <td style="vertical-align: top; width: 79%;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: times new roman;">Total Annual Expenses After Fee Waivers and/or Expense Reimbursements<sup style="font-size: 75%; vertical-align: top;">(5)</sup></div> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="vertical-align: bottom; width: 0%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 0%;">1.07</td> <td style="vertical-align: bottom; width: 0%;">% </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; width: 79%;"></td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="vertical-align: bottom; width: 0%;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3.00px double #000000;"> </div> </td> <td style="vertical-align: bottom; width: 0%;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3.00px double #000000;"> </div> </td> <td style="width: 0%;"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table267518" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 8pt; border-spacing: 0px; width: 100%; outline: none; outline-offset: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">(4)</td> <td style="vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: times new roman; text-align: justify;">The Advisor receives an annual fee, payable monthly, in a maximum amount equal to 1.00% of the average daily value of the net assets of the Trust.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table790369" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 8pt; border-spacing: 0px; width: 100%; outline: none; outline-offset: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">(5)</td> <td style="vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: times new roman; text-align: justify;">The Trust and the Advisor have entered into a fee waiver agreement (the “Fee Waiver Agreement”), pursuant to which the Advisor has contractually agreed to waive the management fee with respect to any portion of the Trust’s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds managed by the Advisor or its affiliates and other exchange-traded products sponsored by the Advisor or its affiliates, in each case that have a contractual management fee, through June 30, 2028. In addition, pursuant to the Fee Waiver Agreement, the Advisor has contractually agreed to waive its management fees by the amount of investment advisory fees the Trust pays to the Advisor indirectly through its investment in money market funds managed by the Advisor or its affiliates, through June 30, 2028. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by the Trust (upon the vote of a majority of the Trustees who are not “interested persons” (as defined in the Investment Company Act) of the Trust or a majority of the outstanding voting securities of the Trust), upon 90 days’ written notice by the Trust to the Advisor.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table488191" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 8pt; border-spacing: 0px; width: 100%; outline: none; outline-offset: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">(6)</td> <td style="vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: times new roman; text-align: justify;">Other Expenses are based on estimated amounts for the current fiscal year.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table888125" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 8pt; border-spacing: 0px; width: 100%; outline: none; outline-offset: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">(7)</td> <td style="vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: times new roman; text-align: justify;">The Total Annual Expenses does not correlate to the ratio of expenses to average net assets given in the Trust’s most recent annual report, which included offering expenses borne by the Trust.</div> </td> </tr> </table> as a percentage of net assets attributable to common shares 0.0100 0.0008 0.0108 -0.0001 0.0107 Computershare Trust Company, N.A.’s (the “Reinvestment Plan Agent”) fees for the handling of the reinvestment of dividends will be paid by the Trust. However, you will pay a $0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. You will also be charged a $0.02 per share fee if you direct the Reinvestment Plan Agent to sell your common shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay. The Advisor receives an annual fee, payable monthly, in a maximum amount equal to 1.00% of the average daily value of the net assets of the Trust. Other Expenses are based on estimated amounts for the current fiscal year.The example should not be considered a representation of future expenses. The example assumes that the estimated “Other Expenses” set forth in the Estimated Annual Expenses table are accurate, that the rate listed under Total Annual Expenses remains the same each year and that all dividends and distributions are reinvested at net asset value. Actual expenses may be greater or less than those assumed. Moreover, the Trust’s actual rate of return may be greater or less than the hypothetical 5% return shown in the example. <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; font-weight: bold;">Example</div> <div style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman; text-align: justify;">The following example illustrates the expenses (including the sales load of $10.00 and offering costs of $0.15) that you would pay on a $1,000 investment in common shares, assuming (i) the Fee Waiver Agreement described above is only in effect for the first year, since it expires on June 30, 2028, and (ii) a 5% annual return:</div> <table cellpadding="0" cellspacing="0" id="table706732" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 8pt; width: 92%; border-spacing: 0px; margin-right: auto; margin-left: auto; table-layout: fixed; outline: none; outline-offset: 0px;"> <tr> <td style="width: 47%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: bottom; width: 6%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: bottom; width: 6%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: bottom; width: 6%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: bottom; width: 6%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 8pt;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="border-bottom: 1.00pt solid #000000; vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">1 Year</span></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="border-bottom: 1.00pt solid #000000; vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">3 Years</span></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="border-bottom: 1.00pt solid #000000; vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">5 Years</span></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="border-bottom: 1.00pt solid #000000; vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">10 Years</span></td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 10pt; background-color: #cceeff;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: times new roman;">Total expenses incurred</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="vertical-align: bottom; text-align: right;">21</td> <td style="vertical-align: bottom;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="vertical-align: bottom; text-align: right;">44</td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="vertical-align: bottom; text-align: right;">69</td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="vertical-align: bottom; text-align: right;">140</td> <td style="vertical-align: bottom;"> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: justify;">The example should not be considered a representation of future expenses. The example assumes that the estimated “Other Expenses” set forth in the Estimated Annual Expenses table are accurate, that the rate listed under Total Annual Expenses remains the same each year and that all dividends and distributions are reinvested at net asset value. Actual expenses may be greater or less than those assumed. Moreover, the Trust’s actual rate of return may be greater or less than the hypothetical 5% return shown in the example.</div> 21 44 69 140 <div id="suptoc155913_5" style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">CAPITALIZATION </div><div style="margin-top:12pt;margin-bottom:0pt;text-indent:4%;font-size:10pt;font-family:times new roman;text-align:justify;">The Trust may offer and sell up to 3,801,642 common shares, $0.001 par value per share, from time to time through the Sub‑Placement Agent as sub‑placement agent under this Prospectus Supplement and the accompanying Prospectus. There is no guarantee that there will be any sales of the Trust’s common shares pursuant to this Prospectus Supplement and the accompanying Prospectus. The table below assumes that the Trust will sell 3,801,642 common shares at a price of $28.68 per share (which represents the last reported sale price per share of the Trust’s common shares on the NYSE on June 25, 2026). Actual sales, if any, of the Trust’s common shares under this Prospectus Supplement and the accompanying Prospectus may be greater or less than $28.68 per share, depending on the market price of the Trust’s common shares at the time of any such sale. The Trust and the Distributor will determine whether any sales of the Trust’s common shares will be authorized on a particular day; the Trust and the Distributor, however, will not authorize sales of the Trust’s common shares if the per share price of the shares is less than the current net asset value per share plus the per share amount of the commission to be paid to the Distributor (the “Minimum Price”). The Trust and the Distributor may also not authorize sales of the Trust’s common shares on a particular day even if the per share price of the shares is equal to or greater than the Minimum Price, or may only authorize a fixed number of shares to be sold on any particular day. The Trust and the Distributor will have full discretion regarding whether sales of Trust common shares will be authorized on a particular day and, if so, in what amounts. </div><div style="margin-top:12pt;margin-bottom:0pt;text-indent:4%;font-size:10pt;font-family:times new roman;text-align:justify;">The following table sets forth the Trust’s capitalization (1) on a historical basis as of December 31, 2025 (audited); (2) the unaudited adjusted capitalization of the Trust as of April 30, 2026 reflecting the issuance of common shares pursuant to the rights offering that expired on April 2, 2026 (the “Rights Offering”); and (3) on a pro forma basis as adjusted to reflect (a) the issuance of common shares in the Rights Offering and (b) the assumed sale of 3,801,642 common shares at $28.68 per share (the last reported price per share of the Trust’s common shares on the NYSE on June 25, 2026), in an offering under this Prospectus Supplement and the accompanying Prospectus, after deducting the assumed commission of $1,090,311 (representing an estimated commission to the Distributor of 1.00% of the gross proceeds of the sale of Trust common shares, out of which the Distributor will compensate the Sub‑Placement Agent at a rate of up to 0.80% of the gross sales proceeds of the sale of the Trust’s common shares sold by the Sub‑Placement Agent) and the estimated initial offering expenses payable by the Trust, if any. </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:49%;"></td> <td style="vertical-align:bottom;width:6%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:6%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:6%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:8pt"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">As of December 31,<br/>2025</span></td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">As adjusted for Rights<br/>Offering</span></td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">As adjusted for Rights<br/>Offering,</span><br/><span style="font-weight:bold">adjusted for Offering</span></td> <td style="vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:8pt"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">(audited)</span></td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">(unaudited)</span></td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">(unaudited)</span></td> <td style="vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">Common Shares</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:right;">24,064,735</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:right;">26,534,412</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:right;">30,336,054</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">Paid in Capital</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">409,502,439</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">415,938,168</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">523,762,795</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">Undistributed NII</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">30,378,945</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">30,378,945</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">30,378,945</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">Accumulated Gain</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">124,190</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">124,190</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">124,190</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">Net Appreciation/Depreciation</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">151,042,989</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">151,042,989</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">151,042,989</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">Net Assets</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">591,048,563</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">597,484,292</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">705,308,919</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">NAV</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">24.56</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">22.52</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">23.25</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center;">PRICE RANGE OF SHARES</div> <div style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman; text-align: justify;">The following table sets forth, for the quarters indicated, the highest and lowest daily closing prices on the NYSE per common share, and the NAV per common share and the premium to or discount from NAV, on the date of each of the high and low market prices. The table also sets forth the number of common shares traded on the NYSE during the respective quarters.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 30%;"></td> <td style="vertical-align: bottom; width: 4%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 4%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 4%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 4%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 4%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 4%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 4%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 8pt;"> <td style="vertical-align: bottom; white-space: nowrap;"><span style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.00pt solid #000000; display: table-cell; font-size: 8pt; font-family: times new roman; font-weight: bold;">During Quarter Ended</span></td> <td style="vertical-align: bottom;"> </td> <td colspan="6" style="border-bottom: 1.00pt solid #000000; vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">NYSE Market Price Per</span><br/><span style="font-weight: bold;">Common Share</span></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="6" style="border-bottom: 1.00pt solid #000000; vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">NAV per Common</span><br/><span style="font-weight: bold;">Share on</span><br/><span style="font-weight: bold;">Date of Market Price</span></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="6" style="border-bottom: 1.00pt solid #000000; vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">Premium/(Discount) on</span><br/><span style="font-weight: bold;">Date of Market Price</span></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="border-bottom: 1.00pt solid #000000; vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">Trading</span><br/><span style="font-weight: bold;">Volume</span></td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 8pt;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">  High  </span></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">  Low  </span></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">  High  </span></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">  Low  </span></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">  High  </span></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">  Low  </span></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 10pt; background-color: #cceeff;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: times new roman;">June 30, 2026</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="vertical-align: bottom; text-align: right;">26.71</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="vertical-align: bottom; text-align: right;">26.34</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="vertical-align: bottom; text-align: right;">27.62</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="vertical-align: bottom; text-align: right;">27.76</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;">(3.29</td> <td style="white-space: nowrap; vertical-align: bottom;">)% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;">(5.12</td> <td style="white-space: nowrap; vertical-align: bottom;">)% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;">5,558,458</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 10pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: times new roman;">March 31, 2026</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="vertical-align: bottom; text-align: right;">30.62</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="vertical-align: bottom; text-align: right;">25.69</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="vertical-align: bottom; text-align: right;">27.82</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="vertical-align: bottom; text-align: right;">26.77</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;">10.06</td> <td style="white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;">(4.03</td> <td style="white-space: nowrap; vertical-align: bottom;">)% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;">4,342,584</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 10pt; background-color: #cceeff;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: times new roman;">December 31, 2025</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="vertical-align: bottom; text-align: right;">27.27</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="vertical-align: bottom; text-align: right;">24.90</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="vertical-align: bottom; text-align: right;">26.12</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="vertical-align: bottom; text-align: right;">24.66</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;">4.40</td> <td style="white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;">0.97</td> <td style="white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;">4,536,542</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 10pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: times new roman;">September 30, 2025</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="vertical-align: bottom; text-align: right;">27.37</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="vertical-align: bottom; text-align: right;">25.63</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="vertical-align: bottom; text-align: right;">25.38</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="vertical-align: bottom; text-align: right;">25.46</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;">7.84</td> <td style="white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;">0.67</td> <td style="white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;">3,896,109</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 10pt; background-color: #cceeff;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: times new roman;">June 30, 2025</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="vertical-align: bottom; text-align: right;">25.75</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="vertical-align: bottom; text-align: right;">20.72</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="vertical-align: bottom; text-align: right;">24.95</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="vertical-align: bottom; text-align: right;">20.64</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;">3.21</td> <td style="white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;">0.39</td> <td style="white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;">3,636,815</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 10pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: times new roman;">March 31, 2025</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="vertical-align: bottom; text-align: right;">23.74</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="vertical-align: bottom; text-align: right;">22.20</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="vertical-align: bottom; text-align: right;">23.92</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="vertical-align: bottom; text-align: right;">22.28</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;">(0.75</td> <td style="white-space: nowrap; vertical-align: bottom;">)% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;">(0.38</td> <td style="white-space: nowrap; vertical-align: bottom;">)% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;">3,240,144</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 10pt; background-color: #cceeff;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: times new roman;">December 31, 2024</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="vertical-align: bottom; text-align: right;">24.37</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="vertical-align: bottom; text-align: right;">22.12</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="vertical-align: bottom; text-align: right;">24.41</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="vertical-align: bottom; text-align: right;">22.44</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;">(0.16</td> <td style="white-space: nowrap; vertical-align: bottom;">)% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;">(1.43</td> <td style="white-space: nowrap; vertical-align: bottom;">)% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;">3,031,403</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 10pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: times new roman;">September 30, 2024</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="vertical-align: bottom; text-align: right;">24.83</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="vertical-align: bottom; text-align: right;">22.14</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="vertical-align: bottom; text-align: right;">24.43</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="vertical-align: bottom; text-align: right;">22.30</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;">1.64</td> <td style="white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;">(0.72</td> <td style="white-space: nowrap; vertical-align: bottom;">)% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;">2,940,462</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 10pt; background-color: #cceeff;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: times new roman;">June 30, 2024</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="vertical-align: bottom; text-align: right;">23.03</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="vertical-align: bottom; text-align: right;">20.20</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="vertical-align: bottom; text-align: right;">22.97</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="vertical-align: bottom; text-align: right;">21.24</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;">0.26</td> <td style="white-space: nowrap; vertical-align: bottom;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;">(4.90</td> <td style="white-space: nowrap; vertical-align: bottom;">)% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;">3,430,077</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 10pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: times new roman;">March 31, 2024</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="vertical-align: bottom; text-align: right;">22.24</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="vertical-align: bottom; text-align: right;">20.57</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="vertical-align: bottom; text-align: right;">22.28</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="vertical-align: bottom; text-align: right;">21.47</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;">(0.18</td> <td style="white-space: nowrap; vertical-align: bottom;">)% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;">(4.19</td> <td style="white-space: nowrap; vertical-align: bottom;">)% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;">3,733,789</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman; text-align: justify;">As of June 25, 2026, the NAV per common share of the Trust was $27.99 and the market price per common share was $28.68, representing a premium to NAV of 2.47%. Common shares of the Trust have historically traded at both a premium and discount to NAV.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman; text-align: justify;">As of June 25, 2026, the Trust has 26,541,625 common shares outstanding.</div> 26.71 26.34 27.62 27.76 -0.0329 -0.0512 30.62 25.69 27.82 26.77 0.1006 -0.0403 27.27 24.90 26.12 24.66 0.0440 0.0097 27.37 25.63 25.38 25.46 0.0784 0.0067 25.75 20.72 24.95 20.64 0.0321 0.0039 23.74 22.20 23.92 22.28 -0.0075 -0.0038 24.37 22.12 24.41 22.44 -0.0016 -0.0143 24.83 22.14 24.43 22.30 0.0164 -0.0072 23.03 20.20 22.97 21.24 0.0026 -0.0490 22.24 20.57 22.28 21.47 -0.0018 -0.0419 27.99 28.68 0.0247 Common shares 26541625 Represents the estimated commission with respect to the Trust’s common shares being sold in this offering. There is no guarantee that there will be any sales of the Trust’s common shares pursuant to this Prospectus Supplement and the accompanying Prospectus. Actual sales of the Trust’s common shares under this Prospectus Supplement and the accompanying Prospectus, if any, may be less than as set forth under “Capitalization” below. In addition, the price per share of any such sale may be greater than or less than the price set forth under “Capitalization” below, depending on market price of the Trust’s common shares at the time of any such sale. Based on a sale price per share of $28.68, which represents the last reported sale price per share of the Trust’s common shares on the NYSE on June 25, 2026. Assumes all of the common shares being offered by this Prospectus Supplement and the accompanying Prospectus are sold. Represents the initial offering costs incurred by the Trust in connection with this offering, which are estimated to be $116,155. Offering costs generally include, but are not limited to, the preparation, review and filing with the SEC of the Trust’s registration statement, the preparation, review and filing of any associated marketing or similar materials, costs associated with the printing, mailing or other distribution of the Prospectus Supplement and the accompanying Prospectus and/or marketing materials, associated filing fees, NYSE listing fees, and legal and auditing fees associated with the offering. The Advisor receives an annual fee, payable monthly, in a maximum amount equal to 1.00% of the average daily value of the net assets of the Trust. The Trust and the Advisor have entered into a fee waiver agreement (the “Fee Waiver Agreement”), pursuant to which the Advisor has contractually agreed to waive the management fee with respect to any portion of the Trust’s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds managed by the Advisor or its affiliates and other exchange-traded products sponsored by the Advisor or its affiliates, in each case that have a contractual management fee, through June 30, 2028. In addition, pursuant to the Fee Waiver Agreement, the Advisor has contractually agreed to waive its management fees by the amount of investment advisory fees the Trust pays to the Advisor indirectly through its investment in money market funds managed by the Advisor or its affiliates, through June 30, 2028. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by the Trust (upon the vote of a majority of the Trustees who are not “interested persons” (as defined in the Investment Company Act) of the Trust or a majority of the outstanding voting securities of the Trust), upon 90 days’ written notice by the Trust to the Advisor. Other Expenses are based on estimated amounts for the current fiscal year. The Total Annual Expenses does not correlate to the ratio of expenses to average net assets given in the Trust’s most recent annual report, which included offering expenses borne by the Trust.