0002054992 2026-07-28 2026-07-28 0002054992 cik0002054992:ClassAMember 2026-07-28 2026-07-28 0002054992 cik0002054992:ClassDMember 2026-07-28 2026-07-28 0002054992 cik0002054992:ClassIMember 2026-07-28 2026-07-28 0002054992 cik0002054992:ClassISMember 2026-07-28 2026-07-28 0002054992 cik0002054992:RisksRelatedToInvestmentsInLoansMember 2026-07-28 2026-07-28 0002054992 cik0002054992:RisksRelatingToInvestmentStrategiesFundInvestmentsAndTheFundsInvestmentProgramMember 2026-07-28 2026-07-28 0002054992 cik0002054992:OtherRisksRelatedToLoansMember 2026-07-28 2026-07-28 0002054992 cik0002054992:RisksRelatedToInvestingInDataCentersMember 2026-07-28 2026-07-28 0002054992 cik0002054992:OtherRisksRelatingToTheFundMember 2026-07-28 2026-07-28 0002054992 cik0002054992:RicrelatedRisksOfInvestmentsGeneratingNoncashTaxableIncomeMember 2026-07-28 2026-07-28 0002054992 cik0002054992:RisksRelatingToFundsRicStatusMember 2026-07-28 2026-07-28 0002054992 dei:BusinessContactMember 2026-07-28 2026-07-28 0002054992 cik0002054992:CreditFacilitMember 2026-03-31 0002054992 cik0002054992:CreditFacilitMember 2026-03-31 2026-03-31 pure shares iso4217:USD iso4217:USD shares 0002054992 false false PA false false false false false false false false false false false false false false No false false 333-285896 811-24066 N-2 N-2 true true 2 true true 5 LINCOLN BAIN CAPITAL TOTAL CREDIT FUND 1301 South Harrison Street Fort Wayne IN 46802 260 455-2000 Paul T. Chryssikos 150 N. Radnor-Chester Road Radnor 19087 As soon as practicable after the effective date of this Registration Statement. true true 2026-07-29 true true <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following table illustrates the aggregate fees and expenses that the Fund expects to incur and that Shareholders can expect to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bear directly or indirectly.</div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:516pt"> <tr style="height:14.25pt"> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:290.05pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-right:12pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;"> </div></div></div></div></td> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:9.0pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Class A</div></div></div></div></td> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:9.0pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Class D</div></div></div></div></td> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:9.0pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Class I</div></div></div></div></td> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:9.0pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Class IS</div></div></div></div></td></tr> <tr style="height:15.75pt"> <td style="background-color:azure;padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Top;width:290.05pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:12pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">SHAREHOLDER TRANSACTION FEES</div></div></div></div></td> <td style="background-color:azure;padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="background-color:azure;padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="background-color:azure;padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="background-color:azure;padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td></tr> <tr style="height:14pt"> <td style="background-color:#FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Top;width:290.05pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:12pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Maximum sales load imposed on purchases</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 6.5pt; margin-left: 0pt; position: relative; top: -4.25pt; letter-spacing: 0px;display:inline;">(1)</div></div> <div style="clear:right"></div></div></div></td> <td style="background-color:#FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">3.00%</div></div></div></td> <td style="background-color:#FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">3.50%</div></div></div></td> <td style="background-color:#FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div></div></td> <td style="background-color:#FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div></div></td></tr> <tr style="height:14pt"> <td style="background-color:azure;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Top;width:290.05pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:12pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Maximum early repurchase fee</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 6.5pt; margin-left: 0pt; position: relative; top: -4.25pt; letter-spacing: 0px;display:inline;">(2)</div></div> <div style="clear:right"></div></div></div></td> <td style="background-color:azure;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.00%</div></div></div></td> <td style="background-color:azure;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.00%</div></div></div></td> <td style="background-color:azure;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.00%</div></div></div></td> <td style="background-color:azure;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.00%</div><br/></div></div></td></tr></table> <div><div style="clear:both;margin-top:4.0pt;position:relative;width:100%"><div style="float:left;line-height:7pt;text-align:left;width:6.99pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(1)</div></div><div style="float:left;line-height:10.0pt;margin-left:11.01pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Investors purchasing Class A Shares may be charged a front-end sales load of up to 3.00% of the investor’s purchase. Investors purchasing Class D Shares may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">be charged a front-end sales load of up to 3.50% of the investor’s purchase. The table assumes the maximum sales load is charged. The Distributor may, in its </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">discretion, waive all or a portion of the sales load for certain investors. While Class I and Class IS Shares do not charge a front-end sales load, if you purchase </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Class I or Class IS Shares through certain Financial Intermediaries, such Financial Intermediaries may directly charge you transaction or other fees in such </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">amount as they may determine. Please consult your </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Financial Intermediary</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> for additional information. See </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">“Purchase of Shares”</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">“<div style="font-weight:bolder;display:inline;">Plan of Distribution.</div>”</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="clear: both; position: relative; max-height: 0px;"></div></div><div><div style="clear:both;margin-top:4.0pt;position:relative;width:100%"><div style="float:left;line-height:7pt;text-align:left;width:6.99pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(2)</div></div><div style="float:left;line-height:10.0pt;margin-left:11.01pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">A 2.00% early repurchase fee payable to the Fund will be charged with respect to the repurchase of an investor’s Shares at any time prior to the day immediately </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">preceding the one-year anniversary of an investor’s purchase of the Shares (on a “first in-first out” basis) (“Early Repurchase Fee”). An Early Repurchase Fee payable</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> by an investor may be waived by the Fund, in circumstances where the Board determines that doing so is in the best interests of the Fund and that will not </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">discriminate unfairly against any investor. The Early Repurchase Fee will be retained by the Fund for the benefit of the remaining investors. See </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">“<div style="font-weight:bolder;display:inline;">Share Repurchase</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> Program.</div>”</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="clear: both; position: relative; max-height: 0px;"></div></div> 0.03 0.035 0 0 0.02 0.02 0.02 0.02 <table style="text-align:start; empty-cells:show;width:516pt"> <tr style="height:26pt"> <td style="background-color:#FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Top;width:290.05pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:12pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"><div style="text-indent: 0px; letter-spacing: 0px; top: 0px;display:inline;">ANNUAL FUND EXPENSES</div></div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 6.5pt; margin-left: 0pt; position: relative; top: -4.25pt; letter-spacing: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div><div style="margin-right:12pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">(as a percentage of average net assets attributable to Shares)</div></div></div></div></td> <td style="background-color:#FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 12pt; margin-right: 12pt; text-align: center; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="background-color:#FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 12pt; margin-right: 12pt; text-align: center; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="background-color:#FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 12pt; margin-right: 12pt; text-align: center; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="background-color:#FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 12pt; margin-right: 12pt; text-align: center; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td></tr> <tr style="height:14pt"> <td style="width: 290.05pt; padding-top: 3.5pt; padding-bottom: 3.5pt; vertical-align: top; background-color: azure;"><div style="text-align: left; line-height: 12pt;"><div style="text-align: left; margin-right: 12pt; white-space: nowrap;"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Investment Management Fee</div><div style="top: -4.25pt; color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 6.5pt; margin-left: 0pt; position: relative; letter-spacing: 0px;display:inline;">(3)</div></div></div></div></td> <td style="background-color:azure;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.33%</div></div></div></td> <td style="background-color:azure;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.33%</div></div></div></td> <td style="background-color:azure;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.33%</div></div></div></td> <td style="background-color:azure;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.33%</div></div></div></td></tr> <tr style="height:14pt"> <td style="width: 290.05pt; padding-top: 3.5pt; padding-bottom: 3.5pt; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: left; line-height: 12pt;"><div style="text-align: left; margin-right: 12pt; white-space: nowrap;"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Incentive Fee</div><div style="top: -4.25pt; color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 6.5pt; margin-left: 0pt; position: relative; letter-spacing: 0px;display:inline;">(4)</div></div></div></div></td> <td style="background-color:#FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.13%</div></div></div></td> <td style="background-color:#FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.13%</div></div></div></td> <td style="background-color:#FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.13%</div></div></div></td> <td style="background-color:#FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.13%</div></div></div></td></tr> <tr style="height:14pt"> <td style="width: 290.05pt; padding-top: 3.5pt; padding-bottom: 3.5pt; vertical-align: top; background-color: azure;"><div style="text-align: left; line-height: 12pt;"><div style="text-align: left; margin-right: 12pt; white-space: nowrap;"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Interest payments on borrowed funds and securities sold short</div><div style="top: -4.25pt; color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 6.5pt; margin-left: 0pt; position: relative; letter-spacing: 0px;display:inline;">(5)</div></div></div></div></td> <td style="background-color:azure;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.10%</div></div></div></td> <td style="background-color:azure;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.10%</div></div></div></td> <td style="background-color:azure;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.10%</div></div></div></td> <td style="background-color:azure;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.10%</div></div></div></td></tr> <tr style="height:14pt"> <td style="width: 290.05pt; padding-top: 3.5pt; padding-bottom: 3.5pt; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: left; line-height: 12pt;"><div style="text-align: left; margin-right: 12pt; white-space: nowrap;"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Other expenses</div><div style="top: -4.25pt; color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 6.5pt; margin-left: 0pt; position: relative; letter-spacing: 0px;display:inline;">(6)</div></div></div></div></td> <td style="background-color:#FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.16%</div></div></div></td> <td style="background-color:#FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.16%</div></div></div></td> <td style="background-color:#FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.16%</div></div></div></td> <td style="background-color:#FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.16%</div></div></div></td></tr> <tr style="height:14pt"> <td style="width: 290.05pt; padding-top: 3.5pt; padding-bottom: 3.5pt; vertical-align: top; background-color: azure;"><div style="text-align: left; line-height: 12pt;"><div style="text-align: left; margin-right: 12pt; white-space: nowrap;"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Distribution Fees (12b-1)</div><div style="top: -4.25pt; color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 6.5pt; margin-left: 0pt; position: relative; letter-spacing: 0px;display:inline;">(7)</div></div></div></div></td> <td style="background-color:azure;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.60%</div></div></div></td> <td style="background-color:azure;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.25%</div></div></div></td> <td style="background-color:azure;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div></div></td> <td style="background-color:azure;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div></div></td></tr> <tr style="height:14pt"> <td style="width: 290.05pt; padding-top: 3.5pt; padding-bottom: 3.5pt; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: left; line-height: 12pt;"><div style="text-align: left; margin-right: 12pt; white-space: nowrap;"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Shareholder Services Fee</div><div style="top: -4.25pt; color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 6.5pt; margin-left: 0pt; position: relative; letter-spacing: 0px;display:inline;">(8)</div></div></div></div></td> <td style="background-color:#FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.25%</div></div></div></td> <td style="background-color:#FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.25%</div></div></div></td> <td style="background-color:#FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div></div></td> <td style="background-color:#FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.25%</div></div></div></td></tr> <tr style="height:14pt"> <td style="width: 290.05pt; padding-top: 3.5pt; padding-bottom: 3.5pt; vertical-align: top; background-color: azure;"><div style="text-align: left; line-height: 12pt;"><div style="text-align: left; margin-right: 12pt; white-space: nowrap;"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Acquired Fund Fees and Expenses</div><div style="top: -4.25pt; color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 6.5pt; margin-left: 0pt; position: relative; letter-spacing: 0px;display:inline;">(9)</div></div></div></div></td> <td style="background-color:azure;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.62%</div></div></div></td> <td style="background-color:azure;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.62%</div></div></div></td> <td style="background-color:azure;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.62%</div></div></div></td> <td style="background-color:azure;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.62%</div></div></div></td></tr> <tr style="height:14pt"> <td style="background-color:#FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Top;width:290.05pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:12pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total annual fund expenses</div></div></div></td> <td style="background-color:#FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.19%</div></div></div></td> <td style="background-color:#FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">7.84%</div></div></div></td> <td style="background-color:#FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">7.34%</div></div></div></td> <td style="background-color:#FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">7.59%</div></div></div></td></tr> <tr style="height:14pt"> <td style="width: 290.05pt; padding-top: 3.5pt; padding-bottom: 3.5pt; vertical-align: top; background-color: azure;"><div style="text-align: left; line-height: 12pt;"><div style="text-align: left; margin-right: 12pt; white-space: nowrap;"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Expense reimbursement</div><div style="top: -4.25pt; color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 6.5pt; margin-left: 0pt; position: relative; letter-spacing: 0px;display:inline;">(10)</div></div></div></div></td> <td style="background-color:azure;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(1.49%)</div></div></div></td> <td style="background-color:azure;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(1.49%)</div></div></div></td> <td style="background-color:azure;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(1.49%)</div></div></div></td> <td style="background-color:azure;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(1.49%)</div></div></div></td></tr> <tr style="height:12.5pt"> <td style="width: 290.05pt; padding-top: 3.5pt; padding-bottom: 5pt; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: left; line-height: 12pt;"><div style="text-align: left; margin-right: 12pt; white-space: nowrap;"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total annual fund expenses after expense reimbursement</div><div style="top: -4.25pt; color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 6.5pt; margin-left: 0pt; position: relative; letter-spacing: 0px;display:inline;">(10)</div></div></div></div></td> <td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">6.70%</div></div></div></td> <td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">6.35%</div></div></div></td> <td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.85%</div></div></div></td> <td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:3.5pt;vertical-align:Bottom;width:56.49pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">6.10%</div></div></div></td></tr></table> <div><div style="clear:both;margin-top:4.0pt;position:relative;width:100%"><div style="float:left;line-height:7pt;text-align:left;width:6.99pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(3)</div></div><div style="float:left;line-height:10.0pt;margin-left:11.01pt;text-align:left;width:505.00pt"><div style="text-decoration-line: underline; font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="text-decoration-line: underline; font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">The </div><div style="text-decoration-line: underline; font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Investment </div><div style="text-decoration-line: underline; font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Management Fee paid by the Fund is calculated at the annual rate of 1.00% of the Fund’s gross assets, which includes assets purchased with borrowed</div><div style="text-decoration-line: underline; font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> money. The table above assumes that the Fund borrows money for investment purposes at an average amount of 33% of its net assets (i.e., gross assets </div><div style="text-decoration-line: underline; font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">are expected to be 133% of net assets). If the Fund borrows to a lesser extent or not at all, the </div><div style="text-decoration-line: underline; font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Investment </div><div style="text-decoration-line: underline; font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Management Fee would decrease as a percentage of </div><div style="text-decoration-line: underline; font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Fund net assets. See </div><div style="text-decoration-line: underline; font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="text-decoration-line: underline; font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Summary of Terms — Leverage</div></div><div style="text-decoration-line: underline; font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">.</div><div style="text-decoration-line: underline; font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="text-decoration-line: underline; font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div></div></div><div><div style="clear: both; position: relative; max-height: 0px;"></div></div><div><div style="clear:both;margin-top:4.0pt;position:relative;width:100%"><div style="float:left;line-height:7pt;text-align:left;width:6.99pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(<div style="display:inline;">4</div>)</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="width: 505pt; text-align: left; line-height: 10pt; margin-left: 11.01pt; float: left;text-indent: 0px;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may have net investment income that could result in the payment of an incentive fee in the first year of investment operations. The Incentive Fee is 15% </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">of the Fund’s Pre-Incentive Fee Net Investment Income in excess of the Hurdle Amount (defined below). The Fund expects the Incentive Fee the Fund pays to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">increase to the extent the Fund earns greater income. The Incentive Fee, calculated and payable quarterly in arrears, is determined for each share class as follows: </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">(i) no Incentive Fee is payable for any calendar quarter in which the class’s Pre-Incentive Fee Net Investment Income does not exceed 1.50% of that class’s </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">beginning-of-quarter NAV (the “Hurdle Amount”); (ii) 100% of the class’s Pre-Incentive Fee Net Investment Income that exceeds the Hurdle Amount but is less </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">than 1.765% of NAV (the “Catch-Up Amount”) is payable to the Adviser, so that the cumulative Incentive Fee for the quarter equals 15% of the class’s total Pre-</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Incentive Fee Net Investment Income once the Catch-Up Amount is reached; and (iii) 15% of the class’s Pre-Incentive Fee Net Investment Income that exceeds </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">1.765% of NAV in the quarter is payable to the Adviser. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Incentive Fees are based on estimated amounts for</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> the Fund</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">'</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">s current fiscal year</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Incentive Fees </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">accrue to the extent the Fund earns net investment income. For example, if the Fund achieves net investment income of 1.5% of NAV for a quarter, no incentive </div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px; background: none; text-decoration: none;display:inline;"> </div></div><div style="clear: both; position: relative; max-height: 0px;"></div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="text-align: left; line-height: 10pt; margin-left: 18pt;text-indent: 0px;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">fees would be payable because the Hurdle Amount was not exceeded. If instead the Fund achieved net investment income of 2.5% of net assets in a quarter, an </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">incentive fee equal to approximately 0.375% of Fund net assets would be payable. See “</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investment Management Fee and Incentive Fee — Incentive Fee</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">” for </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">more information concerning the incentive fees.</div><div style="color: rgb(0, 0, 0); line-height: 10pt; font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div> <div><div style="float:left;line-height:7pt;text-align:left;width:6.99pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(<div style="display:inline;">5</div>)</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="width: 505pt; text-align: left; line-height: 10pt; margin-left: 11.01pt; float: left;text-indent: 0px;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">These expenses represent estimated interest payments the Fund expects to incur in connection with its </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">credit facility and short sales during the current fiscal year. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">See </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Summary of Terms — Leverage</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">. The amount shown in the table above is based on the assumption that the Fund borrows money for investment purposes </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">at an average amount of 33% of its net assets.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund currently borrows under a credit facility with Citibank, N.A. See “Types of Investments and Related Risks </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">– Use of Leverage: Risk of Borrowing by the Fund.</div><div style="color: rgb(0, 0, 0); line-height: 10pt; font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div> <div style="clear: both; position: relative; max-height: 0px;"></div></div><div><div style="clear:both;margin-top:4pt;position:relative;width:100%"><div style="float:left;line-height:7pt;text-align:left;width:6.99pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(<div style="display:inline;">6</div>)</div></div><div style="float:left;line-height:10.0pt;margin-left:11.01pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Other expenses are based on estimated amounts for the current fiscal year and include accounting, custody, transfer agency, legal, valuation agent, pricing vendor </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">and auditing fees of the Fund and fees payable to the Independent Trustees, as well as payments to the Administrator to provide or procure administrative and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">support services and corporate-level services under the Administration Agreement with The Lincoln National Life Insurance Company.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="clear: both; position: relative; max-height: 0px;"></div></div><div><div style="clear:both;margin-top:4pt;position:relative;width:100%"><div style="float:left;line-height:7pt;text-align:left;width:6.99pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(<div style="display:inline;">7</div>)</div></div><div style="float:left;line-height:10.0pt;margin-left:11.01pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Class A Shares will pay to the Distributor a distribution fee that will accrue at an annual rate equal to 0.60% of the aggregate NAV as of the beginning of the first </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">calendar day of each applicable month attributable to Class A Shares. Class D Shares will pay to the Distributor a distribution fee that will accrue at an annual rate </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">equal to 0.25% of the aggregate NAV as of the beginning of the first calendar day of each applicable month attributable to Class D Shares (as applicable, the “Distribution</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> Fee”). See “<div style="font-weight:bolder;display:inline;width:100%;">Plan of Distribution</div>”.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="clear: both; position: relative; max-height: 0px;"></div></div><div><div style="clear:both;margin-top:4pt;position:relative;width:100%"><div style="float:left;line-height:7pt;text-align:left;width:6.99pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(<div style="display:inline;">8</div>)</div></div><div style="float:left;line-height:10.0pt;margin-left:11.01pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Class A, Class D, and Class IS Shares charge a shareholder services fee of up to 0.25% per year (the “Shareholder Services Fee”) under the Administration </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Agreement with The Lincoln National Life Insurance Company. Such services include, but are not limited to, responding to operational inquiries from Shareholders;</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> processing purchase, redemption and exchange orders with the Fund’s transfer agent; and providing Shareholders with automatic investment services, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">including investments in Fund.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="clear: both; position: relative; max-height: 0px;"></div></div><div><div style="clear:both;margin-top:4pt;position:relative;width:100%"><div style="float:left;line-height:7pt;text-align:left;width:9.99pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(<div style="display:inline;">9</div>)</div></div><div style="float:left;line-height:10.0pt;margin-left:8.01pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Acquired Fund Fees and Expenses (“AFFE”) are the indirect costs of investing in other investment companies and other pooled investment vehicles. AFFE are estimated</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> for the Fund’s current fiscal year based on historic fees and expenses. AFFE may include an incentive allocation or other fee based on income, capital gains </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">and/or appreciation (an “Incentive Allocation”) payable to the adviser of an acquired fund. While the amount of such fees vary by acquired fund, performance </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">fees, if charged, tend to be approximately 10-20% of the acquired fund’s profits above a hurdle rate (a minimum rate of return). Future AFFE may be substantially </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">higher or lower because certain fees are based on the performance of the acquired funds, which may fluctuate over time.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="clear: both; position: relative; max-height: 0px;"></div></div><div><div style="clear: both; margin-top: 4pt; position: relative; width: 100%; font-size: 8pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; letter-spacing: 0px; top: 0px; background: none; text-decoration: none;display:inline;"> </div></div><div style="clear: both; position: relative; max-height: 0px;"></div></div><div><div style="clear:both;margin-top:4pt;position:relative;width:100%"><div style="float:left;line-height:7pt;text-align:left;width:9.99pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(10)</div></div><div style="float:left;line-height:10.0pt;margin-left:8.01pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">The Adviser and the Fund have entered into the Expense Limitation Agreement under which the Adviser has agreed contractually to pay, absorb or reimburse certain</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> expenses of the Fund to limit the Fund’s Operating Expenses, calculated and reimbursed on a Class-by-Class basis in respect of each of Class A, Class D, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Class I, and Class IS with the exception of (i) interest, taxes, dividends tied to short sales, and brokerage commissions; (ii) underlying fund fees and expenses; </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">(iii) other expenses attributable to, and incurred as a result of, the Fund’s investments; (iv) Incentive Fees; and (v) extraordinary expenses (including litigation </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">expenses) not incurred in the ordinary course of the Fund’s business (as determined in the discretion of the Adviser), to no more than 2.85%, 2.50%, 2.00%, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">2.25% for Class A, Class D, Class I, and Class IS Shares, respectively, on an annualized basis, of the Fund’s average daily net assets (the “Operating Expense </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Limit”).</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="clear: both; position: relative; max-height: 0px;"></div></div><div style="line-height:10.0pt;margin-left:18pt;margin-top:4pt;text-align:left"><div style="margin-top:4pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">In consideration of the Adviser’s agreement to reimburse certain of the Fund’s expenses, the Fund has agreed to repay the Adviser a Reimbursement Amount in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">respect of each of Class A, Class D, Class I, and Class IS for three years after a reimbursement, subject to the limitation that a reimbursement will be made only if </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">and to the extent that the Fund is able to effect such payments to the Adviser and remain in compliance with: (i) the Operating Expense Limit in effect at the time </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">the waiver or payment of the Reimbursement Amount occurred and (ii) the Operating Expense Limit in effect at the time such reimbursement is sought. The </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Expense Limitation Agreement will remain in effect through August 1, 2027, unless and until the Board approves its modification or termination. Thereafter, the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Expense Limitation Agreement shall renew automatically for one</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">-</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">year terms unless the Adviser provides written notice of termination of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Expense Limitation </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Agreement to the Fund at least ten (10) days prior to the end of the then current term. See “Fund Expenses — Expense Limitation Agreement” for additional </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">information.</div></div></div></div> as a percentage of average net assets attributable to Shares 0.0133 0.0133 0.0133 0.0133 0.0113 0.0113 0.0113 0.0113 0.021 0.021 0.021 0.021 0.0216 0.0216 0.0216 0.0216 0.006 0.0025 0 0 0.0025 0.0025 0 0.0025 0.0062 0.0062 0.0062 0.0062 0.0819 0.0784 0.0734 0.0759 -0.0149 -0.0149 -0.0149 -0.0149 0.067 0.0635 0.0585 0.061 <div style="text-decoration-line: underline; font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">The </div><div style="text-decoration-line: underline; font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Investment </div><div style="text-decoration-line: underline; font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Management Fee paid by the Fund is calculated at the annual rate of 1.00% of the Fund’s gross assets, which includes assets purchased with borrowed</div><div style="text-decoration-line: underline; font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> money. The table above assumes that the Fund borrows money for investment purposes at an average amount of 33% of its net assets (i.e., gross assets </div><div style="text-decoration-line: underline; font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">are expected to be 133% of net assets). If the Fund borrows to a lesser extent or not at all, the </div><div style="text-decoration-line: underline; font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Investment </div><div style="text-decoration-line: underline; font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Management Fee would decrease as a percentage of </div><div style="text-decoration-line: underline; font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Fund net assets. See </div><div style="text-decoration-line: underline; font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="text-decoration-line: underline; font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Summary of Terms — Leverage</div></div><div style="text-decoration-line: underline; font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">.</div><div style="text-decoration-line: underline; font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">”</div> <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Other expenses are based on estimated amounts for the current fiscal year and include accounting, custody, transfer agency, legal, valuation agent, pricing vendor </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">and auditing fees of the Fund and fees payable to the Independent Trustees, as well as payments to the Administrator to provide or procure administrative and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">support services and corporate-level services under the Administration Agreement with The Lincoln National Life Insurance Company.</div> <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Acquired Fund Fees and Expenses (“AFFE”) are the indirect costs of investing in other investment companies and other pooled investment vehicles. AFFE are estimated</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> for the Fund’s current fiscal year based on historic fees and expenses. AFFE may include an incentive allocation or other fee based on income, capital gains </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">and/or appreciation (an “Incentive Allocation”) payable to the adviser of an acquired fund. While the amount of such fees vary by acquired fund, performance </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">fees, if charged, tend to be approximately 10-20% of the acquired fund’s profits above a hurdle rate (a minimum rate of return). Future AFFE may be substantially </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">higher or lower because certain fees are based on the performance of the acquired funds, which may fluctuate over time.</div> <div style="line-height:14.0pt;margin-top:8pt;text-align:left"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Example:</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; line-height: 14pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following example demonstrates the projected dollar amount of total expenses that would be incurred over various periods with </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">respect to a hypothetical investment in Shares. In calculating the following expense amounts, the Fund has assumed its direct and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">indirect annual operating expenses would remain at the percentage levels set forth in the table above (except that the example incorporates</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> the expense reimbursement arrangement for only the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">first year</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">).</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">An investor would pay the following expenses on a $1,000 investment, assuming a 5.0% annual return:</div></div></div><div style="line-height: 1pt; text-align: left; font-size: 1pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:1.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:516pt"> <tr style="height:12.75pt"> <td style="background-color:#FFFFFF;padding-bottom:3.75pt;padding-top:3.75pt;vertical-align:Bottom;width:322.66pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-right:12pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;"> </div></div></div></div></td> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.25pt;padding-top:1.25pt;vertical-align:Bottom;width:44.67pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:15%;margin-right:15%;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">1 Year</div></div></div></div></td> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.25pt;padding-top:1.25pt;vertical-align:Bottom;width:48.22pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:15%;margin-right:15%;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">3 Years</div></div></div></div></td> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.25pt;padding-top:1.25pt;vertical-align:Bottom;width:48.22pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:15%;margin-right:15%;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">5 Years</div></div></div></div></td> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.25pt;padding-top:1.25pt;vertical-align:Bottom;width:52.22pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:15%;margin-right:15%;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">10 Years</div></div></div></div></td></tr> <tr style="height:13.25pt"> <td style="background-color:azure;padding-bottom:2.5pt;padding-top:3.75pt;vertical-align:Bottom;width:322.66pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:12pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class A</div></div></div></td> <td style="background-color:azure;padding-bottom:2.5pt;padding-top:3.75pt;vertical-align:Bottom;white-space:nowrap;width:44.67pt"><div style="line-height:12pt;margin-left:12pt;margin-right:12pt;text-align:right;width:20.67pt"><div style="display:flex;margin:auto;width:17.0pt"><div style="display:flex;white-space:nowrap;width:17.0pt"><div style="display:flex;white-space:nowrap;width:17.0pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; width: 17pt; letter-spacing: 0px; top: 0px;display:inline;">84</div></div></div></div></div></td> <td style="background-color:azure;padding-bottom:2.5pt;padding-top:3.75pt;vertical-align:Bottom;white-space:nowrap;width:48.22pt"><div style="line-height:12pt;margin-left:12pt;margin-right:12pt;text-align:right;width:24.22pt"><div style="display:flex;margin:auto;width:22.0pt"><div style="display:flex;white-space:nowrap;width:22.0pt"><div style="display:flex;white-space:nowrap;width:22.0pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; width: 22pt; letter-spacing: 0px; top: 0px;display:inline;">217</div></div></div></div></div></td> <td style="background-color:azure;padding-bottom:2.5pt;padding-top:3.75pt;vertical-align:Bottom;white-space:nowrap;width:48.22pt"><div style="line-height:12pt;margin-left:12pt;margin-right:12pt;text-align:right;width:24.22pt"><div style="display:flex;margin:auto;width:22.0pt"><div style="display:flex;white-space:nowrap;width:22.0pt"><div style="display:flex;white-space:nowrap;width:22.0pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; width: 22pt; letter-spacing: 0px; top: 0px;display:inline;">345</div></div></div></div></div></td> <td style="background-color:azure;padding-bottom:2.5pt;padding-top:3.75pt;vertical-align:Bottom;white-space:nowrap;width:52.22pt"><div style="line-height:12pt;margin-left:12pt;margin-right:6pt;text-align:right;width:28.22pt"><div style="display:flex;margin:auto;width:22.0pt"><div style="display:flex;white-space:nowrap;width:22.0pt"><div style="display:flex;white-space:nowrap;width:22.0pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; width: 22pt; letter-spacing: 0px; top: 0px;display:inline;">643</div></div></div></div></div></td></tr> <tr style="height:12pt"> <td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Bottom;width:322.66pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:12pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class D</div></div></div></td> <td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Bottom;white-space:nowrap;width:44.67pt"><div style="line-height:12pt;margin-left:12pt;margin-right:12pt;text-align:right;width:20.67pt"><div style="display:flex;margin:auto;width:17.0pt"><div style="display:flex;white-space:nowrap;width:17.0pt"><div style="display:flex;white-space:nowrap;width:17.0pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; width: 17pt; letter-spacing: 0px; top: 0px;display:inline;">86</div></div></div></div></div></td> <td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Bottom;white-space:nowrap;width:48.22pt"><div style="line-height:12pt;margin-left:12pt;margin-right:12pt;text-align:right;width:24.22pt"><div style="display:flex;margin:auto;width:22.0pt"><div style="display:flex;white-space:nowrap;width:22.0pt"><div style="display:flex;white-space:nowrap;width:22.0pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; width: 22pt; letter-spacing: 0px; top: 0px;display:inline;">212</div></div></div></div></div></td> <td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Bottom;white-space:nowrap;width:48.22pt"><div style="line-height:12pt;margin-left:12pt;margin-right:12pt;text-align:right;width:24.22pt"><div style="display:flex;margin:auto;width:22.0pt"><div style="display:flex;white-space:nowrap;width:22.0pt"><div style="display:flex;white-space:nowrap;width:22.0pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; width: 22pt; letter-spacing: 0px; top: 0px;display:inline;">335</div></div></div></div></div></td> <td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Bottom;white-space:nowrap;width:52.22pt"><div style="line-height:12pt;margin-left:12pt;margin-right:6pt;text-align:right;width:28.22pt"><div style="display:flex;margin:auto;width:22.0pt"><div style="display:flex;white-space:nowrap;width:22.0pt"><div style="display:flex;white-space:nowrap;width:22.0pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; width: 22pt; letter-spacing: 0px; top: 0px;display:inline;">624</div></div></div></div></div></td></tr> <tr style="height:12pt"> <td style="background-color:azure;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Bottom;width:322.66pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:12pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class I</div></div></div></td> <td style="background-color:azure;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Bottom;white-space:nowrap;width:44.67pt"><div style="line-height:12pt;margin-left:12pt;margin-right:12pt;text-align:right;width:20.67pt"><div style="display:flex;margin:auto;width:17.0pt"><div style="display:flex;white-space:nowrap;width:17.0pt"><div style="display:flex;white-space:nowrap;width:17.0pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; width: 17pt; letter-spacing: 0px; top: 0px;display:inline;">47</div></div></div></div></div></td> <td style="background-color:azure;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Bottom;white-space:nowrap;width:48.22pt"><div style="line-height:12pt;margin-left:12pt;margin-right:12pt;text-align:right;width:24.22pt"><div style="display:flex;margin:auto;width:22.0pt"><div style="display:flex;white-space:nowrap;width:22.0pt"><div style="display:flex;white-space:nowrap;width:22.0pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; width: 22pt; letter-spacing: 0px; top: 0px;display:inline;">170</div></div></div></div></div></td> <td style="background-color:azure;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Bottom;white-space:nowrap;width:48.22pt"><div style="line-height:12pt;margin-left:12pt;margin-right:12pt;text-align:right;width:24.22pt"><div style="display:flex;margin:auto;width:22.0pt"><div style="display:flex;white-space:nowrap;width:22.0pt"><div style="display:flex;white-space:nowrap;width:22.0pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; width: 22pt; letter-spacing: 0px; top: 0px;display:inline;">290</div></div></div></div></div></td> <td style="background-color:azure;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Bottom;white-space:nowrap;width:52.22pt"><div style="line-height:12pt;margin-left:12pt;margin-right:6pt;text-align:right;width:28.22pt"><div style="display:flex;margin:auto;width:22.0pt"><div style="display:flex;white-space:nowrap;width:22.0pt"><div style="display:flex;white-space:nowrap;width:22.0pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; width: 22pt; letter-spacing: 0px; top: 0px;display:inline;">578</div></div></div></div></div></td></tr> <tr style="height:11.5pt"> <td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:2.5pt;vertical-align:Bottom;width:322.66pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:12pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class IS</div></div></div></td> <td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:2.5pt;vertical-align:Bottom;white-space:nowrap;width:44.67pt"><div style="line-height:12pt;margin-left:12pt;margin-right:12pt;text-align:right;width:20.67pt"><div style="display:flex;margin:auto;width:17.0pt"><div style="display:flex;white-space:nowrap;width:17.0pt"><div style="display:flex;white-space:nowrap;width:17.0pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; width: 17pt; letter-spacing: 0px; top: 0px;display:inline;">50</div></div></div></div></div></td> <td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:2.5pt;vertical-align:Bottom;white-space:nowrap;width:48.22pt"><div style="line-height:12pt;margin-left:12pt;margin-right:12pt;text-align:right;width:24.22pt"><div style="display:flex;margin:auto;width:22.0pt"><div style="display:flex;white-space:nowrap;width:22.0pt"><div style="display:flex;white-space:nowrap;width:22.0pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; width: 22pt; letter-spacing: 0px; top: 0px;display:inline;">177</div></div></div></div></div></td> <td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:2.5pt;vertical-align:Bottom;white-space:nowrap;width:48.22pt"><div style="line-height:12pt;margin-left:12pt;margin-right:12pt;text-align:right;width:24.22pt"><div style="display:flex;margin:auto;width:22.0pt"><div style="display:flex;white-space:nowrap;width:22.0pt"><div style="display:flex;white-space:nowrap;width:22.0pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; width: 22pt; letter-spacing: 0px; top: 0px;display:inline;">301</div></div></div></div></div></td> <td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:2.5pt;vertical-align:Bottom;white-space:nowrap;width:52.22pt"><div style="line-height:12pt;margin-left:12pt;margin-right:6pt;text-align:right;width:28.22pt"><div style="display:flex;margin:auto;width:22.0pt"><div style="display:flex;white-space:nowrap;width:22.0pt"><div style="display:flex;white-space:nowrap;width:22.0pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; width: 22pt; letter-spacing: 0px; top: 0px;display:inline;">594</div></div></div></div></div></td></tr></table><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The example above excludes the Early Repurchase Fee, which would apply if Shares were repurchased within one year of their purchase.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> While the example assumes a 5.0% annual return, as required by the SEC, the Fund’s performance will vary and may result in a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">return greater or less than 5.0%. The Fund pays an Incentive Fee on returns exceeding an annual rate of 6.00%. If the Fund achieves </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sufficient returns to trigger an incentive fee, both returns to Fund Shareholders and expenses would be higher. The example assumes </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the maximum sales load is charged on Class A and Class D Shares. For a more complete description of the various fees and expenses </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">borne directly and indirectly by the Fund, see </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">“Fund Expenses”</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">“Investment Management Fee and Incentive Fee.” This </div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">example should not be considered a representation of future expenses, and actual expenses (including the cost of debt, if any, </div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">and other expenses) may be greater or less than those shown.</div></div></div></div> 84 217 345 643 86 212 335 624 47 170 290 578 50 177 301 594 <div style="line-height:16.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Senior Securities</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div><div></div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div></div><div style="line-height:1.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:56.5pt"> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.25pt;padding-top:1.25pt;vertical-align:Bottom;width:307.32pt"><div style="line-height:9.0pt;text-align:left"><div style="margin-right:7.31pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Class &amp; Year Ended</div></div></div></div></td> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.25pt;padding-top:1.25pt;vertical-align:Bottom;width:70.27pt"><div style="line-height:9.0pt;text-align:left"><div style="margin-left:5.31pt;margin-right:5.31pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Total</div></div></div><div style="margin-left:5.31pt;margin-right:5.31pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Amount</div></div></div><div style="margin-left:5.31pt;margin-right:5.31pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Outstanding</div></div></div><div style="margin-left:5.31pt;margin-right:5.31pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Exclusive of</div></div></div><div style="margin-left:5.31pt;margin-right:5.31pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Treasury</div></div></div><div style="margin-left:5.31pt;margin-right:5.31pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Securities</div></div></div><div style="margin-left:5.31pt;margin-right:5.31pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in Thousands)</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(1)</div></div></div></div></div></td> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.25pt;padding-top:1.25pt;vertical-align:Bottom;width:65.06pt"><div style="line-height:9.0pt;text-align:left"><div style="margin-left:5.31pt;margin-right:5.31pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Asset Coverage</div></div></div><div style="margin-left:5.31pt;margin-right:5.31pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Per Unit</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(2)</div></div></div></div></div></td> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.25pt;padding-top:1.25pt;vertical-align:Bottom;width:51.52pt"><div style="line-height:9.0pt;text-align:left"><div style="margin-left:5.31pt;margin-right:5.31pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Involuntary</div></div></div><div style="margin-left:5.31pt;margin-right:5.31pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Liquidating</div></div></div><div style="margin-left:5.31pt;margin-right:5.31pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Preference</div></div></div><div style="margin-left:5.31pt;margin-right:5.31pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Per Unit</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(3)</div></div></div></div></div></td> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.25pt;padding-top:1.25pt;vertical-align:Bottom;width:33.83pt"><div style="line-height:9.0pt;text-align:left"><div style="margin-left:5.31pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Average</div></div></div><div style="margin-left:5.31pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Market</div></div></div><div style="margin-left:5.31pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Value</div></div></div><div style="margin-left:5.31pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Per</div></div></div><div style="margin-left:5.31pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Unit</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(4)</div></div></div></div></div></td></tr> <tr style="height:14pt"> <td style="background-color:azure;padding-bottom:2.5pt;padding-top:1.25pt;vertical-align:Top;width:307.32pt"><div style="line-height:11pt;text-align:left"><div style="margin-right:7.31pt;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Credit Facility (Citibank, N.A)</div></div></div></div></td> <td style="background-color:azure;padding-bottom:2.5pt;padding-top:1.25pt;vertical-align:Bottom;white-space:nowrap;width:70.27pt"><div style="line-height:0.5pt;margin-left:7.315pt;margin-right:7.315pt;text-align:right;width:55.65pt"><div style="display:flex;margin:auto;width:31.25pt"><div style="display:flex;white-space:nowrap;width:31.25pt"></div></div></div></td> <td style="background-color:azure;padding-bottom:2.5pt;padding-top:1.25pt;vertical-align:Bottom;white-space:nowrap;width:65.06pt"><div style="line-height:0.5pt;margin-left:7.315pt;margin-right:7.315pt;text-align:right;width:50.43pt"><div style="display:flex;margin:auto;width:31.25pt"><div style="display:flex;white-space:nowrap;width:31.25pt"></div></div></div></td> <td style="background-color:azure;padding-bottom:2.5pt;padding-top:1.25pt;vertical-align:Bottom;white-space:nowrap;width:51.52pt"><div style="line-height:0.5pt;margin-left:7.315pt;margin-right:7.315pt;text-align:right;width:36.9pt"><div style="display:flex;margin:auto;width:15.0pt"><div style="display:flex;white-space:nowrap;width:15.0pt"></div></div></div></td> <td style="background-color:azure;padding-bottom:2.5pt;padding-top:1.25pt;vertical-align:Bottom;white-space:nowrap;width:33.83pt"><div style="line-height:0.5pt;margin-left:7.315pt;text-align:right;width:26.52pt"><div style="display:flex;margin:auto;width:15.0pt"><div style="display:flex;white-space:nowrap;width:15.0pt"></div></div></div></td></tr> <tr style="height:11.5pt"> <td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:307.32pt"><div style="line-height:11pt;text-align:left"><div style="margin-right:7.31pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">March 31, 2026</div></div></div></td> <td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:2.5pt;vertical-align:Bottom;white-space:nowrap;width:70.27pt"><div style="line-height:11pt;margin-left:7.315pt;margin-right:7.315pt;text-align:right;width:55.65pt"><div style="display:flex;margin:auto;width:31.25pt"><div style="display:flex;white-space:nowrap;width:31.25pt"><div style="display:flex;white-space:nowrap;width:31.25pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: 31.25pt; letter-spacing: 0px; top: 0px;display:inline;">28,000</div></div></div></div></div></td> <td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:2.5pt;vertical-align:Bottom;white-space:nowrap;width:65.06pt"><div style="line-height:11pt;margin-left:7.315pt;margin-right:7.315pt;text-align:right;width:50.43pt"><div style="display:flex;margin:auto;width:31.25pt"><div style="display:flex;white-space:nowrap;width:31.25pt"><div style="display:flex;white-space:nowrap;width:31.25pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: 31.25pt; letter-spacing: 0px; top: 0px;display:inline;">10,054</div></div></div></div></div></td> <td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:2.5pt;vertical-align:Bottom;white-space:nowrap;width:51.52pt"><div style="line-height:11pt;margin-left:7.315pt;margin-right:7.315pt;text-align:right;width:36.9pt"><div style="display:flex;margin:auto;width:15.0pt"><div style="display:flex;margin:auto;width:15.0pt"> <div style="display:flex;white-space:nowrap;width:15.0pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: 15pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</div></div></div> </div></div></td> <td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:2.5pt;vertical-align:Bottom;white-space:nowrap;width:33.83pt"><div style="line-height:11pt;margin-left:7.315pt;text-align:right;width:26.52pt"><div style="display:flex;margin:auto;width:15.0pt"><div style="display:flex;margin:auto;width:15.0pt"> <div style="display:flex;white-space:nowrap;width:15.0pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: 15pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</div></div></div> </div></div></td></tr></table><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(1)</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Total amount of each class of senior securities outstanding at principal value at the end of the period presented.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="clear: both; position: relative; max-height: 0px;"></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(2)</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our consolidated total assets, less all liabilities and indebtedness</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> not represented by senior securities, divided by total senior securities representing indebtedness.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="clear: both; position: relative; max-height: 0px;"></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(3)</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">The amount to which such class of senior securities would be entitled upon our involuntary liquidation in preference to any security junior to it. The “N/A“ in this </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">column indicates that the SEC expressly does not require this information to be disclosed for certain types of senior securities.</div><div style="color: rgb(0, 0, 0); line-height: 10pt; font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; letter-spacing: 0px; top: 0px; background: none; text-decoration: none;display:inline;"> </div><div style="clear: both; position: relative; max-height: 0px;"></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(4)</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Not applicable to senior securities outstanding as of period end.</div><div style="clear: both; position: relative; max-height: 0px;"></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div><div></div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div></div><div style="line-height:1.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:56.5pt"> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.25pt;padding-top:1.25pt;vertical-align:Bottom;width:307.32pt"><div style="line-height:9.0pt;text-align:left"><div style="margin-right:7.31pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Class &amp; Year Ended</div></div></div></div></td> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.25pt;padding-top:1.25pt;vertical-align:Bottom;width:70.27pt"><div style="line-height:9.0pt;text-align:left"><div style="margin-left:5.31pt;margin-right:5.31pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Total</div></div></div><div style="margin-left:5.31pt;margin-right:5.31pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Amount</div></div></div><div style="margin-left:5.31pt;margin-right:5.31pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Outstanding</div></div></div><div style="margin-left:5.31pt;margin-right:5.31pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Exclusive of</div></div></div><div style="margin-left:5.31pt;margin-right:5.31pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Treasury</div></div></div><div style="margin-left:5.31pt;margin-right:5.31pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Securities</div></div></div><div style="margin-left:5.31pt;margin-right:5.31pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in Thousands)</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(1)</div></div></div></div></div></td> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.25pt;padding-top:1.25pt;vertical-align:Bottom;width:65.06pt"><div style="line-height:9.0pt;text-align:left"><div style="margin-left:5.31pt;margin-right:5.31pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Asset Coverage</div></div></div><div style="margin-left:5.31pt;margin-right:5.31pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Per Unit</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(2)</div></div></div></div></div></td> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.25pt;padding-top:1.25pt;vertical-align:Bottom;width:51.52pt"><div style="line-height:9.0pt;text-align:left"><div style="margin-left:5.31pt;margin-right:5.31pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Involuntary</div></div></div><div style="margin-left:5.31pt;margin-right:5.31pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Liquidating</div></div></div><div style="margin-left:5.31pt;margin-right:5.31pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Preference</div></div></div><div style="margin-left:5.31pt;margin-right:5.31pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Per Unit</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(3)</div></div></div></div></div></td> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.25pt;padding-top:1.25pt;vertical-align:Bottom;width:33.83pt"><div style="line-height:9.0pt;text-align:left"><div style="margin-left:5.31pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Average</div></div></div><div style="margin-left:5.31pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Market</div></div></div><div style="margin-left:5.31pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Value</div></div></div><div style="margin-left:5.31pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Per</div></div></div><div style="margin-left:5.31pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Unit</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(4)</div></div></div></div></div></td></tr> <tr style="height:14pt"> <td style="background-color:azure;padding-bottom:2.5pt;padding-top:1.25pt;vertical-align:Top;width:307.32pt"><div style="line-height:11pt;text-align:left"><div style="margin-right:7.31pt;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Credit Facility (Citibank, N.A)</div></div></div></div></td> <td style="background-color:azure;padding-bottom:2.5pt;padding-top:1.25pt;vertical-align:Bottom;white-space:nowrap;width:70.27pt"><div style="line-height:0.5pt;margin-left:7.315pt;margin-right:7.315pt;text-align:right;width:55.65pt"><div style="display:flex;margin:auto;width:31.25pt"><div style="display:flex;white-space:nowrap;width:31.25pt"></div></div></div></td> <td style="background-color:azure;padding-bottom:2.5pt;padding-top:1.25pt;vertical-align:Bottom;white-space:nowrap;width:65.06pt"><div style="line-height:0.5pt;margin-left:7.315pt;margin-right:7.315pt;text-align:right;width:50.43pt"><div style="display:flex;margin:auto;width:31.25pt"><div style="display:flex;white-space:nowrap;width:31.25pt"></div></div></div></td> <td style="background-color:azure;padding-bottom:2.5pt;padding-top:1.25pt;vertical-align:Bottom;white-space:nowrap;width:51.52pt"><div style="line-height:0.5pt;margin-left:7.315pt;margin-right:7.315pt;text-align:right;width:36.9pt"><div style="display:flex;margin:auto;width:15.0pt"><div style="display:flex;white-space:nowrap;width:15.0pt"></div></div></div></td> <td style="background-color:azure;padding-bottom:2.5pt;padding-top:1.25pt;vertical-align:Bottom;white-space:nowrap;width:33.83pt"><div style="line-height:0.5pt;margin-left:7.315pt;text-align:right;width:26.52pt"><div style="display:flex;margin:auto;width:15.0pt"><div style="display:flex;white-space:nowrap;width:15.0pt"></div></div></div></td></tr> <tr style="height:11.5pt"> <td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:307.32pt"><div style="line-height:11pt;text-align:left"><div style="margin-right:7.31pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">March 31, 2026</div></div></div></td> <td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:2.5pt;vertical-align:Bottom;white-space:nowrap;width:70.27pt"><div style="line-height:11pt;margin-left:7.315pt;margin-right:7.315pt;text-align:right;width:55.65pt"><div style="display:flex;margin:auto;width:31.25pt"><div style="display:flex;white-space:nowrap;width:31.25pt"><div style="display:flex;white-space:nowrap;width:31.25pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: 31.25pt; letter-spacing: 0px; top: 0px;display:inline;">28,000</div></div></div></div></div></td> <td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:2.5pt;vertical-align:Bottom;white-space:nowrap;width:65.06pt"><div style="line-height:11pt;margin-left:7.315pt;margin-right:7.315pt;text-align:right;width:50.43pt"><div style="display:flex;margin:auto;width:31.25pt"><div style="display:flex;white-space:nowrap;width:31.25pt"><div style="display:flex;white-space:nowrap;width:31.25pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: 31.25pt; letter-spacing: 0px; top: 0px;display:inline;">10,054</div></div></div></div></div></td> <td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:2.5pt;vertical-align:Bottom;white-space:nowrap;width:51.52pt"><div style="line-height:11pt;margin-left:7.315pt;margin-right:7.315pt;text-align:right;width:36.9pt"><div style="display:flex;margin:auto;width:15.0pt"><div style="display:flex;margin:auto;width:15.0pt"> <div style="display:flex;white-space:nowrap;width:15.0pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: 15pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</div></div></div> </div></div></td> <td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:2.5pt;vertical-align:Bottom;white-space:nowrap;width:33.83pt"><div style="line-height:11pt;margin-left:7.315pt;text-align:right;width:26.52pt"><div style="display:flex;margin:auto;width:15.0pt"><div style="display:flex;margin:auto;width:15.0pt"> <div style="display:flex;white-space:nowrap;width:15.0pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: 15pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</div></div></div> </div></div></td></tr></table><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(1)</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Total amount of each class of senior securities outstanding at principal value at the end of the period presented.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="clear: both; position: relative; max-height: 0px;"></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(2)</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our consolidated total assets, less all liabilities and indebtedness</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> not represented by senior securities, divided by total senior securities representing indebtedness.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="clear: both; position: relative; max-height: 0px;"></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(3)</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">The amount to which such class of senior securities would be entitled upon our involuntary liquidation in preference to any security junior to it. The “N/A“ in this </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">column indicates that the SEC expressly does not require this information to be disclosed for certain types of senior securities.</div><div style="color: rgb(0, 0, 0); line-height: 10pt; font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; letter-spacing: 0px; top: 0px; background: none; text-decoration: none;display:inline;"> </div><div style="clear: both; position: relative; max-height: 0px;"></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(4)</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Not applicable to senior securities outstanding as of period end.</div><div style="clear: both; position: relative; max-height: 0px;"></div> 28000000 10054 0 0 <div style="line-height:16.0pt;margin-top:8pt;text-align:left"> <div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investment Objective, Opportunities and Strategies</div></div></div> </div> <div style="line-height:14.0pt;margin-top:8pt;text-align:left"> <div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investment Objective</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; line-height: 14pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund’s investment objective is to seek high risk-adjusted returns across various market cycles with a focus on current income. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There can be no assurance that the Fund will achieve its investment objective.</div></div> </div> <div style="line-height:14.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investment Opportunities and Strategies</div></div></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div> <div> </div> </div> <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px; background: none; text-decoration: none;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund will seek to capitalize on investments across a number of different credit and income focused investment strategies pursued </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by the Sub-Adviser. These strategies seek to also capitalize on market inefficiencies and relative value opportunities throughout the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">entire global credit spectrum.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund targets a wide range of investment opportunities, and will focus primarily on the following investment types:</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Corporate Direct Lending</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. The Fund </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invests</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> in loans to middle market companies. The term “middle market” refers to companies </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with between $10.0 million and $150.0 million in annual earnings before interest, taxes, depreciation and amortization (“EBITDA”). </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">However, the Fund may, from time to time, invest in larger or smaller companies. These investments may include senior secured </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">floating-rate loans, as well as junior capital opportunities, such as second-lien loans, mezzanine debt and preferred equity, among </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">others.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Asset Based Finance</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. The Fund </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invests</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> in asset-based finance, including, but not limited to, lending with respect to real estate, transportation,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> aviation, infrastructure, power and royalty assets, CLO debt and equity and other asset-backed securities. Asset-backed </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities include, but are not limited to, residential mortgage-backed securities, commercial real estate-backed securities, collateralized</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> mortgage obligations, aircraft leasing transactions and infrastructure transactions. Asset based finance may also include, among </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other things, significant risk transfers and loans and related debt instruments supported by consumer finance (such as loans or debt </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities backed by credit card receivables or residential real estate loans), fund finance, commercial finance (such as equipment </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">leasing).</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Opportunistic Credit</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. The Fund </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invests</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> in opportunistic credit investments, including mispriced assets during periods of market dislocation,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> the debt of distressed or stressed companies that may require a restructuring, and other distressed or stressed credit opportunities,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> which may include rescue financings, capital solution investments (including via equity investments) and debtor-in-possession </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(“DIP”) financing. Distressed debt opportunities are generally less liquid and trade at substantial discounts to par.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">More Liquid Investments</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. The Fund </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invests</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> in syndicated bank loans, high yield debt, exchange-traded funds, and cash and cash </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">equivalents. Syndicated bank loans, or leveraged loans, typically pay a floating rate of interest. Loans may be senior or subordinated </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and are generally secured by collateral of the issuer. High-yield bonds are corporate bonds rated below investment-grade. These </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments may be secured or unsecured and typically pay fixed cash interest. The Fund may also invest in equity or equity-like </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities (including, without limitation, preferred and common stock, publicly listed and privately placed equity, warrants and convertibles),</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> as well as derivatives and hedges.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund’s 80% policy with respect to investments in credit investments is not fundamental</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may change its 80%</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">policy</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">without Shareholder approval</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">if the Fund conducts a repurchase offer to allow Shareholders to redeem shares in advance of changing </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the policy,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> the Fund provides Shareholders at least</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> sixty (60) days’ </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prior written notice of any change to the policy in advance of such </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">repurchase offer in</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> the manner prescribed by the SEC</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and the repurchase offer is not oversubscribed</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Derivative instruments</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> used by </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund may be</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">counted towards the Fund’</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">s</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> 80% </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">policy </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">discussed above </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to the extent </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">they provide investment exposure to</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> investments</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> included within that policy</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> or to one or more of the market risk factors associated with investments included in that policy</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">.</div></div></div> </div> <div style="line-height:12.0pt;margin-top:8pt;text-align:left"> <div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Other Investment Strategies</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div> <div> </div> </div> <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Other Characteristics</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Foreign Instruments.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund expects to make investments in non-U.S. entities. The Fund reserves the right to purchase securities </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that are foreign currency denominated. Some non-U.S. securities may be less liquid and more volatile than securities of comparable </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. issuers. Factors considered in determining whether an issuer may be deemed to be from a particular foreign country or geographic</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> region include, among others, the issuer’s principal trading market, the country in which the issuer was legally organized, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">whether the issuer derives a substantial portion of its operations or assets from a particular country or region or derives a substantial </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portion of its revenue or profits from businesses, investments or sales outside of the United States.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Illiquid and Restricted Securities.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund invests in instruments that, at the time of investment, are illiquid (generally, those securities</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> that cannot be disposed of within seven days in the ordinary course of business at approximately the value at which the Fund </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">has valued the securities). The Fund may also invest, without limit, in securities that are unregistered (but are eligible for purchase </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and sale by certain qualified institutional buyers) or are held by control persons of the issuer and securities that are subject to contractual</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> restrictions on their resale.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Cash and Short-Term Investments.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may invest its cash balances in money market instruments, U.S. government securities, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">commercial paper, certificates of deposit, repurchase agreements and other high-quality debt instruments maturing in one year or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">less, among other instruments. In addition, and in response to adverse market, economic or political conditions, the Fund may invest </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in high-quality fixed income securities, money market instruments and money market funds or may hold significant positions in cash </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or cash equivalents for defensive purposes.</div></div> </div> <div style="line-height:14.0pt;margin-top:8pt;text-align:left"> <div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Overview of Investment Process</div></div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund is principally managed by Bain’s Credit team, with three Portfolio Managers. Bain’s Credit team benefits from the perspectives</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> and expertise of groups across various Bain Capital, LP (“Bain Capital”) business units. The Portfolio Management team provides</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> day-to-day management of the Fund, with substantial input from the Asset Allocation team. The Asset Allocation team consists </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the Portfolio Management team and multiple senior leaders from across the platform and is charged with setting strategic asset </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">allocation and risk exposure for the Fund. Portfolio construction is conducted with input from investment teams across the Credit </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">platform. Portfolio Managers collectively determine investment selection, sector allocation, and risk exposure, for which the Risk and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Oversight Committee provides additional support and monitoring. Given the Fund’s broad mandate, Portfolio Managers rely on investment</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> recommendations from other Bain Capital teams.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investment opportunities are sourced through the appropriate teams, which follow their own rigorous processes to analyze and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">approve investments. While the Fund will only participate in investments that are approved by those teams, Portfolio Management has </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">full discretion on which deals are included in the portfolio.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Idea Generation and Bottom-Up Fundamental Analysis.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Bain Capital Credit’s large and experienced investment teams generate </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment opportunities through their long-standing relationships with companies, sponsors and broader market participants. As </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">one of 12 business units at Bain Capital, Bain Capital Credit benefits from the power of the global Bain Capital platform to generate </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and evaluate investment ideas. Bain’s diligence process begins with fundamental bottom-up analysis that focuses on both the individual</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> investment opportunity as well as the broader industry dynamics that shape the investment. Bain believes that broader industry </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">analysis is highly relevant to making successful credit investments and therefore has built one of the largest industry focused credit </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">teams.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Industry specialists conduct detailed quantitative and qualitative analysis at both the industry and issuer level using proprietary </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">research, onsite visits with management teams and sponsors, third party independent research and interviews, industry conferences, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">channel checks, and conversations with industry specialists, among other tools. Bain’s approach to making investments generally </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">involves evaluating the following investment characteristics: market definition, market size and growth prospects, competitive analysis,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> historical financial performance, margin analysis and cost structure, quality of earnings, capital structure, access to capital markets,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> and regulatory, tax, and legal matters. Bain also places significant emphasis on the quality and track record of the controlling </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shareholders and management teams. Bain’s depth of sponsor relationships and deep experience with banks also provide an advantage</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> in terms of sourcing and securing deals. The ultimate goal is to establish a well-rounded and thoughtful opinion of a particular </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">industry, issuer, and/or specific deal. It is the depth and quality of this analysis that is central to Bain’s diligence process.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"> <div> <div> </div> </div> </div> </div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">macroeconomic environment, relative value, and risk management. Through an assessment and discussion of these investment factors,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> the team determines strategic asset allocation and risk exposure. The Portfolio Management team is then charged with day-to-day</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> management of the strategy.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Additionally, Bain’s Risk and Oversight Committee conducts regular analyses on the exposure of the Fund to macroeconomic risks. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Portfolio Managers meet periodically with the Risk and Oversight Committees to discuss the portfolio positioning and any inherent</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> macro level risks.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Risk Management.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Portfolio Management team is primarily responsible for portfolio risk, looking first and foremost at individual </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">credit risk. The Portfolio Management Team continuously updates its views on credits and maintain a vast database of quantitative </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and qualitative issuer information. In order to maintain a holistic view of market risks, the Portfolio Management team constantly </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">engages in dialogue with groups across Bain Capital, which facilitates timely decisions around asset class and sector rotation. In addition,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> the Portfolio Managers monitor risk by looking at a wide variety of metrics across the portfolios to determine overall risk exposure</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> at the deal level, industry level, and fund level, including but not limited to: issuer concentration, industry concentration, asset </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">class mix, leverage, asset spreads, asset ratings distributions, and asset durations, among others.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">To complement portfolio risk monitoring, Bain conducts a proprietary analysis to assess financial system risk, relative and absolute </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">asset class valuations, performance monitoring, and fundamental economic trends at the macro level. This analysis is distributed </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">internally to investment professionals and highlights important trends and potential concerns in the market. Portfolios are also monitored</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> via a series of reports, including daily risk and daily fund performance reports.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Finally, the Risk and Oversight Committee is responsible for monitoring and reviewing risk management, including portfolio risk, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">counterparty risk, and firm-wide risk issues. Portfolio Managers meet with the Risk and Oversight Committee on a periodic and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ad-hoc basis. Many factors of risk are considered including counterparty exposure, asset allocation, investor base, and returns.</div></div> </div> <div style="line-height:16.0pt;margin-top:8pt;text-align:left"> <div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Types of Investments and Related Risks</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 16pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Prospective investors should carefully consider the risk factors described below</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> before deciding on whether to make an investment in </div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">the Fund. The risks set out below are not the only risks the Fund faces. Additional risks and uncertainties not currently known to the </div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Fund or that the Fund currently deems to be immaterial also may materially adversely affect the Fund’s business, financial condition </div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">and/or operating results. If any of the following events occur, the Fund’s business, financial condition, and results of operations could </div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">be materially adversely affected. In such case, the NAV of the Fund’s Shares could decline, and investors may lose all or part of their </div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">investment.</div></div></div></div> </div> <div style="line-height:14.0pt;margin-top:8pt;text-align:left"> <div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Risks Relating to Investment Strategies, Fund Investments, and the Fund’s Investment Program</div></div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Nature of the Fund’s Investments.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund has a very broad mandate with respect to the type and nature of investments in which it </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">participates. While some of the loans in which the Fund will invest may be secured, the Fund expects to also invest in debt and equity </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities that are either unsecured and subordinated to substantial amounts of senior indebtedness, or a significant portion of which </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be unsecured. In such instances, the ability of the Fund to influence an issuer’s affairs, especially during periods of financial distress</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> or following an insolvency is likely to be substantially less than that of senior creditors. For example, under terms of subordination</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> agreements, senior creditors are typically able to block the acceleration of the debt or other exercises by the Fund of its rights as </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a creditor. Accordingly, the Fund may not be able to take the steps necessary to protect its investments in a timely manner or at all. In </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition, the debt securities in which the Fund will invest may not be protected by financial covenants or limitations upon additional </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">indebtedness, may have limited liquidity and may not be rated by a credit rating agency.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The borrowers of loans constituting the Fund’s assets may seek the protections afforded by bankruptcy, insolvency and other debtor </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">relief laws. Bankruptcy proceedings are unpredictable as described further below in “Investments in Restructurings.” Additionally, the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">numerous risks inherent in the insolvency process create a potential risk of loss by the Fund of its entire investment in any particular </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment. Insolvency laws may, in certain jurisdictions, result in a restructuring of the debt without the Fund’s consent under the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">“cramdown” provisions of applicable insolvency laws and may also result in a discharge of all or part of the debt without payment to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div> <div> </div> </div> <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, during periods of market disruption, borrowers of loans constituting the Fund’s assets may be more likely to seek to draw on unfunded commitments the Fund has made, and the Fund’s risk of being unable to fund such commitments is heightened during </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such periods.</div></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Market Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The success of the Fund’s activities will be affected by general economic and market conditions, such as interest rates, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">availability of credit, credit defaults, inflation rates, economic uncertainty, changes in laws (including laws relating to taxation of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s investments), trade barriers, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economic sanctions (including tariffs),</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> currency exchange controls, disease outbreaks, pandemics,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> and national and international political, environmental and socioeconomic circumstances (including </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">threatened or actual </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">wars, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">terrorist acts or security operations). In addition, the current U.S. political environment and the resulting uncertainties regarding </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">actual and potential shifts in U.S. foreign investment, trade, taxation, economic, environmental and other policies under the current </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Administration, as well as the impact of geopolitical tension, such as a deterioration in the bilateral relationship between the U.S. and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">China, an escalation in conflict between Russia and Ukraine, significant conflict between Israel</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Hamas </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Iran</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> in the Middle East or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other systemic issuer or industry-specific economic disruptions, could lead to disruption, instability and volatility in the global markets.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Unfavorable economic conditions also would be expected to increase the Fund’s funding costs, limit the Fund’s access to the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">capital markets or result in a decision by lenders not to extend credit to the Fund.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Economic sanctions may be, and have been, imposed against certain countries, organizations, companies, entities and/or individuals. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> the Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and thus may make the Fund’s </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments in such securities less liquid or more difficult to value. Such sanctions may also cause a decline in the value of securities </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issued by the sanctioned country or companies located in or economically tied to the sanctioned country</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> and may result in economic </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">disruptions in the sanctioned country and in countries with economic ties to the sanctioned country</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">When the United States is a significant</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> trading partner of a foreign country in which the Fund may invest or to which the Fund may be exposed, such foreign country </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be particularly sensitive to changes in U.S. foreign trading policies, including the threat or actual imposition of tariffs, sanctions </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or other similar measures. The imposition of tariffs (or threats thereof), trade restrictions, currency restrictions, deficit levels and any </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reduction plans and other federal government initiatives as well as foreign policy tensions with foreign nations, including embargoes, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sanctions and trade wars, or similar actions (or retaliatory measures taken in response to such actions) could lead to price volatility </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and overall declines in the U.S. and global investment markets.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> In addition, as a result of economic sanctions and other similar governmental</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> actions or developments, the Fund may be forced to sell or otherwise dispose of foreign investments at inopportune times </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or prices.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Sanctions and other similar measures could significantly delay or prevent the settlement of securities transactions or their </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">valuation, and significantly impact the Fund’s performance. Sanctions and other similar measures also may be in place for substantial </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">periods of time and enacted with limited advance notice. The type and severity of sanctions and other measures, including counter </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Current and historic market turmoil has illustrated that market environments may, at any time, be characterized by uncertainty, volatility</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> and instability. Serious economic disruptions may result in governmental authorities and regulators enacting significant fiscal and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">monetary policy changes, including by providing direct capital infusions into companies, introducing new monetary programs and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">considerably increasing or lowering interest rates, which, in some cases resulted in negative interest rates.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">As global systems, economies and financial markets are increasingly interconnected, events that once had only local impact are now </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">more likely to have regional or even global effects. Events that occur in one country, region or financial market will, more frequently, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adversely impact issuers in other countries, regions or markets. These impacts can be exacerbated by failures of governments and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">societies to adequately respond to an emerging event or threat. These types of events quickly and significantly impact markets in the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. and across the globe leading to extreme market volatility and disruption. The extent and nature of the impact on supply chains or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economies and markets from these events is unknown, particularly if a health emergency or other similar event, such as the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">COVID-19 pandemic, persists for an extended period of time. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Furthermore, technological developments (including those related to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">artificial intelligence) or failures (such as widespread system outages, disruptions or faulty updates to software applications) and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other similar events, each of which may be temporary or may last for extended periods, may impact the value of the Fund’s investments.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Adverse changes in one sector or industry or with respect to a particular company could negatively impact companies in other </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sectors or industries or increase market volatility as a result of the interconnected nature of economies and markets and thus negatively</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> affect the Fund’s performance, even if the Fund does not directly invest in issuers that participate in the sectors or industries </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">experiencing these changes. These types of adverse developments could result from under-regulated markets, novel and maturing </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">markets (for example, the markets for artificial intelligence, cryptocurrencies and digital or blockchain assets and technologies), systemic</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> risk, natural market forces, bad actors or other scenarios and could negatively affect the Fund’s performance or operations.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value of the Fund’s investments may decrease as a result of such events, particularly if these events adversely impact the operations </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and effectiveness of the Adviser, the Sub-Adviser or key service providers or if these events disrupt systems and processes necessary </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or beneficial to the investment advisory or other activities on behalf the Fund.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> </div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund’s investment strategy and the availability of opportunities satisfying the Fund’s risk-adjusted return parameters relies in part </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on observable trends and conditions in the financial markets and in some cases the improvement of such conditions. Trends and historical</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> events do not imply, forecast or predict future events and, in any event, past performance is not necessarily indicative of future </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">results. There can be no assurance that the assumptions made or the beliefs and expectations currently held by the Sub-Adviser will </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prove correct and actual events and circumstances may vary significantly.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Many of the issuers in which the Fund will make investments may be susceptible to economic slowdowns or recessions and may be </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unable to repay the loans made to them during these periods. Therefore, non-performing assets may increase and the value of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s portfolio may decrease during these periods as the Fund is required to record the investments at their current fair value. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Adverse economic conditions also may decrease the value of collateral securing the Fund’s loans and the value of its equity investments.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Economic slowdowns or recessions could lead to financial losses in the Fund’s portfolio and a decrease in revenues, net </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income and assets. Unfavorable economic conditions also could increase the Fund’s and the issuers’ funding costs, limit the Fund’s </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and the issuers’ access to the capital markets or result in a decision by lenders not to extend credit to the Fund or the issuers. These </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">events could prevent the Fund from increasing investments and harm its operating results.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">An issuer’s failure to satisfy financial or operating covenants imposed by the Fund or other lenders could lead to defaults and, potentially,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> acceleration of the time when the loans are due and foreclosure on its secured assets, which could trigger cross-defaults under </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other agreements and jeopardize the issuer’s ability to meet its obligations under the debt that the Fund holds. The Fund may incur </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">additional expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. In addition,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> if one of the issuers were to go bankrupt, depending on the facts and circumstances, including the extent to which the Fund will </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">actually provide significant managerial assistance to that issuer, a bankruptcy court might subordinate all or a portion of the Fund’s </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">claim to that of other creditors.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The prices of financial instruments in which the Fund may invest can be highly volatile. General fluctuations in the market prices of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities may affect the value of the investments held by the Fund. Instability in the securities markets may also increase the risks </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inherent in the Fund’s investments.</div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Availability of Suitable Investments Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> While the Sub-Adviser believes that many attractive investments of the type in which the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund expects to invest are currently available, there can be no assurance that such investments will continue to be available or that </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">available investments will continue to meet the Fund’s investment criteria. Furthermore, the Fund may be unable to find a sufficient </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">number of attractive investment opportunities to meet its investment objective. Past performance is not indicative of future performance.</div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Market Disruptions Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The U.S. capital markets have experienced extreme volatility and disruption following the conflicts between </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Russia and Ukraine and in the Middle East. Disruptions in the capital markets have increased the spread between the yields realized </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on risk-free and higher risk securities, resulting in illiquidity in parts of the capital markets. These and future market disruptions </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and/or illiquidity would be expected to have an adverse effect on the Fund’s business, financial condition, results of operations and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cash flows. Unfavorable economic conditions also would be expected to increase the Fund’s funding costs, limit the Fund’s access to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the capital markets or result in a decision by lenders not to extend credit to the Fund. During periods of market disruption, portfolio </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies may be more likely to seek to draw on unfunded commitments the Fund has made, and the risk of being unable to fund </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such commitments is heightened during such periods. These events have limited and could continue to limit the Fund’s investment </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">originations, limit the Fund’s ability to grow and have a material negative impact on the Fund’s operating results and the fair values of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund’s debt and equity investments.</div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Non-Diversified Status.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund is a “non-diversified” investment company for purposes of the 1940 Act, which means that it is not </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to percentage limitations under the 1940 Act on the percentage of its assets that may be invested in the securities of any one </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuer. The Fund’s NAV may therefore be subject to greater volatility than that of an investment company that is subject to such a limitation</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> on diversification. In addition, while the Fund is a “non-diversified” fund for purposes of the 1940 Act, the Fund has elected and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">intends to qualify each taxable year to be treated as a RIC under the Code. To qualify as a RIC under the Code, the Fund must, among </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other things: diversify its holdings so that, at the end of each quarter of each taxable year, (A) at least 50% of the market value of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s assets is represented by cash, cash items, U.S. government securities, securities of other RICs and other securities, with such </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other securities of any one issuer limited for the purposes of this calculation to an amount not greater than 5% of the value of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s total assets and 10% of the outstanding voting securities of such issuer and (B) not more than 25% of the market value of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s total assets is invested in the securities (other than U.S. government securities and the securities of other regulated investment </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies) of (1) any one issuer, (2) any two or more issuers that the Fund controls and that are determined to be engaged in the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">same business or similar or related trades or businesses, or (3) any one or more “qualified publicly traded partnerships”. The Fund </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distributes</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> at least annually all or substantially all of its investment company taxable income and net capital gains as dividends to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shareholders; however, this policy may be changed at any time by the Fund.</div></div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Credit Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> One of the fundamental risks associated with the Fund’s investments is credit risk, which is the risk that an issuer will be </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unable to make principal and interest payments on its outstanding debt obligations when due. The Fund’s return to investors would be </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adversely impacted if an issuer of debt in which the Fund invests becomes unable to make such payments when due.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Although the Fund may make investments that the Sub-Adviser believes are secured by specific collateral, the value of which may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">initially exceed the principal amount of such investments or the Fund’s fair value of such investments, there can be no assurance that </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the liquidation of any such collateral would satisfy the borrower’s obligation in the event of non-payment of scheduled interest or principal</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> payments with respect to such investment, or that such collateral could be readily liquidated. The Fund may also invest in leveraged</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> loans, high yield securities, marketable and non-marketable common and preferred equity securities and other unsecured investments,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> each of which involves a higher degree of risk than senior secured loans. Furthermore, the Fund’s right to payment and its </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security interest, if any, may be subordinated to the payment rights and security interests of a senior lender, to the extent applicable. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Certain of these investments may have an interest-only payment schedule, with the principal amount remaining outstanding and at </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk until the maturity of the investment. In addition, loans may provide for payments-in-kind, which have a similar effect of deferring </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">current cash payments. In such cases, an issuer’s ability to repay the principal of an investment may depend on a liquidity event or the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">long-term success of the company, the occurrence of which is uncertain.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">With respect to the Fund’s investments in any number of credit products, if the borrower or issuer breaches any of the covenants or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">restrictions under the credit agreement that governs loans of such issuer or borrower, it could result in a default under the applicable </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">indebtedness as well as the indebtedness held by the Fund. Such default may allow the creditors to accelerate the related debt and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may result in the acceleration of any other debt to which a cross-acceleration or cross-default provision applies. This could result in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an impairment or loss of the Fund’s investment or a pre-payment (in whole or in part) of the Fund’s investment.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Similarly, while the Fund will generally target investments in companies it believes are of high quality, these companies could still </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">present a high degree of business and credit risk. Companies in which the Fund invests could deteriorate as a result of, among other </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">factors, an adverse development in their business, a change in the competitive environment or the continuation or worsening of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">current (or any future) economic and financial market downturns and dislocations. As a result, companies that the Fund expected to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be stable or improve may operate, or expect to operate, at a loss or have significant variations in operating results, may require substantial</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> additional capital to support their operations or maintain their competitive position, or may otherwise have a weak financial </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">condition or experience financial distress. In addition, exogenous factors such as fluctuations of the equity markets also could result </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in warrants and other equity securities or instruments owned by the Fund becoming worthless.</div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Credit Spread Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Credit spread risk is the risk that credit spreads (i.e., the difference in yield between securities that is due to differences</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> in their credit quality) may increase when the market expects below-investment-grade bonds to default more frequently. Widening</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> credit spreads may quickly reduce the market values of below-investment-grade and unrated securities. In recent years, the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. capital markets experienced extreme volatility and disruption following the spread of COVID-19, the conflict between Russia and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Ukraine, significant conflict between Israel and Hamas in the Middle East and other economic disruptions, which increased the spread </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">between yields realized on risk-free and higher risk securities, resulting in illiquidity in parts of the capital markets. Central banks and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">governments played a key role in reintroducing liquidity to parts of the capital markets. Future exits of these financial institutions from </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the market may reintroduce temporary illiquidity. These and future market disruptions and/or illiquidity would be expected to have an </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adverse effect on the Fund’s business, financial condition, results of operations and cash flows.</div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Risks Related to Investments in Loans.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund invests in loans, either through primary issuances or in secondary transactions, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including potentially on a synthetic basis. The value of the Fund’s loans may be detrimentally affected to the extent a borrower defaults </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on its obligations. There can be no assurance that the value assigned by the Adviser can be realized upon liquidation, nor can there be </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any assurance that any related collateral will retain its value. Furthermore, circumstances could arise (such as in the bankruptcy of a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">borrower) that could cause the Fund’s security interest in the loan’s collateral to be invalidated. Also, much of the collateral will be </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to restrictions on transfer intended to satisfy securities regulations, which will limit the number of potential purchases if the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund intends to liquidate such collateral. The amount realizable with respect to a loan may be detrimentally affected if a guarantor, if </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any, fails to meet its obligations under a guarantee. Finally, there may be a monetary, as well as a time cost involved in collecting on </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">defaulted loans and, if applicable, taking possession of various types of collateral.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The portfolio may include first lien senior secured, second and third lien loans and any other loans.</div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Direct Lending.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund will invest in directly originated senior secured loans, including unitranche loans, of performing middle </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market companies (“Senior Capital Debt Securities”).</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The value of the Fund’s assets is volatile and may fluctuate due to a variety of factors that are inherently difficult to predict and are </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">outside of the Advisers’ control, including prevailing credit spreads, general economic conditions, financial market conditions, domestic</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> or international economic or political events, developments or trends in any particular industry, changes in interest rates, or the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial condition of the obligors of the Fund’s assets. In particular, the market for Senior Capital Debt Securities has experienced </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">periods of volatility in the supply of, and demand for, such loans, resulting in volatility in, among other things, spreads, interest rate </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">floors, purchase price discounts, leverage, covenants, structure, and other terms. Because loans are privately syndicated and loan </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">agreements are privately negotiated and customized, loans are not purchased or sold as easily as publicly traded securities. In addition,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> historically the trading volume in the loan market, especially in the middle market, has been small relative to the high-yield debt </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities market.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The obligors of the Fund’s assets will primarily be privately owned middle market businesses. There is generally no publicly available </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">information about these businesses. Some obligors may not meet net income, cash flow, and other coverage tests typically imposed </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by lenders. Numerous factors may affect an obligor’s ability to repay its related obligations, including the failure to meet its business </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">plan, a downturn in its industry, and continuing negative economic conditions. A deterioration in an obligor’s financial condition and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prospects may be accompanied by deterioration in the collateral securing the Fund’s assets or the recuring revenue of the obligor. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Such deterioration might impair the ability of such obligor to obtain refinancing or force it to seek to have the Fund’s asset restructured.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Senior Capital Debt Securities are generally considered speculative in nature and may end up in default for a variety of reasons. A </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">defaulted asset may become subject to either substantial workout negotiations or a restructuring, which may entail, among other </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">things, a substantial reduction in the interest rate, a substantial write-down of principal, and a substantial change in the terms, conditions,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> and covenants with respect to such defaulted asset. In addition, such negotiations or restructuring may be quite extensive, protracted,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> and costly over time, and therefore may result in substantial uncertainty with respect to the ultimate recovery on such </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">defaulted asset. The liquidity of a defaulted asset will be limited, and to the extent that a defaulted asset is sold, it is highly unlikely </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that the proceeds from such sale will be equal to the amount of unpaid principal and interest thereon.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Loans to middle market businesses generally carry both higher interest rates and more inherent risks than loans to larger, publicly </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">traded businesses. These middle market companies generally have more limited access to capital and higher financing costs, may be </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in a weaker financial position, may need more capital to expand or compete, and may be unable to obtain financing from public capital </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">markets or from traditional sources, such as commercial banks. Middle market businesses typically have narrower product lines and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">smaller market shares than larger businesses. Therefore, they tend to be more vulnerable to competitors’ actions and market conditions,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> as well as general economic downturns. These businesses may also experience substantial variations in operating results. Typically,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> the success of a middle market business also depends on the management talents and efforts of one or two persons or a small </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">group of persons. The death, disability, or resignation of one or more of such persons could have a material adverse impact on the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligor and its ability to repay its obligations. In addition, middle market businesses often need substantial additional capital to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expand or compete and will often have borrowed money from other lenders and may need additional capital to survive any economic </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">downturns. Accordingly, loans made to middle market companies involve higher risks than loans made to companies that have larger </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">businesses, greater financial resources, or that are otherwise able to access traditional credit sources.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There can be no assurance as to the levels of defaults or the amount or timing of recoveries that may be experienced with respect to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund’s assets. Any increase in default levels or decrease in recovery rates, or delays in receipt of recoveries, could adversely affect </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distributions, if any, to the Fund.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There can be no assurance that the Sub-Adviser will correctly evaluate the nature and magnitude of the various factors that could </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">negatively impact the value or performance of Senior Capital Debt Securities. These risks could be exacerbated to the extent that the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio is concentrated in one or more particular types of assets.</div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Bank Loans and Participations.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund’s investment program may include bank loans and participations. These obligations are </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to unique risks, including (i) the possible avoidance of an investment transaction as a “preferential transfer,” “fraudulent conveyance”</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> or “fraudulent transfer,” among other avoidance actions, under relevant bankruptcy, insolvency and/or creditors’ rights laws; </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(ii) so-called “lender liability” claims by the issuer of the obligations; (iii) environmental liabilities that may arise with respect to collateral</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> securing the obligations; (iv) limitations on the ability of the Fund to directly enforce its rights with respect to participations; and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(v) the contractual nature of participations where the Fund takes on the credit risk of the agent bank rather than the actual borrower.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may acquire interests in loans either directly (by way of assignment) or indirectly (by way of participation). The purchaser of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an assignment typically succeeds to all the rights and obligations of the assigning institution and becomes a contracting party under </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the loan agreement with respect to the loan; however, its rights can be more restricted than those of the assigning institution. Participation</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> in a portion of a loan typically results in a contractual relationship only with the institution participating out the interest and not </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with the obligor. The Fund would, in such a case, have the right to receive payments of principal and interest to which it is entitled </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">only from the institution selling the participation, and not directly from the obligor, and only upon receipt by such institution of such </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments from the obligor. As the owner of a participation, the Fund generally will have no right to enforce compliance by the obligor </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with the terms of the loan agreement or to vote on amendments to the loan agreement, nor any rights of set-off against the obligor, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and the Fund may not directly benefit from collateral supporting the loan in which it has purchased the participation. In addition, in the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">event of the insolvency of the selling institution, the Fund may be treated as a general creditor of such selling institution, and may not </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have any exclusive or senior claim with respect to the selling institution’s interest in, or the collateral with respect to, the applicable </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loan. Consequently, the Fund will assume the credit risk of both the obligor and the institution selling the participation to the Fund. As </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a result, concentrations of participations from any one selling institution subject the Fund to an additional degree of risk with respect </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to defaults by such selling institution. In addition, because bank loans are not typically registered under the federal securities laws like </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">stocks and bonds, investors in loans have less protection against improper practices than investors in registered securities.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In March 2023, several financial institutions experienced a larger-than-expected decline in deposits and two banks, Silicon Valley Bank </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(“SVB”) and Signature Bank, were placed into receivership. Given the interconnectedness of the banking system, the Federal Reserve </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invoked the systemic risk exception, temporarily transferred all deposits — both insured and uninsured — and substantially all the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets of the two banks into respective bridge banks and guaranteed depositors’ full access to their funds.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This type of systemic risk event and/or resulting government actions can negatively impact the Fund, for example, through less credit </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">being available to issuers or uncertainty regarding safety of deposits at other institutions. These risks also may adversely affect financial</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> intermediaries, such as clearing agencies, clearing houses, banks, securities firms, and exchanges, with which the Fund interacts.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Direct Origination.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> A significant portion of the Fund’s investments may be originated. The results of the Fund’s operations depend on </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">several factors, including the availability of opportunities for the origination or acquisition of target investments, the level and volatility </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of interest rates, the availability of adequate short and long-term financing, conditions in the financial markets, and economic conditions.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Further, the Fund’s inability to raise capital and the risk of portfolio company defaults may materially and adversely affect the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s investment originations, business, liquidity, financial condition, results of operations, and ability to make distributions to its </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shareholders. In addition, competition for originations of, and investments in, the Fund’s target investments may lead to the price of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such assets increasing or the decrease of interest income from loans originated by the Fund, which may further limit its ability to generate</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> desired returns. Also, as a result of this competition, desirable investments in the Fund’s target investments may be limited in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the future, and the Fund may not be able to take advantage of attractive investment opportunities from time to time, as the Fund can </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">provide no assurance that the Sub-Adviser will be able to identify and make investments that are consistent with the Fund’s investment</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> objective.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">First Lien Senior Secured Loans.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> It is expected that when the Fund makes a senior secured term loan investment in an issuer, it will </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generally take a security interest in substantially all of the available assets of the issuer, including the equity interests of its domestic </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subsidiaries, which the Fund expects to help mitigate the risk that it will not be repaid. However, there is a risk that the collateral </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securing the Fund’s loans may decrease in value over time, may be difficult to sell in a timely manner, may be difficult to appraise and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may fluctuate in value based upon the success of the business and market conditions, including as a result of the inability of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuer to raise additional capital, and, in some circumstances, the Fund’s lien could be subordinated to claims of other creditors. In </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition, deterioration in an issuer’s financial condition and prospects, including its inability to raise additional capital, may be accompanied</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> by deterioration in the value of the collateral for the loan. Consequently, the fact that a loan is secured does not guarantee that </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund will receive principal and interest payments according to the loan’s terms, or at all, or that it will be able to collect on the loan </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">should it be forced to enforce its remedies.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Second Lien Senior Secured Loans and Junior Debt Investments.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Second and third lien loans are subject to the same investment </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risks generally applicable to senior loans described above. The Fund’s second lien senior secured loans will be subordinated to first </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">lien loans and the Fund’s junior debt investments, such as mezzanine loans, generally will be subordinated to both first lien and second</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> lien loans and have junior security interests or may be unsecured. As such, to the extent the Fund holds second lien senior </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">secured loans and junior debt investments, holders of first lien loans may be repaid before the Fund in the event of a bankruptcy or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other insolvency proceeding. Therefore, second and third lien loans are subject to additional risk that the cash flow of the related obligor</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> and the property securing the second or third lien loan may be insufficient to repay the scheduled payments to the lender after </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">giving effect to any senior secured obligations of the related obligor. This may result in an above average amount of risk and loss of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">principal. Second and third lien loans are also expected to be more illiquid than senior loans.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Unsecured Loans.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Unsecured loans are subject to the same investment risks generally applicable to loans described above but are </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to additional risk that the assets and cash flow of the related obligor may be insufficient to repay the scheduled payments to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the lender after giving effect to any secured obligations of the obligor. Unsecured loans will be subject to certain additional risks to the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extent that such loans may not be protected and such loans are not secured by collateral, financial covenants or limitations upon additional</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> indebtedness. Unsecured loans are also expected to be a more illiquid investment than senior loans for this reason.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Other Risks Related to Loans.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Under the agreements governing most syndicated loans, should a holder of an interest in a syndicated </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loan wish to call a default or exercise remedies against a borrower, it could not do so without the agreement of at least a majority of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the other lenders. Actions could also be taken by a majority of the other lenders, or in some cases, a single agent bank, without the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consent of all lenders. Each lender would nevertheless be liable to indemnify the agent bank for its ratable share of expenses or other </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">liabilities incurred in such connection and, generally, with respect to the administration and any renegotiation or enforcement of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">syndicated loans. Moreover, an assignee or participant in a loan may not be entitled to certain gross-up payments in respect of withholding</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> taxes and other indemnities that otherwise might be available to the original holder of the loan.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Furthermore, the Sub-Adviser expects to invest a portion of the Fund’s assets in bank loans and participations. The special risks associated</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> with these obligations include (i) the possible invalidation of an investment transaction as a fraudulent conveyance under relevant</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> creditors’ rights laws, (ii) adverse consequences resulting from participating in such instruments with other institutions with </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">lower credit quality and (iii) limitations on the ability of the Fund or the Adviser to directly enforce the Fund’s rights with respect to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">participations. The Fund will seek to balance the magnitude of these and other risks identified by it against the potential investment </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">gain prior to entering into each such investment. Successful claims by third parties arising from these and other risks, absent bad </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">faith, may be borne by the Fund. Bank loans are frequently traded on the basis of standardized documentation which is used in order </div></div></div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to facilitate trading and market liquidity. There can be no assurance, however, that future levels of supply and demand in bank loan </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">trading will provide an adequate degree of liquidity or that the current level of liquidity will continue or that the same documentation </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will be used in the future. The settlement of trading in bank loans often requires the involvement of third parties, such as administrative</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> or syndication agents, and there presently is no central clearinghouse or authority which monitors or facilitates the trading or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">settlement of all bank loan trades. Often, settlement may be delayed based on the actions of any third party or counterparty, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adverse price movements may occur in the time between trade and settlement, which could result in adverse consequences for the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In recent years, a number of judicial decisions in the United States have upheld the right of borrowers to sue lending institutions on </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the basis of various evolving legal theories (collectively termed “lender liability”). Generally, lender liability is founded upon the premise</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> that an institutional lender has violated a duty (whether implied or contractual) of good faith and fair dealing owed to a borrower or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">has assumed a degree of control over the borrower resulting in a creation of a fiduciary duty owed to the borrower or its other creditors</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> or shareholders. Because of the nature of certain of the Fund’s investments, the Fund could be subject to allegations of lender </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">liability.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may acquire interests in bank loans either directly (by way of sale or assignment) or indirectly (by way of participation). The </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchaser of an assignment typically succeeds to all the rights and obligations of the assigning institution and becomes a contracting </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">party under the credit agreement with respect to the debt obligation; however, its rights can be more restricted than those of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assigning institution. Participation interests in a portion of a debt obligation typically result in a contractual relationship only with the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">institution participating out the interest and not with the borrower. In purchasing participations, the Fund typically will not have the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">right to vote on matters requiring a vote of holders of the underlying debt and may have no right to enforce compliance by the borrower</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> with the terms of the loan agreement, or any rights of set-off against the borrower, and the Fund may not directly benefit from </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the collateral supporting the debt obligation in which it has purchased the participation. As a result, if the Fund were to hold a participation,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> it would assume the credit risk of both the borrower and the institution selling the participation to the Fund. In certain circumstances,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> investing in the form of participation may be the most advantageous or only route for the Fund to make or hold any such </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment, including in light of limitations relating to local laws or the willingness of administrative agents or borrowers to allow the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund to become a direct lender.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Finally, loans may become non-performing for a variety of reasons. Non-performing debt obligations may require substantial workout </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">negotiations, restructuring or bankruptcy filings that may entail a substantial reduction in the interest rate, deferral of payments </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and/or a substantial write-down of the principal of a loan or conversion of some or all of the debt to equity. Additional costs associated</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> with these activities may reduce returns.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Unitranche Loans.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Unitranche loans provide leverage levels comparable to a combination of first lien and second lien or subordinated </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans. From the perspective of a lender, in addition to making a single loan, a unitranche loan may allow the lender to choose to participate</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> in the “first out” tranche, which will generally receive priority with respect to payments of principal, interest and any other </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">amounts due, or to choose to participate only in the “last out” tranche, which is generally paid after the “first out” tranche is paid. The </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund expects to participate in “first out” and “last out” tranches of unitranche loans and make single unitranche loans.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">DIP Loans.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may invest in debtor-in-possession (“DIP”) loans. DIP loans involve a fundamental credit risk based on the borrower’s</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> ability to make principal and interest payments and the inherent risks in the bankruptcy process. DIP loans are subject to a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">court approval process in which parties-in-interest may be heard but there can be no assurance that the Fund would be successful in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obtaining favorable results. If the calculations of the Sub-Adviser as to the outcome or timing of a reorganization are inaccurate, a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">company that has filed for bankruptcy may not be able to make payments on a DIP loan on time or at all. In addition, DIP loans may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be privately negotiated transactions, each of which has individualized terms. These positions may be illiquid and difficult to value. DIP </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans may be subject to price volatility due to various factors including, but not limited to, changes in interest rates, market perception </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the creditworthiness of the borrower and general market liquidity.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investments in Middle-Market Companies.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Investments in middle-market companies such as those that the Fund may invest in, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">while often presenting greater opportunities for growth, may also entail larger risks than are customarily associated with investments </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in large companies. Middle-market companies may have more limited product lines, capitalization, markets and financial resources, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and may be dependent on a smaller management group. As a result, such companies may be more vulnerable to general economic </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">trends and to specific changes in markets and technology. In addition, future growth may be dependent on additional financing, which </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may not be available on acceptable terms when required. Furthermore, there is ordinarily a more limited marketplace for the sale of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interests in smaller, private companies, which may make realizations of gains more difficult, by requiring sales to other private investors.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> In addition, the relative illiquidity of investments held by closed-end funds generally, and the somewhat greater illiquidity of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">closed-end fund investments in middle-market companies, could make it difficult for the Fund to react quickly to negative economic </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or political developments.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investments in Less Established Companies.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may invest a portion of its assets in the securities of less established companies.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Certain of the investments may be in businesses with little or no operating history. Investments in such early-stage growth companies</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> may involve greater risks than are generally associated with investments in more established companies. To the extent there is </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any public market for the securities held by the Fund, such securities may be subject to more abrupt and erratic market price movements</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> than those of larger, more established companies. Less established companies tend to have lower capitalizations and fewer </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">resources and are, therefore, often more vulnerable to financial failure. Such companies also may have shorter operating histories on </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which to judge future performance and in many cases, if operating, will have negative cash flow. There can be no assurance that any </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such losses will be offset by gains (if any) realized on the Fund’s other investments. In addition, less mature companies could be </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">deemed to be more susceptible to irregular accounting or other fraudulent practices. In the event of fraud by any company in which </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund invests, the Fund may suffer a partial or total loss of capital invested in that company.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in issuers that: (i) have little or no operating history, (ii) offer services or products that are not yet ready to be </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">marketed, (iii) are operating at a loss or have significant fluctuations in operating results, (iv) are engaged in a rapidly changing business</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> or (v) need substantial additional capital to set up internal infrastructure, hire management and personnel, support expansion or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">achieve or maintain a competitive position. Such issuers may face intense competition, including competition from companies with </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">greater financial resources, more extensive capabilities and a larger number of qualified managerial and technical personnel.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investments in Special Situations.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may provide financing to companies involved in (or the target of) acquisition attempts </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or tender offers or companies involved in work-outs, liquidations, spin-offs, reorganizations, bankruptcies, and similar transactions. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In any investment transaction involving any such type of business enterprise, there exists the risk that the transaction in which such </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">business enterprise is involved either will be unsuccessful, will take considerable time or will result in a distribution of cash or a new </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security the value of which will be less than the purchase price paid by the Fund of the security or other financial instrument in respect </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of which such distribution is received. Similarly, if such an anticipated transaction does not in fact occur, the Fund may lose all or a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">material portion of its investment. All of these events could have a material adverse effect on the value of the investments.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">High Yield Debt.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund expects to invest in debt securities that may be classified as “higher-yielding” (and, therefore, higher-risk) </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">debt securities (also known as “junk bonds”). In most cases, such debt will be rated below “investment grade” or will be unrated and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will face both ongoing uncertainties and exposure to adverse business, financial or economic conditions and the issuer’s failure to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">make timely interest and principal payments. The market for high yield securities (junk bonds) has experienced periods of volatility </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and reduced liquidity. High yield securities (junk bonds) may or may not be subordinated to certain other outstanding securities and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations of the issuer, which may be secured by all or substantially all of the issuer’s assets. High yield securities (junk bonds) may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">also not be protected by financial covenants or limitations on additional indebtedness. The market values of certain of these debt </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities may reflect individual corporate developments. General economic recession or a major decline in the demand for products </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and services in the industry in which the borrower operates would likely have a materially adverse impact on the value of such securities</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> or could adversely affect the ability of the issuers of such securities to repay principal and pay interest thereon and increase the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">incidence of default of such securities. In addition, adverse publicity and investor perceptions, whether or not based on fundamental </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">analysis, may also decrease the value and liquidity of these high yield debt securities (junk bonds).</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Distressed Credit Investments.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund’s distressed credit investments (e.g., investments in defaulted, out-of-favor or distressed </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bank loans and debt and equity securities) are inherently speculative and are subject to a high degree of risk. Companies experiencing </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial distress are often those operating at a loss or with substantial variations in operating results from period to period. Companies</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> experiencing financial distress may be involved in insolvency proceedings and have the need for substantial additional capital to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">support continued operations or to improve their financial condition and may have very high amounts of leverage. Distressed companies</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> typically are in default under, or have a significant risk of an inability to service, their debt obligations, especially during an economic</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> downturn or periods of rising interest rates, may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have more difficulty making scheduled payments of principal and interest </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">than issuers of higher rated investments, may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not have access to more traditional methods of financing and may be unable to repay </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">debt by refinancing. Investments in distressed companies may be premised on a turnaround strategy. If turnarounds are not achieved, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">these companies could experience failures or substantial declines in value, and the Fund may not be able to divest itself of such </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unprofitable investments in a timely fashion or at all. Additionally, turnarounds may not be achieved within the contemplated investment</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> horizons.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The value of distressed instruments tends to be more volatile and may have an increased price sensitivity to changing interest rates </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and adverse economic and business developments than other securities or instruments. Distressed credit investments are often more </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sensitive to company-specific developments and changes in economic conditions than other securities. Furthermore, distressed debt </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments are often unsecured and may be subordinated to senior debt. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In the event of default, the Fund may incur additional </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expenses to seek recovery or to negotiate new terms with a defaulting issuer.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Accordingly, an investment in the Fund should only be </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">considered by persons who can afford a loss of their entire investment.</div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Mezzanine Investments.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Most of the Fund’s mezzanine investments (if any) are expected to be unsecured and made in companies </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">whose capital structures have significant indebtedness ranking ahead of the investments, all or a significant portion of which may be </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">secured. While the investments may benefit from the same or similar financial and other covenants as those enjoyed by the indebtedness</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> ranking ahead of the investments and may benefit from cross-default provisions and security over the issuer’s assets, some or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">all of such terms may not be part of particular investments. Moreover, the ability of the Fund to influence an issuer’s affairs, especially </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">during periods of financial distress or following an insolvency, is likely to be substantially less than that of senior creditors. Mezzanine </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments generally are subject to various risks, including, without limitation: (i) a subsequent characterization of an investment as </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a “fraudulent conveyance”; (ii) the recovery as a “preference” of liens perfected or payments made on account of a debt in the 90 days </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">before a bankruptcy filing; (iii) equitable subordination claims by other creditors; (iv) so-called “lender liability” claims by the issuer of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the obligations; and (v) environmental liabilities that may arise with respect to collateral securing the obligations.</div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Syndication.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may originate certain of its investments with the expectation of later syndicating a portion of such investments </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to third parties. Prior to such syndication, or if such syndication is not successful, the Fund’s exposure to the originated investment </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may exceed the exposure that the Sub-Adviser intended to have over the long-term or would have had had it purchased such investment</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> in the secondary market rather than originating it.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Use of Collateral.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Collateral for private credit investments may include a wide range of assets, including, but not limited to, assets </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and/or net income of companies, real estate, revenue streams, equity interests, fund interests, royalties of various types, rights to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">litigation proceeds, trade receivables, and derivative exposure to loans. To the extent the Sub-Adviser originates loans based partly </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">upon the adequacy of the borrower’s collateral, an incorrect valuation of such collateral may result in unforeseen losses. The inherent </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">uncertainty of the value of collateral may result in values that differ significantly from the values that can ultimately be obtained for </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such collateral. Even if collateral is initially valued correctly, changes in market conditions, regulations or other circumstances, or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">changes directly related to such collateral, may materially adversely affect the value thereof. In addition, there can be no assurance </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that such collateral could be readily liquidated. In the event of bankruptcy of a borrower, the Fund could experience delays or limitations</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> with respect to its ability to realize the benefits of the collateral securing an investment.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Under certain circumstances, collateral securing an investment may be released without the consent of the lender. Moreover, the lender’s</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> security interest (with respect to investments in secured debt) may be unperfected for a variety of reasons, including the failure to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">make required filings by lenders and, as a result, the Fund may not have priority over other creditors as anticipated. First priority lien </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments made by the lender may, in certain cases, provide a first priority lien over some, but not all, of the assets of the relevant </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">borrower. The Fund may also invest in second-lien debt, high-yield securities, marketable and non-marketable common and preferred </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">equity securities and other unsecured instruments each of which involves a higher degree of risk than senior first-lien secured debt, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including the re-use and subsequent loss of collateral by the borrower. Furthermore, the Fund’s right to payment and its security interest,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> if any, may be subordinated to the payment rights and security interests of senior lenders (with respect to some or all of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets of an issuer in which the Fund invests). Certain of these investments may have an interest-only payment schedule, with the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">principal amount remaining outstanding and at risk until the maturity of the investment. In such cases, the ability of the issuer to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">repay the principal in respect of the Fund’s investment may be dependent upon a liquidity event or the long-term success of the company,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> the occurrence of which is uncertain.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The terms of any derivative hedging arrangements entered into by the Fund may provide that related collateral given to, or received by, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund may be pledged, lent, re-hypothecated, or otherwise re-used by the collateral taker for its own purposes. If collateral </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">received by the Fund is reinvested or otherwise re-used, the Fund is exposed to the risk of loss on that investment. Should such a loss </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">occur, the value of the collateral will be reduced, and the Fund will have less protection if the counterparty defaults. Similarly, if the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">counterparty reinvests or otherwise re-uses collateral received from the Fund and suffers a loss as a result, it may not be in a position </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to return that collateral to the Fund should the relevant transaction complete, be unwound or otherwise terminate and the Fund is </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exposed to the risk of loss of the amount of collateral provided to the counterparty.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Asset-Backed Securities.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Asset-backed securities (“ABS”) are a form of structured debt obligation. In addition to the general risks </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">associated with credit or debt securities discussed herein, ABS are subject to additional risks. While traditional fixed-income securities </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">typically pay a fixed rate of interest until maturity, when the entire principal amount is due, an ABS represents an interest in a pool of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets, such as automobile loans, credit card receivables, unsecured consumer loans or student loans, that has been securitized and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">provides for monthly payments of interest, at a fixed or floating rate, and principal from the cash flow of these assets. This pool of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets (and any related assets of the issuing entity) is the only source of payment for the ABS. The ability of an ABS issuer to make </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments on the ABS, and the timing of such payments, is therefore dependent on collections on these underlying assets. The recoveries</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> on the underlying collateral (if any) may not, in some cases, be sufficient to support payments on these securities, which may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">result in losses to investors in an ABS. In many circumstances, ABS are not secured by an interest in the related collateral. Credit card </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">receivables, for example, are generally unsecured and the debtors are entitled to the protection of a number of state and federal consumer</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> loan laws, many of which give such debtors the right to set off certain amounts owed on the credit cards, thereby reducing the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">balance due.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Certain asset-backed securities are guaranteed as to timely payment of interest and principal by a government entity; </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">however, the market price for such securities is not guaranteed and will fluctuate. The purchase of asset-backed securities issued by </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-government entities may entail greater risk than such securities that are issued or guaranteed by a government entity. Asset-backed</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> securities issued by non-government entities may offer higher yields than those issued by government entities, but may also </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be subject to greater volatility than government issues and can also be subject to greater credit risk and the risk of default on the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">underlying assets.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Generally, obligors may prepay the underlying assets in full or in part at any time, subjecting the Fund to prepayment risk related to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the ABS it holds. While the expected repayment streams on ABS are determined by the contractual amortization schedules for the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">underlying assets, an investor’s yield to maturity on an ABS is uncertain and may be reduced by the rate and speed of prepayments of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the underlying assets, which may be influenced by a variety of economic, social and other factors. Any prepayments, repurchases, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchases or liquidations of the underlying assets could shorten the average life of the ABS to an extent that cannot be fully predicted. </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Some ABS may be structured to include a period of rapid amortization triggered by events such as a significant rise in the default rate </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the underlying collateral, a sharp drop in the credit enhancement level because of credit losses on the underlying assets, a specified </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">regulatory event or the bankruptcy of the originator. A rapid amortization event will cause any revolving period to end earlier than </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expected and all collections on the underlying assets will be used to pay principal to investors earlier than expected. In general, the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">senior most securities will be paid prior to any payments being made on the subordinated securities, and if such payments are made </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">earlier than expected, the Fund’s yield on such ABS may be negatively affected.</div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Mortgage-Backed Securities.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may from time to time to invest in pools or tranches of mortgage-backed securities (including</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> commercial mortgage-backed securities (“CMBS”). The collateral underlying mortgage-backed securities generally consists of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">commercial mortgages or real property that has a residential, multifamily or commercial use, such as retail space, office buildings, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">warehouse property and hotels. CMBS have been issued in a variety of issuances, with varying structures including senior and subordinated</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> classes. The commercial mortgages underlying CMBS generally have shorter maturities than residential mortgages, allow all </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or a substantial portion of the loan balance to be paid at maturity, commonly known as a “balloon payment,” and are usually non-recourse</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> against the commercial borrower. Investments in CMBS are subject to various risks and uncertainties, including credit, market,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> interest rate, structural and legal risks. These risks may be magnified by volatility in the credit and commercial real estate markets.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The investment characteristics of CMBS differ from traditional debt securities in a number of respects, and are similar to the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">characteristics of structured credit products in which investors participate through a trust or other similar conduit arrangement. Commercial</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> mortgage loans are obligations of the borrowers thereunder and are not typically insured or guaranteed by any other person </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or entity. While the Fund intends to vigorously analyze and underwrite its CMBS investments from a fundamental real estate perspective,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> there can be no assurance that underwriting practices will yield their desired results, and there can be no assurance that the Fund </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will be able to effectively achieve its investment objective or that expected returns will be achieved.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In general, if prevailing interest rates fall significantly below the interest rates on the related mortgage loans, the rate of prepayment </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on the underlying mortgage loans would be expected to increase. Conversely, if prevailing interest rates rise to a level significantly </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">above the interest rates on the related mortgages, the rate of prepayment would be expected to decrease, which could reduce the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">returns on certain mortgage-backed securities in which the Fund may invest. In addition, rising rates may increase the frequency of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">defaults on certain floating-rate mortgage-backed securities.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Credit Agency Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Credit ratings are determined by credit rating agencies and are only the opinions of such entities. Ratings </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assigned by a rating agency are not absolute standards of credit quality and do not evaluate market risk or the liquidity of securities. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, rating agencies attempt to evaluate the safety of principal and interest payments and do not evaluate the risks of fluctuations</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> in market value. Therefore, such credit ratings may not fully reflect the true risks of an investment. Also, rating agencies may fail </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to make timely changes to their credit ratings in response to subsequent events and an obligor’s current financial condition may be </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">better or worse than a rating indicates. Any shortcomings or inefficiencies in credit rating agencies’ processes for determining credit </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ratings may adversely affect the credit ratings of securities held by the Fund or such credit rating agencies ability to evaluate creditworthiness,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> and, as a result, may adversely affect those securities’ perceived or actual credit risk.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Collateralized Loan Obligations.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> In the case of most CLOs, the structured finance securities are issued in multiple tranches, offering </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investors various maturity and credit risk characteristics, often categorized as senior, mezzanine and subordinated/equity according to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">their degree of risk. If there are defaults or the relevant collateral otherwise underperforms, scheduled payments to senior tranches of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such securities take precedence over those of mezzanine tranches, and scheduled payments to mezzanine tranches have a priority in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">right of payment to subordinated/equity tranches.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> However, it is possible that a senior tranche of a CLO could experience losses, particularly</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> in stressed market conditions, due to defaults, downgrades of the underlying collateral by rating agencies, forced liquidation </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the collateral pool, increased sensitivity to defaults due to collateral default, market anticipation of defaults and investor aversion to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CLO securities as an asset class.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In light of the above, CLOs may therefore present risks similar to those of other types of debt obligations and, in fact, such risks may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be of greater significance in the case of CLOs depending upon the Fund’s ranking in the capital structure. In certain cases, losses may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">equal the total amount of the Fund’s principal investment. Investments in structured vehicles, including equity and junior debt securities</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> issued by CLOs, involve risks, including credit risk and market risk. Changes in interest rates and credit quality may cause significant</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> price fluctuations.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition to the general risks associated with investing in debt securities, CLO securities carry additional risks, including: (i) the possibility</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> that distributions from collateral assets will not be adequate to make interest or other payments; (ii) the quality of the collateral </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may decline in value or default; (iii) investments in CLO equity and junior debt tranches will likely be subordinate in right of payment </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to other senior classes of CLO debt; and (iv) the complex structure of a particular security may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be subject to different interpretations</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and may produce disputes with the issuer or unexpected investment results</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">, especially during times of market stress or volatility</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Additionally, changes in the collateral held by a CLO may cause payments on the instruments held by the Fund to be reduced, either </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">temporarily or permanently. CLOs also may be subject to prepayment risk. Further, the performance of a CLO may be adversely </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affected by a variety of factors, including the security’s priority in the capital structure of the issuer thereof, the availability of any </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">credit enhancement, the level and timing of payments and recoveries on and the characteristics of the underlying receivables, loans or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other assets that are being securitized, remoteness of those assets from the originator or transferor, the adequacy of and ability to </div></div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">realize upon any related collateral and the capability of the servicer of the securitized assets. There are also the risks that the trustee of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a CLO does not properly carry out its duties to the CLO, potentially resulting in loss to the CLO. In addition, the complex structure of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the security may produce unexpected investment results, especially during times of market stress or volatility.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investing in securities of CLOs involves the possibility of investments being subject to potential losses arising from material misrepresentation</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> or omission on the part of borrowers whose loans make up the assets of such entities. Such inaccuracy or incompleteness </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may adversely affect the valuation of the receivables or may adversely affect the ability of the relevant entity to perfect or effectuate a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">lien on the collateral securing its assets. The CLOs in which the Fund invests will rely upon the accuracy and completeness of representations</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> made by the underlying borrowers to the extent reasonable, but cannot guarantee such accuracy or completeness. The </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">quality of the Fund’s investments in CLOs is subject to the accuracy of representations made by the underlying borrowers. In addition, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund is subject to the risk that the systems used by the originators of CLOs to control for accuracy are defective. Under certain </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">circumstances, payments to the Fund may be reclaimed if any such payment or distribution is later determined to have been a fraudulent</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> conveyance or a preferential payment.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">To the extent underlying default rates with respect to the securities in which the Fund invests occur or otherwise increase, the performance</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> of the Fund’s investments may be adversely affected. The rate of defaults and losses on debt instruments will be affected by a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">number of factors, including global, regional and local economic conditions in the area where the borrower operates, the financial </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">circumstances of the borrower as well as the general market conditions. A decline in global markets (or any particular sub-market </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">thereof) may result in higher delinquencies and/or defaults as borrowers may not be able to repay or refinance their outstanding debt </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations when due for a variety of reasons, which may adversely affect the performance of the Fund’s investments.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CLOs typically will have no significant assets other than the assets underlying such CLOs, including, but not limited to, secured loans, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">leveraged loans, project finance loans, unsecured loans, cash collateralized letters of credit and other asset-backed obligations, and/or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments (each of which may be listed or unlisted and in bearer or registered form) that serve as collateral. Payments on the CLO </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities are and will be payable solely from the cash flows from the collateral, net of all management fees and other expenses.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The failure by a CLO in which the Fund invests to satisfy financial covenants, including with respect to adequate collateralization </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and/or interest coverage tests, could lead to a reduction in its payments to the Fund. In the event that a CLO fails certain tests, holders </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of CLO senior debt may be entitled to additional payments that would, in turn, reduce the payments the Fund would otherwise be </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">entitled to receive. Separately, the Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">terms, which may include the waiver of certain financial covenants, with a defaulting CLO or any other investment the Fund may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">make. If any of these occur, it could materially and adversely affect the Fund’s returns.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Issuers may be subject to management, administration and incentive or performance fees. Payment of such additional fees will </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adversely impact on the returns achieved by the Fund.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may hold securities that are in a first loss or subordinated position with respect to realized losses on the collateral of its </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuers. The leveraged nature of CLOs, in particular, magnifies the adverse impact of loan defaults. CLO investments represent a leveraged</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> investment with respect to the underlying loans. Therefore, changes in the market value of the CLO investments could be greater </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">than the change in the market value of the underlying loans, which are subject to credit, liquidity and interest rate risk.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund’s investments and the assets that collateralize them may prepay more quickly than expected and have an impact on the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value of the Fund. Prepayment rates are influenced by changes in interest rates and a variety of factors beyond the Fund’s control and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consequently cannot be accurately predicted. Early prepayments give rise to increased re-investment risk, as the Fund or a CLO collateral</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> manager might realize excess cash from prepayments earlier than expected. If the Fund or a CLO collateral manager is unable to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reinvest such cash in a new investment with an expected rate of return at least equal to that of the investment repaid, this may reduce </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">net income and the fair value of that asset.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund is expected to rely on CLO collateral managers to administer and review the portfolios of collateral they manage. The actions </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the CLO collateral managers may significantly affect the return on investments. The ability of each CLO collateral manager to identify</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> and report on issues affecting its securitization portfolio on a timely basis could also affect the return on investments, as the Fund </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may not be provided with information on a timely basis in order to take appropriate measures to manage its risks. The Fund is also </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expected to rely on CLO collateral managers to act in the best interests of a CLO it manages. If any CLO collateral manager were to act </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in a manner that was not in the best interest of the CLOs (e.g., gross negligence, with reckless disregard or in bad faith), this could </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adversely impact the overall performance of investments.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There could in the future be circumstances when uncertainty exists with respect to the roles of certain parties in respect of the issuers </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the securities in which the Fund invests. Various issues may arise for which there may not be a clear answer in the transaction </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">documents of such issuers, such as, for example only, whether the trustee is obligated to actively search for breaches of representations</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> and warranties, whether holders of the issuer’s securities should be allowed access to all deal documents and whether principal </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">forgiveness should be treated as a realized loss. The manner in which these open issues are resolved, specifically those which impact </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the receipt and allocation of underlying cash flows and losses, could adversely impact the Fund’s current and future investments in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuers.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The failure of servicers to effectively service the loans underlying certain of the investments held by the Fund could materially and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adversely affect the Fund. Most securitizations of loans require a servicer to manage collections on each of the underlying loans. Both </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">default frequency and default severity of loans may depend upon the quality of the servicer. If servicers are not vigilant in encouraging </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">borrowers to make their monthly payments, the borrowers may be far less likely to make these payments, which could result in a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">higher frequency of default. If servicers take longer to liquidate non-performing assets, loss severities may tend to be higher than </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">originally anticipated. The failure of servicers to effectively service the receivables underlying certain assets in the Fund’s investments </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could negatively impact the value of its investments and its performance. Servicer quality is of prime importance in the default performance</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> of certain personal loans. Servicers may go out of business which would require a transfer of servicing to another servicer. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Such transfers take time and loans may become delinquent because of confusion or lack of attention. Servicers may be required to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">advance interest on delinquent loans to the extent the servicer deems those advances recoverable. In the event the servicer does not </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">advance, interest may be interrupted even on more senior securities. Servicers may also advance more than is in fact recoverable </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">once a defaulted loan is disposed, and the loss to the Fund may be greater than the outstanding principal balance of that loan (greater </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">than 100% loss severity). For securitizations with corporate loans, the collateral manager’s role in reinvestment of principal amortization</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> in performing credits and with respect to loans that default, as well as its ability to actively manage the portfolio through trading, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will have a significant impact on the value of the underlying collateral and the performance of its securitization. If the collateral manager</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> reinvests proceeds into loans which then default, does not sell loans before such loans default close to the original purchase </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">price or does not effectively contribute to a restructuring process to maximize value of the loan the securitization owns, the collateral </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">manager could materially and adversely impact the Fund’s investments.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund’s investment strategy with respect to certain investments (or types of investments) may be based, in part, upon the premise </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that interests in issuers and/or an issuer’s underlying collateral that are otherwise performing may from time to time be available for </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">participation by the Fund at “discounted” rates or at “undervalued” prices. Purchasing debt instruments and/or other interests at what </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may appear to be “undervalued” or “discounted” levels is no guarantee that these investments will generate attractive risk-adjusted </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">returns to the Fund or will not be subject to further reductions in value. For reasons not necessarily attributable to any of the risks set </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">forth herein (for example, supply/demand imbalances or other market forces), the prices of the debt instruments and other securities </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in which the Fund invests may decline substantially. In particular, purchasing debt instruments or other assets at what may appear to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be “undervalued” or “discounted” levels is no guarantee that these assets will not be trading at even lower levels at a time of valuation </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or at the time of sale. It may not be possible to predict such “spread widening” risk. Additionally, the perceived discount in pricing </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from previous environments described herein may still not reflect the true value of the collateral assets underlying debt instruments in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which the Fund invests.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The fair value of investments may be significantly affected by changes in interest rates. Investments in senior-secured loans through </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CLOs are sensitive to interest rate levels and volatility. Although CLOs are generally structured to mitigate the risk of interest rate mismatch,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> there may be some difference between the timing of interest rate resets on the assets and liabilities of a CLO. Such a mismatch </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in timing could have a negative effect on the amount of funds distributed to CLO investors, including the Fund. In addition, CLOs may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not be able to enter into hedge agreements, even if it may otherwise be in the best interests of the CLO to hedge such interest rate </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk. Furthermore, in the event of a significant rising interest rate environment and/or economic downturn, loan defaults may increase </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and result in credit losses that may adversely affect the Fund’s cash flow, fair value of its assets and operating results.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The senior-secured loans underlying CLOs typically have floating interest rates. A rising interest rate environment may increase loan </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">defaults, resulting in losses for the CLOs and the Fund. Further, a general rise in interest rates will increase the financing costs of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CLOs. However, since many of the senior secured loans within these CLOs have floors based on the Secured Overnight Financing Rate </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(“SOFR”) or another reference rate, there may not be corresponding increases in investment income constraining distributions to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investors in these CLOs. CLOs typically obtain financing at a floating rate based on SOFR or another reference rate.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CLOs are typically actively managed by an investment manager, and as a result the interests therein are traded, subject to credit rating </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">agency and other constraints, by such investment manager. The aggregate return on the CLO equity securities will depend in part </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">upon the ability of each investment manager to actively manage the issuer’s portfolio of assets. Additionally, CLOs may be negatively </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impacted by rating agency actions, and if the securities issued by, or the portfolio securities of, a CLO are downgraded, the Fund’s </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment may decline in value. It is possible that an affiliate of the Fund may participate (in certain instances) in the review and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">approval of the initial collateral selection of the Fund’s issuers as well as any collateral additions to the portfolio. In times of market </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">stress, valuation of CLO securities may reflect wide bid-ask spreads from numerous valuation sources and be subject to good faith </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">valuations. However, the exercise of control over an issuer could expose the assets of the Fund to claims by such issuer, its investors </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and its creditors. While the Sub-Adviser </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">manages</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> the Fund in a manner that will minimize the exposure of these risks, the possibility </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of successful claims cannot be precluded.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Between the closing date and the effective date of a CLO, the CLO collateral manager will generally expect to purchase additional collateral</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> obligations for the CLO. During this period, the price and availability of these collateral obligations may be adversely affected by </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a number of market factors, including price volatility and availability of investments suitable for the CLO, which could hamper the ability</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> of the collateral manager to acquire a portfolio of collateral obligations that will satisfy specified concentration limitations and allow </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the CLO to reach the target initial par amount of collateral prior to the effective date. An inability or delay in reaching the target initial </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">par amount of collateral may adversely affect the timing and amount of interest or principal payments received by the holders of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CLO debt securities and distributions on the CLO equity securities and could result in early redemptions which may cause CLO debt </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and equity investors, including the Fund, to receive less than face value of <div style="display:inline;">their </div>investment.</div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Risks Related to Investing in Data Centers.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may invest in data centers. Such investments are subject to operating risks </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">common to the data center industry, which include changes in tenant demands or preferences, a decline in the technology industry, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such as a decrease in the use of mobile or web-based commerce, industry slowdowns, business layoffs or downsizing, relocation of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">businesses, increased costs of complying with existing or new government regulations and other factors; a downturn in the market </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for data center space generally such as oversupply of or reduced demand for space; increased competition, including from tenants </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">choosing to develop their own data centers; and the rapid development of new technologies or the adoption of new industry standards</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> that render tenants’ current products and services or facilities obsolete or unmarketable. To the extent that any of these or other </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adverse conditions occur, they are likely to impact market rents for, and cash flows from, the Fund’s data center investments, which </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could have a material adverse effect on the Fund.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Royalties Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may invest in royalties, either directly purchasing the asset generating royalties or providing loans secured </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by royalties. Investments in royalties incorporate a number of general market risks along with risks specific to various underlying royalty</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> strategies, such as oil and gas, music/entertainment and healthcare, among others. Included in those risks are volatility in commodities,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> regulatory changes, delays in government approvals, patent defense and enforcement, product liabilities, product pricing </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and the dependence on third parties to market or distribute the product. The market performance of the target products, therefore, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be diminished by any number of factors that are beyond the Fund’s control.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Interest Rate Risk</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. General interest rate fluctuations and changes in credit spreads on floating rate loans may have a substantial </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">negative impact on the Fund’s investments and investment opportunities and, accordingly, may have a material adverse effect on the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s rate of return on invested capital, the Fund’s net investment income and the Fund’s NAV. Certain of the Fund’s debt investments </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will have variable interest rates that reset periodically based on benchmarks such as SOFR and the prime rate, so an increase in interest</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> rates may make it more difficult for issuers to service their obligations under the debt investments that the Fund will hold. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">While </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Federal Reserve raised interest rates throughout 2022 and 2023, as inflation pressures have eased in recent periods, the Federal </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Reserve has relaxed its monetary policies and cut the interest rates to support the broader economy.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> In </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2024 and 2025, the Federal </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Reserve announced several benchmark rate cuts. These developments, along with domestic and international debt and credit concerns,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> could cause interest rates to be volatile, which may negatively impact the Fund’s ability to access the debt markets on favorable </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">terms. A prolonged reduction in interest rates will reduce the Fund’s gross investment income and could result in a decrease in the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net investment income if such decreases in interest rates are not offset by a corresponding increase in the interest rates the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund earns on any portfolio investments, a decrease in the Fund’s operating expenses, or a decrease in the interest rate of the Fund’s </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">floating interest rate liabilities tied to SOFR or other interest rate benchmark. Interest rate changes may also affect the value of a debt </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instrument indirectly (especially in the case of fixed rate securities) and directly (especially in the case of instruments whose rates are </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adjustable). In </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition, to the extent the Fund borrows money to make investments, its returns will depend, in part, upon the difference</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> between the rate at which it borrows funds and the rate at which it invests those funds. As a result, there can be no assurance </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that a significant change in market interest rates will not have a material adverse effect on the Fund’s net investment income to the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extent it uses debt to finance its investments. In periods of rising interest rates, the Fund’s cost of funds would increase, which could </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reduce its net investment income. In general, rising interest rates will negatively impact the price of a fixed rate debt instrument and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">falling interest rates will have a positive effect on price. Adjustable-rate instruments also react to interest rate changes in a similar </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">manner, although generally to a lesser degree (depending, however, on the characteristics of the reset terms, including the index chosen,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> frequency of reset and reset caps or floors, among other factors). From time to time, the Fund may be exposed to medium- to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">long-term spread duration securities. Longer spread duration securities have a greater adverse price impact to increases in interest </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rates. Interest rate sensitivity is generally more pronounced and less predictable in instruments with uncertain payment or prepayment</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> schedules.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Changes in interest rates can also affect, among other things, the Fund’s ability to acquire and originate loans and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities and the value of the Fund’s investment portfolio. The Fund’s net investment income may be affected by fluctuations in various</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> interest rates, including the Euro Interbank Offered Rate, Bank Bill Swap Bid Rate, SOFR, the Sterling Overnight Index Average </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and the Bank Bill Benchmark Rate.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">If general interest rates rise, there is a risk that the portfolio companies in which the Fund holds floating rate securities will be unable </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to pay escalating interest amounts, which could result in a default under their loan documents. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The potential, however, for the value of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a floating rate loan or security to increase in response to interest rate declines is limited.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Rising interest rates could also cause portfolio</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> companies to shift cash from other productive uses to the payment of interest, which may have a material adverse effect on their </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">business and operations and could, over time, lead to increased defaults. In addition, rising interest rates may increase pressure on </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund to provide fixed rate loans to the Fund’s portfolio companies, which could adversely affect the Fund’s net investment income, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as increases in the cost of borrowed funds would not be accompanied by increased interest income from such fixed-rate investments.</div></div></div></div><div style="line-height:12.0pt;text-align:left"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Inflation Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Inflation risk is the risk that the value of certain assets or income from the Fund’s investments will be worth less in the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">future as inflation decreases the value of money. As inflation increases, the real value of investments and distributions can decline. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Therefore, the income generated by debt investments may not keep pace with inflation.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> In addition, during any periods of rising inflation,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> the dividend rates or borrowing costs associated with the Fund’s use of leverage would likely increase, which would tend to further</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> reduce returns to Shareholders.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Furthermore, actions by governments and central banking authorities can result in changes in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates. Periods of higher inflation could cause such authorities to raise interest rates, and vice versa, which may adversely </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impact the Fund and its investments.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Real Assets Investments Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may invest a portion of its assets in securities and credit instruments associated with real </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets, including infrastructure and aviation, which have historically experienced substantial price volatility. The value of companies </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">engaged in these industries is affected by, among other things: (i) changes in general economic and market conditions; (ii) the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">destruction of real assets, catastrophic events (such as earthquakes, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">wildfires,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> floods, hurricanes, tornadoes, man-made disasters, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and terrorist acts) and other public crises and relief responses; (iii) changes in environmental, governmental and other regulations; </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(iv) risks related to local economic conditions, overbuilding and increased competition; (iv) increases in property taxes and operating </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expenses; (vi) changes in zoning laws; (vii) casualty and condemnation losses; (viii) surplus capacity and depletion concerns; (ix) the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">availability of financing; and (x) changes in interest rates and leverage. In addition, the availability of attractive financing and refinancing</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> typically plays a critical role in the success of these investments. As a result, such investments are subject to credit risk because </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">borrowers may be delinquent in payment or default. Borrower delinquency and default rates may be significantly higher than estimated.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Sub-Adviser’s assessment, or a rating agency’s assessment, of borrower credit quality may prove to be overly optimistic. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The value of securities in these industries may go through cycles of relative under-performance and over-performance in comparison </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to equity securities markets in general.</div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Real Estate Investments Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may invest a portion of its assets in securities and credit instruments of companies in the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">real estate industry, which has historically </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">been cyclical and particularly sensitive to economic downturns and other events that limit </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">demand for real estate, which would adversely impact the value of real estate investments</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. The value of companies engaged in the real </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">estate industry is affected by, among other things: (i) changes in general economic and market conditions</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">, including fluctuations in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">supply and demand</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">; (ii) changes in the value of real estate properties; (iii) risks related to local economic conditions, overbuilding and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increased competition; (iv) increases in property taxes and operating expenses; (v) changes in zoning laws; (vi) casualty and condemnation</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> losses; (vii) variations in rental income, neighborhood values or the appeal of property to tenants; (viii) the availability of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financing; and (ix) changes in interest rates and leverage. In addition, the availability of attractive financing and refinancing typically </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">plays a critical role in the success of real estate investments. As a result, such investments are subject to credit risk because borrowers</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> may be delinquent in payment or default. Borrower delinquency and default rates may be significantly higher than estimated. The </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Sub-Adviser’s assessment, or a rating agency’s assessment, of borrower credit quality may prove to be overly optimistic. The value of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities in this industry may go through cycles of relative under-performance and over-performance in comparison to equity securities</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> markets in general.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund’s investments in mortgage loans secured by real estate will be subject to risks of delinquency, loss, taking title to collateral </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and bankruptcy of the borrower. The ability of a borrower to repay a loan secured by real estate is typically dependent primarily upon </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the successful operation of such property rather than upon the existence of independent income or assets of the borrower. If the net </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">operating income of the property is reduced or is not increased, depending on the borrower’s business plan, the borrower’s ability to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">repay the loan may be impaired. If a borrower defaults or declares bankruptcy and the underlying asset value is less than the loan </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">amount, the Fund will suffer a loss. In this manner, real estate values could impact the value of the Fund’s mortgage loan investments. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Therefore, the Fund’s investments in mortgage loans will be subject to the risks typically associated with real estate. The Fund may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invest in commercial real estate loans, which are secured by commercial property and are subject to risks of loss that may be greater </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">than similar risks associated with loans made on the security of single-family residential property.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Legislative, regulatory and enforcement actions seeking to prevent or restrict foreclosures or providing forbearance relief to borrowers</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> of residential mortgage loans may adversely affect the value of certain mortgage loan investments. Legislative or regulatory initiatives</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> by federal, state or local legislative bodies or administrative agencies, if enacted or adopted, could delay foreclosure or the exercise</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> of other remedies, provide new defenses to foreclosure, or otherwise impair the ability of the loan servicer to foreclose or realize </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on a defaulted mortgage loan. While the nature or extent of limitations on foreclosure or exercise of other remedies that may be </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">enacted cannot be predicted, any such governmental actions that interfere with the foreclosure process or are designed to protect </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">customers could increase the costs of such foreclosures or exercise of other remedies in respect of mortgage loans, delay the timing </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or reduce the amount of recoveries on defaulted mortgage loans held by the Fund, and consequently, could adversely impact the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">yields and distributions the Fund may receive in respect of its ownership of mortgage loans.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Software Industry Risk</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. The Fund may invest in companies in the software industry. The software industry can be significantly </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affected by intense competition, aggressive pricing, technological innovations, and product obsolescence. Companies in the software </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">industry are subject to significant competitive pressures, such as aggressive pricing, new market entrants, competition for market </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">share, short product cycles due to an accelerated rate of technological developments and the potential for limited earnings and/or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">falling profit margins. These companies also face the risks that new services, equipment or technologies will not be accepted by consumers</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> and businesses or will become rapidly obsolete. These factors can affect the profitability of these companies and, as a result, </div></div></div></div><div style="line-height:12.0pt;text-align:left"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the value of their securities. Also, patent protection is integral to the success of many companies in this industry, and profitability can </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be affected materially by, among other things, the cost of obtaining (or failing to obtain) patent approvals, the cost of litigating patent </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">infringement and the loss of patent protection for products (which significantly increases pricing pressures and can materially reduce </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">profitability with respect to such products). In addition, many software companies have limited operating histories. Prices of these </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies’ securities historically have been more volatile than other securities, especially over the short term.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Preferred Stock.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Preferred stock generally has a preference as to dividends and upon the event of liquidation over an issuer’s common</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> stock, but it ranks junior to debt securities in an issuer’s capital structure. Preferred stock generally pays dividends in cash (or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">additional shares of preferred stock) at a defined rate, but unlike interest payments on debt securities, preferred stock dividends are </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payable only if declared by the issuer’s board of directors. Dividends on preferred stock may be cumulative, meaning that, in the event </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the issuer fails to make one or more dividend payments on the preferred stock, no dividends may be paid on the issuer’s common </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">stock until all unpaid preferred stock dividends have been paid. Preferred stock may also be subject to optional or mandatory redemption</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> provisions.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Convertible Securities.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Convertible securities (including contingent convertible securities) are bonds, debentures, notes, preferred </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">stocks or other securities that may be converted into or exchanged for a specified amount of common stock of the same or a different </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuer within a particular period of time at a specified price or formula. A convertible security generally entitles its holder to receive </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest or a dividend until the convertible security matures or is redeemed or converted. Convertible securities generally: (i) have </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">higher yields than the dividends on the underlying common stocks, but lower yields than non-convertible securities of a comparable </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">duration; (ii) are less volatile in price than the underlying common stock due to their fixed-income characteristics; (iii) have a significant</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> option component to their value which is directly impacted by the prevailing market volatility and interest rates; and (iv) provide </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the potential for capital appreciation if the market price of the underlying common stock increases.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The value of a convertible security is a function of its “investment value” (determined by its yield in comparison with the yields of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other securities of comparable maturity and quality that do not have a conversion feature) and its “conversion value” (the security’s </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">worth, at market value, if converted into the underlying common stock). The investment value of a convertible security is influenced </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by changes in interest rates (with investment value declining as interest rates increase) as well as market volatility (with the conversion</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> value increasing as market volatility increases). The credit standing of the issuer and other factors may also have an effect on </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment value. The conversion value of a convertible security is determined by the market price of the underlying common stock. If </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the conversion value is low relative to the investment value, the price of the convertible security is governed principally by its investment</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> value. To the extent that the market price of the underlying common stock approaches or exceeds the conversion price, the price </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the convertible security will be increasingly influenced by its conversion value. A convertible security generally will sell at a premium</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> over its conversion value by the extent to which investors place value on the right to acquire the underlying common stock </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">while holding a fixed-income security. Generally, the amount of the premium decreases (as with an option) as the convertible security </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">approaches maturity.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">A convertible security may be subject to redemption at the option of the issuer. If a convertible security held by the Fund is called for </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">redemption, the Fund will be required either to permit the issuer to redeem the security or convert it into the underlying common </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">stock. Either of these actions could have an adverse effect on the value of the Fund’s position.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Additionally, certain types of convertible </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities may decline in value or lose their value entirely in the event that the issuer’s financial condition becomes significantly </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impaired.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may also invest in contingent convertible securities. Contingent convertible securities are a form of hybrid debt security that </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are intended to either convert into equity or have their principal written down upon the occurrence of certain “triggers.” In certain circumstances,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> the principal of contingent convertible securities may be written down to zero even when the underlying equity may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">retain value. The value of contingent convertible securities is unpredictable and will be influenced by many factors including, without </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limitation: (i) the creditworthiness of the issuer and/or fluctuations in such issuer’s applicable capital ratios; (ii) supply and demand </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for the contingent convertible securities; (iii) general market conditions and available liquidity; and (iv) economic, financial and political</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> events that affect the issuer, its particular market or the financial markets in general. Investments in contingent convertible securities</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> may be considered speculative.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Limited Amortization Requirements.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may invest in loans that have limited mandatory amortization requirements. While </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">these loans may obligate an issuer to repay the loan out of asset sale proceeds, with annual excess cash flow or by refinancing upon </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">maturity, repayment requirements may be subject to substantial limitations that would allow an issuer to retain such asset sale proceeds</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> or cash flow, thereby extending the expected weighted average life of the investment. In addition, a low level of amortization of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any debt over the life of the investment may increase the risk that an issuer will not be able to repay or refinance the loans held by the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund when it matures.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Securities on a When-Issued or Forward Commitment Basis.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may purchase securities on a “when-issued” basis and may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchase or sell securities on a “forward commitment” basis to acquire the security or to hedge against anticipated changes in interest</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> rates and prices. When such transactions are negotiated, the price is fixed at the time the commitment is made, but delivery and </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payment for the securities take place at a later date. When-issued securities and forward commitments may be sold prior to the settlement</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> date, but the Fund will enter into when-issued and forward commitments only with the intention of actually receiving or delivering</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> the securities, as the case may be. If the Fund disposes of the right to acquire a when-issued security prior to its acquisition or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">disposes of its right to deliver or receive against a forward commitment, it might incur a gain or loss. There is always a risk that the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities may not be delivered and that the Fund may incur a loss. Settlements in the ordinary course, which may take substantially </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">more than five business days, are not treated by the Fund as when-issued or forward commitment transactions. The settlements of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">secondary market purchases of senior loans in the ordinary course, on a settlement date beyond the period expected by loan market </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">participants are subject to delayed compensation. Furthermore, the purchase of a senior loan in the secondary market is typically </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">negotiated and finalized pursuant to a binding trade confirmation, and therefore, the risk of non-delivery of the security to the Fund is </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reduced or eliminated when compared with such risk when investing in when-issued or forward commitment securities.</div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Equity Investments.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> When the Fund invests in senior secured loans or mezzanine loans, it may acquire equity securities as well. In </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition, the Fund may invest directly in the equity securities of issuers. The Fund’s goal is ultimately to dispose of such equity interests</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> and realize gains upon its disposition of such interests. However, the equity interests received may not appreciate in value and, in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fact, may decline in value. Accordingly, the Fund may not be able to realize gains from its equity interests, and any gains that it does </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">realize on the disposition of any equity interests may not be sufficient to offset any other losses experienced.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The value of the Fund’s portfolio may be affected by changes in the equity markets generally. Equity markets may experience significant</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> short-term volatility and may fall sharply at times. Different markets may behave differently from each other and U.S. equity markets</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> may move in the opposite direction from one or more foreign stock markets. Adverse events in any part of the equity or fixed-income</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> markets may have unexpected negative effects on other market segments. The prices of individual equity securities generally </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">do not all move in the same direction at the same time and a variety of factors can affect the price of a particular company’s securities. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">These factors may include, but are not limited to, poor earnings reports, a loss of customers, litigation against the company, general </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unfavorable performance of the company’s sector or industry, or changes in government regulations affecting the company or its </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">industry.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investments in Publicly Traded Companies.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund’s investment portfolio may contain securities or instruments issued by </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">publicly-held companies. Such investments may subject the Fund to risks that differ in type or degree from those involved with investments</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> in privately-held companies. Such risks include, without limitation, greater volatility in the valuation of such companies, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increased obligations to disclose information regarding such companies, limitations on the ability of the Fund to dispose of such </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities or instruments at certain times, increased likelihood of Shareholder litigation against such companies’ board members </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(which may include personnel of the Adviser or Sub-Adviser) and increased costs associated with each of the aforementioned risks.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, in respect of the Fund’s publicly traded debt investments, the Fund will not obtain financial covenants or other contractual </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rights, including management rights, that it might otherwise be able to obtain in making privately-negotiated investments. Moreover, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund may not have the same access to information in connection with investments in public securities, either when investigating a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">potential investment or after making an investment, as compared to privately-negotiated investments. Furthermore, the Fund may be </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limited in its ability to make investments, and to sell existing investments, in public securities because the Adviser or Sub-Adviser </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be deemed to have material, nonpublic information regarding the issuers of those securities or as a result of other internal policies.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Prepayment Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Prepayment risk relates to the early repayment of principal on a loan or debt security. Loans are generally callable </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">at any time, and certain loans may be callable at any time at no premium to par. The Sub-Adviser is generally unable to predict the rate </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and frequency of such repayments. Whether a loan is called will depend both on the continued positive performance of the issuer and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the existence of favorable financing market conditions that allow such issuer the ability to replace existing financing with less expensive</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> capital. As market conditions change frequently, the Sub-Adviser will often be unable to predict when, and if, this may be possible </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for each of the Fund’s issuers. Having the loan or other debt instrument called early may have the effect of reducing the Fund’s actual </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment income below its expected investment income if the capital returned cannot be invested in transactions with equal or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">greater yields.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investments in Highly Leveraged Issuers.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund’s investments are expected to include investments in issuers whose capital </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">structures have significant leverage (including substantial leverage senior to the Fund’s investments), a considerable portion of which </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be at floating interest rates. The leveraged capital structure of such issuers will increase their exposure to adverse economic factors</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> such as rising interest rates, downturns in the economy or further deteriorations in the financial condition of the issuer or its </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">industry. This leverage may result in more serious adverse consequences to such companies (including their overall profitability or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">solvency) in the event these factors or events occur than would be the case for less leveraged issuers. In using leverage, these issuers </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be subject to terms and conditions that include restrictive financial and operating covenants, which may impair their ability to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">finance or otherwise pursue their future operations or otherwise satisfy additional capital needs. Moreover, rising interest rates may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">significantly increase the issuers or project’s interest expense, or a significant industry downturn may affect a company’s ability to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generate positive cash flow, in either case causing an inability to service outstanding debt. The Fund’s investments may be among the </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">most junior financing in an issuer’s capital structure. In the event such issuer cannot generate adequate cash flow to meet debt obligations,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> the company may default on its loan agreements or be forced into bankruptcy resulting in a restructuring or liquidation of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">company, and the Fund, particularly in light of the subordinated and/or unsecured position of the Fund’s investments, may suffer a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">partial or total loss of capital invested in the company, which could adversely affect the return of the Fund.</div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investments in Restructurings.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may invest in restructurings that involve, or otherwise invest in the debt securities of, companies</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> that are experiencing or are expected to experience severe financial difficulties. These severe financial difficulties may never be </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">overcome and may cause such companies to become subject to bankruptcy proceedings. The return on investment sought or targeted</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> by the Fund in any investment in a restructuring may depend upon the restructuring progressing in a particular manner or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">resulting in a particular outcome (including regarding the conversion or repayment of the Fund’s investments). There can be no assurance</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> that any such outcome, development or result will occur or be successful and, as a result, the premise underlying the Fund’s </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment may never come to fruition and the Fund’s returns may be adversely affected. Investments in restructurings could, in certain</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> circumstances, subject the Fund to certain additional potential liabilities that may exceed the value of the Fund’s original investment</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> therein. For instance, under certain circumstances, payments to the Fund and distributions to Shareholders may be reclaimed if </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any such payment or distribution is later determined to have been a fraudulent conveyance, preferential payment or similar transaction</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> under applicable bankruptcy and insolvency laws. Furthermore, investments in restructurings may be adversely affected by statutes</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> relating to, among other things, fraudulent conveyances, voidable preferences, lender liability and the court’s discretionary power </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to disallow, subordinate or disenfranchise particular claims or characterize investments made in the form of debt as equity contributions.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> For certain restructurings, the Fund may utilize blocker corporations, which may incur federal and state income taxes. In </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">restructurings, whether constituting liquidation (both in and out of bankruptcy) and other forms of corporate reorganization, there </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exists the risk that the restructuring either will be unsuccessful (due to, for example, failure to obtain requisite approvals), will be </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">delayed (for example, until various liabilities, actual or contingent, have been satisfied) or will result in a distribution of cash or a new </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security or instrument the value of which will be less than the purchase price to the Fund of the security in respect to which such distribution</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> was made. The Fund may not be “hedged” against market fluctuations, or, in liquidation situations, may not accurately value </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the assets of the company being liquidated. This can result in losses, even if the proposed restructuring is consummated. Under certain</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> circumstances, a lender that has inappropriately exercised control of the management and policies of a debtor may have its </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">claims subordinated or disallowed, or may be found liable for damages suffered by parties as a result of such actions.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">When a company seeks relief under the U.S. Bankruptcy Code (or has a petition filed against it), an automatic stay prevents all entities,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> including creditors, from foreclosing or taking other actions to enforce claims, perfect liens or reach collateral securing such </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">claims. Creditors who have claims against the company prior to the date of the bankruptcy filing must petition the court to permit </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">them to take any action to protect or enforce their claims or their rights in any collateral. Such creditors may be prohibited from doing </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">so if the court concludes that the value of the property in which the creditor has an interest will be “adequately protected” during the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">proceedings. If the Bankruptcy Court’s assessment of adequate protection is inaccurate, a creditor’s collateral may be wasted without </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the creditor being afforded the opportunity to preserve it. Thus, even if the Fund holds a secured claim, it may be prevented from collecting</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> the liquidation value of the collateral securing its debt, unless relief from the automatic stay is granted by the Bankruptcy </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Court. Bankruptcy proceedings are inherently litigious, time consuming, highly complex and driven extensively by facts and circumstances,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> which can result in challenges in predicting outcomes. The equitable power of bankruptcy judges also can result in uncertainty</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> as to the ultimate resolution of claims.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Security interests held by creditors are closely scrutinized and frequently challenged in bankruptcy proceedings and may be invalidated</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> for a variety of reasons. For example, security interests may be set aside because, as a technical matter, they have not been perfected</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> properly under the Uniform Commercial Code or other applicable law. If a security interest is invalidated, the secured creditor </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loses the value of the collateral and because loss of the secured status causes the claim to be treated as an unsecured claim, the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">holder of such claim will almost certainly experience a significant loss of its investment. There can be no assurance that the security </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interests securing the Fund’s claims will not be challenged vigorously and found defective in some respect, or that the Fund will be </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">able to prevail against any such challenge.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Moreover, debt may be disallowed or subordinated to the claims of other creditors if the creditor is found guilty of certain inequitable </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conduct resulting in harm to other parties with respect to the affairs of a company filing for protection from creditors under the U.S. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Bankruptcy Code. Creditors’ claims may be treated as equity if they are deemed to be contributions to capital, or if a creditor attempts </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to control the outcome of the business affairs of a company prior to its filing under the U.S. Bankruptcy Code. Serving on an official </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or unofficial creditors’ committee, for example, increases the possibility that the Fund will be deemed an “insider” or a “fiduciary” of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an issuer it has so assisted and may increase the possibility that the Bankruptcy Court would invoke the doctrine of “equitable subordination”</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> with respect to any claim or equity interest held by the Fund in such issuer and subordinate any such claim or equity interest </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in whole or in part to other claims or equity interests in such issuer. Claims of equitable subordination may also arise outside of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">context of the Fund’s committee activities. If a creditor is found to have interfered with a company’s affairs to the detriment of other </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">creditors or shareholders, the creditor may be held liable for damages to injured parties. While the Fund will attempt to avoid taking </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the types of action that would lead to equitable subordination or creditor liability, there can be no assurance that such claims will not </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be asserted or that the Fund will be able to successfully defend against them. In addition, if representation of a creditors’ committee of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an issuer causes the Fund, the Adviser, or the Sub-Adviser to be deemed an affiliate of such issuer, the securities of such issuer held </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by the Fund may become restricted securities, which are not freely tradable.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">While the challenges to liens and debt described above normally occur in a bankruptcy proceeding, the conditions or conduct that </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">would lead to an attack in a bankruptcy proceeding could in certain circumstances result in actions brought by other creditors of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">debtor, shareholders of the debtor or even the debtor itself in other state or U.S. federal proceedings, including pursuant to state </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fraudulent transfer laws. As is the case in a bankruptcy proceeding, there can be no assurance that such claims will not be asserted or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that the Fund will be able to defend against them successfully. To the extent the Fund assumes an active role in any legal proceeding </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">involving the debtor, the Fund may be prevented from disposing of securities or instruments issued by the debtor due to the Fund, the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Adviser, or the Sub-Adviser’s possession of material, non-public information concerning the debtor.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">From time to time, the Fund may invest in or extend loans to companies that have filed for protection under Chapter 11 of the U.S. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Bankruptcy Code. These debtor-in-possession or “DIP” loans are most often revolving working-capital facilities put into place at the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">outset of a Chapter 11 case to provide the debtor with both immediate cash and the ongoing working capital that will be required during</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> the reorganization process. While such loans are generally less risky than many other types of loans as a result of their seniority in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the debtor’s capital structure and because their terms have been approved by a federal bankruptcy court order, it is possible that the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">debtor’s reorganization efforts may fail and the proceeds of the ensuing liquidation of the DIP lender’s collateral might be insufficient </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to repay in full the DIP loan.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, issuers located in non-U.S. jurisdictions may be involved in restructurings, bankruptcy proceedings and/or reorganizations</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> that are not subject to laws and regulations that are similar to the U.S. Bankruptcy Code and the rights of creditors afforded in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. jurisdictions. To the extent such non-U.S. laws and regulations do not provide the Fund with equivalent rights and privileges necessary</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> to promote and protect its interest in any such proceeding, the Fund’s investments in any such issuer may be adversely </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affected. For example, bankruptcy law and process in a non-U.S. jurisdiction may differ substantially from that in the United States, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">resulting in greater uncertainty as to the rights of creditors, the enforceability of such rights, reorganization timing and the classification,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> seniority and treatment of claims. In certain developing countries, although bankruptcy laws have been enacted, the process for </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reorganization remains highly uncertain.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Securities of Other Investment Companies Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Under Section 12(d)(1) of the 1940 Act, subject to the Fund’s own more restrictive </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limitations, if any, the Fund’s investment in securities issued by other investment companies (including business development companies</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> (“BDC”)), subject to certain exceptions, currently is limited to: (1) 3% of the total voting stock of any one investment company; </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(2) 5% of the Fund’s total assets with respect to any one investment company; and (3) 10% of the Fund’s total assets in the aggregate </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(such limits do not apply to investments in money market funds). Exemptions in the 1940 Act or the rules thereunder may allow the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund to invest in another investment company in excess of these limits. In particular, Rule 12d1-4 under the 1940 Act allows the Fund </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to acquire the securities of another investment company, excess of the limitations imposed by Section 12 of the 1940 Act, subject to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certain limitations and conditions on the Fund and the Adviser, including limits on control and voting of acquired funds’ shares, evaluations</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> and findings by the Investment Manager and limits on most three-tier fund structures. Investments by the Fund in private funds </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that are excluded from the definition of “investment company” pursuant to Sections 3(c)(1) or 3(c)(7) of the 1940 Act generally are </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not subject to the Section 12(d)(1) limits described above.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Rule 12d1-4 is also designed to limit the use of complex fund structures. Under Rule 12d1-4, an acquired fund is prohibited from </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchasing or otherwise acquiring the securities of another investment company or private fund if, immediately after the purchase, the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities of investment companies and private funds owned by the acquired fund have an aggregate value in excess of 10% of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value of the acquired fund’s total assets, subject to certain limited exceptions. Accordingly, to the extent the Fund’s shares are sold to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other investment companies in reliance on Rule 12d1-4, the Fund will be limited in the amount it could invest in other investment </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies and private funds.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">When investing in the securities of other investment companies, the Fund will be indirectly exposed to all the risks of such investment </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies’ portfolio securities. In addition, as a shareholder in an investment company, the Fund would indirectly bear its pro rata </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">share of that investment company’s advisory fees, incentive fees and other operating expenses. Fees and expenses incurred indirectly </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by the Fund as a result of its investment in shares of one or more other investment companies generally are referred to as “acquired </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fund fees and expenses” and are reflected as a separate line item in the Fund’s prospectus fee table. See </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">“Summary of Fees and </div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Expenses.”</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> For certain investment companies, such as BDCs, these expenses may be significant. In addition, the shares of closed-end</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> management investment companies may involve the payment of substantial premiums above, while the sale of such securities </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be made at substantial discounts from, the value of such issuer’s portfolio securities. Historically, shares of closed-end funds, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including BDCs, have frequently traded at a discount to their NAV, which discounts have, on occasion, been substantial and lasted for </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sustained periods of time.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Certain money market funds that operate in accordance with Rule 2a-7 under the 1940 Act float their NAV while others seek to reserve </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the value of investments at a stable NAV (typically $1.00 per share). An investment in a money market fund, even an investment in a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fund seeking to maintain a stable NAV per share, is not guaranteed, and it is possible for the Fund to lose money by investing in these </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and other types of money market funds. Certain money market funds are subject to mandatory liquidity fees if daily net redemptions </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exceed 5% of their net assets and may also impose a discretionary liquidity fee of up to 2% on redemptions if that fee is determined </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to be in the best interests of the money market fund. Such fees, if imposed, will reduce the amount the Fund receives on redemptions.</div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">ETF Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The risks of investment in an ETF typically reflect the risks of the types of instruments in which the ETF invests. If the Fund </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invests in ETFs, Shareholders will bear indirectly their proportionate share of the ETF’s fees and expenses, as well as their share of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s fees and expenses. As a result, an investment by the Fund in an ETF could cause the Fund’s total operating expenses (taking </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">into account indirect expenses such as the fees and expenses of the ETF) to be higher and, in turn, performance to be lower than if </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund were to invest directly in the instruments underlying the ETF. The trading in an ETF may be halted if the trading in one or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">more of the ETF’s underlying securities is halted. In addition, ETFs are susceptible to market trading risks, such as the risks of discounts</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> to net asset value, high spreads and trading disruptions.</div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Non-Performing Investments.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund’s portfolio may include investments whose underlying collateral are “non-performing” and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that are typically highly leveraged, with significant burdens on cash flow and, therefore, involve a high degree of financial risk. During </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an economic downturn or recession, securities of financially troubled or operationally troubled issuers are more likely to go into </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">default than securities or instruments of other issuers. Securities or instruments of financially troubled issuers and operationally </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">troubled issuers are less liquid and more volatile than securities or instruments of companies not experiencing financial difficulties. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investment, directly or indirectly in financially and/or operationally troubled issuers involves a high degree of credit and market risk. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">These difficulties may never be overcome and may cause borrowers to become subject to bankruptcy or other similar administrative </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">proceedings. There is a possibility that the Fund may incur substantial or total losses on its investments and in certain circumstances, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund may be subject to certain additional potential liabilities that may exceed the value of the Fund’s original investment therein.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Risks of Certain Non-U.S. Investments.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund expects to invest a portion of its assets outside of the United States. Non-U.S. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities or instruments involve certain factors not typically associated with investing in U.S. securities or instruments, including </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risks relating to (i) currency exchange matters, including fluctuations in the rate of exchange between the U.S. dollar and the various </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. currencies in which the Fund’s non-U.S. investments are denominated, and costs associated with conversion of investment </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">principal and income from one currency into another; (ii) differences in conventions relating to documentation, settlement, corporate </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">actions, stakeholder rights and other matters; (iii) differences between the U.S. and non-U.S. securities markets, including higher </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rates of inflations, higher transaction costs and potential price volatility in, and relative illiquidity of, some non-U.S. securities markets;</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> (iv) the absence of uniform accounting, auditing</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">corporate governance, recordkeeping </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and financial reporting standards, practices</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> and disclosure requirements and less governmental supervision and regulation in some countries; (v) certain economic, social </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and political risks, including potential exchange control regulations and restrictions on non-U.S. investment and repatriation of capital, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the risks of political, economic or social instability </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(including</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for example, regional and global conflict),</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> including the risk of sovereign</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> defaults, and the possibility of expropriation or confiscatory taxation and adverse economic and political development; (vi) the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">possible imposition of non-U.S. taxes on income and gains recognized with respect to such securities or instruments; (vii) differing, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and potentially less well developed or well-tested laws regarding creditor’s rights (including the rights of secured parties), corporate </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">governance, fiduciary duties and the protection of investors; (viii) difficulty in enforcing contractual obligations; (ix) differences in the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">legal and regulatory environment or enhanced legal and regulatory compliance risk; (x) reliance on a more limited number of commodity</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> inputs, service providers and/or distribution mechanisms; (xi) political hostility to investments by foreign or private investment</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> fund investors; and (xii) less publicly available information.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, the Fund’s investments in the debt of issuers located in certain non-U.S. jurisdictions may be adversely affected as a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">result of the ownership or control of an equity stake in such issuers by the Adviser, the Sub-Adviser and/or their respective affiliates. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">For example, in certain circumstances, the Fund could be subject to German “equity substitution rules” (similar to equitable subordination</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> in the United States) if an issuer in which the Fund holds a debt investment and in which the Adviser, the Sub-Adviser and/or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">their respective affiliates hold an equity investment was to become insolvent. In such case, among other things, (i) the Fund may not </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be able to enforce its rights with respect to collateral, if any, (ii) the debt held by the Fund may be subordinated and (iii) the receiver </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be entitled to reclaim amounts paid to the Fund within one year of the filing for commencement of insolvency proceedings or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">thereafter. The laws of other non-U.S. jurisdictions in which the Fund may seek to invest may have rules similar to Germany’s “equity </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">substitution rules” discussed above, and the consequences to the Fund with respect to such rules may be more or less severe. Moreover,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> additional laws and regulations in non-U.S. jurisdictions in which the Fund may invest may affect the Fund’s investments in such </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">jurisdictions in a manner that differs adversely from the results that would occur under U.S. laws and regulations applied to similar </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">facts.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Additionally, the Fund may be less influential than other market participants in jurisdictions where it or the Sub-Adviser do not have a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">significant presence. The Fund may be subject to additional risks, which include possible adverse political and economic development </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(such as government expropriation</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">excessive taxation or economic sanctions),</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> possible seizure or nationalization of non-U.S. deposits</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> and possible adoption of governmental restrictions which might adversely affect the payment of principal and interest to investors </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">located outside the country of the issuer, whether from currency blockage or otherwise. Furthermore, some of the securities may be </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to brokerage taxes levied by governments, which has the effect of increasing the cost of such investment and reducing the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">realized gain or increasing the realized loss on such securities at the time of sale. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There can also be difficulty obtaining and enforcing </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">judgments against issuers in non-U.S. jurisdictions.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> While the Sub-Adviser intends, where deemed appropriate, to seek to manage the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund in a manner that will minimize exposure to the foregoing risks and will take these factors into consideration in making investment</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> decisions for the Fund, there can be no assurance that adverse developments with respect to such risks will not adversely affect </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the assets of the Fund that are held in certain countries.</div></div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Foreign Currency Risks.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> A significant portion of the Fund’s investments (and the income and gains received by the Fund in respect of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such investments) may be denominated in currencies other than the U.S. dollar. However, the books of the Fund will be maintained, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and contributions to and distributions from the Fund will generally be made, in U.S. dollars. Accordingly, changes in foreign currency </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exchange rates and exchange controls may materially adversely affect the value of the investments and the other assets of the Fund. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">For example, any significant depreciation in the exchange rate of the Euro, or any other currency in which the Fund makes investments,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> against the U.S. dollar, could adversely affect the value of dividends or proceeds on investments denominated in the Euro or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such other currencies. In addition, the Fund will incur costs, which may be significant, in connection with the conversion of various </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currencies.</div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Currency Hedging Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Sub-Adviser expects to seek to hedge all or a portion of the Fund’s foreign currency risk. For example, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund may enter into foreign currency forward contracts to reduce the Fund’s exposure to foreign currency exchange rate fluctuations</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> in the value of foreign currencies. In a foreign currency forward contract, the Fund agrees to receive or deliver a fixed quantity of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">one currency for another, at a pre-determined price at a future date. Forward foreign currency contracts are marked-to-market at the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">applicable forward rate. There is no guarantee that it will be practical to hedge currency risks or that any efforts to do so will be successful.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The use of foreign currency forward contracts is a highly specialized activity that involves investment techniques and risks </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">different from those associated with investments in more traditional securities and instruments, and there is no guarantee that the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s use of foreign currency forward contracts will achieve their intended result. If the Sub-Adviser is incorrect in its expectation of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the timing or level of fluctuation in securities prices, currency prices or other variables, the use of foreign currency forward contracts </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could result in losses to the Fund, which in some cases may be significant. A lack of correlation between changes in the value of foreign</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> currency forward contracts and the value of the portfolio assets (if any) being hedged could also result in losses to the Fund.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Use of Leverage: Risk of Borrowing by the Fund.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">employs</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> leverage through a variety of instruments and/or facilities. The </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s willingness to use leverage, and the extent to which leverage is used at any time, will depend on many factors, including the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Sub-Adviser’s assessment of the yield curve environment, interest rate trends, market conditions and other factors. The Fund may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">incur permanent, Fund-level leverage including through, but not limited to, asset-backed facilities, revolvers, bonds, privately placed </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">notes, subscription facilities, short-sales or other instruments. Borrowings by the Fund will further diminish returns (or increase </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">losses on capital) to the extent overall returns are less than the Fund’s cost of funds. Such debt exposes the Fund to refinancing, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">recourse and other risks. As a general matter, the presence of leverage can accelerate losses.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Subject to prevailing market conditions, the Fund may add financial leverage if, immediately after such borrowing, it would have asset </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">coverage (as defined in the 1940 Act) of 300% or more on any senior security represented by indebtedness and 200% or more on </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">preferred stock and debt, collectively. For example, if the Fund has $100 in net assets, it may utilize leverage through obtaining debt of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">up to $50, resulting in $150 in total assets (or 300% asset coverage). The Fund may seek to obtain leverage through preferred stock. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may use leverage opportunistically and may choose to increase or decrease its leverage, or use different types or combinations</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> of leveraging instruments, at any time based on the Fund’s assessment of market conditions and the investment environment. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">employs</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> leverage representing approximately 20-33% of the Fund’s net assets.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Advisers expect that the Fund’s borrowings may ultimately be secured with a security interest in investments. In times of adverse </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market conditions, the Fund may be required to post additional collateral that could affect the Fund’s liquidity. Incurrence of indebtedness</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> at the Fund level (or entity through which it invests) may have consequences to the Fund and Shareholders, including, but not </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limited to: (i) greater fluctuations in the NAV of the Fund’s assets; (ii) use of cash flow for debt service, Distributions, or other purposes</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> (and prospective investors should specifically note in this regard that, for the avoidance of doubt, in connection with one or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">more credit facilities entered into by the Fund, Distributions to Shareholders may be subordinated to payments required in connection </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with any indebtedness contemplated thereby); (iii) to the extent that Fund revenues are required to meet principal payments, Shareholders</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> may be allocated income (and therefore tax liability) in excess of cash distributed; and (iv) in certain circumstances, the Fund </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be required to dispose of investments at a loss or otherwise on unattractive terms in order to service its debt obligations or meet </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">its debt covenants. There can be no assurance that the Fund will have sufficient cash flow to meet its debt service obligations. As a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">result, the Fund’s exposure to foreclosure and other losses may be increased due to the illiquidity of its investments.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, the Fund may need to refinance its outstanding debt as it matures. There is a risk that the Fund may not be able to refinance</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> existing debt or that the terms of any refinancing may not be as favorable as the terms of any then existing loan agreements. If </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prevailing interest rates or other factors at the time of refinancing result in higher interest rates upon refinancing, then the interest </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expense relating to that refinanced indebtedness would increase. These risks could adversely affect the Fund’s financial condition and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cash flows and the return on its investments.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">With respect to any asset-backed facility entered into by the Fund (or an affiliate thereof), a decrease in the market value of the Fund’s </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(due to market conditions, the fair valuation of the Fund’s investments or otherwise)</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> would increase the effective amount </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of leverage and could result in the possibility of a violation of certain financial covenants pursuant to which the Fund must repay the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">borrowed funds to the lender. Liquidation of the Fund’s investments at an inopportune time in order to satisfy such financial covenants</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> could adversely impact the performance of the Fund and could, if the value of its investments had declined significantly, cause </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund to lose all or a substantial amount of its capital. In the event of a sudden, precipitous drop in the value of the Fund’s assets, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund might not be able to dispose of assets quickly enough to pay off its debt resulting in a foreclosure or other total loss of some </div></div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or all of the pledged assets. Fund-level debt facilities typically include other covenants such as, but not limited to, covenants against </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund incurring or being in default under other recourse debt, including certain Fund guarantees of asset level debt, which, if triggered</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> could cause adverse consequences to the Fund if it is unable to cure or otherwise mitigate such breach.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Effects of Leverage.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The table below assumes that borrowings represent approximately 33% of the Fund’s net assets as of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">July</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> 1, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2026</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> and the Fund bears expenses relating to such borrowings at an annual effective interest rate of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.47</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">% (based on interest rates </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for such borrowings as of a recent date). The table below also assumes that the annual return that the Fund’s portfolio must experience</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> (net of expenses not related to borrowings) in order to cover the costs of such leverage would be approximately </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.81</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">%. These </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">figures are estimates based on current market conditions, used for illustration purposes only.</div> Actual expenses associated with borrowings</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> used by the Fund may vary frequently and may be significantly higher or lower than the rate used for the example above.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following table is furnished in response to requirements of the SEC. It is designed to illustrate the effects of the Fund’s leverage </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">due to senior securities on corresponding Share total return, assuming investment portfolio total returns (consisting of income and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">changes in the value of investments held in the Fund’s portfolio) of -10%, -5%, 0%, 5% and 10%. These assumed investment portfolio</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> returns are hypothetical figures and are not necessarily indicative of the investment portfolio returns expected to be experienced by </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund. Your actual returns may be greater or less than those appearing below.</div></div></div><div style="line-height: 1pt; text-align: left; font-size: 1pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:8.5pt"> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.25pt;padding-top:1.25pt;vertical-align:Bottom;width:310.28pt"><div style="line-height:9.0pt;text-align:left"><div style="margin-right:10.27pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Assumed Return on Portfolio (Net of Expenses not related to borrowings)</div></div></div></div></td> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.25pt;padding-top:1.25pt;vertical-align:Bottom;width:51.2pt"><div style="line-height:9.0pt;text-align:left"><div style="margin-left:8.27pt;margin-right:8.27pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">(10.00%)</div></div></div></div></td> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.25pt;padding-top:1.25pt;vertical-align:Bottom;width:47.19pt"><div style="line-height:9.0pt;text-align:left"><div style="margin-left:8.27pt;margin-right:8.27pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">(5.00%)</div></div></div></div></td> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.25pt;padding-top:1.25pt;vertical-align:Bottom;width:41.87pt"><div style="line-height:9.0pt;text-align:left"><div style="margin-left:8.27pt;margin-right:8.27pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">0.00%</div></div></div></div></td> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.25pt;padding-top:1.25pt;vertical-align:Bottom;width:41.87pt"><div style="line-height:9.0pt;text-align:left"><div style="margin-left:8.27pt;margin-right:8.27pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">5.00%</div></div></div></div></td> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.25pt;padding-top:1.25pt;vertical-align:Bottom;width:35.6pt"><div style="line-height:9.0pt;text-align:left"><div style="margin-left:8.27pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">10.00%</div></div></div></div></td></tr> <tr style="height:13.5pt"> <td style="background-color:azure;padding-bottom:3pt;padding-top:1.25pt;vertical-align:Top;width:310.28pt"><div style="line-height:11pt;text-align:left"><div style="margin-right:10.27pt;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Corresponding Share Total Return</div></div></div></td> <td style="background-color:azure;padding-bottom:3pt;padding-top:1.25pt;vertical-align:Bottom;white-space:nowrap;width:51.2pt"><div style="line-height:11pt;margin-left:10.275pt;margin-right:10.275pt;text-align:right;width:30.65pt"><div style="display:flex;margin:auto;width:25.24pt"><div style="display:flex;margin:auto;width:25.24pt"><div style="display:flex;white-space:nowrap;width:25.24pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: 25.24pt; letter-spacing: 0px; top: 0px;display:inline;">(17.62</div></div></div> <div style="display:flex"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">%)</div></div> </div></div></td> <td style="background-color:azure;padding-bottom:3pt;padding-top:1.25pt;vertical-align:Bottom;white-space:nowrap;width:47.19pt"><div style="line-height:11pt;margin-left:10.275pt;margin-right:10.275pt;text-align:right;width:26.65pt"><div style="display:flex;margin:auto;width:25.24pt"><div style="display:flex;margin:auto;width:25.24pt"><div style="display:flex;white-space:nowrap;width:25.24pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: 25.24pt; letter-spacing: 0px; top: 0px;display:inline;">(10.16</div></div></div> <div style="display:flex"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">%)</div></div> </div></div></td> <td style="background-color:azure;padding-bottom:3pt;padding-top:1.25pt;vertical-align:Bottom;white-space:nowrap;width:41.87pt"><div style="line-height:11pt;margin-left:10.275pt;margin-right:10.275pt;text-align:right;width:21.32pt"><div style="display:flex;margin:auto;width:20.74pt"><div style="display:flex;margin:auto;width:20.74pt"><div style="display:flex;white-space:nowrap;width:20.74pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: 20.74pt; letter-spacing: 0px; top: 0px;display:inline;">(2.69</div></div></div> <div style="display:flex"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">%)</div></div> </div></div></td> <td style="background-color:azure;padding-bottom:3pt;padding-top:1.25pt;vertical-align:Bottom;white-space:nowrap;width:41.87pt"><div style="line-height:11pt;margin-left:10.275pt;margin-right:10.275pt;text-align:right;width:21.32pt"><div style="display:flex;margin:auto;width:17.75pt"><div style="display:flex;margin:auto;width:17.75pt"><div style="display:flex;white-space:nowrap;width:17.75pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: 17.75pt; letter-spacing: 0px; top: 0px;display:inline;">4.77</div></div></div> <div style="display:flex"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">%</div></div> </div></div></td> <td style="background-color:azure;padding-bottom:3pt;padding-top:1.25pt;vertical-align:Bottom;white-space:nowrap;width:35.6pt"><div style="line-height:11pt;margin-left:10.275pt;text-align:right;width:25.32pt"><div style="display:flex;margin:auto;width:22.25pt"><div style="display:flex;margin:auto;width:22.25pt"><div style="display:flex;white-space:nowrap;width:22.25pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: 22.25pt; letter-spacing: 0px; top: 0px;display:inline;">12.23</div></div></div> <div style="display:flex"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">%</div></div> </div></div></td></tr></table></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Corresponding Share total return is composed of two elements — the Share dividends paid by the Fund (the amount of which is </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">largely determined by the net investment income of the Fund after paying interest expenses on the Fund’s borrowings) and gains or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">losses on the value of the securities the Fund owns.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Change of Law Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Government counterparties or agencies may have the discretion to change or increase regulation of a portfolio </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment’s operations or implement laws or regulations affecting the portfolio investment’s operations, separate from any contractual</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> rights it may have. A portfolio investment also could be materially and adversely affected as a result of statutory or regulatory </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">changes or judicial or administrative interpretations of existing laws and regulations that impose more comprehensive or stringent </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">requirements on such portfolio company. Governments have considerable discretion in implementing regulations and tax reform, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including, for example, the possible imposition or increase of taxes on income earned by a portfolio company or gains recognized by </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund on its investment in such portfolio company, that could impact a portfolio company’s business as well as the Fund’s return </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on investment with respect to such portfolio company.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Force Majeure Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Issuers may be affected by force majeure events (e.g., events beyond the control of the party claiming that the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">event has occurred, including, without limitation, acts of God, fire, flood, earthquakes, outbreaks of an infectious disease, pandemic </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or any other serious public health concern, war, terrorism and labor strikes). Some force majeure events may adversely affect the ability</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> of a party (including an issuer or a counterparty to the Fund or an issuer) to perform its obligations until it is able to remedy the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">force majeure event. In addition, the cost to an issuer or the Fund of repairing or replacing damaged assets resulting from such force </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">majeure event could be considerable. Certain force majeure events (such as war or an outbreak of an infectious disease) could have a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">broader negative impact on the world economy and international business activity generally, or in any of the countries in which the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund may invest specifically. Additionally, a major governmental intervention into industry, including the nationalization of an industry </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or the assertion of control over one or more issuers or its assets, could result in a loss to the Fund, including if its investment in such </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuer is canceled, unwound or acquired (which could be without what the Fund considers to be adequate compensation). Any of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">foregoing may therefore adversely affect the performance of the Fund and its investments.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Terrorist Activities.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Terrorist attacks have caused instability in the world financial markets and may generate global economic instability.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Additionally, governmental responses to terrorist attacks (or threats thereof), such as economic sanctions, trade restrictions, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">heightened regulatory requirements, emergency legislation and/or the imposition of martial law or states of emergency, may contribute</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> to instability in the financial markets and give rise to additional risks and uncertainties.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The continued threat of terrorism and the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impact of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">governmental,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> military or other action could adversely affect the Fund’s financial results.</div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Volatility of Commodity Prices.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The performance of certain of the Fund’s investments may be substantially dependent upon prevailing</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> prices of electricity, oil, natural gas, natural gas liquids, coal and other commodities (such as metals) and the differential between </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prices of specific commodities that are a primary factor in the profitability of certain conversion activities such as petroleum refining </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(“crack spread”) and power generation (“spark spread”). Commodity prices have been, and are likely to continue to be, volatile and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to wide fluctuations in response to factors including but not limited to: (i) relatively minor changes in the supply of and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">demand for electricity or such other commodities; (ii) market uncertainty and the condition of various economies (including interest </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rates, levels of economic activity, the price of securities and the participation by other investors in the financial markets); (iii) political </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions in the United States and other project locations; (iv) the extent of domestic production and importation of oil, natural gas, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">natural gas liquids, coal or metals in certain relevant markets; (v) the foreign supply of oil, natural gas and metals; (vi) the prices of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">foreign imports; (vii) the level of consumer demand; (viii) the price and availability of alternative electric generation options; (ix) the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">price of steel and the outlook for steel production; (x) pandemics, wars, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and military conflicts,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> sanctions</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tariffs,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> export controls and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other trade policies and</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> weather conditions; (xi) the competitive position of electricity, ethanol/biodiesel, oil, gas or coal as a source of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">energy as compared with other energy sources; (xii) the industry-wide or local refining, transportation or processing capacity for </div></div></div></div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">natural gas or transmission capacity for electric energy; (xiii) the effect of United States and non-U.S. federal, state and local regulation</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> on the production, transportation and sale of electric energy and other commodities; (xiv) breakthrough technologies (such as </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">improved storage or clean coal technologies) or government subsidies, tax credits or other support that allow alternative fuel generation</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> projects to produce more reliable electric energy or lower the cost of such production compared to natural gas fueled electric </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generation projects; (xv) with respect to the price of oil, actions of the Organization of Petroleum Exporting Countries; or (xvi) the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expected consumption of coking coal in steel production. While the Sub-Adviser will endeavor to take into account existing and anticipated</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> future applicable greenhouse gas regulation in its investment decisions, changes in the regulation of greenhouse gases could </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adversely impact an investment or make future investments undesirable.</div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Regulatory Approvals.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may invest in portfolio companies that represent they have obtained all material United States federal,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> state, local or non-U.S. approvals, if any, required as of the date thereof to acquire and operate their facilities. In addition, the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund may be required to obtain the consent or approval of applicable regulatory authorities in order to acquire or hold certain ownership</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> positions in portfolio companies. A portfolio company could be materially and adversely affected as a result of statutory or regulatory</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> changes or judicial or administrative interpretations of existing laws and regulations that impose more comprehensive or stringent</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> requirements on such portfolio company. For example, in the case of oil and gas drilling, handling and transportation, such </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">activities are extensively regulated, and statutory and regulatory requirements may include those imposed by energy, zoning, environmental,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> health, safety, labor and other regulatory or political authorities. Moreover, additional regulatory approvals, including without </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limitation, renewals, extensions, transfers, assignments, reissuances or similar actions, may become applicable in the future due to a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">change in laws and regulations, a change in the companies’ customers or for other reasons. There can be no assurance that a portfolio</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> company will be able to (i) obtain all required regulatory approvals that it does not have at the time of the Fund’s investment or that </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">it may be required to have in the future; (ii) obtain any necessary modifications to existing regulatory approvals; or (iii) maintain </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">required regulatory approvals. Delay in obtaining or failure to obtain and maintain in full force and effect any regulatory approvals, or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">amendments thereto, or delay or failure to satisfy any regulatory conditions or other applicable requirements could prevent operation </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a facility or sales to or from third parties or could result in fines or additional costs to a portfolio company. Regulatory changes in a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">jurisdiction where a portfolio investment is located may make the continued operation of the portfolio investment infeasible or economically</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> disadvantageous and any expenditures made to date by such portfolio investment may be wholly or partially written off. The </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">locations of the portfolio investments may also be subject to government exercise of eminent domain power or similar events. Any of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">these changes could significantly increase the regulatory-related compliance and other expenses incurred by the portfolio investments </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and could significantly reduce or entirely eliminate any potential revenues generated by one or more of the portfolio investments, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which could materially and adversely affect returns to the Fund.</div></div></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Political and Societal Challenges.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Energy and energy-related infrastructure projects may be subject to siting requirements. Siting of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">energy projects is also frequently subject to regulation by applicable state, county and local authorities. For example, proposals to site </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an energy plant or engage in drilling activities in a particular location may be challenged by a number of parties, including special </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest groups based on alleged security concerns, disturbances to natural habitats for wildlife and adverse aesthetic impacts, including</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> the common “not in my backyard” phenomenon. Concerns regarding some of the techniques used in the extraction of shale gas in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">order to enhance recovery, such as the use of natural gas hydraulic fracturing (also known as “fracking”) may also arise, which may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">require governmental permits or approvals and which have recently been the subject of heightened environmental concerns and public</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> opposition in some jurisdictions (as more fully described below). The failure of any portfolio investment to receive, renew or maintain</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> any required permits or approvals or any inability to satisfy any requirement of any permits or approvals may result in increased </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">compliance costs, the need for additional capital expenditures or a suspension of project operations, which could materially and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adversely affect returns to the Fund.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Environmental Matters.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Environmental laws, regulations and regulatory initiatives play a significant role in the electric power industry </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and can have a substantial impact on investments in this industry. For example, global initiatives to minimize pollution have played a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">major role in the increase in demand for natural gas and alternative energy sources, creating numerous new investment opportunities. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Conversely, required expenditures for environmental compliance have adversely impacted investment returns in a number of segments</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> of the industry. The electric power industry will continue to face considerable oversight from environmental regulatory authorities</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> and significant influence from non-governmental and special interest groups, and the Sub-Adviser will seek to evaluate carefully </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the expected impact of environmental compliance on all potential investments. The Fund may invest in portfolio companies that are </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to changing and increasingly stringent environmental and health and safety laws, regulations and permit requirements. There </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">can be no guarantee that all costs and risks regarding compliance with environmental and health and safety laws and regulations can </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be identified. New and more stringent environmental and health and safety laws, regulations and permit requirements or stricter interpretations</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> of current laws or regulations could impose substantial additional costs on portfolio companies or potential investments. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Compliance with such current or future environmental and health and safety requirements does not ensure that the operations of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio companies will not cause injury to the environment or people under all circumstances or that the portfolio companies will not </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be required to incur additional unforeseen environmental or health and safety expenditures. In particular, the oil and gas industry, for </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">example, is subject to environmental hazards, such as oil spills, natural gas leaks and ruptures, discharges of petroleum products and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">hazardous substances and historic disposal activities. These environmental hazards could expose the Fund’s investments to material </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">liabilities for property damages, personal injuries or other environmental harm, including costs of investigating and remediating contaminated</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> properties. Moreover, failure to comply with any regulatory or legal requirements could have a material adverse effect on a </div></div></div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio company, and there can be no assurance that portfolio companies will at all times comply with all applicable environmental </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and health and safety laws, regulations and permit requirements. Past practices or future operations of portfolio companies could also </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">result in material personal injury or property damage claims. Any noncompliance with these laws and regulations could subject the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund and its properties to material administrative, civil or criminal penalties or other liabilities. Certain environmental laws and regulations</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> may require that an owner or operator of an asset address prior environmental contamination, which could involve substantial </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cost. Such laws and regulations often impose liability without regard to whether the owner or operator knew of, or was responsible </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for, the release or presence of environmental contamination. The Fund may therefore be exposed to substantial risk of loss as a result </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of environmental claims against portfolio companies. Community and environmental groups may protest about the development or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">operation of power generation assets which may induce government action to the detriment of the Fund. Some of the most onerous </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">environmental requirements regulate air emissions of pollutants and greenhouse gases; these requirements may particularly affect </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies in the energy sector, and in particular in its power generation fragment.</div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Derivatives Risks.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Generally, derivatives are financial contracts whose value depends on, or is derived from, the value of an underlying</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> asset, reference rate or index, and may relate to individual debt or equity instruments, interest rates, currencies or currency </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exchange rates, commodities, related indexes and other assets. The Fund may, directly or indirectly, use various derivative instruments</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> including, but not limited to, options contracts, futures contracts, forward contracts, options on futures contracts, indexed </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities, credit default swaps, interest rate swaps and other swap agreements primarily for hedging and risk management purposes. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may treat reverse repurchase agreements and similar financing transactions as derivatives. The Fund also may use derivative</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> instruments for investment purposes and/or to approximate or achieve the economic equivalent of an otherwise permitted investment</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> (as if the Fund directly invested in the securities, loans or claims of the subject portfolio company) or if such instruments are </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">related to an otherwise permitted investment. The Fund’s use of derivative instruments involves investment risks and transaction </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">costs to which the Fund would not be subject absent the use of these instruments and, accordingly, may result in losses greater than </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">if they had not been used. The use of derivative instruments may have risks including, among others, leverage risk, market risk, volatility</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> risk, duration mismatch risk, correlation risk, counterparty risk, market liquidity risk, fund liquidity risk and legal and operational </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk. When used for hedging or synthetic investment purposes, an imperfect or variable degree of correlation between price movements</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> of the derivative instrument and the underlying investment sought to be hedged or tracked may prevent the Fund from achieving</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> the intended hedging effect or expose the Fund to the risk of loss. Derivative instruments, especially when traded in large amounts </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by the Fund or other investors with a concentrated exposure, may not be liquid in all circumstances, so that in volatile markets the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund may not be able to close out a position without incurring a loss. In addition, daily limits on price fluctuations and speculative </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">position limits on exchanges on which the Fund may conduct its transactions in derivative instruments may prevent prompt liquidation</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> of positions, subjecting the Fund to the potential of greater losses. Exchange-traded derivatives may experience increased settlement</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> risk when trade volumes dramatically increase such that a futures commission merchant or options exchange may not be able </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to reconcile their positions in the ordinary course. This could cause a delay in calculation of the NAV of the Fund and result in losses. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Derivative instruments that may be purchased or sold by the Fund may include instruments not traded on an exchange. Derivative </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments not traded on exchanges are also not subject to the same type of government regulation as exchange traded instruments, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and many of the protections afforded to participants in a regulated environment may not be available in connection with such transactions.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> In addition, significant disparities may exist between “bid” and “asked” prices for derivative instruments that are not traded on </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an exchange. Additionally, when a company defaults or files for protection from creditors (e.g., U.S. chapter 11 proceedings), the use </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of derivative instruments presents special risks associated with the potential imbalance between the derivatives market and the underlying</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> securities market. In such a situation, physical certificates representing such securities may be required to be delivered to settle </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">trades and the potential shortage of such actual certificates relative to the number of derivative instruments may cause the price of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">actual certificated debt securities to rise, which may adversely affect the holder of such derivative instruments. The risk of nonperformance</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> by the counterparty on such an instrument may be greater and the ease with which the Fund can dispose of or enter into closing</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> transactions with respect to such an instrument may be less than in the case of an exchange traded instrument. The stability and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">liquidity of derivative investments depend in large part on the creditworthiness of the parties to the transactions. If there is a default </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by the counterparty to such a transaction, the Fund will under most normal circumstances have contractual remedies pursuant to the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">agreements related to the transaction. However, exercising such contractual rights may involve delays or costs which could result in a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loss to the Fund. Furthermore, there is a risk that any of such counterparties could become insolvent. It should be noted that in purchasing</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> derivative instruments, the Fund typically will not have the right to vote on matters requiring a vote of holders of the underlying</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> investment. Moreover, derivative instruments, and the terms relating to the purchase, sale or financing thereof, are also typically </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">governed by complex legal agreements. As a result, there is a higher risk of dispute over interpretation or enforceability of the agreements.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> It should also be noted that the regulation of derivatives is evolving in the United States and in other jurisdictions and is </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expected to increase, which could impact the Fund’s ability to transact in such instruments and the liquidity of such instruments. The </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Sub-Adviser may cause the Fund to take advantage of investment opportunities with respect to derivative instruments that are neither </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">presently contemplated nor currently available, but which may be developed in the future, to the extent such opportunities are both </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consistent with the Fund’s investment objective and legally permissible. Any such investments may expose the Fund to unique and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">presently indeterminate risks, the impact of which may not be capable of determination until such instruments are developed and/or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Sub-Adviser determines to make such an investment.</div></div></div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Options and Futures Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may utilize options and futures contracts and so-called “synthetic” options or other derivatives </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">written by broker-dealers or other permissible intermediaries. Options transactions may be effected on securities exchanges or in the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">over-the-counter (“OTC market”). When options are purchased OTC, the Fund’s portfolio bears the risk that the counterparty that </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">wrote the option will be unable or unwilling to perform its obligations under the option contract. Options may also be illiquid and, in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such cases, the Fund may have difficulty closing out its position. OTC options also may include options on baskets of specific securities.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may purchase call and put options on specific securities, and may write and sell covered or uncovered call and put options </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for hedging purposes in pursuing its investment objective. A put option gives the purchaser of the option the right to sell, and obligates</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> the writer to buy, the underlying security at a stated exercise price, typically at any time prior to the expiration of the option. A </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">call option gives the purchaser of the option the right to buy, and obligates the writer to sell, the underlying security at a stated exercise</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> price, typically at any time prior to the expiration of the option. A covered call option is a call option with respect to which the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">seller of the option owns the underlying security. The sale of a call option exposes the seller during the term of the option to possible </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loss of opportunity to realize appreciation in the market price of the underlying security or to possible continued holding of a security </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that might otherwise have been sold to protect against depreciation in the market price of the security. In the sale of a put, losses may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be significant and, in the sale of a call, losses can be unlimited.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may close out a position when writing options by purchasing an option on the same security with the same exercise price </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and expiration date as the option that it has previously written on the security. In such a case, the Fund will realize a profit or loss if </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the amount paid to purchase an option is less or more than the amount received from the sale of the option.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Purchasing a futures contract creates an obligation to take delivery of the specific type of financial instrument at a specific future time </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">at a specific price for contracts that require physical delivery, or net payment for cash-settled contracts. Engaging in transactions in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">futures contracts involves risk of loss to the Fund. No assurance can be given that a liquid market will exist for any particular futures </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">contract at any particular time. All terms of futures contracts are set forth in the rules of the exchange on which the futures contracts </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are traded. Many futures exchanges and boards of trade limit the amount of fluctuation permitted in futures contract prices during a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">single trading day. Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that limit or trading may be suspended for specified periods during the trading day. Futures contract prices could move to the limit for </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">several consecutive trading days with little or no trading, preventing prompt liquidation of futures positions and potentially subjecting </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund to substantial losses. Successful use of futures also is subject to the Sub-Adviser’s ability to predict correctly the direction of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">movements in the relevant market, and, to the extent the transaction is entered into for hedging purposes, to determine the appropriate</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> correlation between the transaction being hedged and the price movements of the futures contract. Futures contracts may be subject</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> to price swings in daily settlements with exchanges and clearing houses.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Credit Derivatives.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may engage in trading or investing in credit derivative contracts, which are contracts that transfer price, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">spread and/or default risks of debt and other instruments from one party to another, both for bona fide hedging of existing long and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">short positions, but also for independent profit opportunities. Such instruments may include one or more credits. The market for </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">credit derivatives may be relatively illiquid, and there are considerable risks that may make it difficult either to buy or sell the contracts </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as needed or at reasonable prices. There are also risks with respect to credit derivatives in determining whether an event will trigger </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payment under the contract and whether such payment will offset the loss or payment due under another instrument. Generally, a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">credit event means bankruptcy, a failure to pay, the acceleration of an obligation or modified restructuring of a credit obligation or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instrument.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may be either the buyer or seller in these transactions. If the Fund is a buyer of credit protection and no credit event occurs, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund may recover nothing. Worse still, if a credit event occurs, the Fund, as a buyer, typically will receive full notional value for a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reference obligation that may have little or no value. Buyers of credit derivatives carry the risk of non-performance by the seller due to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an inability to pay.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">As a seller of credit protection, the Fund would typically receive a fixed rate of income throughout the term of the contract, which typically</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> is between one month and five years, provided that no credit event occurs. If a credit event occurs, the seller may pay the buyer </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the full notional value of the reference obligations. Sellers of credit derivatives carry the inherent price, spread and default risks of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">underlying instruments.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Credit default swaps involve greater risks than if the Fund had invested in the reference obligation directly. In addition to general market</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> risks, credit default swaps are subject to liquidity risk and credit risk. A buyer of credit protection also may lose its investment and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">recover nothing should no credit event occur. If a credit event were to occur, the value of the reference obligation received by the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">seller, coupled with the periodic payments previously received, may be less than the full notional value it pays to the buyer, resulting in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a loss of value to the Fund. Further, in certain circumstances, the buyer can receive the notional value of a credit default swap only by </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">delivering a physical security to the seller, and is at risk if such deliverable security is unavailable or illiquid. Such a delivery “crunch” </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">is a distinct risk of these investments.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The credit derivatives market is a rapidly evolving market. As a result, different participants in the credit derivatives markets may have </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">different practices or interpretations with respect to applicable terms and definitions, and ambiguities concerning such terms or definitions,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> may be interpreted or resolved in ways that are adverse to the Fund. Additionally, there may be circumstances and market </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions (including the possibility of a large number of buyers of credit default swaps being required to deliver the same physical </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security in the same time frame) that have not yet been experienced that could have adverse effects on the Fund’s investments.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The regulation of derivatives in the United States and other countries is a rapidly changing area of law and is subject to ongoing modification</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> by governmental and judicial action. Accordingly, the impact of this evolving regulatory regime on the Fund is difficult to predict,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> but it could be substantial and adverse.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Interest Rate Swaps Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may enter into interest rate swap agreements with another party to receive or pay interest (e.g., </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an exchange of fixed rate payments for floating rate payments) to protect itself from interest rate fluctuations. This type of swap is an </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a specified interest rate(s) for a specified amount. The payment flows are usually netted against each other, with the difference being </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">paid by one party to the other. Interest rate swap agreements are subject to general market risk, liquidity risk, counterparty risk and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rate risk.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Corporate Bond Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Corporate bonds are debt obligations issued by corporations and other business entities. Corporate bonds may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be either secured or unsecured. Collateral used for secured debt includes real property, machinery, equipment, accounts receivable, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">stocks, bonds or notes. If a bond is unsecured, it is known as a debenture. Bondholders, as creditors, have a prior legal claim over </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">common and preferred stockholders as to both income and assets of the corporation for the principal and interest due them and may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have a prior claim over other creditors if liens or mortgages are involved. Interest on corporate bonds may be fixed or floating, or the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bonds may be zero coupons. Interest on corporate bonds is typically paid semi-annually and is fully taxable to the bondholder. Corporate</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> bonds contain elements of both interest-rate risk and credit risk and are subject to the risks associated with other debt securities, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">among other risks. The market value of a corporate bond generally may be expected to rise and fall inversely with interest rates and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may also be affected by the credit rating of the corporation, the corporation’s performance and perceptions of the corporation in the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">marketplace. Depending on the nature of the seniority provisions, a senior corporate bond may be junior to other credit securities of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the issuer. The market value of a corporate bond may be affected by factors directly related to the issuer, such as investors’ perceptions</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> of the creditworthiness of the issuer, the issuer’s financial performance, perceptions of the issuer in the marketplace, performance</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> of management of the issuer, the issuer’s capital structure and use of financial leverage and demand for the issuer’s goods and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">services. There is a risk that the issuers of corporate bonds may not be able to meet their obligations on interest or principal payments</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> at the time called for by an instrument. Corporate bonds of below investment grade quality are often high risk and have speculative</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> characteristics and may be particularly susceptible to adverse issuer-specific developments.</div></div></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Counterparty Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund is exposed to the risk that third parties that may owe the Fund, or its issuers, money, securities or other </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets will not perform their obligations. These parties include trading counterparties, clearing agents, exchanges, clearing houses, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">custodians, prime brokers, administrators and other intermediaries. These parties may default on their obligations to the Fund or its </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuers, due to bankruptcy, lack of liquidity, operational failure or other reasons. This risk may arise, for example, from entering into </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">swap or other derivative contracts under which counterparties have long-term obligations to make payments to the Fund or its issuers,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> or executing securities, futures, currency or commodity trades that fail to settle at the required time due to non-delivery by the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">counterparty or systems failure by clearing agents, exchanges, clearing houses or other intermediaries. Also, any practice of rehypothecation</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> of securities of the Fund or its issuers held by counterparties could result in the loss of such securities upon the bankruptcy,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> insolvency or failure of such counterparties. In addition, any of the Fund’s cash held with a prime broker, custodian or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">counterparty may not be segregated from the prime broker’s, custodian’s or counterparty’s own cash, and the Fund therefore may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rank as an unsecured creditor in relation thereto. The inability to recover the Fund’s assets could have a material impact on the performance</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> of the Fund. The consolidation and elimination of counterparties resulting from the disruption in the financial markets has generally</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> increased the concentration of counterparty risk and has decreased the number of potential counterparties.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Payment-in-Kind (“PIK”) Income Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may hold investments that result in PIK income or PIK dividends. PIK income creates</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> the risk that incentive fees will be paid to the Adviser and, indirectly, the Sub-Adviser based on non-cash accruals that ultimately </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may not be realized, while neither the Adviser nor Sub-Adviser will be under any obligation to reimburse the Fund for these fees. PIK </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income may have a negative impact on liquidity, as it represents a non-cash component of the Fund’s taxable income that may require </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cash distributions to Shareholders in order to maintain the Fund’s ability to be subject to tax as a RIC. PIK income has the effect of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generating investment income at a compounding rate, thereby further increasing the incentive fees payable to the Adviser and, indirectly,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> the Sub-Adviser. Similarly, all things being equal, the deferral associated with PIK income also increases the loan-to-value ratio </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">at a compounding rate. The market prices of PIK securities generally are more volatile than the market prices of interest-bearing securities</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> and are likely to respond to a greater degree to changes in interest rates than interest-bearing securities having similar maturities</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> and credit quality. Because PIK income results in an increase in the size of the PIK securities held, the Fund’s exposure to potential</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> losses <div style="display:inline;">increases </div>when a security pays PIK income.</div></div></div> <div style="line-height:14.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Other Risks Relating to the Fund</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Senior Management Personnel of the Adviser and Sub-Adviser.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Since the Fund has no employees, it depends on the investment </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expertise, skill and network of business contacts of the Adviser and Sub-Adviser. The Sub-Adviser evaluates, negotiates, structures, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">executes, monitors and services the Fund’s investments. The Fund’s future success depends to a significant extent on the continued </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">service and coordination of the Adviser and the Sub-Adviser and their respective senior management teams. The departure of any </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">members of the Adviser’s or Sub-Adviser’s senior management team could have a material adverse effect on the Fund’s ability to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">achieve its investment objective.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Sub-Adviser has entered into the Resource Sharing Agreement with Bain Capital Credit, pursuant to which Bain Capital Credit </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">provides the Sub-Adviser with experienced investment professionals (including the Portfolio Managers) and access to the resources </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of Bain Capital Credit so as to enable the Sub-Adviser to fulfill its obligations under the Sub-Advisory Agreement. Through the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Resource Sharing Agreement, the Sub-Adviser </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">capitalizes</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> on the significant deal origination, credit underwriting, due diligence, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment structuring, execution, portfolio management and monitoring experience of Bain Capital Credit’s investment professionals. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There can be no assurance that Bain Capital Credit will perform its obligations under the Resource Sharing Agreement. The Resource </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Sharing Agreement may be terminated by either party on 60 days’ notice, which if terminated may have a material adverse consequence</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> on the Fund’s operations.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund’s ability to achieve its investment objective depends on the Sub-Adviser’s ability to identify, analyze, invest in, finance and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">monitor companies that meet the Fund’s investment criteria. The Sub-Adviser’s capabilities in managing the investment process, providing</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> competent, attentive and efficient services to the Fund, and facilitating access to financing on acceptable terms depend on the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">employment of investment professionals in an adequate number and of adequate sophistication to match the corresponding flow of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transactions. To achieve the Fund’s investment objective, the Adviser and/or Sub-Adviser may need to hire, train, supervise and manage</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> new investment professionals to participate in the Fund’s investment selection and monitoring process. The Adviser and/or Sub-Adviser</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> may not be able to find investment professionals in a timely manner or at all. Failure to support the Fund’s investment process </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could have a material adverse effect on the Fund’s business, financial condition and results of operations.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, the Investment Management Agreement and Sub-Advisory Agreements have termination provisions that allow the parties </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to terminate the agreements without penalty. The Investment Management Agreement may be terminated at any time, without penalty, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by the Adviser upon 60 days’ notice to the Fund. The Sub-Advisory Agreement may be terminated at any time by the Adviser or the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Sub-Adviser on 60 days’ notice or at any time upon the mutual consent of the parties. Further, if the Sub-Advisory Agreement terminates,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> the Investment Management Agreement will also terminate concurrently. If the Investment Management Agreement or Sub-Advisory</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Agreement is terminated, it may materially adversely affect the quality of the Fund’s investment opportunities. In addition, in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the event the Investment Management Agreement or Sub-Advisory Agreement is terminated, it may be difficult for the Fund to replace </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Adviser and Sub-Adviser. Furthermore, the termination of the Investment Management Agreement or Sub-Advisory Agreement </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may adversely impact the terms of the Fund’s or its subsidiaries’ financing facilities or any financing facility into which the Fund or its </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subsidiaries may enter in the future, which could have a material adverse effect on the Fund’s business and financial condition.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Dependence Upon Key Personnel of Bain Capital Credit and the Sub-Adviser.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund’s ability to achieve its investment objective </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">depends</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> on its ability to manage its business and to grow investments and earnings. This </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">depends</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">, in turn, on the financial and managerial</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> expertise of the Sub-Adviser, including with resources utilized from Bain Capital Credit. Although the Sub-Adviser has attempted </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to foster a team approach to investing, the loss of key individuals employed by Bain Capital Credit or the Sub-Adviser could have a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">material adverse effect on the Fund’s financial condition, performance and ability to achieve its investment objective. If these individuals</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> do not maintain their employment or other existing relationships with Bain Capital Credit or the Sub-Adviser and do not develop </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">new relationships with other sources of investment opportunities available to the Fund, the Fund may not be able to grow its investment</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> portfolio.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Bain Capital Credit’s and the Sub-Adviser’s investment professionals have substantial responsibilities in connection with the management</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> of other Bain Capital Credit clients. The personnel of Bain Capital Credit may be called upon to provide managerial assistance to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund’s portfolio companies. These demands on their time, which may increase as the number of investments grow, may distract </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">them or slow the Fund’s rate of investment. The employees of the Sub-Adviser and other Bain Capital Credit investment professionals </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expect to devote such time and attention to the conduct of the Fund’s business as such business shall reasonably require. However, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">there can be no assurance, for example, that the members of the Sub-Adviser or such investment professionals will devote any minimum</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> number of hours each week to the Fund’s affairs or that they will continue to be employed by Bain Capital Credit. Subject to certain</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> remedies, in the event that certain employees of the Sub-Adviser cease to be actively involved with the Fund, the Fund will be </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">required to rely on the ability of Bain Capital Credit to identify and retain other investment professionals to conduct the Fund’s business.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Board </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">evaluates</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> the commitment and performance of the Sub-Adviser in conjunction with the annual approval of the Sub-Advisory</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Agreement.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Under the Resource Sharing Agreement, Bain Capital Credit has agreed to provide the Sub-Adviser with experienced investment professionals</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> necessary to fulfill its obligations under the Sub-Advisory Agreement. The Resource Sharing Agreement, however, may be </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">terminated by either party on 60 days’ notice. The fund cannot assure Shareholders that Bain Capital Credit will fulfill its obligations </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">under the Resource Sharing Agreement. The Fund also cannot assure Shareholders that the Sub-Adviser will enforce the Resource </div></div></div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Sharing Agreement if Bain Capital Credit fails to perform, that such agreement will not be terminated by either party or that the Fund </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will continue to have access to the investment professionals of Bain Capital Credit and its affiliates or their information and deal flow. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Sub-Adviser, Bain Capital Credit and/or their affiliates will enter into employment contracts with and provide life insurance for </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">their key personnel.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Further, the Fund depends upon Bain Capital Credit and the Sub-Adviser to maintain their relationships with private equity sponsors, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">placement agents, investment banks, management groups and other financial institutions, and the Fund expects to rely to a significant </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extent upon these relationships to provide the Fund with potential investment opportunities. If they fail to maintain such relationships, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or to develop new relationships with other sources of investment opportunities, the Fund will not be able to grow its investment portfolio.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> In addition, individuals with whom the senior professionals of Bain Capital Credit and the Sub-Adviser have relationships are not </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligated to provide the Fund with investment opportunities, and the Fund cannot assure you that these relationships will generate </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment opportunities for the Fund in the future.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Key Personnel Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Adviser and Sub-Adviser depend on the diligence, skill and network of business contacts of certain professionals.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Adviser and Sub-Adviser also depend, to a significant extent, on access to other investment professionals and the information</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> and deal flow generated by these investment professionals in the course of their investment and portfolio management activities.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund’s success depends on the continued service of such personnel. The investment professionals associated with the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Adviser and Sub-Adviser are actively involved in other investment activities not concerning the Fund and will not be able to devote all </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of their time to the Fund’s business and affairs. The departure of any of the senior managers of the Adviser and/or Sub-Adviser, or of a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">significant number of the investment professionals or partners of the Adviser’s and/or Sub-Adviser’s affiliates, could have a material </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adverse effect on the Fund’s ability to achieve its investment objective. Individuals not currently associated with the Adviser or Sub-Adviser</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> may become associated with the Fund and the performance of the Fund may also depend on the experience and expertise of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such individuals. In addition, there is no assurance that the Adviser or Sub-Adviser will remain the Fund’s investment advisers or that </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Adviser or Sub-Adviser will continue to have access to the investment professionals and partners of its affiliates and the information</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> and deal flow generated by the investment professionals of its affiliates.</div></div></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Bain Relationships.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund expects that Bain will depend on its existing relationships with private equity sponsors, investment </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">banks and commercial banks, and the Fund expects to rely to a significant extent upon these relationships for purposes of potential </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment opportunities. If Bain fails to maintain its existing relationships or develop new relationships with other sources or sponsors</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> of investment opportunities, the Fund may not be able to expand its investment portfolio. In addition, individuals with whom Bain </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">has relationships are not obligated to provide the Fund with investment opportunities and, therefore, there is no assurance that such </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">relationships will generate investment opportunities for the Fund.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">The Adviser’s Incentive Fee Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Investment Management Agreement and Sub-Advisory Agreement entitles the Adviser and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Sub-Adviser, respectively, to receive incentive compensation on income regardless of any capital losses. In such case, the Fund may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be required to pay the Adviser, and indirectly the Sub-Adviser, incentive compensation for a fiscal quarter even if there is a decline in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the value of the Fund’s portfolio or if the Fund incurs a net loss for that quarter.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Any Incentive Fee payable by the Fund that relates to its net investment income may be computed and paid on income that may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">include interest that has been accrued but not yet received. If a portfolio company defaults on a loan that is structured to provide </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">accrued interest, it is possible that accrued interest previously included in the calculation of the Incentive Fee will become uncollectible.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Neither the Adviser nor Sub-Adviser is under any obligation to reimburse the Fund for any part of the Incentive Fee it received </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that was based on accrued income that the Fund never received as a result of a default by an entity on the obligation that resulted in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the accrual of such income, and such circumstances would result in the Fund’s paying an Incentive Fee on income it never received.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Incentive Fee payable by the Fund to the Adviser, and indirectly the Sub-Adviser, may create an incentive for them to make investments</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> on the Fund’s behalf that are risky or more speculative than would be the case in the absence of such compensation arrangement.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The way in which the Incentive Fee payable to the Adviser, and indirectly the Sub-Adviser, is determined may encourage them to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">use leverage to increase the return on the Fund’s investments. In addition, the fact that the Management Fee is payable based upon </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund’s gross assets, which would include any borrowings for investment purposes, may encourage the Adviser and/or Sub-Adviser</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> to seek to use leverage to make additional investments. Under certain circumstances, the use of leverage may increase the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">likelihood of default, which would disfavor Shareholders. Such a practice could result in the Fund’s investing in more speculative </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities than would otherwise be in its best interests, which could result in higher investment losses, particularly during cyclical </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economic downturns.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Shares Not Listed; No Market for Shares.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund has been organized as a closed-end management investment company. Closed-end</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> funds differ from open-end management investment companies (commonly known as mutual funds) because investors in a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">closed-end fund do not have the right to redeem their shares on a daily basis. Unlike most closed-end funds, which typically list their </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shares on a securities exchange, the Fund does not currently intend to list the Shares for trading on any securities exchange, and the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund does not expect any secondary market to develop for the Shares in the foreseeable future. Therefore, an investment in the Fund, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unlike an investment in a typical closed-end fund, is not a liquid investment.</div></div></div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Closed-end Interval Fund; Liquidity Risks.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund is a non-diversified, closed-end management investment company structured </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as an “interval fund” and designed primarily for long-term investors. The Fund is not intended to be a typical traded investment. There </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">is no secondary market for the Fund’s Shares and the Fund expects that no secondary market will develop. An investor should not </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invest in the Fund if the investor needs a liquid investment. Closed-end funds differ from open-end management investment companies,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> commonly known as mutual funds, in that investors in a closed-end fund do not have the right to redeem their shares on a daily </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">basis at a price based on NAV. Although the Fund, as a fundamental policy, will make quarterly offers to repurchase between 5% and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">25% of its outstanding Shares at NAV, the number of Shares tendered in connection with a repurchase offer may exceed the number </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of Shares the Fund has offered to repurchase, in which case not all of your Shares tendered in that offer will be repurchased. In connection</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> with any given repurchase offer, it is likely that the Fund may offer to repurchase only the minimum amount of 5% of its outstanding</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Shares. Hence, you may not be able to sell your Shares when and/or in the amount that you desire.</div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Competition for Investment Opportunities.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund competes for investments with other closed-end funds and investment funds, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as well as traditional financial services companies such as commercial banks and other sources of funding. Moreover, alternative </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment vehicles, such as hedge funds, have begun to invest in areas in which they have not traditionally invested. As a result of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">these new entrants, competition for investment opportunities may intensify. Many of the Fund’s competitors are substantially larger </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and may have considerably greater financial, technical and marketing resources than the Fund. For example, some competitors may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have a lower cost of capital and access to funding sources that are not available to the Fund. In addition, some of the Fund’s competitors</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> may have higher risk tolerances or different risk assessments than it has. These characteristics could allow the Fund’s competitors</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> to consider a wider variety of investments, establish more relationships and pay more competitive prices for investments than it </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">is able to do. The Fund may lose investment opportunities if it does not match its competitors’ pricing. If the Fund is forced to match </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">its competitors’ pricing, it may not be able to achieve acceptable returns on its investments or may bear substantial risk of capital </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loss. A significant increase in the number and/or the size of the Fund’s competitors could force it to accept less attractive investment </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">terms. Furthermore, many of the Fund’s competitors have greater experience operating under, or are not subject to, the regulatory </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">restrictions that the 1940 Act imposes on it as a closed-end fund.</div></div></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;"> </div></div> <div><div></div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">“Best-Efforts” Offering Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> This offering is being made on a best efforts basis, whereby the Distributor is only required to use its </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">best efforts to sell the Shares and has no firm commitment or obligation to purchase any of the Shares. To the extent that a limited </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">number of Shares are sold in this offering, the opportunity for the allocation of the Fund’s investments among various issuers and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">industries may be decreased, and the returns achieved on those investments may be reduced as a result of allocating all of the Fund’s </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expenses over a smaller capital base.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Inadequate Return Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> No assurance can be given that the returns on the Fund’s investments will be commensurate with the risk of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment in its Shares.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Inadequate Network of Broker-Dealer Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The success of the Fund’s continuous public offering, and correspondingly the Fund’s </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ability to implement its investment objective and strategies, depends upon the ability of the Distributor to establish, operate and maintain</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> a network of selected broker-dealers and other Financial Intermediaries to sell the Shares. If the Distributor fails to perform, the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund may not be able to raise adequate proceeds through the Fund’s continuous public offering to implement the Fund’s investment </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">objective and strategies. If the Fund is unsuccessful in implementing its investment objective and strategies, an investor could lose all </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or a part of his or her investment in the Fund.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Registration under the U.S. Commodity Exchange Act.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Registration with the Commodity Futures Trading Commission as a “commodity</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> pool operator” or any change in the Fund’s operations necessary to maintain the Adviser’s ability to rely upon exemption from </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">registration as such could adversely affect the Fund’s ability to implement its investment program, conduct its operations and/or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">achieve its objective and subject the Fund to certain additional costs, expenses and administrative burdens.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div><div></div></div></div></div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div><div></div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Distribution Payment Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund cannot assure investors that the Fund will achieve investment results that will allow the Fund to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">make a specified level of cash distributions or year-to-year increases in cash distributions. All distributions</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">if any,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> will be paid at the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">discretion of the Board and may depend on the Fund’s earnings, the Fund’s net investment income, the Fund’s financial condition, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">maintenance of the Fund’s RIC status, compliance with applicable regulations and such other factors as the Board may deem relevant </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from time to time.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In the event that the Fund encounters delays in locating suitable investment opportunities, all or a substantial portion of the Fund’s </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distributions</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">if any,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> may constitute a return of capital to Shareholders. To the extent that the Fund pays distributions that constitute a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">return of capital for U.S. federal income tax purposes, it will lower an investor’s tax basis in his or her Shares. A return of capital generally</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> is a return of an investor’s investment, rather than a return of earnings or gains derived from the Fund’s investment activities, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and generally results in a reduction of the tax basis in the Shares. As a result from such reduction in tax basis, Shareholders may be </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to tax in connection with the sale of Fund Shares, even if such Shares are sold at a loss relative to the Shareholder’s original </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment.</div></div></div></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Risks Associated with the Fund’s Distribution Policy.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund intends to make regular distributions. Currently, in order to maintain </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a relatively stable level of distributions, the Fund may pay out less than all of its net investment income to the extent consistent with </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">maintaining its ability to be subject to tax as a “regulated investment company</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">” or “RIC</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">” under the Code, pay out undistributed </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income from prior months, return capital in addition to current period net investment income or borrow money to fund distributions. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The distributions for any full or partial calendar year might not be made in equal amounts, and one distribution may be larger than the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other. The Fund will make a distribution only if authorized by the Board and declared by the Fund out of assets legally available for </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">these distributions. This distribution policy may, under certain circumstances, have certain adverse consequences to the Fund and its </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shareholders because it may result in a return of capital, which would reduce the NAV of the Shares and, over time, potentially </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increase the Fund’s expense ratios. If a distribution constitutes a return of capital, it means that the Fund is returning to Shareholders </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a portion of their investment rather than making a distribution that is funded from the Fund’s earned income or other profits. The </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s distribution policy may be changed at any time by the Board.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There is a possibility that the Fund may make total distributions during a calendar or taxable year in an amount that exceeds the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net investment company taxable income and net capital gains for the relevant taxable year. In such situations, if a distribution </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exceeds the Fund’s current and accumulated earnings and profits (as determined for U.S. federal income tax purposes), a portion of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">each distribution paid with respect to such taxable year would generally be treated as a return of capital for U.S. federal income tax </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purposes, thereby reducing the amount of a Shareholder’s tax basis in such Shareholder’s Shares. When a Shareholder sells Shares, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the amount, if any, by which the sales price exceeds the Shareholder’s tax basis in the Shares may be treated as a gain subject to tax. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Because a return of capital reduces a Shareholder’s tax basis in their Shares, it generally will increase the amount of such Shareholder’s</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> gain or decrease the amount of such Shareholder’s loss when such Shareholder sells their Shares. To the extent that the amount </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of any return of capital distribution exceeds a Shareholder’s tax basis in their Shares, such excess generally will be treated as gain </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from a sale or exchange of the Shares.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div><div></div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div></div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investment Dilution Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund’s investors do not have preemptive rights to any Shares the Fund may issue in the future. The </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s amended and restated declaration of trust (the “Declaration of Trust”) authorizes it to issue an unlimited number of Shares. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Board may make certain amendments to the Declaration of Trust. After an investor purchases Shares, the Fund may sell additional </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shares in the future or issue equity interests in private offerings. To the extent the Fund issues additional equity interests after an </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investor purchases its Shares, such investor’s percentage ownership interest in the Fund will be diluted.</div></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Anti-Takeover Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Declaration of Trust and the Fund’s amended and restated bylaws (the “Bylaws”), as well as certain statutory </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and regulatory requirements, contain certain provisions that may have the effect of discouraging a third party from attempting to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">acquire the Fund. Subject to the limitations of the 1940 Act, the Board may, without Shareholder action, authorize the issuance of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shares in one or more classes or series, including preferred shares; and the Board may, without Shareholder action, make certain </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">amendments to the Declaration of Trust. These anti-takeover provisions may inhibit a change of control in circumstances that could </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">give Shareholders the opportunity to realize a premium over the value of the Shares.</div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Conflicts of Interest Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Adviser is an entity in which the Fund’s Interested Trustee (as described below) and officers and members</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> of the Adviser’s investment committee may have indirect ownership and economic interests. Certain of the Fund’s Trustees and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">officers, members of the Adviser’s investment committee and Sub-Adviser personnel who manage the Fund also serve as officers or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">principals of other investment managers affiliated with the Adviser or Sub-Adviser that currently, and may in the future, manage </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment funds with investment objectives similar to the Fund’s investment objective. In addition, certain of the Fund’s officers and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Trustees, members of the Adviser’s investment committee, or Sub-Adviser personnel who manage the Fund serve or may serve as </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">officers, trustees or principals of entities that operate in the same or related line of business as the Fund or of investment funds managed</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> by the Fund’s affiliates. Accordingly, the Fund may not be made aware of and/or given the opportunity to participate in certain </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments made by other investment funds, even if they are managed by advisers affiliated with the Adviser or the Sub-Adviser. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">However, the Adviser and Sub-Adviser intend to allocate investment opportunities in a fair and equitable manner in accordance with </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">their respective investment allocation policies, consistent with each fund’s or separate account’s investment objective and strategies </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and legal and regulatory requirements.</div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Potential Conflicts of Interest Risk — Allocation of Investment Opportunities.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Sub-Adviser has adopted allocation procedures </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that are intended to treat each fund they advise in a manner that, over a period of time, is fair and equitable. The Sub-Adviser and its </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affiliates currently provide investment advisory and administration services and may provide in the future similar services to other </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">entities (collectively, “Advised Funds”). Certain existing Advised Funds have, and future Advised Funds may have, investment objectives</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> similar to those of the Fund, and such Advised Funds will invest in asset classes similar to those targeted by the Fund. Certain </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other existing Advised Funds do not, and future Advised Funds may not, have similar investment objectives, but such Advised Funds </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may from time to time invest in asset classes similar to those targeted by the Fund.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In serving in multiple capacities, employees of Bain Capital Credit and the Sub-Adviser will have obligations to other Advised Funds, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the fulfillment of which may not be in the best interests of, or may be adverse to the interests of, the Fund and its Shareholders. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Although the professional staff of Bain Capital Credit will devote as much time to the Fund’s management as appropriate to enable the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Sub-Adviser to perform its duties in accordance with the Sub-Advisory Agreement, Bain Capital Credit has, and will continue to have, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">management responsibilities for other Advised Funds. There is a potential that the Fund will compete with these Advised Funds, for </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">capital and investment opportunities. As a result, Bain Capital Credit and the Portfolio Managers will face conflicts in the allocation of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment opportunities among the Fund and the other Advised Funds and may make certain investments that are appropriate for the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund but for which the Fund receives a relatively small allocation of such investment or no allocation at all. The Sub-Adviser and Bain </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Capital Credit </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">allocates</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> investment opportunities among eligible Advised Funds in a manner that is fair and equitable over time and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consistent with its allocation policy. However, the Fund can offer no assurance that such opportunities will be allocated to the Fund </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fairly or equitably in the short-term or over time, and the Fund may not be given the opportunity to participate in investments made by </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other Advised Funds managed by the Sub-Adviser or an investment manager affiliated with the Sub-Adviser, including Bain Capital </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Credit. In allocating investment opportunities, the Sub-Adviser will consider factors it believes in its sole discretion to be relevant, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which may include the following:</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> </div> <div> <div style="clear:both;margin-top:6pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment objectives and investment focus;</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expected life cycle;</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prospective portfolio company’s geography, nature of its business and scale;</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transaction sourcing (and with respect to an investment opportunity originated by a third-party, the relationship of an Advised </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund to such third-party);</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">liquidity and reserves (including whether an Advised Fund is able to commit to invest all capital required to consummate a particular</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> investment opportunity);</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">diversification (including the actual, relative or potential exposure of an Advised Fund to the type of investment opportunity in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">terms of its existing portfolio);</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">lender covenants and other limitations;</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">amount of capital available for investment, as well as projected future capacity for investment;</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">targeted rate of return and hold period;</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the size, liquidity and anticipated duration of the prospective portfolio company;</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">stage of development of the prospective investment and anticipated holding period of the prospective investment;</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">appropriate leverage levels for the prospective portfolio company;</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">stage of the investment process of the Fund and the other Advised Funds (i.e., whether the relevant entities are in their </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">“ramp-up period”);</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio composition and investment concentration parameters (including parameters such as geography, industry, issuer, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">volatility, leverage or other similar risk metric);</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the suitability as a follow-on investment for a current investment;</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the potential availability of future follow-on investments in such prospective investment;</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the availability of other suitable investments;</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">timing necessary to execute an investment;</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk considerations;</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the centrality of an investment to investment strategy;</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cash flow considerations;</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">asset class restrictions;</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">industry and other allocation targets;</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">minimum and maximum investment size requirements;</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tax and accounting implications;</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">whether an investment opportunity requires additional consents or authorizations from an Advised Fund, investors or third parties;</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">legal, contractual or regulatory constraints; and</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any other relevant limitations imposed by or conditions set forth in the applicable offering documents and organizational documents</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> of the Fund and each Advised Fund.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">If the Sub-Adviser recommends a particular level of investment for the Fund, and the aggregate amount recommended by the Sub-Adviser</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> for the Fund and for other participating Advised Funds exceeds the amount of the investment opportunity, subject to applicable</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> law, investments made pursuant to exemptive relief will generally be allocated among the participants pro rata based on capital </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">available for investment in the asset class being allocated and the respective governing documents of such Advised Funds. The Fund </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expects that available capital for its investments will be determined based on the amount of cash on-hand, existing commitments and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reserves, if any, the targeted leverage level, targeted asset mix and diversification requirements and other investment policies and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">restrictions set by the Board or as imposed by applicable laws, rules, regulations or interpretations. In instances when investments </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are not made pursuant to exemptive relief, allocations among the Fund and other Advised Funds, subject to applicable law and regulation,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> will be made in accordance with the Sub-Adviser’s trade allocation practice, which is generally pro rata based on order size. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There can be no assurance that the Fund will able to participate in all investment opportunities that are suitable for it.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In the event investment opportunities are allocated among the Fund and the other Advised Funds, the Fund may not be able to structure</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> its investment portfolio in the manner desired. Furthermore, the Fund and the other Advised Funds may make investments in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities where the prevailing trading activity may make impossible the receipt of the same price or execution on the entire volume of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities purchased or sold by the Fund and the other Advised Funds. When this occurs, the various prices may be averaged, and the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund will be charged or credited with the average price. Thus, the effect of the aggregation may operate on some occasions to the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">disadvantage of the Fund. In addition, under certain circumstances, the Fund may not be charged the same commission or commission</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> equivalent rates in connection with a bunched or aggregated order.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div> <div> </div> </div> <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px; background: none; text-decoration: none;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div> <div> </div> </div> </div> <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Adviser, the Sub-Adviser, or their respective affiliates and clients may pursue or enforce rights with respect to a borrower in which </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund has invested, and those activities may have an adverse effect on the Fund. As a result, prices, availability, liquidity and terms </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the Fund’s investments may be negatively impacted by the activities of the Adviser, the Sub-Adviser or their respective affiliates or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">their clients, and transactions for the Fund may be impaired or effected at prices or terms that may be less favorable than would otherwise</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> have been the case.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Sub-Adviser may have a conflict of interest in deciding whether to cause the Fund to incur leverage or to invest in more speculative</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> investments or financial instruments, thereby potentially increasing the Investment Management and incentive fee payable by the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund and, accordingly, the fees received by the Sub-Adviser. Certain other Advised Funds pay the Sub-Adviser or its affiliates greater </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">performance-based compensation, which could create an incentive for the Sub-Adviser or an affiliate to favor such investment fund or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">account over the Fund.</div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Potential Conflicts of Interest Risk — Allocation of Personnel.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund’s executive officers, and the employees of the Adviser or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Sub-Adviser, serve or may serve as officers, directors or principals of entities that operate in the same or a related line of business as </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund or of investment funds or accounts managed by the Adviser, the Sub-Adviser or their respective affiliates. As a result, they </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may have obligations to investors in those entities, the fulfillment of which might not be in the best interests of the Fund or its Shareholders.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Additionally, certain personnel of the Adviser and Sub-Adviser and their respective management may face conflicts in their </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">time management and commitments.</div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Potential Conflicts of Interest Risk — Lack of Information Barriers.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> By reason of the various activities of the Advisers and their affiliates,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> the Advisers and such affiliates may acquire confidential or material non-public information or otherwise be restricted from purchasing</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> certain potential Fund investments that otherwise might have been purchased or be restricted from selling certain Fund </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments that might otherwise have been sold at the time.</div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Portfolio Fair Value Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Under the 1940 Act, the Fund is required to carry its portfolio investments at market value or, if there is no </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">readily available market value, at fair value. There is not a public market for the securities of the privately held companies in which the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund may invest. Many of the Fund’s investments are not exchange-traded, but are, instead, traded on a privately negotiated OTC secondary</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> market for institutional investors. The Adviser, as valuation designee, is responsible for the valuation of the Fund’s portfolio </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments and implementing the portfolio valuation process set forth in the Adviser’s and the Fund’s valuation policy. Valuations of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund investments are disclosed quarterly in reports publicly filed with the SEC. See “Determination of Net Asset Value.”</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div> <div> </div> </div> <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;text-align:left"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Artificial Intelligence Risks.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> As computing technology and data analytics advance, there has been a trend towards machine driven </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and artificially intelligent trading systems, particularly with respect to increasing levels of autonomy in trading decision capabilities. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Regulators of financial markets have become increasingly focused on the potential impact of artificial intelligence (“AI”) on investment </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">activities and may issue regulations that affect the use of artificial technology in trading activities. Any such regulations may not have </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the effect on financial markets that regulators intend. The use of AI and machine learning technologies (collectively, “AI Technologies”),</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> and the overall adoption of AI Technologies throughout society, create opportunities for the Fund and its portfolio companies, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as well as new and unpredictable competitive, operational, legal, and regulatory risks. The Fund uses, and plans to expand its use of, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">AI Technologies in connection with its business and investment activities. The Fund’s portfolio companies and investments also use </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such technologies, including, but not limited to, automation of operational tasks, identification of investment opportunities, investment</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> due diligence, and investment decision-making. The Fund and its portfolio companies continue to evaluate the rapidly evolving </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">landscape of AI Technologies. Actual use of AI Technologies varies across the Fund’s business, funds and portfolio companies, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments. While the Fund expects, from time to time, to adopt and adjust usage policies and procedures governing the use of AI </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Technologies by its personnel, there is a risk of misuse of such AI Technologies, failure of such AI Technologies to be available or to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">perform, or the introduction of inaccurate, biased or otherwise faulty outputs and security vulnerabilities, such as data leakage, which </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may go undetected on account of use of such AI Technologies, any of which could cause a material harm to the Fund or its portfolio </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies. The Fund could also be exposed to the risks of AI if third-party service providers or any counterparties, whether or not </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">known to the Fund, also use AI Technologies in their business activities. The Fund may not be in a position to control the use of AI </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Technologies in third-party products or services. The use of AI Technologies could involve the input of confidential information in contravention</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> of applicable policies, contractual obligations, or other restrictions, resulting in such information becoming accessible to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">third-party AI applications and their users. In addition, some of the Fund’s competitors may be more successful than we are in the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">development and implementation of new technologies, including services and platforms based on artificial intelligence to address </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investor demands or improve operations. If the Fund is unable to adequately advance its capabilities in these areas, or does so at a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">slower pace than others in the industry, the Fund may be at a competitive disadvantage. Similarly, if the Fund’s portfolio companies </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are unable to effectively adopt or implement AI Technologies, or lag behind their competitors in doing so, their competitive positions </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and business prospects may be negatively affected, which could adversely impact the value of the Fund’s investments. The increasingly</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> widespread use of AI by issuers and market participants and investments in such technologies by issuers may significantly </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impact the economy, financial markets and issuers. Malicious actors may also use AI for fraud, hacking, or market manipulation. Issuers</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> that engage in AI-related businesses or that increasingly use these technologies are particularly susceptible to the risks associated </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with AI and its rapid and unpredictable evolution, including (but not limited to) market and business risks, technology and product </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risks, cybersecurity and data security risks, and intellectual property risks.</div></div></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Cybersecurity Risks.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Cybersecurity incidents and cyber-attacks have been occurring globally at a more frequent and severe level and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will likely continue to increase in frequency in the future. The Advisers face various security threats on a regular basis, including ongoing</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> cyber security threats to and attacks on their information technology infrastructure that are intended to gain access to their proprietary</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> information, destroy data or disable, or degrade or sabotage their systems. These security threats could originate from a wide </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">variety of sources, including unknown third parties outside of the Advisers. Although neither the Adviser nor Sub-Adviser is currently </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">aware that it has been subject to cyber-attacks or other cyber incidents which, individually or in the aggregate, have materially affected </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">its operations or financial condition, there can be no assurance that the various procedures and controls utilized to mitigate these </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">threats will be sufficient to prevent disruptions to its systems.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Advisers’ and issuers’ information and technology systems may be vulnerable to damage or interruption from computer viruses, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">network failures, computer and telecommunication failures, infiltration by unauthorized persons and security breaches, usage errors </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by their respective professionals, power outages and catastrophic events such as fires, tornadoes, floods, hurricanes and earthquakes.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div> <div> </div> </div> <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div> <div> </div> </div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px; background: none; text-decoration: none;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, the Fund or the Advisers may not be in a position to verify the risks or reliability of third parties with which the Fund’s and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Advisers’ operations interface with and/or depend on third parties, including the Fund’s administrator and other service providers. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may suffer adverse consequences from actions, errors or failure to act by such third parties, and will have obligations, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including indemnity obligations, and limited recourse against them.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Additionally, technological developments such as the use of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cloud-based service providers and/or services and the integration of artificial intelligence in systems and operations create new risks, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which can be difficult to assess and anticipate. For example, the Fund’s service providers and market participants on which the Fund </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">relies may use AI (such as machine learning or generative AI) and similar technologies in the provision of services to the Fund and its </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">operations generally. Such use may subject these service providers and market participants and, in turn, their services and operations </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to increased risks associated with such technologies, including risk of errors, cyber security, data protection and information technology</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> risk, operational risk, and legal, regulatory and compliance risk. In addition, any controls in place designed to mitigate such risks </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be ineffective and the use of these technologies may change over time, which may present new risks and vulnerabilities. As a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">result, the Fund may experience adverse consequences, such as operational errors, from such use of AI and similar technologies.</div></div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Risks Relating to Fund’s <div style="letter-spacing: 0px; top: 0px;display:inline;">RIC </div>Status.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Although the Fund </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">has elected to</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> be treated as a RIC under Subchapter M of the Code, no </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assurance can be given that the Fund will be able to qualify for and maintain RIC status. If the Fund qualifies as a RIC under the Code, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund generally will not be subject to corporate-level federal income taxes on its income and capital gains that are timely distributed</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> (or deemed distributed) as dividends for U.S. federal income tax purposes to its Shareholders. To qualify as a RIC under the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Code and to be relieved of federal taxes on income and gains distributed as dividends for U.S. federal income tax purposes to the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s Shareholders, the Fund must, among other things, meet certain source-of-income, asset diversification and distribution </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">requirements. The distribution requirement for a RIC is satisfied if the Fund distributes dividends each tax year for U.S. federal income </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tax purposes of an amount generally at least equal to 90% of the sum of its net ordinary income and net short-term capital gains in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">excess of net long-term capital losses, if any, to the Fund’s Shareholders.</div></div></div> </div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">RIC-Related Risks of Investments Generating Non-Cash Taxable Income.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Certain of the Fund’s investments will require the Fund to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">recognize taxable income in a tax year in excess of the cash generated on those investments during that year. In particular, the Fund </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expects to invest in loans and other debt instruments that will be treated as having “market discount” and/or original issue discount </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(“OID”) (such as debt instruments with PIK interest or, in certain cases, increasing interest rates or issued with equity or warrants) for </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. federal income tax purposes. Because the Fund may be required to recognize income in respect of these investments before, or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">without receiving, cash representing such income (e.g., PIK interest), the Fund may have difficulty satisfying the annual distribution </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">requirements applicable to RICs and avoiding Fund-level U.S. federal income and/or excise taxes. Accordingly, the Fund may be </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">required to sell assets, including at potentially disadvantageous times or prices, raise additional debt or equity capital, make taxable </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distributions of Shares or debt securities, or reduce new investments, to obtain the cash needed to make these income distributions. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">If the Fund liquidates assets to raise cash, the Fund may realize additional gain or loss on such liquidations. In the event the Fund realizes</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> additional net capital gains from such liquidation transactions, Shareholders may receive larger capital gain distributions than it </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or they would in the absence of such transactions.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div> <div> </div> </div> <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div> </div> <div style="line-height:14.0pt;margin-top:8pt;text-align:left"> <div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Risks Relating to Investment Strategies, Fund Investments, and the Fund’s Investment Program</div></div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Nature of the Fund’s Investments.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund has a very broad mandate with respect to the type and nature of investments in which it </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">participates. While some of the loans in which the Fund will invest may be secured, the Fund expects to also invest in debt and equity </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities that are either unsecured and subordinated to substantial amounts of senior indebtedness, or a significant portion of which </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be unsecured. In such instances, the ability of the Fund to influence an issuer’s affairs, especially during periods of financial distress</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> or following an insolvency is likely to be substantially less than that of senior creditors. For example, under terms of subordination</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> agreements, senior creditors are typically able to block the acceleration of the debt or other exercises by the Fund of its rights as </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a creditor. Accordingly, the Fund may not be able to take the steps necessary to protect its investments in a timely manner or at all. In </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition, the debt securities in which the Fund will invest may not be protected by financial covenants or limitations upon additional </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">indebtedness, may have limited liquidity and may not be rated by a credit rating agency.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The borrowers of loans constituting the Fund’s assets may seek the protections afforded by bankruptcy, insolvency and other debtor </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">relief laws. Bankruptcy proceedings are unpredictable as described further below in “Investments in Restructurings.” Additionally, the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">numerous risks inherent in the insolvency process create a potential risk of loss by the Fund of its entire investment in any particular </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment. Insolvency laws may, in certain jurisdictions, result in a restructuring of the debt without the Fund’s consent under the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">“cramdown” provisions of applicable insolvency laws and may also result in a discharge of all or part of the debt without payment to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div> <div> </div> </div> <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, during periods of market disruption, borrowers of loans constituting the Fund’s assets may be more likely to seek to draw on unfunded commitments the Fund has made, and the Fund’s risk of being unable to fund such commitments is heightened during </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such periods.</div></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Market Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The success of the Fund’s activities will be affected by general economic and market conditions, such as interest rates, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">availability of credit, credit defaults, inflation rates, economic uncertainty, changes in laws (including laws relating to taxation of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s investments), trade barriers, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economic sanctions (including tariffs),</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> currency exchange controls, disease outbreaks, pandemics,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> and national and international political, environmental and socioeconomic circumstances (including </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">threatened or actual </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">wars, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">terrorist acts or security operations). In addition, the current U.S. political environment and the resulting uncertainties regarding </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">actual and potential shifts in U.S. foreign investment, trade, taxation, economic, environmental and other policies under the current </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Administration, as well as the impact of geopolitical tension, such as a deterioration in the bilateral relationship between the U.S. and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">China, an escalation in conflict between Russia and Ukraine, significant conflict between Israel</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Hamas </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Iran</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> in the Middle East or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other systemic issuer or industry-specific economic disruptions, could lead to disruption, instability and volatility in the global markets.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Unfavorable economic conditions also would be expected to increase the Fund’s funding costs, limit the Fund’s access to the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">capital markets or result in a decision by lenders not to extend credit to the Fund.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Economic sanctions may be, and have been, imposed against certain countries, organizations, companies, entities and/or individuals. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> the Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and thus may make the Fund’s </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments in such securities less liquid or more difficult to value. Such sanctions may also cause a decline in the value of securities </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issued by the sanctioned country or companies located in or economically tied to the sanctioned country</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> and may result in economic </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">disruptions in the sanctioned country and in countries with economic ties to the sanctioned country</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">When the United States is a significant</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> trading partner of a foreign country in which the Fund may invest or to which the Fund may be exposed, such foreign country </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be particularly sensitive to changes in U.S. foreign trading policies, including the threat or actual imposition of tariffs, sanctions </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or other similar measures. The imposition of tariffs (or threats thereof), trade restrictions, currency restrictions, deficit levels and any </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reduction plans and other federal government initiatives as well as foreign policy tensions with foreign nations, including embargoes, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sanctions and trade wars, or similar actions (or retaliatory measures taken in response to such actions) could lead to price volatility </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and overall declines in the U.S. and global investment markets.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> In addition, as a result of economic sanctions and other similar governmental</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> actions or developments, the Fund may be forced to sell or otherwise dispose of foreign investments at inopportune times </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or prices.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Sanctions and other similar measures could significantly delay or prevent the settlement of securities transactions or their </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">valuation, and significantly impact the Fund’s performance. Sanctions and other similar measures also may be in place for substantial </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">periods of time and enacted with limited advance notice. The type and severity of sanctions and other measures, including counter </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Current and historic market turmoil has illustrated that market environments may, at any time, be characterized by uncertainty, volatility</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> and instability. Serious economic disruptions may result in governmental authorities and regulators enacting significant fiscal and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">monetary policy changes, including by providing direct capital infusions into companies, introducing new monetary programs and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">considerably increasing or lowering interest rates, which, in some cases resulted in negative interest rates.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">As global systems, economies and financial markets are increasingly interconnected, events that once had only local impact are now </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">more likely to have regional or even global effects. Events that occur in one country, region or financial market will, more frequently, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adversely impact issuers in other countries, regions or markets. These impacts can be exacerbated by failures of governments and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">societies to adequately respond to an emerging event or threat. These types of events quickly and significantly impact markets in the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. and across the globe leading to extreme market volatility and disruption. The extent and nature of the impact on supply chains or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economies and markets from these events is unknown, particularly if a health emergency or other similar event, such as the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">COVID-19 pandemic, persists for an extended period of time. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Furthermore, technological developments (including those related to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">artificial intelligence) or failures (such as widespread system outages, disruptions or faulty updates to software applications) and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other similar events, each of which may be temporary or may last for extended periods, may impact the value of the Fund’s investments.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Adverse changes in one sector or industry or with respect to a particular company could negatively impact companies in other </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sectors or industries or increase market volatility as a result of the interconnected nature of economies and markets and thus negatively</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> affect the Fund’s performance, even if the Fund does not directly invest in issuers that participate in the sectors or industries </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">experiencing these changes. These types of adverse developments could result from under-regulated markets, novel and maturing </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">markets (for example, the markets for artificial intelligence, cryptocurrencies and digital or blockchain assets and technologies), systemic</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> risk, natural market forces, bad actors or other scenarios and could negatively affect the Fund’s performance or operations.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value of the Fund’s investments may decrease as a result of such events, particularly if these events adversely impact the operations </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and effectiveness of the Adviser, the Sub-Adviser or key service providers or if these events disrupt systems and processes necessary </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or beneficial to the investment advisory or other activities on behalf the Fund.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> </div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund’s investment strategy and the availability of opportunities satisfying the Fund’s risk-adjusted return parameters relies in part </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on observable trends and conditions in the financial markets and in some cases the improvement of such conditions. Trends and historical</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> events do not imply, forecast or predict future events and, in any event, past performance is not necessarily indicative of future </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">results. There can be no assurance that the assumptions made or the beliefs and expectations currently held by the Sub-Adviser will </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prove correct and actual events and circumstances may vary significantly.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Many of the issuers in which the Fund will make investments may be susceptible to economic slowdowns or recessions and may be </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unable to repay the loans made to them during these periods. Therefore, non-performing assets may increase and the value of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s portfolio may decrease during these periods as the Fund is required to record the investments at their current fair value. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Adverse economic conditions also may decrease the value of collateral securing the Fund’s loans and the value of its equity investments.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Economic slowdowns or recessions could lead to financial losses in the Fund’s portfolio and a decrease in revenues, net </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income and assets. Unfavorable economic conditions also could increase the Fund’s and the issuers’ funding costs, limit the Fund’s </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and the issuers’ access to the capital markets or result in a decision by lenders not to extend credit to the Fund or the issuers. These </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">events could prevent the Fund from increasing investments and harm its operating results.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">An issuer’s failure to satisfy financial or operating covenants imposed by the Fund or other lenders could lead to defaults and, potentially,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> acceleration of the time when the loans are due and foreclosure on its secured assets, which could trigger cross-defaults under </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other agreements and jeopardize the issuer’s ability to meet its obligations under the debt that the Fund holds. The Fund may incur </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">additional expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. In addition,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> if one of the issuers were to go bankrupt, depending on the facts and circumstances, including the extent to which the Fund will </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">actually provide significant managerial assistance to that issuer, a bankruptcy court might subordinate all or a portion of the Fund’s </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">claim to that of other creditors.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The prices of financial instruments in which the Fund may invest can be highly volatile. General fluctuations in the market prices of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities may affect the value of the investments held by the Fund. Instability in the securities markets may also increase the risks </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inherent in the Fund’s investments.</div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Availability of Suitable Investments Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> While the Sub-Adviser believes that many attractive investments of the type in which the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund expects to invest are currently available, there can be no assurance that such investments will continue to be available or that </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">available investments will continue to meet the Fund’s investment criteria. Furthermore, the Fund may be unable to find a sufficient </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">number of attractive investment opportunities to meet its investment objective. Past performance is not indicative of future performance.</div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Market Disruptions Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The U.S. capital markets have experienced extreme volatility and disruption following the conflicts between </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Russia and Ukraine and in the Middle East. Disruptions in the capital markets have increased the spread between the yields realized </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on risk-free and higher risk securities, resulting in illiquidity in parts of the capital markets. These and future market disruptions </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and/or illiquidity would be expected to have an adverse effect on the Fund’s business, financial condition, results of operations and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cash flows. Unfavorable economic conditions also would be expected to increase the Fund’s funding costs, limit the Fund’s access to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the capital markets or result in a decision by lenders not to extend credit to the Fund. During periods of market disruption, portfolio </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies may be more likely to seek to draw on unfunded commitments the Fund has made, and the risk of being unable to fund </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such commitments is heightened during such periods. These events have limited and could continue to limit the Fund’s investment </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">originations, limit the Fund’s ability to grow and have a material negative impact on the Fund’s operating results and the fair values of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund’s debt and equity investments.</div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Non-Diversified Status.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund is a “non-diversified” investment company for purposes of the 1940 Act, which means that it is not </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to percentage limitations under the 1940 Act on the percentage of its assets that may be invested in the securities of any one </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuer. The Fund’s NAV may therefore be subject to greater volatility than that of an investment company that is subject to such a limitation</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> on diversification. In addition, while the Fund is a “non-diversified” fund for purposes of the 1940 Act, the Fund has elected and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">intends to qualify each taxable year to be treated as a RIC under the Code. To qualify as a RIC under the Code, the Fund must, among </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other things: diversify its holdings so that, at the end of each quarter of each taxable year, (A) at least 50% of the market value of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s assets is represented by cash, cash items, U.S. government securities, securities of other RICs and other securities, with such </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other securities of any one issuer limited for the purposes of this calculation to an amount not greater than 5% of the value of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s total assets and 10% of the outstanding voting securities of such issuer and (B) not more than 25% of the market value of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s total assets is invested in the securities (other than U.S. government securities and the securities of other regulated investment </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies) of (1) any one issuer, (2) any two or more issuers that the Fund controls and that are determined to be engaged in the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">same business or similar or related trades or businesses, or (3) any one or more “qualified publicly traded partnerships”. The Fund </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distributes</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> at least annually all or substantially all of its investment company taxable income and net capital gains as dividends to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shareholders; however, this policy may be changed at any time by the Fund.</div></div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Credit Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> One of the fundamental risks associated with the Fund’s investments is credit risk, which is the risk that an issuer will be </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unable to make principal and interest payments on its outstanding debt obligations when due. The Fund’s return to investors would be </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adversely impacted if an issuer of debt in which the Fund invests becomes unable to make such payments when due.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Although the Fund may make investments that the Sub-Adviser believes are secured by specific collateral, the value of which may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">initially exceed the principal amount of such investments or the Fund’s fair value of such investments, there can be no assurance that </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the liquidation of any such collateral would satisfy the borrower’s obligation in the event of non-payment of scheduled interest or principal</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> payments with respect to such investment, or that such collateral could be readily liquidated. The Fund may also invest in leveraged</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> loans, high yield securities, marketable and non-marketable common and preferred equity securities and other unsecured investments,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> each of which involves a higher degree of risk than senior secured loans. Furthermore, the Fund’s right to payment and its </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security interest, if any, may be subordinated to the payment rights and security interests of a senior lender, to the extent applicable. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Certain of these investments may have an interest-only payment schedule, with the principal amount remaining outstanding and at </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk until the maturity of the investment. In addition, loans may provide for payments-in-kind, which have a similar effect of deferring </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">current cash payments. In such cases, an issuer’s ability to repay the principal of an investment may depend on a liquidity event or the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">long-term success of the company, the occurrence of which is uncertain.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">With respect to the Fund’s investments in any number of credit products, if the borrower or issuer breaches any of the covenants or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">restrictions under the credit agreement that governs loans of such issuer or borrower, it could result in a default under the applicable </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">indebtedness as well as the indebtedness held by the Fund. Such default may allow the creditors to accelerate the related debt and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may result in the acceleration of any other debt to which a cross-acceleration or cross-default provision applies. This could result in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an impairment or loss of the Fund’s investment or a pre-payment (in whole or in part) of the Fund’s investment.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Similarly, while the Fund will generally target investments in companies it believes are of high quality, these companies could still </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">present a high degree of business and credit risk. Companies in which the Fund invests could deteriorate as a result of, among other </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">factors, an adverse development in their business, a change in the competitive environment or the continuation or worsening of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">current (or any future) economic and financial market downturns and dislocations. As a result, companies that the Fund expected to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be stable or improve may operate, or expect to operate, at a loss or have significant variations in operating results, may require substantial</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> additional capital to support their operations or maintain their competitive position, or may otherwise have a weak financial </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">condition or experience financial distress. In addition, exogenous factors such as fluctuations of the equity markets also could result </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in warrants and other equity securities or instruments owned by the Fund becoming worthless.</div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Credit Spread Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Credit spread risk is the risk that credit spreads (i.e., the difference in yield between securities that is due to differences</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> in their credit quality) may increase when the market expects below-investment-grade bonds to default more frequently. Widening</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> credit spreads may quickly reduce the market values of below-investment-grade and unrated securities. In recent years, the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. capital markets experienced extreme volatility and disruption following the spread of COVID-19, the conflict between Russia and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Ukraine, significant conflict between Israel and Hamas in the Middle East and other economic disruptions, which increased the spread </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">between yields realized on risk-free and higher risk securities, resulting in illiquidity in parts of the capital markets. Central banks and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">governments played a key role in reintroducing liquidity to parts of the capital markets. Future exits of these financial institutions from </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the market may reintroduce temporary illiquidity. These and future market disruptions and/or illiquidity would be expected to have an </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adverse effect on the Fund’s business, financial condition, results of operations and cash flows.</div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Risks Related to Investments in Loans.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund invests in loans, either through primary issuances or in secondary transactions, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including potentially on a synthetic basis. The value of the Fund’s loans may be detrimentally affected to the extent a borrower defaults </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on its obligations. There can be no assurance that the value assigned by the Adviser can be realized upon liquidation, nor can there be </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any assurance that any related collateral will retain its value. Furthermore, circumstances could arise (such as in the bankruptcy of a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">borrower) that could cause the Fund’s security interest in the loan’s collateral to be invalidated. Also, much of the collateral will be </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to restrictions on transfer intended to satisfy securities regulations, which will limit the number of potential purchases if the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund intends to liquidate such collateral. The amount realizable with respect to a loan may be detrimentally affected if a guarantor, if </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any, fails to meet its obligations under a guarantee. Finally, there may be a monetary, as well as a time cost involved in collecting on </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">defaulted loans and, if applicable, taking possession of various types of collateral.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The portfolio may include first lien senior secured, second and third lien loans and any other loans.</div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Direct Lending.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund will invest in directly originated senior secured loans, including unitranche loans, of performing middle </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market companies (“Senior Capital Debt Securities”).</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The value of the Fund’s assets is volatile and may fluctuate due to a variety of factors that are inherently difficult to predict and are </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">outside of the Advisers’ control, including prevailing credit spreads, general economic conditions, financial market conditions, domestic</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> or international economic or political events, developments or trends in any particular industry, changes in interest rates, or the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial condition of the obligors of the Fund’s assets. In particular, the market for Senior Capital Debt Securities has experienced </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">periods of volatility in the supply of, and demand for, such loans, resulting in volatility in, among other things, spreads, interest rate </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">floors, purchase price discounts, leverage, covenants, structure, and other terms. Because loans are privately syndicated and loan </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">agreements are privately negotiated and customized, loans are not purchased or sold as easily as publicly traded securities. In addition,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> historically the trading volume in the loan market, especially in the middle market, has been small relative to the high-yield debt </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities market.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The obligors of the Fund’s assets will primarily be privately owned middle market businesses. There is generally no publicly available </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">information about these businesses. Some obligors may not meet net income, cash flow, and other coverage tests typically imposed </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by lenders. Numerous factors may affect an obligor’s ability to repay its related obligations, including the failure to meet its business </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">plan, a downturn in its industry, and continuing negative economic conditions. A deterioration in an obligor’s financial condition and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prospects may be accompanied by deterioration in the collateral securing the Fund’s assets or the recuring revenue of the obligor. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Such deterioration might impair the ability of such obligor to obtain refinancing or force it to seek to have the Fund’s asset restructured.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Senior Capital Debt Securities are generally considered speculative in nature and may end up in default for a variety of reasons. A </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">defaulted asset may become subject to either substantial workout negotiations or a restructuring, which may entail, among other </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">things, a substantial reduction in the interest rate, a substantial write-down of principal, and a substantial change in the terms, conditions,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> and covenants with respect to such defaulted asset. In addition, such negotiations or restructuring may be quite extensive, protracted,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> and costly over time, and therefore may result in substantial uncertainty with respect to the ultimate recovery on such </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">defaulted asset. The liquidity of a defaulted asset will be limited, and to the extent that a defaulted asset is sold, it is highly unlikely </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that the proceeds from such sale will be equal to the amount of unpaid principal and interest thereon.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Loans to middle market businesses generally carry both higher interest rates and more inherent risks than loans to larger, publicly </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">traded businesses. These middle market companies generally have more limited access to capital and higher financing costs, may be </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in a weaker financial position, may need more capital to expand or compete, and may be unable to obtain financing from public capital </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">markets or from traditional sources, such as commercial banks. Middle market businesses typically have narrower product lines and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">smaller market shares than larger businesses. Therefore, they tend to be more vulnerable to competitors’ actions and market conditions,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> as well as general economic downturns. These businesses may also experience substantial variations in operating results. Typically,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> the success of a middle market business also depends on the management talents and efforts of one or two persons or a small </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">group of persons. The death, disability, or resignation of one or more of such persons could have a material adverse impact on the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligor and its ability to repay its obligations. In addition, middle market businesses often need substantial additional capital to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expand or compete and will often have borrowed money from other lenders and may need additional capital to survive any economic </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">downturns. Accordingly, loans made to middle market companies involve higher risks than loans made to companies that have larger </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">businesses, greater financial resources, or that are otherwise able to access traditional credit sources.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There can be no assurance as to the levels of defaults or the amount or timing of recoveries that may be experienced with respect to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund’s assets. Any increase in default levels or decrease in recovery rates, or delays in receipt of recoveries, could adversely affect </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distributions, if any, to the Fund.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There can be no assurance that the Sub-Adviser will correctly evaluate the nature and magnitude of the various factors that could </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">negatively impact the value or performance of Senior Capital Debt Securities. These risks could be exacerbated to the extent that the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio is concentrated in one or more particular types of assets.</div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Bank Loans and Participations.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund’s investment program may include bank loans and participations. These obligations are </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to unique risks, including (i) the possible avoidance of an investment transaction as a “preferential transfer,” “fraudulent conveyance”</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> or “fraudulent transfer,” among other avoidance actions, under relevant bankruptcy, insolvency and/or creditors’ rights laws; </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(ii) so-called “lender liability” claims by the issuer of the obligations; (iii) environmental liabilities that may arise with respect to collateral</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> securing the obligations; (iv) limitations on the ability of the Fund to directly enforce its rights with respect to participations; and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(v) the contractual nature of participations where the Fund takes on the credit risk of the agent bank rather than the actual borrower.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may acquire interests in loans either directly (by way of assignment) or indirectly (by way of participation). The purchaser of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an assignment typically succeeds to all the rights and obligations of the assigning institution and becomes a contracting party under </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the loan agreement with respect to the loan; however, its rights can be more restricted than those of the assigning institution. Participation</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> in a portion of a loan typically results in a contractual relationship only with the institution participating out the interest and not </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with the obligor. The Fund would, in such a case, have the right to receive payments of principal and interest to which it is entitled </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">only from the institution selling the participation, and not directly from the obligor, and only upon receipt by such institution of such </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments from the obligor. As the owner of a participation, the Fund generally will have no right to enforce compliance by the obligor </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with the terms of the loan agreement or to vote on amendments to the loan agreement, nor any rights of set-off against the obligor, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and the Fund may not directly benefit from collateral supporting the loan in which it has purchased the participation. In addition, in the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">event of the insolvency of the selling institution, the Fund may be treated as a general creditor of such selling institution, and may not </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have any exclusive or senior claim with respect to the selling institution’s interest in, or the collateral with respect to, the applicable </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loan. Consequently, the Fund will assume the credit risk of both the obligor and the institution selling the participation to the Fund. As </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a result, concentrations of participations from any one selling institution subject the Fund to an additional degree of risk with respect </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to defaults by such selling institution. In addition, because bank loans are not typically registered under the federal securities laws like </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">stocks and bonds, investors in loans have less protection against improper practices than investors in registered securities.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In March 2023, several financial institutions experienced a larger-than-expected decline in deposits and two banks, Silicon Valley Bank </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(“SVB”) and Signature Bank, were placed into receivership. Given the interconnectedness of the banking system, the Federal Reserve </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invoked the systemic risk exception, temporarily transferred all deposits — both insured and uninsured — and substantially all the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets of the two banks into respective bridge banks and guaranteed depositors’ full access to their funds.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This type of systemic risk event and/or resulting government actions can negatively impact the Fund, for example, through less credit </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">being available to issuers or uncertainty regarding safety of deposits at other institutions. These risks also may adversely affect financial</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> intermediaries, such as clearing agencies, clearing houses, banks, securities firms, and exchanges, with which the Fund interacts.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Direct Origination.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> A significant portion of the Fund’s investments may be originated. The results of the Fund’s operations depend on </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">several factors, including the availability of opportunities for the origination or acquisition of target investments, the level and volatility </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of interest rates, the availability of adequate short and long-term financing, conditions in the financial markets, and economic conditions.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Further, the Fund’s inability to raise capital and the risk of portfolio company defaults may materially and adversely affect the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s investment originations, business, liquidity, financial condition, results of operations, and ability to make distributions to its </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shareholders. In addition, competition for originations of, and investments in, the Fund’s target investments may lead to the price of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such assets increasing or the decrease of interest income from loans originated by the Fund, which may further limit its ability to generate</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> desired returns. Also, as a result of this competition, desirable investments in the Fund’s target investments may be limited in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the future, and the Fund may not be able to take advantage of attractive investment opportunities from time to time, as the Fund can </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">provide no assurance that the Sub-Adviser will be able to identify and make investments that are consistent with the Fund’s investment</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> objective.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">First Lien Senior Secured Loans.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> It is expected that when the Fund makes a senior secured term loan investment in an issuer, it will </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generally take a security interest in substantially all of the available assets of the issuer, including the equity interests of its domestic </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subsidiaries, which the Fund expects to help mitigate the risk that it will not be repaid. However, there is a risk that the collateral </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securing the Fund’s loans may decrease in value over time, may be difficult to sell in a timely manner, may be difficult to appraise and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may fluctuate in value based upon the success of the business and market conditions, including as a result of the inability of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuer to raise additional capital, and, in some circumstances, the Fund’s lien could be subordinated to claims of other creditors. In </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition, deterioration in an issuer’s financial condition and prospects, including its inability to raise additional capital, may be accompanied</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> by deterioration in the value of the collateral for the loan. Consequently, the fact that a loan is secured does not guarantee that </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund will receive principal and interest payments according to the loan’s terms, or at all, or that it will be able to collect on the loan </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">should it be forced to enforce its remedies.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Second Lien Senior Secured Loans and Junior Debt Investments.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Second and third lien loans are subject to the same investment </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risks generally applicable to senior loans described above. The Fund’s second lien senior secured loans will be subordinated to first </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">lien loans and the Fund’s junior debt investments, such as mezzanine loans, generally will be subordinated to both first lien and second</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> lien loans and have junior security interests or may be unsecured. As such, to the extent the Fund holds second lien senior </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">secured loans and junior debt investments, holders of first lien loans may be repaid before the Fund in the event of a bankruptcy or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other insolvency proceeding. Therefore, second and third lien loans are subject to additional risk that the cash flow of the related obligor</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> and the property securing the second or third lien loan may be insufficient to repay the scheduled payments to the lender after </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">giving effect to any senior secured obligations of the related obligor. This may result in an above average amount of risk and loss of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">principal. Second and third lien loans are also expected to be more illiquid than senior loans.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Unsecured Loans.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Unsecured loans are subject to the same investment risks generally applicable to loans described above but are </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to additional risk that the assets and cash flow of the related obligor may be insufficient to repay the scheduled payments to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the lender after giving effect to any secured obligations of the obligor. Unsecured loans will be subject to certain additional risks to the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extent that such loans may not be protected and such loans are not secured by collateral, financial covenants or limitations upon additional</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> indebtedness. Unsecured loans are also expected to be a more illiquid investment than senior loans for this reason.</div></div></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Other Risks Related to Loans.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Under the agreements governing most syndicated loans, should a holder of an interest in a syndicated </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loan wish to call a default or exercise remedies against a borrower, it could not do so without the agreement of at least a majority of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the other lenders. Actions could also be taken by a majority of the other lenders, or in some cases, a single agent bank, without the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consent of all lenders. Each lender would nevertheless be liable to indemnify the agent bank for its ratable share of expenses or other </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">liabilities incurred in such connection and, generally, with respect to the administration and any renegotiation or enforcement of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">syndicated loans. Moreover, an assignee or participant in a loan may not be entitled to certain gross-up payments in respect of withholding</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> taxes and other indemnities that otherwise might be available to the original holder of the loan.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Furthermore, the Sub-Adviser expects to invest a portion of the Fund’s assets in bank loans and participations. The special risks associated</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> with these obligations include (i) the possible invalidation of an investment transaction as a fraudulent conveyance under relevant</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> creditors’ rights laws, (ii) adverse consequences resulting from participating in such instruments with other institutions with </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">lower credit quality and (iii) limitations on the ability of the Fund or the Adviser to directly enforce the Fund’s rights with respect to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">participations. The Fund will seek to balance the magnitude of these and other risks identified by it against the potential investment </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">gain prior to entering into each such investment. Successful claims by third parties arising from these and other risks, absent bad </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">faith, may be borne by the Fund. Bank loans are frequently traded on the basis of standardized documentation which is used in order </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to facilitate trading and market liquidity. There can be no assurance, however, that future levels of supply and demand in bank loan </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">trading will provide an adequate degree of liquidity or that the current level of liquidity will continue or that the same documentation </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will be used in the future. The settlement of trading in bank loans often requires the involvement of third parties, such as administrative</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> or syndication agents, and there presently is no central clearinghouse or authority which monitors or facilitates the trading or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">settlement of all bank loan trades. Often, settlement may be delayed based on the actions of any third party or counterparty, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adverse price movements may occur in the time between trade and settlement, which could result in adverse consequences for the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In recent years, a number of judicial decisions in the United States have upheld the right of borrowers to sue lending institutions on </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the basis of various evolving legal theories (collectively termed “lender liability”). Generally, lender liability is founded upon the premise</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> that an institutional lender has violated a duty (whether implied or contractual) of good faith and fair dealing owed to a borrower or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">has assumed a degree of control over the borrower resulting in a creation of a fiduciary duty owed to the borrower or its other creditors</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> or shareholders. Because of the nature of certain of the Fund’s investments, the Fund could be subject to allegations of lender </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">liability.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may acquire interests in bank loans either directly (by way of sale or assignment) or indirectly (by way of participation). The </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchaser of an assignment typically succeeds to all the rights and obligations of the assigning institution and becomes a contracting </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">party under the credit agreement with respect to the debt obligation; however, its rights can be more restricted than those of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assigning institution. Participation interests in a portion of a debt obligation typically result in a contractual relationship only with the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">institution participating out the interest and not with the borrower. In purchasing participations, the Fund typically will not have the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">right to vote on matters requiring a vote of holders of the underlying debt and may have no right to enforce compliance by the borrower</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> with the terms of the loan agreement, or any rights of set-off against the borrower, and the Fund may not directly benefit from </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the collateral supporting the debt obligation in which it has purchased the participation. As a result, if the Fund were to hold a participation,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> it would assume the credit risk of both the borrower and the institution selling the participation to the Fund. In certain circumstances,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> investing in the form of participation may be the most advantageous or only route for the Fund to make or hold any such </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment, including in light of limitations relating to local laws or the willingness of administrative agents or borrowers to allow the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund to become a direct lender.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Finally, loans may become non-performing for a variety of reasons. Non-performing debt obligations may require substantial workout </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">negotiations, restructuring or bankruptcy filings that may entail a substantial reduction in the interest rate, deferral of payments </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and/or a substantial write-down of the principal of a loan or conversion of some or all of the debt to equity. Additional costs associated</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> with these activities may reduce returns.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Unitranche Loans.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Unitranche loans provide leverage levels comparable to a combination of first lien and second lien or subordinated </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans. From the perspective of a lender, in addition to making a single loan, a unitranche loan may allow the lender to choose to participate</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> in the “first out” tranche, which will generally receive priority with respect to payments of principal, interest and any other </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">amounts due, or to choose to participate only in the “last out” tranche, which is generally paid after the “first out” tranche is paid. The </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund expects to participate in “first out” and “last out” tranches of unitranche loans and make single unitranche loans.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">DIP Loans.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may invest in debtor-in-possession (“DIP”) loans. DIP loans involve a fundamental credit risk based on the borrower’s</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> ability to make principal and interest payments and the inherent risks in the bankruptcy process. DIP loans are subject to a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">court approval process in which parties-in-interest may be heard but there can be no assurance that the Fund would be successful in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obtaining favorable results. If the calculations of the Sub-Adviser as to the outcome or timing of a reorganization are inaccurate, a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">company that has filed for bankruptcy may not be able to make payments on a DIP loan on time or at all. In addition, DIP loans may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be privately negotiated transactions, each of which has individualized terms. These positions may be illiquid and difficult to value. DIP </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loans may be subject to price volatility due to various factors including, but not limited to, changes in interest rates, market perception </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the creditworthiness of the borrower and general market liquidity.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investments in Middle-Market Companies.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Investments in middle-market companies such as those that the Fund may invest in, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">while often presenting greater opportunities for growth, may also entail larger risks than are customarily associated with investments </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in large companies. Middle-market companies may have more limited product lines, capitalization, markets and financial resources, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and may be dependent on a smaller management group. As a result, such companies may be more vulnerable to general economic </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">trends and to specific changes in markets and technology. In addition, future growth may be dependent on additional financing, which </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may not be available on acceptable terms when required. Furthermore, there is ordinarily a more limited marketplace for the sale of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interests in smaller, private companies, which may make realizations of gains more difficult, by requiring sales to other private investors.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> In addition, the relative illiquidity of investments held by closed-end funds generally, and the somewhat greater illiquidity of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">closed-end fund investments in middle-market companies, could make it difficult for the Fund to react quickly to negative economic </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or political developments.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investments in Less Established Companies.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may invest a portion of its assets in the securities of less established companies.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Certain of the investments may be in businesses with little or no operating history. Investments in such early-stage growth companies</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> may involve greater risks than are generally associated with investments in more established companies. To the extent there is </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any public market for the securities held by the Fund, such securities may be subject to more abrupt and erratic market price movements</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> than those of larger, more established companies. Less established companies tend to have lower capitalizations and fewer </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">resources and are, therefore, often more vulnerable to financial failure. Such companies also may have shorter operating histories on </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which to judge future performance and in many cases, if operating, will have negative cash flow. There can be no assurance that any </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such losses will be offset by gains (if any) realized on the Fund’s other investments. In addition, less mature companies could be </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">deemed to be more susceptible to irregular accounting or other fraudulent practices. In the event of fraud by any company in which </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund invests, the Fund may suffer a partial or total loss of capital invested in that company.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in issuers that: (i) have little or no operating history, (ii) offer services or products that are not yet ready to be </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">marketed, (iii) are operating at a loss or have significant fluctuations in operating results, (iv) are engaged in a rapidly changing business</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> or (v) need substantial additional capital to set up internal infrastructure, hire management and personnel, support expansion or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">achieve or maintain a competitive position. Such issuers may face intense competition, including competition from companies with </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">greater financial resources, more extensive capabilities and a larger number of qualified managerial and technical personnel.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investments in Special Situations.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may provide financing to companies involved in (or the target of) acquisition attempts </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or tender offers or companies involved in work-outs, liquidations, spin-offs, reorganizations, bankruptcies, and similar transactions. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In any investment transaction involving any such type of business enterprise, there exists the risk that the transaction in which such </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">business enterprise is involved either will be unsuccessful, will take considerable time or will result in a distribution of cash or a new </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security the value of which will be less than the purchase price paid by the Fund of the security or other financial instrument in respect </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of which such distribution is received. Similarly, if such an anticipated transaction does not in fact occur, the Fund may lose all or a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">material portion of its investment. All of these events could have a material adverse effect on the value of the investments.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">High Yield Debt.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund expects to invest in debt securities that may be classified as “higher-yielding” (and, therefore, higher-risk) </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">debt securities (also known as “junk bonds”). In most cases, such debt will be rated below “investment grade” or will be unrated and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will face both ongoing uncertainties and exposure to adverse business, financial or economic conditions and the issuer’s failure to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">make timely interest and principal payments. The market for high yield securities (junk bonds) has experienced periods of volatility </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and reduced liquidity. High yield securities (junk bonds) may or may not be subordinated to certain other outstanding securities and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations of the issuer, which may be secured by all or substantially all of the issuer’s assets. High yield securities (junk bonds) may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">also not be protected by financial covenants or limitations on additional indebtedness. The market values of certain of these debt </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities may reflect individual corporate developments. General economic recession or a major decline in the demand for products </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and services in the industry in which the borrower operates would likely have a materially adverse impact on the value of such securities</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> or could adversely affect the ability of the issuers of such securities to repay principal and pay interest thereon and increase the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">incidence of default of such securities. In addition, adverse publicity and investor perceptions, whether or not based on fundamental </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">analysis, may also decrease the value and liquidity of these high yield debt securities (junk bonds).</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Distressed Credit Investments.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund’s distressed credit investments (e.g., investments in defaulted, out-of-favor or distressed </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bank loans and debt and equity securities) are inherently speculative and are subject to a high degree of risk. Companies experiencing </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financial distress are often those operating at a loss or with substantial variations in operating results from period to period. Companies</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> experiencing financial distress may be involved in insolvency proceedings and have the need for substantial additional capital to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">support continued operations or to improve their financial condition and may have very high amounts of leverage. Distressed companies</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> typically are in default under, or have a significant risk of an inability to service, their debt obligations, especially during an economic</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> downturn or periods of rising interest rates, may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have more difficulty making scheduled payments of principal and interest </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">than issuers of higher rated investments, may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not have access to more traditional methods of financing and may be unable to repay </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">debt by refinancing. Investments in distressed companies may be premised on a turnaround strategy. If turnarounds are not achieved, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">these companies could experience failures or substantial declines in value, and the Fund may not be able to divest itself of such </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unprofitable investments in a timely fashion or at all. Additionally, turnarounds may not be achieved within the contemplated investment</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> horizons.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The value of distressed instruments tends to be more volatile and may have an increased price sensitivity to changing interest rates </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and adverse economic and business developments than other securities or instruments. Distressed credit investments are often more </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sensitive to company-specific developments and changes in economic conditions than other securities. Furthermore, distressed debt </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments are often unsecured and may be subordinated to senior debt. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In the event of default, the Fund may incur additional </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expenses to seek recovery or to negotiate new terms with a defaulting issuer.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Accordingly, an investment in the Fund should only be </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">considered by persons who can afford a loss of their entire investment.</div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Mezzanine Investments.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Most of the Fund’s mezzanine investments (if any) are expected to be unsecured and made in companies </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">whose capital structures have significant indebtedness ranking ahead of the investments, all or a significant portion of which may be </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">secured. While the investments may benefit from the same or similar financial and other covenants as those enjoyed by the indebtedness</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> ranking ahead of the investments and may benefit from cross-default provisions and security over the issuer’s assets, some or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">all of such terms may not be part of particular investments. Moreover, the ability of the Fund to influence an issuer’s affairs, especially </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">during periods of financial distress or following an insolvency, is likely to be substantially less than that of senior creditors. Mezzanine </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments generally are subject to various risks, including, without limitation: (i) a subsequent characterization of an investment as </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a “fraudulent conveyance”; (ii) the recovery as a “preference” of liens perfected or payments made on account of a debt in the 90 days </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">before a bankruptcy filing; (iii) equitable subordination claims by other creditors; (iv) so-called “lender liability” claims by the issuer of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the obligations; and (v) environmental liabilities that may arise with respect to collateral securing the obligations.</div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Syndication.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may originate certain of its investments with the expectation of later syndicating a portion of such investments </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to third parties. Prior to such syndication, or if such syndication is not successful, the Fund’s exposure to the originated investment </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may exceed the exposure that the Sub-Adviser intended to have over the long-term or would have had had it purchased such investment</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> in the secondary market rather than originating it.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Use of Collateral.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Collateral for private credit investments may include a wide range of assets, including, but not limited to, assets </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and/or net income of companies, real estate, revenue streams, equity interests, fund interests, royalties of various types, rights to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">litigation proceeds, trade receivables, and derivative exposure to loans. To the extent the Sub-Adviser originates loans based partly </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">upon the adequacy of the borrower’s collateral, an incorrect valuation of such collateral may result in unforeseen losses. The inherent </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">uncertainty of the value of collateral may result in values that differ significantly from the values that can ultimately be obtained for </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such collateral. Even if collateral is initially valued correctly, changes in market conditions, regulations or other circumstances, or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">changes directly related to such collateral, may materially adversely affect the value thereof. In addition, there can be no assurance </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that such collateral could be readily liquidated. In the event of bankruptcy of a borrower, the Fund could experience delays or limitations</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> with respect to its ability to realize the benefits of the collateral securing an investment.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Under certain circumstances, collateral securing an investment may be released without the consent of the lender. Moreover, the lender’s</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> security interest (with respect to investments in secured debt) may be unperfected for a variety of reasons, including the failure to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">make required filings by lenders and, as a result, the Fund may not have priority over other creditors as anticipated. First priority lien </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments made by the lender may, in certain cases, provide a first priority lien over some, but not all, of the assets of the relevant </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">borrower. The Fund may also invest in second-lien debt, high-yield securities, marketable and non-marketable common and preferred </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">equity securities and other unsecured instruments each of which involves a higher degree of risk than senior first-lien secured debt, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including the re-use and subsequent loss of collateral by the borrower. Furthermore, the Fund’s right to payment and its security interest,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> if any, may be subordinated to the payment rights and security interests of senior lenders (with respect to some or all of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets of an issuer in which the Fund invests). Certain of these investments may have an interest-only payment schedule, with the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">principal amount remaining outstanding and at risk until the maturity of the investment. In such cases, the ability of the issuer to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">repay the principal in respect of the Fund’s investment may be dependent upon a liquidity event or the long-term success of the company,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> the occurrence of which is uncertain.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The terms of any derivative hedging arrangements entered into by the Fund may provide that related collateral given to, or received by, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund may be pledged, lent, re-hypothecated, or otherwise re-used by the collateral taker for its own purposes. If collateral </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">received by the Fund is reinvested or otherwise re-used, the Fund is exposed to the risk of loss on that investment. Should such a loss </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">occur, the value of the collateral will be reduced, and the Fund will have less protection if the counterparty defaults. Similarly, if the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">counterparty reinvests or otherwise re-uses collateral received from the Fund and suffers a loss as a result, it may not be in a position </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to return that collateral to the Fund should the relevant transaction complete, be unwound or otherwise terminate and the Fund is </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exposed to the risk of loss of the amount of collateral provided to the counterparty.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Asset-Backed Securities.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Asset-backed securities (“ABS”) are a form of structured debt obligation. In addition to the general risks </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">associated with credit or debt securities discussed herein, ABS are subject to additional risks. While traditional fixed-income securities </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">typically pay a fixed rate of interest until maturity, when the entire principal amount is due, an ABS represents an interest in a pool of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets, such as automobile loans, credit card receivables, unsecured consumer loans or student loans, that has been securitized and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">provides for monthly payments of interest, at a fixed or floating rate, and principal from the cash flow of these assets. This pool of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets (and any related assets of the issuing entity) is the only source of payment for the ABS. The ability of an ABS issuer to make </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payments on the ABS, and the timing of such payments, is therefore dependent on collections on these underlying assets. The recoveries</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> on the underlying collateral (if any) may not, in some cases, be sufficient to support payments on these securities, which may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">result in losses to investors in an ABS. In many circumstances, ABS are not secured by an interest in the related collateral. Credit card </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">receivables, for example, are generally unsecured and the debtors are entitled to the protection of a number of state and federal consumer</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> loan laws, many of which give such debtors the right to set off certain amounts owed on the credit cards, thereby reducing the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">balance due.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Certain asset-backed securities are guaranteed as to timely payment of interest and principal by a government entity; </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">however, the market price for such securities is not guaranteed and will fluctuate. The purchase of asset-backed securities issued by </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-government entities may entail greater risk than such securities that are issued or guaranteed by a government entity. Asset-backed</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> securities issued by non-government entities may offer higher yields than those issued by government entities, but may also </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be subject to greater volatility than government issues and can also be subject to greater credit risk and the risk of default on the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">underlying assets.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Generally, obligors may prepay the underlying assets in full or in part at any time, subjecting the Fund to prepayment risk related to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the ABS it holds. While the expected repayment streams on ABS are determined by the contractual amortization schedules for the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">underlying assets, an investor’s yield to maturity on an ABS is uncertain and may be reduced by the rate and speed of prepayments of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the underlying assets, which may be influenced by a variety of economic, social and other factors. Any prepayments, repurchases, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchases or liquidations of the underlying assets could shorten the average life of the ABS to an extent that cannot be fully predicted. </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Some ABS may be structured to include a period of rapid amortization triggered by events such as a significant rise in the default rate </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the underlying collateral, a sharp drop in the credit enhancement level because of credit losses on the underlying assets, a specified </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">regulatory event or the bankruptcy of the originator. A rapid amortization event will cause any revolving period to end earlier than </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expected and all collections on the underlying assets will be used to pay principal to investors earlier than expected. In general, the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">senior most securities will be paid prior to any payments being made on the subordinated securities, and if such payments are made </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">earlier than expected, the Fund’s yield on such ABS may be negatively affected.</div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Mortgage-Backed Securities.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may from time to time to invest in pools or tranches of mortgage-backed securities (including</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> commercial mortgage-backed securities (“CMBS”). The collateral underlying mortgage-backed securities generally consists of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">commercial mortgages or real property that has a residential, multifamily or commercial use, such as retail space, office buildings, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">warehouse property and hotels. CMBS have been issued in a variety of issuances, with varying structures including senior and subordinated</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> classes. The commercial mortgages underlying CMBS generally have shorter maturities than residential mortgages, allow all </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or a substantial portion of the loan balance to be paid at maturity, commonly known as a “balloon payment,” and are usually non-recourse</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> against the commercial borrower. Investments in CMBS are subject to various risks and uncertainties, including credit, market,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> interest rate, structural and legal risks. These risks may be magnified by volatility in the credit and commercial real estate markets.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The investment characteristics of CMBS differ from traditional debt securities in a number of respects, and are similar to the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">characteristics of structured credit products in which investors participate through a trust or other similar conduit arrangement. Commercial</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> mortgage loans are obligations of the borrowers thereunder and are not typically insured or guaranteed by any other person </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or entity. While the Fund intends to vigorously analyze and underwrite its CMBS investments from a fundamental real estate perspective,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> there can be no assurance that underwriting practices will yield their desired results, and there can be no assurance that the Fund </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will be able to effectively achieve its investment objective or that expected returns will be achieved.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In general, if prevailing interest rates fall significantly below the interest rates on the related mortgage loans, the rate of prepayment </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on the underlying mortgage loans would be expected to increase. Conversely, if prevailing interest rates rise to a level significantly </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">above the interest rates on the related mortgages, the rate of prepayment would be expected to decrease, which could reduce the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">returns on certain mortgage-backed securities in which the Fund may invest. In addition, rising rates may increase the frequency of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">defaults on certain floating-rate mortgage-backed securities.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Credit Agency Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Credit ratings are determined by credit rating agencies and are only the opinions of such entities. Ratings </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assigned by a rating agency are not absolute standards of credit quality and do not evaluate market risk or the liquidity of securities. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, rating agencies attempt to evaluate the safety of principal and interest payments and do not evaluate the risks of fluctuations</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> in market value. Therefore, such credit ratings may not fully reflect the true risks of an investment. Also, rating agencies may fail </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to make timely changes to their credit ratings in response to subsequent events and an obligor’s current financial condition may be </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">better or worse than a rating indicates. Any shortcomings or inefficiencies in credit rating agencies’ processes for determining credit </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ratings may adversely affect the credit ratings of securities held by the Fund or such credit rating agencies ability to evaluate creditworthiness,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> and, as a result, may adversely affect those securities’ perceived or actual credit risk.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Collateralized Loan Obligations.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> In the case of most CLOs, the structured finance securities are issued in multiple tranches, offering </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investors various maturity and credit risk characteristics, often categorized as senior, mezzanine and subordinated/equity according to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">their degree of risk. If there are defaults or the relevant collateral otherwise underperforms, scheduled payments to senior tranches of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such securities take precedence over those of mezzanine tranches, and scheduled payments to mezzanine tranches have a priority in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">right of payment to subordinated/equity tranches.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> However, it is possible that a senior tranche of a CLO could experience losses, particularly</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> in stressed market conditions, due to defaults, downgrades of the underlying collateral by rating agencies, forced liquidation </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the collateral pool, increased sensitivity to defaults due to collateral default, market anticipation of defaults and investor aversion to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CLO securities as an asset class.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In light of the above, CLOs may therefore present risks similar to those of other types of debt obligations and, in fact, such risks may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be of greater significance in the case of CLOs depending upon the Fund’s ranking in the capital structure. In certain cases, losses may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">equal the total amount of the Fund’s principal investment. Investments in structured vehicles, including equity and junior debt securities</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> issued by CLOs, involve risks, including credit risk and market risk. Changes in interest rates and credit quality may cause significant</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> price fluctuations.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition to the general risks associated with investing in debt securities, CLO securities carry additional risks, including: (i) the possibility</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> that distributions from collateral assets will not be adequate to make interest or other payments; (ii) the quality of the collateral </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may decline in value or default; (iii) investments in CLO equity and junior debt tranches will likely be subordinate in right of payment </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to other senior classes of CLO debt; and (iv) the complex structure of a particular security may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be subject to different interpretations</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and may produce disputes with the issuer or unexpected investment results</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">, especially during times of market stress or volatility</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Additionally, changes in the collateral held by a CLO may cause payments on the instruments held by the Fund to be reduced, either </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">temporarily or permanently. CLOs also may be subject to prepayment risk. Further, the performance of a CLO may be adversely </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affected by a variety of factors, including the security’s priority in the capital structure of the issuer thereof, the availability of any </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">credit enhancement, the level and timing of payments and recoveries on and the characteristics of the underlying receivables, loans or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other assets that are being securitized, remoteness of those assets from the originator or transferor, the adequacy of and ability to </div></div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">realize upon any related collateral and the capability of the servicer of the securitized assets. There are also the risks that the trustee of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a CLO does not properly carry out its duties to the CLO, potentially resulting in loss to the CLO. In addition, the complex structure of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the security may produce unexpected investment results, especially during times of market stress or volatility.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investing in securities of CLOs involves the possibility of investments being subject to potential losses arising from material misrepresentation</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> or omission on the part of borrowers whose loans make up the assets of such entities. Such inaccuracy or incompleteness </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may adversely affect the valuation of the receivables or may adversely affect the ability of the relevant entity to perfect or effectuate a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">lien on the collateral securing its assets. The CLOs in which the Fund invests will rely upon the accuracy and completeness of representations</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> made by the underlying borrowers to the extent reasonable, but cannot guarantee such accuracy or completeness. The </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">quality of the Fund’s investments in CLOs is subject to the accuracy of representations made by the underlying borrowers. In addition, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund is subject to the risk that the systems used by the originators of CLOs to control for accuracy are defective. Under certain </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">circumstances, payments to the Fund may be reclaimed if any such payment or distribution is later determined to have been a fraudulent</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> conveyance or a preferential payment.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">To the extent underlying default rates with respect to the securities in which the Fund invests occur or otherwise increase, the performance</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> of the Fund’s investments may be adversely affected. The rate of defaults and losses on debt instruments will be affected by a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">number of factors, including global, regional and local economic conditions in the area where the borrower operates, the financial </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">circumstances of the borrower as well as the general market conditions. A decline in global markets (or any particular sub-market </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">thereof) may result in higher delinquencies and/or defaults as borrowers may not be able to repay or refinance their outstanding debt </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligations when due for a variety of reasons, which may adversely affect the performance of the Fund’s investments.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CLOs typically will have no significant assets other than the assets underlying such CLOs, including, but not limited to, secured loans, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">leveraged loans, project finance loans, unsecured loans, cash collateralized letters of credit and other asset-backed obligations, and/or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments (each of which may be listed or unlisted and in bearer or registered form) that serve as collateral. Payments on the CLO </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities are and will be payable solely from the cash flows from the collateral, net of all management fees and other expenses.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The failure by a CLO in which the Fund invests to satisfy financial covenants, including with respect to adequate collateralization </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and/or interest coverage tests, could lead to a reduction in its payments to the Fund. In the event that a CLO fails certain tests, holders </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of CLO senior debt may be entitled to additional payments that would, in turn, reduce the payments the Fund would otherwise be </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">entitled to receive. Separately, the Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">terms, which may include the waiver of certain financial covenants, with a defaulting CLO or any other investment the Fund may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">make. If any of these occur, it could materially and adversely affect the Fund’s returns.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Issuers may be subject to management, administration and incentive or performance fees. Payment of such additional fees will </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adversely impact on the returns achieved by the Fund.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may hold securities that are in a first loss or subordinated position with respect to realized losses on the collateral of its </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuers. The leveraged nature of CLOs, in particular, magnifies the adverse impact of loan defaults. CLO investments represent a leveraged</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> investment with respect to the underlying loans. Therefore, changes in the market value of the CLO investments could be greater </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">than the change in the market value of the underlying loans, which are subject to credit, liquidity and interest rate risk.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund’s investments and the assets that collateralize them may prepay more quickly than expected and have an impact on the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value of the Fund. Prepayment rates are influenced by changes in interest rates and a variety of factors beyond the Fund’s control and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consequently cannot be accurately predicted. Early prepayments give rise to increased re-investment risk, as the Fund or a CLO collateral</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> manager might realize excess cash from prepayments earlier than expected. If the Fund or a CLO collateral manager is unable to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reinvest such cash in a new investment with an expected rate of return at least equal to that of the investment repaid, this may reduce </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">net income and the fair value of that asset.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund is expected to rely on CLO collateral managers to administer and review the portfolios of collateral they manage. The actions </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the CLO collateral managers may significantly affect the return on investments. The ability of each CLO collateral manager to identify</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> and report on issues affecting its securitization portfolio on a timely basis could also affect the return on investments, as the Fund </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may not be provided with information on a timely basis in order to take appropriate measures to manage its risks. The Fund is also </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expected to rely on CLO collateral managers to act in the best interests of a CLO it manages. If any CLO collateral manager were to act </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in a manner that was not in the best interest of the CLOs (e.g., gross negligence, with reckless disregard or in bad faith), this could </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adversely impact the overall performance of investments.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There could in the future be circumstances when uncertainty exists with respect to the roles of certain parties in respect of the issuers </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the securities in which the Fund invests. Various issues may arise for which there may not be a clear answer in the transaction </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">documents of such issuers, such as, for example only, whether the trustee is obligated to actively search for breaches of representations</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> and warranties, whether holders of the issuer’s securities should be allowed access to all deal documents and whether principal </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">forgiveness should be treated as a realized loss. The manner in which these open issues are resolved, specifically those which impact </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the receipt and allocation of underlying cash flows and losses, could adversely impact the Fund’s current and future investments in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuers.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The failure of servicers to effectively service the loans underlying certain of the investments held by the Fund could materially and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adversely affect the Fund. Most securitizations of loans require a servicer to manage collections on each of the underlying loans. Both </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">default frequency and default severity of loans may depend upon the quality of the servicer. If servicers are not vigilant in encouraging </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">borrowers to make their monthly payments, the borrowers may be far less likely to make these payments, which could result in a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">higher frequency of default. If servicers take longer to liquidate non-performing assets, loss severities may tend to be higher than </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">originally anticipated. The failure of servicers to effectively service the receivables underlying certain assets in the Fund’s investments </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could negatively impact the value of its investments and its performance. Servicer quality is of prime importance in the default performance</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> of certain personal loans. Servicers may go out of business which would require a transfer of servicing to another servicer. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Such transfers take time and loans may become delinquent because of confusion or lack of attention. Servicers may be required to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">advance interest on delinquent loans to the extent the servicer deems those advances recoverable. In the event the servicer does not </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">advance, interest may be interrupted even on more senior securities. Servicers may also advance more than is in fact recoverable </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">once a defaulted loan is disposed, and the loss to the Fund may be greater than the outstanding principal balance of that loan (greater </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">than 100% loss severity). For securitizations with corporate loans, the collateral manager’s role in reinvestment of principal amortization</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> in performing credits and with respect to loans that default, as well as its ability to actively manage the portfolio through trading, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will have a significant impact on the value of the underlying collateral and the performance of its securitization. If the collateral manager</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> reinvests proceeds into loans which then default, does not sell loans before such loans default close to the original purchase </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">price or does not effectively contribute to a restructuring process to maximize value of the loan the securitization owns, the collateral </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">manager could materially and adversely impact the Fund’s investments.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund’s investment strategy with respect to certain investments (or types of investments) may be based, in part, upon the premise </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that interests in issuers and/or an issuer’s underlying collateral that are otherwise performing may from time to time be available for </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">participation by the Fund at “discounted” rates or at “undervalued” prices. Purchasing debt instruments and/or other interests at what </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may appear to be “undervalued” or “discounted” levels is no guarantee that these investments will generate attractive risk-adjusted </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">returns to the Fund or will not be subject to further reductions in value. For reasons not necessarily attributable to any of the risks set </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">forth herein (for example, supply/demand imbalances or other market forces), the prices of the debt instruments and other securities </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in which the Fund invests may decline substantially. In particular, purchasing debt instruments or other assets at what may appear to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be “undervalued” or “discounted” levels is no guarantee that these assets will not be trading at even lower levels at a time of valuation </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or at the time of sale. It may not be possible to predict such “spread widening” risk. Additionally, the perceived discount in pricing </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from previous environments described herein may still not reflect the true value of the collateral assets underlying debt instruments in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which the Fund invests.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The fair value of investments may be significantly affected by changes in interest rates. Investments in senior-secured loans through </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CLOs are sensitive to interest rate levels and volatility. Although CLOs are generally structured to mitigate the risk of interest rate mismatch,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> there may be some difference between the timing of interest rate resets on the assets and liabilities of a CLO. Such a mismatch </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in timing could have a negative effect on the amount of funds distributed to CLO investors, including the Fund. In addition, CLOs may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not be able to enter into hedge agreements, even if it may otherwise be in the best interests of the CLO to hedge such interest rate </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk. Furthermore, in the event of a significant rising interest rate environment and/or economic downturn, loan defaults may increase </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and result in credit losses that may adversely affect the Fund’s cash flow, fair value of its assets and operating results.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The senior-secured loans underlying CLOs typically have floating interest rates. A rising interest rate environment may increase loan </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">defaults, resulting in losses for the CLOs and the Fund. Further, a general rise in interest rates will increase the financing costs of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CLOs. However, since many of the senior secured loans within these CLOs have floors based on the Secured Overnight Financing Rate </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(“SOFR”) or another reference rate, there may not be corresponding increases in investment income constraining distributions to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investors in these CLOs. CLOs typically obtain financing at a floating rate based on SOFR or another reference rate.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CLOs are typically actively managed by an investment manager, and as a result the interests therein are traded, subject to credit rating </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">agency and other constraints, by such investment manager. The aggregate return on the CLO equity securities will depend in part </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">upon the ability of each investment manager to actively manage the issuer’s portfolio of assets. Additionally, CLOs may be negatively </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impacted by rating agency actions, and if the securities issued by, or the portfolio securities of, a CLO are downgraded, the Fund’s </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment may decline in value. It is possible that an affiliate of the Fund may participate (in certain instances) in the review and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">approval of the initial collateral selection of the Fund’s issuers as well as any collateral additions to the portfolio. In times of market </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">stress, valuation of CLO securities may reflect wide bid-ask spreads from numerous valuation sources and be subject to good faith </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">valuations. However, the exercise of control over an issuer could expose the assets of the Fund to claims by such issuer, its investors </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and its creditors. While the Sub-Adviser </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">manages</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> the Fund in a manner that will minimize the exposure of these risks, the possibility </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of successful claims cannot be precluded.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Between the closing date and the effective date of a CLO, the CLO collateral manager will generally expect to purchase additional collateral</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> obligations for the CLO. During this period, the price and availability of these collateral obligations may be adversely affected by </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a number of market factors, including price volatility and availability of investments suitable for the CLO, which could hamper the ability</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> of the collateral manager to acquire a portfolio of collateral obligations that will satisfy specified concentration limitations and allow </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the CLO to reach the target initial par amount of collateral prior to the effective date. An inability or delay in reaching the target initial </div></div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">par amount of collateral may adversely affect the timing and amount of interest or principal payments received by the holders of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">CLO debt securities and distributions on the CLO equity securities and could result in early redemptions which may cause CLO debt </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and equity investors, including the Fund, to receive less than face value of <div style="display:inline;">their </div>investment.</div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Risks Related to Investing in Data Centers.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may invest in data centers. Such investments are subject to operating risks </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">common to the data center industry, which include changes in tenant demands or preferences, a decline in the technology industry, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such as a decrease in the use of mobile or web-based commerce, industry slowdowns, business layoffs or downsizing, relocation of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">businesses, increased costs of complying with existing or new government regulations and other factors; a downturn in the market </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for data center space generally such as oversupply of or reduced demand for space; increased competition, including from tenants </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">choosing to develop their own data centers; and the rapid development of new technologies or the adoption of new industry standards</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> that render tenants’ current products and services or facilities obsolete or unmarketable. To the extent that any of these or other </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adverse conditions occur, they are likely to impact market rents for, and cash flows from, the Fund’s data center investments, which </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could have a material adverse effect on the Fund.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Royalties Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may invest in royalties, either directly purchasing the asset generating royalties or providing loans secured </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by royalties. Investments in royalties incorporate a number of general market risks along with risks specific to various underlying royalty</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> strategies, such as oil and gas, music/entertainment and healthcare, among others. Included in those risks are volatility in commodities,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> regulatory changes, delays in government approvals, patent defense and enforcement, product liabilities, product pricing </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and the dependence on third parties to market or distribute the product. The market performance of the target products, therefore, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be diminished by any number of factors that are beyond the Fund’s control.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Interest Rate Risk</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. General interest rate fluctuations and changes in credit spreads on floating rate loans may have a substantial </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">negative impact on the Fund’s investments and investment opportunities and, accordingly, may have a material adverse effect on the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s rate of return on invested capital, the Fund’s net investment income and the Fund’s NAV. Certain of the Fund’s debt investments </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will have variable interest rates that reset periodically based on benchmarks such as SOFR and the prime rate, so an increase in interest</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> rates may make it more difficult for issuers to service their obligations under the debt investments that the Fund will hold. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">While </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Federal Reserve raised interest rates throughout 2022 and 2023, as inflation pressures have eased in recent periods, the Federal </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Reserve has relaxed its monetary policies and cut the interest rates to support the broader economy.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> In </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2024 and 2025, the Federal </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Reserve announced several benchmark rate cuts. These developments, along with domestic and international debt and credit concerns,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> could cause interest rates to be volatile, which may negatively impact the Fund’s ability to access the debt markets on favorable </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">terms. A prolonged reduction in interest rates will reduce the Fund’s gross investment income and could result in a decrease in the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net investment income if such decreases in interest rates are not offset by a corresponding increase in the interest rates the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund earns on any portfolio investments, a decrease in the Fund’s operating expenses, or a decrease in the interest rate of the Fund’s </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">floating interest rate liabilities tied to SOFR or other interest rate benchmark. Interest rate changes may also affect the value of a debt </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instrument indirectly (especially in the case of fixed rate securities) and directly (especially in the case of instruments whose rates are </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adjustable). In </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition, to the extent the Fund borrows money to make investments, its returns will depend, in part, upon the difference</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> between the rate at which it borrows funds and the rate at which it invests those funds. As a result, there can be no assurance </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that a significant change in market interest rates will not have a material adverse effect on the Fund’s net investment income to the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extent it uses debt to finance its investments. In periods of rising interest rates, the Fund’s cost of funds would increase, which could </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reduce its net investment income. In general, rising interest rates will negatively impact the price of a fixed rate debt instrument and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">falling interest rates will have a positive effect on price. Adjustable-rate instruments also react to interest rate changes in a similar </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">manner, although generally to a lesser degree (depending, however, on the characteristics of the reset terms, including the index chosen,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> frequency of reset and reset caps or floors, among other factors). From time to time, the Fund may be exposed to medium- to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">long-term spread duration securities. Longer spread duration securities have a greater adverse price impact to increases in interest </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rates. Interest rate sensitivity is generally more pronounced and less predictable in instruments with uncertain payment or prepayment</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> schedules.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Changes in interest rates can also affect, among other things, the Fund’s ability to acquire and originate loans and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities and the value of the Fund’s investment portfolio. The Fund’s net investment income may be affected by fluctuations in various</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> interest rates, including the Euro Interbank Offered Rate, Bank Bill Swap Bid Rate, SOFR, the Sterling Overnight Index Average </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and the Bank Bill Benchmark Rate.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">If general interest rates rise, there is a risk that the portfolio companies in which the Fund holds floating rate securities will be unable </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to pay escalating interest amounts, which could result in a default under their loan documents. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The potential, however, for the value of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a floating rate loan or security to increase in response to interest rate declines is limited.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Rising interest rates could also cause portfolio</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> companies to shift cash from other productive uses to the payment of interest, which may have a material adverse effect on their </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">business and operations and could, over time, lead to increased defaults. In addition, rising interest rates may increase pressure on </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund to provide fixed rate loans to the Fund’s portfolio companies, which could adversely affect the Fund’s net investment income, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as increases in the cost of borrowed funds would not be accompanied by increased interest income from such fixed-rate investments.</div></div></div></div><div style="line-height:12.0pt;text-align:left"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Inflation Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Inflation risk is the risk that the value of certain assets or income from the Fund’s investments will be worth less in the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">future as inflation decreases the value of money. As inflation increases, the real value of investments and distributions can decline. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Therefore, the income generated by debt investments may not keep pace with inflation.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> In addition, during any periods of rising inflation,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> the dividend rates or borrowing costs associated with the Fund’s use of leverage would likely increase, which would tend to further</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> reduce returns to Shareholders.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Furthermore, actions by governments and central banking authorities can result in changes in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rates. Periods of higher inflation could cause such authorities to raise interest rates, and vice versa, which may adversely </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impact the Fund and its investments.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Real Assets Investments Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may invest a portion of its assets in securities and credit instruments associated with real </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets, including infrastructure and aviation, which have historically experienced substantial price volatility. The value of companies </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">engaged in these industries is affected by, among other things: (i) changes in general economic and market conditions; (ii) the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">destruction of real assets, catastrophic events (such as earthquakes, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">wildfires,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> floods, hurricanes, tornadoes, man-made disasters, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and terrorist acts) and other public crises and relief responses; (iii) changes in environmental, governmental and other regulations; </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(iv) risks related to local economic conditions, overbuilding and increased competition; (iv) increases in property taxes and operating </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expenses; (vi) changes in zoning laws; (vii) casualty and condemnation losses; (viii) surplus capacity and depletion concerns; (ix) the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">availability of financing; and (x) changes in interest rates and leverage. In addition, the availability of attractive financing and refinancing</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> typically plays a critical role in the success of these investments. As a result, such investments are subject to credit risk because </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">borrowers may be delinquent in payment or default. Borrower delinquency and default rates may be significantly higher than estimated.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Sub-Adviser’s assessment, or a rating agency’s assessment, of borrower credit quality may prove to be overly optimistic. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The value of securities in these industries may go through cycles of relative under-performance and over-performance in comparison </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to equity securities markets in general.</div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Real Estate Investments Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may invest a portion of its assets in securities and credit instruments of companies in the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">real estate industry, which has historically </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">been cyclical and particularly sensitive to economic downturns and other events that limit </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">demand for real estate, which would adversely impact the value of real estate investments</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. The value of companies engaged in the real </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">estate industry is affected by, among other things: (i) changes in general economic and market conditions</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">, including fluctuations in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">supply and demand</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">; (ii) changes in the value of real estate properties; (iii) risks related to local economic conditions, overbuilding and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increased competition; (iv) increases in property taxes and operating expenses; (v) changes in zoning laws; (vi) casualty and condemnation</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> losses; (vii) variations in rental income, neighborhood values or the appeal of property to tenants; (viii) the availability of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">financing; and (ix) changes in interest rates and leverage. In addition, the availability of attractive financing and refinancing typically </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">plays a critical role in the success of real estate investments. As a result, such investments are subject to credit risk because borrowers</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> may be delinquent in payment or default. Borrower delinquency and default rates may be significantly higher than estimated. The </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Sub-Adviser’s assessment, or a rating agency’s assessment, of borrower credit quality may prove to be overly optimistic. The value of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities in this industry may go through cycles of relative under-performance and over-performance in comparison to equity securities</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> markets in general.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund’s investments in mortgage loans secured by real estate will be subject to risks of delinquency, loss, taking title to collateral </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and bankruptcy of the borrower. The ability of a borrower to repay a loan secured by real estate is typically dependent primarily upon </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the successful operation of such property rather than upon the existence of independent income or assets of the borrower. If the net </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">operating income of the property is reduced or is not increased, depending on the borrower’s business plan, the borrower’s ability to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">repay the loan may be impaired. If a borrower defaults or declares bankruptcy and the underlying asset value is less than the loan </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">amount, the Fund will suffer a loss. In this manner, real estate values could impact the value of the Fund’s mortgage loan investments. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Therefore, the Fund’s investments in mortgage loans will be subject to the risks typically associated with real estate. The Fund may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invest in commercial real estate loans, which are secured by commercial property and are subject to risks of loss that may be greater </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">than similar risks associated with loans made on the security of single-family residential property.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Legislative, regulatory and enforcement actions seeking to prevent or restrict foreclosures or providing forbearance relief to borrowers</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> of residential mortgage loans may adversely affect the value of certain mortgage loan investments. Legislative or regulatory initiatives</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> by federal, state or local legislative bodies or administrative agencies, if enacted or adopted, could delay foreclosure or the exercise</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> of other remedies, provide new defenses to foreclosure, or otherwise impair the ability of the loan servicer to foreclose or realize </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on a defaulted mortgage loan. While the nature or extent of limitations on foreclosure or exercise of other remedies that may be </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">enacted cannot be predicted, any such governmental actions that interfere with the foreclosure process or are designed to protect </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">customers could increase the costs of such foreclosures or exercise of other remedies in respect of mortgage loans, delay the timing </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or reduce the amount of recoveries on defaulted mortgage loans held by the Fund, and consequently, could adversely impact the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">yields and distributions the Fund may receive in respect of its ownership of mortgage loans.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Software Industry Risk</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. The Fund may invest in companies in the software industry. The software industry can be significantly </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affected by intense competition, aggressive pricing, technological innovations, and product obsolescence. Companies in the software </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">industry are subject to significant competitive pressures, such as aggressive pricing, new market entrants, competition for market </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">share, short product cycles due to an accelerated rate of technological developments and the potential for limited earnings and/or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">falling profit margins. These companies also face the risks that new services, equipment or technologies will not be accepted by consumers</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> and businesses or will become rapidly obsolete. These factors can affect the profitability of these companies and, as a result, </div></div></div></div><div style="line-height:12.0pt;text-align:left"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the value of their securities. Also, patent protection is integral to the success of many companies in this industry, and profitability can </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be affected materially by, among other things, the cost of obtaining (or failing to obtain) patent approvals, the cost of litigating patent </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">infringement and the loss of patent protection for products (which significantly increases pricing pressures and can materially reduce </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">profitability with respect to such products). In addition, many software companies have limited operating histories. Prices of these </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies’ securities historically have been more volatile than other securities, especially over the short term.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Preferred Stock.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Preferred stock generally has a preference as to dividends and upon the event of liquidation over an issuer’s common</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> stock, but it ranks junior to debt securities in an issuer’s capital structure. Preferred stock generally pays dividends in cash (or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">additional shares of preferred stock) at a defined rate, but unlike interest payments on debt securities, preferred stock dividends are </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payable only if declared by the issuer’s board of directors. Dividends on preferred stock may be cumulative, meaning that, in the event </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the issuer fails to make one or more dividend payments on the preferred stock, no dividends may be paid on the issuer’s common </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">stock until all unpaid preferred stock dividends have been paid. Preferred stock may also be subject to optional or mandatory redemption</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> provisions.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Convertible Securities.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Convertible securities (including contingent convertible securities) are bonds, debentures, notes, preferred </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">stocks or other securities that may be converted into or exchanged for a specified amount of common stock of the same or a different </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuer within a particular period of time at a specified price or formula. A convertible security generally entitles its holder to receive </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest or a dividend until the convertible security matures or is redeemed or converted. Convertible securities generally: (i) have </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">higher yields than the dividends on the underlying common stocks, but lower yields than non-convertible securities of a comparable </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">duration; (ii) are less volatile in price than the underlying common stock due to their fixed-income characteristics; (iii) have a significant</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> option component to their value which is directly impacted by the prevailing market volatility and interest rates; and (iv) provide </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the potential for capital appreciation if the market price of the underlying common stock increases.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The value of a convertible security is a function of its “investment value” (determined by its yield in comparison with the yields of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other securities of comparable maturity and quality that do not have a conversion feature) and its “conversion value” (the security’s </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">worth, at market value, if converted into the underlying common stock). The investment value of a convertible security is influenced </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by changes in interest rates (with investment value declining as interest rates increase) as well as market volatility (with the conversion</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> value increasing as market volatility increases). The credit standing of the issuer and other factors may also have an effect on </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment value. The conversion value of a convertible security is determined by the market price of the underlying common stock. If </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the conversion value is low relative to the investment value, the price of the convertible security is governed principally by its investment</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> value. To the extent that the market price of the underlying common stock approaches or exceeds the conversion price, the price </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the convertible security will be increasingly influenced by its conversion value. A convertible security generally will sell at a premium</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> over its conversion value by the extent to which investors place value on the right to acquire the underlying common stock </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">while holding a fixed-income security. Generally, the amount of the premium decreases (as with an option) as the convertible security </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">approaches maturity.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">A convertible security may be subject to redemption at the option of the issuer. If a convertible security held by the Fund is called for </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">redemption, the Fund will be required either to permit the issuer to redeem the security or convert it into the underlying common </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">stock. Either of these actions could have an adverse effect on the value of the Fund’s position.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Additionally, certain types of convertible </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities may decline in value or lose their value entirely in the event that the issuer’s financial condition becomes significantly </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impaired.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may also invest in contingent convertible securities. Contingent convertible securities are a form of hybrid debt security that </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are intended to either convert into equity or have their principal written down upon the occurrence of certain “triggers.” In certain circumstances,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> the principal of contingent convertible securities may be written down to zero even when the underlying equity may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">retain value. The value of contingent convertible securities is unpredictable and will be influenced by many factors including, without </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limitation: (i) the creditworthiness of the issuer and/or fluctuations in such issuer’s applicable capital ratios; (ii) supply and demand </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for the contingent convertible securities; (iii) general market conditions and available liquidity; and (iv) economic, financial and political</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> events that affect the issuer, its particular market or the financial markets in general. Investments in contingent convertible securities</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> may be considered speculative.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Limited Amortization Requirements.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may invest in loans that have limited mandatory amortization requirements. While </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">these loans may obligate an issuer to repay the loan out of asset sale proceeds, with annual excess cash flow or by refinancing upon </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">maturity, repayment requirements may be subject to substantial limitations that would allow an issuer to retain such asset sale proceeds</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> or cash flow, thereby extending the expected weighted average life of the investment. In addition, a low level of amortization of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any debt over the life of the investment may increase the risk that an issuer will not be able to repay or refinance the loans held by the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund when it matures.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Securities on a When-Issued or Forward Commitment Basis.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may purchase securities on a “when-issued” basis and may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchase or sell securities on a “forward commitment” basis to acquire the security or to hedge against anticipated changes in interest</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> rates and prices. When such transactions are negotiated, the price is fixed at the time the commitment is made, but delivery and </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payment for the securities take place at a later date. When-issued securities and forward commitments may be sold prior to the settlement</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> date, but the Fund will enter into when-issued and forward commitments only with the intention of actually receiving or delivering</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> the securities, as the case may be. If the Fund disposes of the right to acquire a when-issued security prior to its acquisition or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">disposes of its right to deliver or receive against a forward commitment, it might incur a gain or loss. There is always a risk that the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities may not be delivered and that the Fund may incur a loss. Settlements in the ordinary course, which may take substantially </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">more than five business days, are not treated by the Fund as when-issued or forward commitment transactions. The settlements of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">secondary market purchases of senior loans in the ordinary course, on a settlement date beyond the period expected by loan market </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">participants are subject to delayed compensation. Furthermore, the purchase of a senior loan in the secondary market is typically </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">negotiated and finalized pursuant to a binding trade confirmation, and therefore, the risk of non-delivery of the security to the Fund is </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reduced or eliminated when compared with such risk when investing in when-issued or forward commitment securities.</div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Equity Investments.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> When the Fund invests in senior secured loans or mezzanine loans, it may acquire equity securities as well. In </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition, the Fund may invest directly in the equity securities of issuers. The Fund’s goal is ultimately to dispose of such equity interests</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> and realize gains upon its disposition of such interests. However, the equity interests received may not appreciate in value and, in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fact, may decline in value. Accordingly, the Fund may not be able to realize gains from its equity interests, and any gains that it does </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">realize on the disposition of any equity interests may not be sufficient to offset any other losses experienced.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The value of the Fund’s portfolio may be affected by changes in the equity markets generally. Equity markets may experience significant</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> short-term volatility and may fall sharply at times. Different markets may behave differently from each other and U.S. equity markets</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> may move in the opposite direction from one or more foreign stock markets. Adverse events in any part of the equity or fixed-income</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> markets may have unexpected negative effects on other market segments. The prices of individual equity securities generally </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">do not all move in the same direction at the same time and a variety of factors can affect the price of a particular company’s securities. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">These factors may include, but are not limited to, poor earnings reports, a loss of customers, litigation against the company, general </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unfavorable performance of the company’s sector or industry, or changes in government regulations affecting the company or its </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">industry.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investments in Publicly Traded Companies.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund’s investment portfolio may contain securities or instruments issued by </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">publicly-held companies. Such investments may subject the Fund to risks that differ in type or degree from those involved with investments</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> in privately-held companies. Such risks include, without limitation, greater volatility in the valuation of such companies, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increased obligations to disclose information regarding such companies, limitations on the ability of the Fund to dispose of such </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities or instruments at certain times, increased likelihood of Shareholder litigation against such companies’ board members </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(which may include personnel of the Adviser or Sub-Adviser) and increased costs associated with each of the aforementioned risks.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, in respect of the Fund’s publicly traded debt investments, the Fund will not obtain financial covenants or other contractual </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rights, including management rights, that it might otherwise be able to obtain in making privately-negotiated investments. Moreover, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund may not have the same access to information in connection with investments in public securities, either when investigating a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">potential investment or after making an investment, as compared to privately-negotiated investments. Furthermore, the Fund may be </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limited in its ability to make investments, and to sell existing investments, in public securities because the Adviser or Sub-Adviser </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be deemed to have material, nonpublic information regarding the issuers of those securities or as a result of other internal policies.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Prepayment Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Prepayment risk relates to the early repayment of principal on a loan or debt security. Loans are generally callable </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">at any time, and certain loans may be callable at any time at no premium to par. The Sub-Adviser is generally unable to predict the rate </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and frequency of such repayments. Whether a loan is called will depend both on the continued positive performance of the issuer and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the existence of favorable financing market conditions that allow such issuer the ability to replace existing financing with less expensive</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> capital. As market conditions change frequently, the Sub-Adviser will often be unable to predict when, and if, this may be possible </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for each of the Fund’s issuers. Having the loan or other debt instrument called early may have the effect of reducing the Fund’s actual </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment income below its expected investment income if the capital returned cannot be invested in transactions with equal or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">greater yields.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investments in Highly Leveraged Issuers.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund’s investments are expected to include investments in issuers whose capital </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">structures have significant leverage (including substantial leverage senior to the Fund’s investments), a considerable portion of which </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be at floating interest rates. The leveraged capital structure of such issuers will increase their exposure to adverse economic factors</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> such as rising interest rates, downturns in the economy or further deteriorations in the financial condition of the issuer or its </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">industry. This leverage may result in more serious adverse consequences to such companies (including their overall profitability or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">solvency) in the event these factors or events occur than would be the case for less leveraged issuers. In using leverage, these issuers </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be subject to terms and conditions that include restrictive financial and operating covenants, which may impair their ability to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">finance or otherwise pursue their future operations or otherwise satisfy additional capital needs. Moreover, rising interest rates may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">significantly increase the issuers or project’s interest expense, or a significant industry downturn may affect a company’s ability to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generate positive cash flow, in either case causing an inability to service outstanding debt. The Fund’s investments may be among the </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">most junior financing in an issuer’s capital structure. In the event such issuer cannot generate adequate cash flow to meet debt obligations,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> the company may default on its loan agreements or be forced into bankruptcy resulting in a restructuring or liquidation of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">company, and the Fund, particularly in light of the subordinated and/or unsecured position of the Fund’s investments, may suffer a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">partial or total loss of capital invested in the company, which could adversely affect the return of the Fund.</div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investments in Restructurings.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may invest in restructurings that involve, or otherwise invest in the debt securities of, companies</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> that are experiencing or are expected to experience severe financial difficulties. These severe financial difficulties may never be </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">overcome and may cause such companies to become subject to bankruptcy proceedings. The return on investment sought or targeted</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> by the Fund in any investment in a restructuring may depend upon the restructuring progressing in a particular manner or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">resulting in a particular outcome (including regarding the conversion or repayment of the Fund’s investments). There can be no assurance</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> that any such outcome, development or result will occur or be successful and, as a result, the premise underlying the Fund’s </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment may never come to fruition and the Fund’s returns may be adversely affected. Investments in restructurings could, in certain</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> circumstances, subject the Fund to certain additional potential liabilities that may exceed the value of the Fund’s original investment</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> therein. For instance, under certain circumstances, payments to the Fund and distributions to Shareholders may be reclaimed if </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any such payment or distribution is later determined to have been a fraudulent conveyance, preferential payment or similar transaction</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> under applicable bankruptcy and insolvency laws. Furthermore, investments in restructurings may be adversely affected by statutes</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> relating to, among other things, fraudulent conveyances, voidable preferences, lender liability and the court’s discretionary power </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to disallow, subordinate or disenfranchise particular claims or characterize investments made in the form of debt as equity contributions.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> For certain restructurings, the Fund may utilize blocker corporations, which may incur federal and state income taxes. In </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">restructurings, whether constituting liquidation (both in and out of bankruptcy) and other forms of corporate reorganization, there </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exists the risk that the restructuring either will be unsuccessful (due to, for example, failure to obtain requisite approvals), will be </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">delayed (for example, until various liabilities, actual or contingent, have been satisfied) or will result in a distribution of cash or a new </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security or instrument the value of which will be less than the purchase price to the Fund of the security in respect to which such distribution</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> was made. The Fund may not be “hedged” against market fluctuations, or, in liquidation situations, may not accurately value </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the assets of the company being liquidated. This can result in losses, even if the proposed restructuring is consummated. Under certain</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> circumstances, a lender that has inappropriately exercised control of the management and policies of a debtor may have its </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">claims subordinated or disallowed, or may be found liable for damages suffered by parties as a result of such actions.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">When a company seeks relief under the U.S. Bankruptcy Code (or has a petition filed against it), an automatic stay prevents all entities,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> including creditors, from foreclosing or taking other actions to enforce claims, perfect liens or reach collateral securing such </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">claims. Creditors who have claims against the company prior to the date of the bankruptcy filing must petition the court to permit </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">them to take any action to protect or enforce their claims or their rights in any collateral. Such creditors may be prohibited from doing </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">so if the court concludes that the value of the property in which the creditor has an interest will be “adequately protected” during the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">proceedings. If the Bankruptcy Court’s assessment of adequate protection is inaccurate, a creditor’s collateral may be wasted without </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the creditor being afforded the opportunity to preserve it. Thus, even if the Fund holds a secured claim, it may be prevented from collecting</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> the liquidation value of the collateral securing its debt, unless relief from the automatic stay is granted by the Bankruptcy </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Court. Bankruptcy proceedings are inherently litigious, time consuming, highly complex and driven extensively by facts and circumstances,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> which can result in challenges in predicting outcomes. The equitable power of bankruptcy judges also can result in uncertainty</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> as to the ultimate resolution of claims.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Security interests held by creditors are closely scrutinized and frequently challenged in bankruptcy proceedings and may be invalidated</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> for a variety of reasons. For example, security interests may be set aside because, as a technical matter, they have not been perfected</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> properly under the Uniform Commercial Code or other applicable law. If a security interest is invalidated, the secured creditor </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loses the value of the collateral and because loss of the secured status causes the claim to be treated as an unsecured claim, the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">holder of such claim will almost certainly experience a significant loss of its investment. There can be no assurance that the security </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interests securing the Fund’s claims will not be challenged vigorously and found defective in some respect, or that the Fund will be </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">able to prevail against any such challenge.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Moreover, debt may be disallowed or subordinated to the claims of other creditors if the creditor is found guilty of certain inequitable </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conduct resulting in harm to other parties with respect to the affairs of a company filing for protection from creditors under the U.S. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Bankruptcy Code. Creditors’ claims may be treated as equity if they are deemed to be contributions to capital, or if a creditor attempts </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to control the outcome of the business affairs of a company prior to its filing under the U.S. Bankruptcy Code. Serving on an official </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or unofficial creditors’ committee, for example, increases the possibility that the Fund will be deemed an “insider” or a “fiduciary” of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an issuer it has so assisted and may increase the possibility that the Bankruptcy Court would invoke the doctrine of “equitable subordination”</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> with respect to any claim or equity interest held by the Fund in such issuer and subordinate any such claim or equity interest </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in whole or in part to other claims or equity interests in such issuer. Claims of equitable subordination may also arise outside of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">context of the Fund’s committee activities. If a creditor is found to have interfered with a company’s affairs to the detriment of other </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">creditors or shareholders, the creditor may be held liable for damages to injured parties. While the Fund will attempt to avoid taking </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the types of action that would lead to equitable subordination or creditor liability, there can be no assurance that such claims will not </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be asserted or that the Fund will be able to successfully defend against them. In addition, if representation of a creditors’ committee of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an issuer causes the Fund, the Adviser, or the Sub-Adviser to be deemed an affiliate of such issuer, the securities of such issuer held </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by the Fund may become restricted securities, which are not freely tradable.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">While the challenges to liens and debt described above normally occur in a bankruptcy proceeding, the conditions or conduct that </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">would lead to an attack in a bankruptcy proceeding could in certain circumstances result in actions brought by other creditors of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">debtor, shareholders of the debtor or even the debtor itself in other state or U.S. federal proceedings, including pursuant to state </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fraudulent transfer laws. As is the case in a bankruptcy proceeding, there can be no assurance that such claims will not be asserted or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that the Fund will be able to defend against them successfully. To the extent the Fund assumes an active role in any legal proceeding </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">involving the debtor, the Fund may be prevented from disposing of securities or instruments issued by the debtor due to the Fund, the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Adviser, or the Sub-Adviser’s possession of material, non-public information concerning the debtor.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">From time to time, the Fund may invest in or extend loans to companies that have filed for protection under Chapter 11 of the U.S. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Bankruptcy Code. These debtor-in-possession or “DIP” loans are most often revolving working-capital facilities put into place at the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">outset of a Chapter 11 case to provide the debtor with both immediate cash and the ongoing working capital that will be required during</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> the reorganization process. While such loans are generally less risky than many other types of loans as a result of their seniority in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the debtor’s capital structure and because their terms have been approved by a federal bankruptcy court order, it is possible that the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">debtor’s reorganization efforts may fail and the proceeds of the ensuing liquidation of the DIP lender’s collateral might be insufficient </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to repay in full the DIP loan.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, issuers located in non-U.S. jurisdictions may be involved in restructurings, bankruptcy proceedings and/or reorganizations</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> that are not subject to laws and regulations that are similar to the U.S. Bankruptcy Code and the rights of creditors afforded in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. jurisdictions. To the extent such non-U.S. laws and regulations do not provide the Fund with equivalent rights and privileges necessary</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> to promote and protect its interest in any such proceeding, the Fund’s investments in any such issuer may be adversely </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affected. For example, bankruptcy law and process in a non-U.S. jurisdiction may differ substantially from that in the United States, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">resulting in greater uncertainty as to the rights of creditors, the enforceability of such rights, reorganization timing and the classification,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> seniority and treatment of claims. In certain developing countries, although bankruptcy laws have been enacted, the process for </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reorganization remains highly uncertain.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Securities of Other Investment Companies Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Under Section 12(d)(1) of the 1940 Act, subject to the Fund’s own more restrictive </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limitations, if any, the Fund’s investment in securities issued by other investment companies (including business development companies</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> (“BDC”)), subject to certain exceptions, currently is limited to: (1) 3% of the total voting stock of any one investment company; </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(2) 5% of the Fund’s total assets with respect to any one investment company; and (3) 10% of the Fund’s total assets in the aggregate </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(such limits do not apply to investments in money market funds). Exemptions in the 1940 Act or the rules thereunder may allow the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund to invest in another investment company in excess of these limits. In particular, Rule 12d1-4 under the 1940 Act allows the Fund </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to acquire the securities of another investment company, excess of the limitations imposed by Section 12 of the 1940 Act, subject to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">certain limitations and conditions on the Fund and the Adviser, including limits on control and voting of acquired funds’ shares, evaluations</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> and findings by the Investment Manager and limits on most three-tier fund structures. Investments by the Fund in private funds </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that are excluded from the definition of “investment company” pursuant to Sections 3(c)(1) or 3(c)(7) of the 1940 Act generally are </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">not subject to the Section 12(d)(1) limits described above.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Rule 12d1-4 is also designed to limit the use of complex fund structures. Under Rule 12d1-4, an acquired fund is prohibited from </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purchasing or otherwise acquiring the securities of another investment company or private fund if, immediately after the purchase, the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities of investment companies and private funds owned by the acquired fund have an aggregate value in excess of 10% of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">value of the acquired fund’s total assets, subject to certain limited exceptions. Accordingly, to the extent the Fund’s shares are sold to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other investment companies in reliance on Rule 12d1-4, the Fund will be limited in the amount it could invest in other investment </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies and private funds.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">When investing in the securities of other investment companies, the Fund will be indirectly exposed to all the risks of such investment </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies’ portfolio securities. In addition, as a shareholder in an investment company, the Fund would indirectly bear its pro rata </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">share of that investment company’s advisory fees, incentive fees and other operating expenses. Fees and expenses incurred indirectly </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by the Fund as a result of its investment in shares of one or more other investment companies generally are referred to as “acquired </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fund fees and expenses” and are reflected as a separate line item in the Fund’s prospectus fee table. See </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">“Summary of Fees and </div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Expenses.”</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> For certain investment companies, such as BDCs, these expenses may be significant. In addition, the shares of closed-end</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> management investment companies may involve the payment of substantial premiums above, while the sale of such securities </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be made at substantial discounts from, the value of such issuer’s portfolio securities. Historically, shares of closed-end funds, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including BDCs, have frequently traded at a discount to their NAV, which discounts have, on occasion, been substantial and lasted for </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sustained periods of time.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Certain money market funds that operate in accordance with Rule 2a-7 under the 1940 Act float their NAV while others seek to reserve </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the value of investments at a stable NAV (typically $1.00 per share). An investment in a money market fund, even an investment in a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fund seeking to maintain a stable NAV per share, is not guaranteed, and it is possible for the Fund to lose money by investing in these </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and other types of money market funds. Certain money market funds are subject to mandatory liquidity fees if daily net redemptions </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exceed 5% of their net assets and may also impose a discretionary liquidity fee of up to 2% on redemptions if that fee is determined </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to be in the best interests of the money market fund. Such fees, if imposed, will reduce the amount the Fund receives on redemptions.</div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">ETF Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The risks of investment in an ETF typically reflect the risks of the types of instruments in which the ETF invests. If the Fund </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invests in ETFs, Shareholders will bear indirectly their proportionate share of the ETF’s fees and expenses, as well as their share of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s fees and expenses. As a result, an investment by the Fund in an ETF could cause the Fund’s total operating expenses (taking </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">into account indirect expenses such as the fees and expenses of the ETF) to be higher and, in turn, performance to be lower than if </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund were to invest directly in the instruments underlying the ETF. The trading in an ETF may be halted if the trading in one or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">more of the ETF’s underlying securities is halted. In addition, ETFs are susceptible to market trading risks, such as the risks of discounts</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> to net asset value, high spreads and trading disruptions.</div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Non-Performing Investments.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund’s portfolio may include investments whose underlying collateral are “non-performing” and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that are typically highly leveraged, with significant burdens on cash flow and, therefore, involve a high degree of financial risk. During </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an economic downturn or recession, securities of financially troubled or operationally troubled issuers are more likely to go into </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">default than securities or instruments of other issuers. Securities or instruments of financially troubled issuers and operationally </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">troubled issuers are less liquid and more volatile than securities or instruments of companies not experiencing financial difficulties. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investment, directly or indirectly in financially and/or operationally troubled issuers involves a high degree of credit and market risk. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">These difficulties may never be overcome and may cause borrowers to become subject to bankruptcy or other similar administrative </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">proceedings. There is a possibility that the Fund may incur substantial or total losses on its investments and in certain circumstances, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund may be subject to certain additional potential liabilities that may exceed the value of the Fund’s original investment therein.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Risks of Certain Non-U.S. Investments.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund expects to invest a portion of its assets outside of the United States. Non-U.S. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities or instruments involve certain factors not typically associated with investing in U.S. securities or instruments, including </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risks relating to (i) currency exchange matters, including fluctuations in the rate of exchange between the U.S. dollar and the various </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. currencies in which the Fund’s non-U.S. investments are denominated, and costs associated with conversion of investment </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">principal and income from one currency into another; (ii) differences in conventions relating to documentation, settlement, corporate </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">actions, stakeholder rights and other matters; (iii) differences between the U.S. and non-U.S. securities markets, including higher </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rates of inflations, higher transaction costs and potential price volatility in, and relative illiquidity of, some non-U.S. securities markets;</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> (iv) the absence of uniform accounting, auditing</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">corporate governance, recordkeeping </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and financial reporting standards, practices</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> and disclosure requirements and less governmental supervision and regulation in some countries; (v) certain economic, social </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and political risks, including potential exchange control regulations and restrictions on non-U.S. investment and repatriation of capital, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the risks of political, economic or social instability </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(including</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for example, regional and global conflict),</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> including the risk of sovereign</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> defaults, and the possibility of expropriation or confiscatory taxation and adverse economic and political development; (vi) the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">possible imposition of non-U.S. taxes on income and gains recognized with respect to such securities or instruments; (vii) differing, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and potentially less well developed or well-tested laws regarding creditor’s rights (including the rights of secured parties), corporate </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">governance, fiduciary duties and the protection of investors; (viii) difficulty in enforcing contractual obligations; (ix) differences in the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">legal and regulatory environment or enhanced legal and regulatory compliance risk; (x) reliance on a more limited number of commodity</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> inputs, service providers and/or distribution mechanisms; (xi) political hostility to investments by foreign or private investment</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> fund investors; and (xii) less publicly available information.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, the Fund’s investments in the debt of issuers located in certain non-U.S. jurisdictions may be adversely affected as a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">result of the ownership or control of an equity stake in such issuers by the Adviser, the Sub-Adviser and/or their respective affiliates. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">For example, in certain circumstances, the Fund could be subject to German “equity substitution rules” (similar to equitable subordination</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> in the United States) if an issuer in which the Fund holds a debt investment and in which the Adviser, the Sub-Adviser and/or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">their respective affiliates hold an equity investment was to become insolvent. In such case, among other things, (i) the Fund may not </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be able to enforce its rights with respect to collateral, if any, (ii) the debt held by the Fund may be subordinated and (iii) the receiver </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be entitled to reclaim amounts paid to the Fund within one year of the filing for commencement of insolvency proceedings or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">thereafter. The laws of other non-U.S. jurisdictions in which the Fund may seek to invest may have rules similar to Germany’s “equity </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">substitution rules” discussed above, and the consequences to the Fund with respect to such rules may be more or less severe. Moreover,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> additional laws and regulations in non-U.S. jurisdictions in which the Fund may invest may affect the Fund’s investments in such </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">jurisdictions in a manner that differs adversely from the results that would occur under U.S. laws and regulations applied to similar </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">facts.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Additionally, the Fund may be less influential than other market participants in jurisdictions where it or the Sub-Adviser do not have a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">significant presence. The Fund may be subject to additional risks, which include possible adverse political and economic development </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(such as government expropriation</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">excessive taxation or economic sanctions),</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> possible seizure or nationalization of non-U.S. deposits</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> and possible adoption of governmental restrictions which might adversely affect the payment of principal and interest to investors </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">located outside the country of the issuer, whether from currency blockage or otherwise. Furthermore, some of the securities may be </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to brokerage taxes levied by governments, which has the effect of increasing the cost of such investment and reducing the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">realized gain or increasing the realized loss on such securities at the time of sale. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There can also be difficulty obtaining and enforcing </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">judgments against issuers in non-U.S. jurisdictions.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> While the Sub-Adviser intends, where deemed appropriate, to seek to manage the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund in a manner that will minimize exposure to the foregoing risks and will take these factors into consideration in making investment</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> decisions for the Fund, there can be no assurance that adverse developments with respect to such risks will not adversely affect </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the assets of the Fund that are held in certain countries.</div></div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Foreign Currency Risks.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> A significant portion of the Fund’s investments (and the income and gains received by the Fund in respect of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such investments) may be denominated in currencies other than the U.S. dollar. However, the books of the Fund will be maintained, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and contributions to and distributions from the Fund will generally be made, in U.S. dollars. Accordingly, changes in foreign currency </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exchange rates and exchange controls may materially adversely affect the value of the investments and the other assets of the Fund. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">For example, any significant depreciation in the exchange rate of the Euro, or any other currency in which the Fund makes investments,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> against the U.S. dollar, could adversely affect the value of dividends or proceeds on investments denominated in the Euro or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such other currencies. In addition, the Fund will incur costs, which may be significant, in connection with the conversion of various </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">currencies.</div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Currency Hedging Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Sub-Adviser expects to seek to hedge all or a portion of the Fund’s foreign currency risk. For example, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund may enter into foreign currency forward contracts to reduce the Fund’s exposure to foreign currency exchange rate fluctuations</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> in the value of foreign currencies. In a foreign currency forward contract, the Fund agrees to receive or deliver a fixed quantity of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">one currency for another, at a pre-determined price at a future date. Forward foreign currency contracts are marked-to-market at the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">applicable forward rate. There is no guarantee that it will be practical to hedge currency risks or that any efforts to do so will be successful.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The use of foreign currency forward contracts is a highly specialized activity that involves investment techniques and risks </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">different from those associated with investments in more traditional securities and instruments, and there is no guarantee that the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s use of foreign currency forward contracts will achieve their intended result. If the Sub-Adviser is incorrect in its expectation of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the timing or level of fluctuation in securities prices, currency prices or other variables, the use of foreign currency forward contracts </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could result in losses to the Fund, which in some cases may be significant. A lack of correlation between changes in the value of foreign</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> currency forward contracts and the value of the portfolio assets (if any) being hedged could also result in losses to the Fund.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Use of Leverage: Risk of Borrowing by the Fund.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">employs</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> leverage through a variety of instruments and/or facilities. The </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s willingness to use leverage, and the extent to which leverage is used at any time, will depend on many factors, including the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Sub-Adviser’s assessment of the yield curve environment, interest rate trends, market conditions and other factors. The Fund may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">incur permanent, Fund-level leverage including through, but not limited to, asset-backed facilities, revolvers, bonds, privately placed </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">notes, subscription facilities, short-sales or other instruments. Borrowings by the Fund will further diminish returns (or increase </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">losses on capital) to the extent overall returns are less than the Fund’s cost of funds. Such debt exposes the Fund to refinancing, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">recourse and other risks. As a general matter, the presence of leverage can accelerate losses.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Subject to prevailing market conditions, the Fund may add financial leverage if, immediately after such borrowing, it would have asset </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">coverage (as defined in the 1940 Act) of 300% or more on any senior security represented by indebtedness and 200% or more on </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">preferred stock and debt, collectively. For example, if the Fund has $100 in net assets, it may utilize leverage through obtaining debt of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">up to $50, resulting in $150 in total assets (or 300% asset coverage). The Fund may seek to obtain leverage through preferred stock. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may use leverage opportunistically and may choose to increase or decrease its leverage, or use different types or combinations</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> of leveraging instruments, at any time based on the Fund’s assessment of market conditions and the investment environment. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">employs</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> leverage representing approximately 20-33% of the Fund’s net assets.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Advisers expect that the Fund’s borrowings may ultimately be secured with a security interest in investments. In times of adverse </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market conditions, the Fund may be required to post additional collateral that could affect the Fund’s liquidity. Incurrence of indebtedness</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> at the Fund level (or entity through which it invests) may have consequences to the Fund and Shareholders, including, but not </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limited to: (i) greater fluctuations in the NAV of the Fund’s assets; (ii) use of cash flow for debt service, Distributions, or other purposes</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> (and prospective investors should specifically note in this regard that, for the avoidance of doubt, in connection with one or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">more credit facilities entered into by the Fund, Distributions to Shareholders may be subordinated to payments required in connection </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with any indebtedness contemplated thereby); (iii) to the extent that Fund revenues are required to meet principal payments, Shareholders</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> may be allocated income (and therefore tax liability) in excess of cash distributed; and (iv) in certain circumstances, the Fund </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be required to dispose of investments at a loss or otherwise on unattractive terms in order to service its debt obligations or meet </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">its debt covenants. There can be no assurance that the Fund will have sufficient cash flow to meet its debt service obligations. As a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">result, the Fund’s exposure to foreclosure and other losses may be increased due to the illiquidity of its investments.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, the Fund may need to refinance its outstanding debt as it matures. There is a risk that the Fund may not be able to refinance</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> existing debt or that the terms of any refinancing may not be as favorable as the terms of any then existing loan agreements. If </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prevailing interest rates or other factors at the time of refinancing result in higher interest rates upon refinancing, then the interest </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expense relating to that refinanced indebtedness would increase. These risks could adversely affect the Fund’s financial condition and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cash flows and the return on its investments.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">With respect to any asset-backed facility entered into by the Fund (or an affiliate thereof), a decrease in the market value of the Fund’s </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(due to market conditions, the fair valuation of the Fund’s investments or otherwise)</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> would increase the effective amount </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of leverage and could result in the possibility of a violation of certain financial covenants pursuant to which the Fund must repay the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">borrowed funds to the lender. Liquidation of the Fund’s investments at an inopportune time in order to satisfy such financial covenants</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> could adversely impact the performance of the Fund and could, if the value of its investments had declined significantly, cause </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund to lose all or a substantial amount of its capital. In the event of a sudden, precipitous drop in the value of the Fund’s assets, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund might not be able to dispose of assets quickly enough to pay off its debt resulting in a foreclosure or other total loss of some </div></div></div></div><div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or all of the pledged assets. Fund-level debt facilities typically include other covenants such as, but not limited to, covenants against </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund incurring or being in default under other recourse debt, including certain Fund guarantees of asset level debt, which, if triggered</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> could cause adverse consequences to the Fund if it is unable to cure or otherwise mitigate such breach.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Effects of Leverage.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The table below assumes that borrowings represent approximately 33% of the Fund’s net assets as of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">July</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> 1, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2026</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> and the Fund bears expenses relating to such borrowings at an annual effective interest rate of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.47</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">% (based on interest rates </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for such borrowings as of a recent date). The table below also assumes that the annual return that the Fund’s portfolio must experience</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> (net of expenses not related to borrowings) in order to cover the costs of such leverage would be approximately </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.81</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">%. These </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">figures are estimates based on current market conditions, used for illustration purposes only.</div> Actual expenses associated with borrowings</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> used by the Fund may vary frequently and may be significantly higher or lower than the rate used for the example above.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following table is furnished in response to requirements of the SEC. It is designed to illustrate the effects of the Fund’s leverage </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">due to senior securities on corresponding Share total return, assuming investment portfolio total returns (consisting of income and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">changes in the value of investments held in the Fund’s portfolio) of -10%, -5%, 0%, 5% and 10%. These assumed investment portfolio</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> returns are hypothetical figures and are not necessarily indicative of the investment portfolio returns expected to be experienced by </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund. Your actual returns may be greater or less than those appearing below.</div></div></div><div style="line-height: 1pt; text-align: left; font-size: 1pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:8.5pt"> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.25pt;padding-top:1.25pt;vertical-align:Bottom;width:310.28pt"><div style="line-height:9.0pt;text-align:left"><div style="margin-right:10.27pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Assumed Return on Portfolio (Net of Expenses not related to borrowings)</div></div></div></div></td> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.25pt;padding-top:1.25pt;vertical-align:Bottom;width:51.2pt"><div style="line-height:9.0pt;text-align:left"><div style="margin-left:8.27pt;margin-right:8.27pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">(10.00%)</div></div></div></div></td> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.25pt;padding-top:1.25pt;vertical-align:Bottom;width:47.19pt"><div style="line-height:9.0pt;text-align:left"><div style="margin-left:8.27pt;margin-right:8.27pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">(5.00%)</div></div></div></div></td> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.25pt;padding-top:1.25pt;vertical-align:Bottom;width:41.87pt"><div style="line-height:9.0pt;text-align:left"><div style="margin-left:8.27pt;margin-right:8.27pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">0.00%</div></div></div></div></td> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.25pt;padding-top:1.25pt;vertical-align:Bottom;width:41.87pt"><div style="line-height:9.0pt;text-align:left"><div style="margin-left:8.27pt;margin-right:8.27pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">5.00%</div></div></div></div></td> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.25pt;padding-top:1.25pt;vertical-align:Bottom;width:35.6pt"><div style="line-height:9.0pt;text-align:left"><div style="margin-left:8.27pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">10.00%</div></div></div></div></td></tr> <tr style="height:13.5pt"> <td style="background-color:azure;padding-bottom:3pt;padding-top:1.25pt;vertical-align:Top;width:310.28pt"><div style="line-height:11pt;text-align:left"><div style="margin-right:10.27pt;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Corresponding Share Total Return</div></div></div></td> <td style="background-color:azure;padding-bottom:3pt;padding-top:1.25pt;vertical-align:Bottom;white-space:nowrap;width:51.2pt"><div style="line-height:11pt;margin-left:10.275pt;margin-right:10.275pt;text-align:right;width:30.65pt"><div style="display:flex;margin:auto;width:25.24pt"><div style="display:flex;margin:auto;width:25.24pt"><div style="display:flex;white-space:nowrap;width:25.24pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: 25.24pt; letter-spacing: 0px; top: 0px;display:inline;">(17.62</div></div></div> <div style="display:flex"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">%)</div></div> </div></div></td> <td style="background-color:azure;padding-bottom:3pt;padding-top:1.25pt;vertical-align:Bottom;white-space:nowrap;width:47.19pt"><div style="line-height:11pt;margin-left:10.275pt;margin-right:10.275pt;text-align:right;width:26.65pt"><div style="display:flex;margin:auto;width:25.24pt"><div style="display:flex;margin:auto;width:25.24pt"><div style="display:flex;white-space:nowrap;width:25.24pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: 25.24pt; letter-spacing: 0px; top: 0px;display:inline;">(10.16</div></div></div> <div style="display:flex"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">%)</div></div> </div></div></td> <td style="background-color:azure;padding-bottom:3pt;padding-top:1.25pt;vertical-align:Bottom;white-space:nowrap;width:41.87pt"><div style="line-height:11pt;margin-left:10.275pt;margin-right:10.275pt;text-align:right;width:21.32pt"><div style="display:flex;margin:auto;width:20.74pt"><div style="display:flex;margin:auto;width:20.74pt"><div style="display:flex;white-space:nowrap;width:20.74pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: 20.74pt; letter-spacing: 0px; top: 0px;display:inline;">(2.69</div></div></div> <div style="display:flex"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">%)</div></div> </div></div></td> <td style="background-color:azure;padding-bottom:3pt;padding-top:1.25pt;vertical-align:Bottom;white-space:nowrap;width:41.87pt"><div style="line-height:11pt;margin-left:10.275pt;margin-right:10.275pt;text-align:right;width:21.32pt"><div style="display:flex;margin:auto;width:17.75pt"><div style="display:flex;margin:auto;width:17.75pt"><div style="display:flex;white-space:nowrap;width:17.75pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: 17.75pt; letter-spacing: 0px; top: 0px;display:inline;">4.77</div></div></div> <div style="display:flex"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">%</div></div> </div></div></td> <td style="background-color:azure;padding-bottom:3pt;padding-top:1.25pt;vertical-align:Bottom;white-space:nowrap;width:35.6pt"><div style="line-height:11pt;margin-left:10.275pt;text-align:right;width:25.32pt"><div style="display:flex;margin:auto;width:22.25pt"><div style="display:flex;margin:auto;width:22.25pt"><div style="display:flex;white-space:nowrap;width:22.25pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: 22.25pt; letter-spacing: 0px; top: 0px;display:inline;">12.23</div></div></div> <div style="display:flex"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">%</div></div> </div></div></td></tr></table></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Corresponding Share total return is composed of two elements — the Share dividends paid by the Fund (the amount of which is </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">largely determined by the net investment income of the Fund after paying interest expenses on the Fund’s borrowings) and gains or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">losses on the value of the securities the Fund owns.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Change of Law Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Government counterparties or agencies may have the discretion to change or increase regulation of a portfolio </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment’s operations or implement laws or regulations affecting the portfolio investment’s operations, separate from any contractual</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> rights it may have. A portfolio investment also could be materially and adversely affected as a result of statutory or regulatory </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">changes or judicial or administrative interpretations of existing laws and regulations that impose more comprehensive or stringent </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">requirements on such portfolio company. Governments have considerable discretion in implementing regulations and tax reform, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including, for example, the possible imposition or increase of taxes on income earned by a portfolio company or gains recognized by </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund on its investment in such portfolio company, that could impact a portfolio company’s business as well as the Fund’s return </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on investment with respect to such portfolio company.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Force Majeure Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Issuers may be affected by force majeure events (e.g., events beyond the control of the party claiming that the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">event has occurred, including, without limitation, acts of God, fire, flood, earthquakes, outbreaks of an infectious disease, pandemic </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or any other serious public health concern, war, terrorism and labor strikes). Some force majeure events may adversely affect the ability</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> of a party (including an issuer or a counterparty to the Fund or an issuer) to perform its obligations until it is able to remedy the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">force majeure event. In addition, the cost to an issuer or the Fund of repairing or replacing damaged assets resulting from such force </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">majeure event could be considerable. Certain force majeure events (such as war or an outbreak of an infectious disease) could have a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">broader negative impact on the world economy and international business activity generally, or in any of the countries in which the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund may invest specifically. Additionally, a major governmental intervention into industry, including the nationalization of an industry </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or the assertion of control over one or more issuers or its assets, could result in a loss to the Fund, including if its investment in such </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuer is canceled, unwound or acquired (which could be without what the Fund considers to be adequate compensation). Any of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">foregoing may therefore adversely affect the performance of the Fund and its investments.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Terrorist Activities.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Terrorist attacks have caused instability in the world financial markets and may generate global economic instability.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Additionally, governmental responses to terrorist attacks (or threats thereof), such as economic sanctions, trade restrictions, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">heightened regulatory requirements, emergency legislation and/or the imposition of martial law or states of emergency, may contribute</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> to instability in the financial markets and give rise to additional risks and uncertainties.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The continued threat of terrorism and the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impact of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">governmental,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> military or other action could adversely affect the Fund’s financial results.</div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Volatility of Commodity Prices.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The performance of certain of the Fund’s investments may be substantially dependent upon prevailing</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> prices of electricity, oil, natural gas, natural gas liquids, coal and other commodities (such as metals) and the differential between </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prices of specific commodities that are a primary factor in the profitability of certain conversion activities such as petroleum refining </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(“crack spread”) and power generation (“spark spread”). Commodity prices have been, and are likely to continue to be, volatile and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to wide fluctuations in response to factors including but not limited to: (i) relatively minor changes in the supply of and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">demand for electricity or such other commodities; (ii) market uncertainty and the condition of various economies (including interest </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rates, levels of economic activity, the price of securities and the participation by other investors in the financial markets); (iii) political </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions in the United States and other project locations; (iv) the extent of domestic production and importation of oil, natural gas, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">natural gas liquids, coal or metals in certain relevant markets; (v) the foreign supply of oil, natural gas and metals; (vi) the prices of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">foreign imports; (vii) the level of consumer demand; (viii) the price and availability of alternative electric generation options; (ix) the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">price of steel and the outlook for steel production; (x) pandemics, wars, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and military conflicts,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> sanctions</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tariffs,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> export controls and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other trade policies and</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> weather conditions; (xi) the competitive position of electricity, ethanol/biodiesel, oil, gas or coal as a source of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">energy as compared with other energy sources; (xii) the industry-wide or local refining, transportation or processing capacity for </div></div></div></div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">natural gas or transmission capacity for electric energy; (xiii) the effect of United States and non-U.S. federal, state and local regulation</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> on the production, transportation and sale of electric energy and other commodities; (xiv) breakthrough technologies (such as </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">improved storage or clean coal technologies) or government subsidies, tax credits or other support that allow alternative fuel generation</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> projects to produce more reliable electric energy or lower the cost of such production compared to natural gas fueled electric </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generation projects; (xv) with respect to the price of oil, actions of the Organization of Petroleum Exporting Countries; or (xvi) the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expected consumption of coking coal in steel production. While the Sub-Adviser will endeavor to take into account existing and anticipated</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> future applicable greenhouse gas regulation in its investment decisions, changes in the regulation of greenhouse gases could </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adversely impact an investment or make future investments undesirable.</div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Regulatory Approvals.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may invest in portfolio companies that represent they have obtained all material United States federal,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> state, local or non-U.S. approvals, if any, required as of the date thereof to acquire and operate their facilities. In addition, the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund may be required to obtain the consent or approval of applicable regulatory authorities in order to acquire or hold certain ownership</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> positions in portfolio companies. A portfolio company could be materially and adversely affected as a result of statutory or regulatory</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> changes or judicial or administrative interpretations of existing laws and regulations that impose more comprehensive or stringent</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> requirements on such portfolio company. For example, in the case of oil and gas drilling, handling and transportation, such </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">activities are extensively regulated, and statutory and regulatory requirements may include those imposed by energy, zoning, environmental,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> health, safety, labor and other regulatory or political authorities. Moreover, additional regulatory approvals, including without </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limitation, renewals, extensions, transfers, assignments, reissuances or similar actions, may become applicable in the future due to a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">change in laws and regulations, a change in the companies’ customers or for other reasons. There can be no assurance that a portfolio</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> company will be able to (i) obtain all required regulatory approvals that it does not have at the time of the Fund’s investment or that </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">it may be required to have in the future; (ii) obtain any necessary modifications to existing regulatory approvals; or (iii) maintain </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">required regulatory approvals. Delay in obtaining or failure to obtain and maintain in full force and effect any regulatory approvals, or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">amendments thereto, or delay or failure to satisfy any regulatory conditions or other applicable requirements could prevent operation </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a facility or sales to or from third parties or could result in fines or additional costs to a portfolio company. Regulatory changes in a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">jurisdiction where a portfolio investment is located may make the continued operation of the portfolio investment infeasible or economically</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> disadvantageous and any expenditures made to date by such portfolio investment may be wholly or partially written off. The </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">locations of the portfolio investments may also be subject to government exercise of eminent domain power or similar events. Any of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">these changes could significantly increase the regulatory-related compliance and other expenses incurred by the portfolio investments </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and could significantly reduce or entirely eliminate any potential revenues generated by one or more of the portfolio investments, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which could materially and adversely affect returns to the Fund.</div></div></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Political and Societal Challenges.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Energy and energy-related infrastructure projects may be subject to siting requirements. Siting of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">energy projects is also frequently subject to regulation by applicable state, county and local authorities. For example, proposals to site </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an energy plant or engage in drilling activities in a particular location may be challenged by a number of parties, including special </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest groups based on alleged security concerns, disturbances to natural habitats for wildlife and adverse aesthetic impacts, including</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> the common “not in my backyard” phenomenon. Concerns regarding some of the techniques used in the extraction of shale gas in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">order to enhance recovery, such as the use of natural gas hydraulic fracturing (also known as “fracking”) may also arise, which may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">require governmental permits or approvals and which have recently been the subject of heightened environmental concerns and public</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> opposition in some jurisdictions (as more fully described below). The failure of any portfolio investment to receive, renew or maintain</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> any required permits or approvals or any inability to satisfy any requirement of any permits or approvals may result in increased </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">compliance costs, the need for additional capital expenditures or a suspension of project operations, which could materially and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adversely affect returns to the Fund.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Environmental Matters.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Environmental laws, regulations and regulatory initiatives play a significant role in the electric power industry </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and can have a substantial impact on investments in this industry. For example, global initiatives to minimize pollution have played a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">major role in the increase in demand for natural gas and alternative energy sources, creating numerous new investment opportunities. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Conversely, required expenditures for environmental compliance have adversely impacted investment returns in a number of segments</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> of the industry. The electric power industry will continue to face considerable oversight from environmental regulatory authorities</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> and significant influence from non-governmental and special interest groups, and the Sub-Adviser will seek to evaluate carefully </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the expected impact of environmental compliance on all potential investments. The Fund may invest in portfolio companies that are </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to changing and increasingly stringent environmental and health and safety laws, regulations and permit requirements. There </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">can be no guarantee that all costs and risks regarding compliance with environmental and health and safety laws and regulations can </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be identified. New and more stringent environmental and health and safety laws, regulations and permit requirements or stricter interpretations</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> of current laws or regulations could impose substantial additional costs on portfolio companies or potential investments. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Compliance with such current or future environmental and health and safety requirements does not ensure that the operations of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio companies will not cause injury to the environment or people under all circumstances or that the portfolio companies will not </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be required to incur additional unforeseen environmental or health and safety expenditures. In particular, the oil and gas industry, for </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">example, is subject to environmental hazards, such as oil spills, natural gas leaks and ruptures, discharges of petroleum products and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">hazardous substances and historic disposal activities. These environmental hazards could expose the Fund’s investments to material </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">liabilities for property damages, personal injuries or other environmental harm, including costs of investigating and remediating contaminated</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> properties. Moreover, failure to comply with any regulatory or legal requirements could have a material adverse effect on a </div></div></div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio company, and there can be no assurance that portfolio companies will at all times comply with all applicable environmental </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and health and safety laws, regulations and permit requirements. Past practices or future operations of portfolio companies could also </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">result in material personal injury or property damage claims. Any noncompliance with these laws and regulations could subject the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund and its properties to material administrative, civil or criminal penalties or other liabilities. Certain environmental laws and regulations</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> may require that an owner or operator of an asset address prior environmental contamination, which could involve substantial </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cost. Such laws and regulations often impose liability without regard to whether the owner or operator knew of, or was responsible </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for, the release or presence of environmental contamination. The Fund may therefore be exposed to substantial risk of loss as a result </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of environmental claims against portfolio companies. Community and environmental groups may protest about the development or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">operation of power generation assets which may induce government action to the detriment of the Fund. Some of the most onerous </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">environmental requirements regulate air emissions of pollutants and greenhouse gases; these requirements may particularly affect </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies in the energy sector, and in particular in its power generation fragment.</div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Derivatives Risks.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Generally, derivatives are financial contracts whose value depends on, or is derived from, the value of an underlying</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> asset, reference rate or index, and may relate to individual debt or equity instruments, interest rates, currencies or currency </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exchange rates, commodities, related indexes and other assets. The Fund may, directly or indirectly, use various derivative instruments</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> including, but not limited to, options contracts, futures contracts, forward contracts, options on futures contracts, indexed </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities, credit default swaps, interest rate swaps and other swap agreements primarily for hedging and risk management purposes. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may treat reverse repurchase agreements and similar financing transactions as derivatives. The Fund also may use derivative</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> instruments for investment purposes and/or to approximate or achieve the economic equivalent of an otherwise permitted investment</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> (as if the Fund directly invested in the securities, loans or claims of the subject portfolio company) or if such instruments are </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">related to an otherwise permitted investment. The Fund’s use of derivative instruments involves investment risks and transaction </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">costs to which the Fund would not be subject absent the use of these instruments and, accordingly, may result in losses greater than </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">if they had not been used. The use of derivative instruments may have risks including, among others, leverage risk, market risk, volatility</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> risk, duration mismatch risk, correlation risk, counterparty risk, market liquidity risk, fund liquidity risk and legal and operational </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk. When used for hedging or synthetic investment purposes, an imperfect or variable degree of correlation between price movements</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> of the derivative instrument and the underlying investment sought to be hedged or tracked may prevent the Fund from achieving</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> the intended hedging effect or expose the Fund to the risk of loss. Derivative instruments, especially when traded in large amounts </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by the Fund or other investors with a concentrated exposure, may not be liquid in all circumstances, so that in volatile markets the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund may not be able to close out a position without incurring a loss. In addition, daily limits on price fluctuations and speculative </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">position limits on exchanges on which the Fund may conduct its transactions in derivative instruments may prevent prompt liquidation</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> of positions, subjecting the Fund to the potential of greater losses. Exchange-traded derivatives may experience increased settlement</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> risk when trade volumes dramatically increase such that a futures commission merchant or options exchange may not be able </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to reconcile their positions in the ordinary course. This could cause a delay in calculation of the NAV of the Fund and result in losses. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Derivative instruments that may be purchased or sold by the Fund may include instruments not traded on an exchange. Derivative </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments not traded on exchanges are also not subject to the same type of government regulation as exchange traded instruments, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and many of the protections afforded to participants in a regulated environment may not be available in connection with such transactions.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> In addition, significant disparities may exist between “bid” and “asked” prices for derivative instruments that are not traded on </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an exchange. Additionally, when a company defaults or files for protection from creditors (e.g., U.S. chapter 11 proceedings), the use </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of derivative instruments presents special risks associated with the potential imbalance between the derivatives market and the underlying</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> securities market. In such a situation, physical certificates representing such securities may be required to be delivered to settle </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">trades and the potential shortage of such actual certificates relative to the number of derivative instruments may cause the price of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">actual certificated debt securities to rise, which may adversely affect the holder of such derivative instruments. The risk of nonperformance</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> by the counterparty on such an instrument may be greater and the ease with which the Fund can dispose of or enter into closing</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> transactions with respect to such an instrument may be less than in the case of an exchange traded instrument. The stability and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">liquidity of derivative investments depend in large part on the creditworthiness of the parties to the transactions. If there is a default </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by the counterparty to such a transaction, the Fund will under most normal circumstances have contractual remedies pursuant to the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">agreements related to the transaction. However, exercising such contractual rights may involve delays or costs which could result in a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loss to the Fund. Furthermore, there is a risk that any of such counterparties could become insolvent. It should be noted that in purchasing</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> derivative instruments, the Fund typically will not have the right to vote on matters requiring a vote of holders of the underlying</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> investment. Moreover, derivative instruments, and the terms relating to the purchase, sale or financing thereof, are also typically </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">governed by complex legal agreements. As a result, there is a higher risk of dispute over interpretation or enforceability of the agreements.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> It should also be noted that the regulation of derivatives is evolving in the United States and in other jurisdictions and is </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expected to increase, which could impact the Fund’s ability to transact in such instruments and the liquidity of such instruments. The </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Sub-Adviser may cause the Fund to take advantage of investment opportunities with respect to derivative instruments that are neither </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">presently contemplated nor currently available, but which may be developed in the future, to the extent such opportunities are both </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consistent with the Fund’s investment objective and legally permissible. Any such investments may expose the Fund to unique and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">presently indeterminate risks, the impact of which may not be capable of determination until such instruments are developed and/or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Sub-Adviser determines to make such an investment.</div></div></div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Options and Futures Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may utilize options and futures contracts and so-called “synthetic” options or other derivatives </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">written by broker-dealers or other permissible intermediaries. Options transactions may be effected on securities exchanges or in the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">over-the-counter (“OTC market”). When options are purchased OTC, the Fund’s portfolio bears the risk that the counterparty that </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">wrote the option will be unable or unwilling to perform its obligations under the option contract. Options may also be illiquid and, in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such cases, the Fund may have difficulty closing out its position. OTC options also may include options on baskets of specific securities.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may purchase call and put options on specific securities, and may write and sell covered or uncovered call and put options </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for hedging purposes in pursuing its investment objective. A put option gives the purchaser of the option the right to sell, and obligates</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> the writer to buy, the underlying security at a stated exercise price, typically at any time prior to the expiration of the option. A </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">call option gives the purchaser of the option the right to buy, and obligates the writer to sell, the underlying security at a stated exercise</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> price, typically at any time prior to the expiration of the option. A covered call option is a call option with respect to which the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">seller of the option owns the underlying security. The sale of a call option exposes the seller during the term of the option to possible </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loss of opportunity to realize appreciation in the market price of the underlying security or to possible continued holding of a security </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that might otherwise have been sold to protect against depreciation in the market price of the security. In the sale of a put, losses may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be significant and, in the sale of a call, losses can be unlimited.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may close out a position when writing options by purchasing an option on the same security with the same exercise price </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and expiration date as the option that it has previously written on the security. In such a case, the Fund will realize a profit or loss if </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the amount paid to purchase an option is less or more than the amount received from the sale of the option.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Purchasing a futures contract creates an obligation to take delivery of the specific type of financial instrument at a specific future time </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">at a specific price for contracts that require physical delivery, or net payment for cash-settled contracts. Engaging in transactions in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">futures contracts involves risk of loss to the Fund. No assurance can be given that a liquid market will exist for any particular futures </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">contract at any particular time. All terms of futures contracts are set forth in the rules of the exchange on which the futures contracts </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are traded. Many futures exchanges and boards of trade limit the amount of fluctuation permitted in futures contract prices during a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">single trading day. Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that limit or trading may be suspended for specified periods during the trading day. Futures contract prices could move to the limit for </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">several consecutive trading days with little or no trading, preventing prompt liquidation of futures positions and potentially subjecting </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund to substantial losses. Successful use of futures also is subject to the Sub-Adviser’s ability to predict correctly the direction of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">movements in the relevant market, and, to the extent the transaction is entered into for hedging purposes, to determine the appropriate</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> correlation between the transaction being hedged and the price movements of the futures contract. Futures contracts may be subject</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> to price swings in daily settlements with exchanges and clearing houses.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Credit Derivatives.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may engage in trading or investing in credit derivative contracts, which are contracts that transfer price, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">spread and/or default risks of debt and other instruments from one party to another, both for bona fide hedging of existing long and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">short positions, but also for independent profit opportunities. Such instruments may include one or more credits. The market for </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">credit derivatives may be relatively illiquid, and there are considerable risks that may make it difficult either to buy or sell the contracts </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as needed or at reasonable prices. There are also risks with respect to credit derivatives in determining whether an event will trigger </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">payment under the contract and whether such payment will offset the loss or payment due under another instrument. Generally, a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">credit event means bankruptcy, a failure to pay, the acceleration of an obligation or modified restructuring of a credit obligation or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instrument.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may be either the buyer or seller in these transactions. If the Fund is a buyer of credit protection and no credit event occurs, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund may recover nothing. Worse still, if a credit event occurs, the Fund, as a buyer, typically will receive full notional value for a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reference obligation that may have little or no value. Buyers of credit derivatives carry the risk of non-performance by the seller due to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an inability to pay.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">As a seller of credit protection, the Fund would typically receive a fixed rate of income throughout the term of the contract, which typically</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> is between one month and five years, provided that no credit event occurs. If a credit event occurs, the seller may pay the buyer </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the full notional value of the reference obligations. Sellers of credit derivatives carry the inherent price, spread and default risks of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">underlying instruments.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Credit default swaps involve greater risks than if the Fund had invested in the reference obligation directly. In addition to general market</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> risks, credit default swaps are subject to liquidity risk and credit risk. A buyer of credit protection also may lose its investment and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">recover nothing should no credit event occur. If a credit event were to occur, the value of the reference obligation received by the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">seller, coupled with the periodic payments previously received, may be less than the full notional value it pays to the buyer, resulting in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a loss of value to the Fund. Further, in certain circumstances, the buyer can receive the notional value of a credit default swap only by </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">delivering a physical security to the seller, and is at risk if such deliverable security is unavailable or illiquid. Such a delivery “crunch” </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">is a distinct risk of these investments.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The credit derivatives market is a rapidly evolving market. As a result, different participants in the credit derivatives markets may have </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">different practices or interpretations with respect to applicable terms and definitions, and ambiguities concerning such terms or definitions,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> may be interpreted or resolved in ways that are adverse to the Fund. Additionally, there may be circumstances and market </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">conditions (including the possibility of a large number of buyers of credit default swaps being required to deliver the same physical </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security in the same time frame) that have not yet been experienced that could have adverse effects on the Fund’s investments.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The regulation of derivatives in the United States and other countries is a rapidly changing area of law and is subject to ongoing modification</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> by governmental and judicial action. Accordingly, the impact of this evolving regulatory regime on the Fund is difficult to predict,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> but it could be substantial and adverse.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Interest Rate Swaps Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may enter into interest rate swap agreements with another party to receive or pay interest (e.g., </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">an exchange of fixed rate payments for floating rate payments) to protect itself from interest rate fluctuations. This type of swap is an </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a specified interest rate(s) for a specified amount. The payment flows are usually netted against each other, with the difference being </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">paid by one party to the other. Interest rate swap agreements are subject to general market risk, liquidity risk, counterparty risk and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">interest rate risk.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Corporate Bond Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Corporate bonds are debt obligations issued by corporations and other business entities. Corporate bonds may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be either secured or unsecured. Collateral used for secured debt includes real property, machinery, equipment, accounts receivable, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">stocks, bonds or notes. If a bond is unsecured, it is known as a debenture. Bondholders, as creditors, have a prior legal claim over </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">common and preferred stockholders as to both income and assets of the corporation for the principal and interest due them and may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have a prior claim over other creditors if liens or mortgages are involved. Interest on corporate bonds may be fixed or floating, or the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bonds may be zero coupons. Interest on corporate bonds is typically paid semi-annually and is fully taxable to the bondholder. Corporate</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> bonds contain elements of both interest-rate risk and credit risk and are subject to the risks associated with other debt securities, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">among other risks. The market value of a corporate bond generally may be expected to rise and fall inversely with interest rates and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may also be affected by the credit rating of the corporation, the corporation’s performance and perceptions of the corporation in the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">marketplace. Depending on the nature of the seniority provisions, a senior corporate bond may be junior to other credit securities of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the issuer. The market value of a corporate bond may be affected by factors directly related to the issuer, such as investors’ perceptions</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> of the creditworthiness of the issuer, the issuer’s financial performance, perceptions of the issuer in the marketplace, performance</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> of management of the issuer, the issuer’s capital structure and use of financial leverage and demand for the issuer’s goods and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">services. There is a risk that the issuers of corporate bonds may not be able to meet their obligations on interest or principal payments</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> at the time called for by an instrument. Corporate bonds of below investment grade quality are often high risk and have speculative</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> characteristics and may be particularly susceptible to adverse issuer-specific developments.</div></div></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Counterparty Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund is exposed to the risk that third parties that may owe the Fund, or its issuers, money, securities or other </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assets will not perform their obligations. These parties include trading counterparties, clearing agents, exchanges, clearing houses, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">custodians, prime brokers, administrators and other intermediaries. These parties may default on their obligations to the Fund or its </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">issuers, due to bankruptcy, lack of liquidity, operational failure or other reasons. This risk may arise, for example, from entering into </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">swap or other derivative contracts under which counterparties have long-term obligations to make payments to the Fund or its issuers,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> or executing securities, futures, currency or commodity trades that fail to settle at the required time due to non-delivery by the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">counterparty or systems failure by clearing agents, exchanges, clearing houses or other intermediaries. Also, any practice of rehypothecation</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> of securities of the Fund or its issuers held by counterparties could result in the loss of such securities upon the bankruptcy,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> insolvency or failure of such counterparties. In addition, any of the Fund’s cash held with a prime broker, custodian or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">counterparty may not be segregated from the prime broker’s, custodian’s or counterparty’s own cash, and the Fund therefore may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">rank as an unsecured creditor in relation thereto. The inability to recover the Fund’s assets could have a material impact on the performance</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> of the Fund. The consolidation and elimination of counterparties resulting from the disruption in the financial markets has generally</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> increased the concentration of counterparty risk and has decreased the number of potential counterparties.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Payment-in-Kind (“PIK”) Income Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may hold investments that result in PIK income or PIK dividends. PIK income creates</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> the risk that incentive fees will be paid to the Adviser and, indirectly, the Sub-Adviser based on non-cash accruals that ultimately </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may not be realized, while neither the Adviser nor Sub-Adviser will be under any obligation to reimburse the Fund for these fees. PIK </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income may have a negative impact on liquidity, as it represents a non-cash component of the Fund’s taxable income that may require </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cash distributions to Shareholders in order to maintain the Fund’s ability to be subject to tax as a RIC. PIK income has the effect of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">generating investment income at a compounding rate, thereby further increasing the incentive fees payable to the Adviser and, indirectly,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> the Sub-Adviser. Similarly, all things being equal, the deferral associated with PIK income also increases the loan-to-value ratio </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">at a compounding rate. The market prices of PIK securities generally are more volatile than the market prices of interest-bearing securities</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> and are likely to respond to a greater degree to changes in interest rates than interest-bearing securities having similar maturities</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> and credit quality. Because PIK income results in an increase in the size of the PIK securities held, the Fund’s exposure to potential</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> losses <div style="display:inline;">increases </div>when a security pays PIK income.</div></div></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Effects of Leverage.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The table below assumes that borrowings represent approximately 33% of the Fund’s net assets as of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">July</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> 1, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2026</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> and the Fund bears expenses relating to such borrowings at an annual effective interest rate of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.47</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">% (based on interest rates </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for such borrowings as of a recent date). The table below also assumes that the annual return that the Fund’s portfolio must experience</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> (net of expenses not related to borrowings) in order to cover the costs of such leverage would be approximately </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.81</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">%. These </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">figures are estimates based on current market conditions, used for illustration purposes only.</div> Actual expenses associated with borrowings</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> used by the Fund may vary frequently and may be significantly higher or lower than the rate used for the example above.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following table is furnished in response to requirements of the SEC. It is designed to illustrate the effects of the Fund’s leverage </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">due to senior securities on corresponding Share total return, assuming investment portfolio total returns (consisting of income and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">changes in the value of investments held in the Fund’s portfolio) of -10%, -5%, 0%, 5% and 10%. These assumed investment portfolio</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> returns are hypothetical figures and are not necessarily indicative of the investment portfolio returns expected to be experienced by </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund. Your actual returns may be greater or less than those appearing below.</div></div></div><div style="line-height: 1pt; text-align: left; font-size: 1pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:8.5pt"> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.25pt;padding-top:1.25pt;vertical-align:Bottom;width:310.28pt"><div style="line-height:9.0pt;text-align:left"><div style="margin-right:10.27pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Assumed Return on Portfolio (Net of Expenses not related to borrowings)</div></div></div></div></td> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.25pt;padding-top:1.25pt;vertical-align:Bottom;width:51.2pt"><div style="line-height:9.0pt;text-align:left"><div style="margin-left:8.27pt;margin-right:8.27pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">(10.00%)</div></div></div></div></td> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.25pt;padding-top:1.25pt;vertical-align:Bottom;width:47.19pt"><div style="line-height:9.0pt;text-align:left"><div style="margin-left:8.27pt;margin-right:8.27pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">(5.00%)</div></div></div></div></td> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.25pt;padding-top:1.25pt;vertical-align:Bottom;width:41.87pt"><div style="line-height:9.0pt;text-align:left"><div style="margin-left:8.27pt;margin-right:8.27pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">0.00%</div></div></div></div></td> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.25pt;padding-top:1.25pt;vertical-align:Bottom;width:41.87pt"><div style="line-height:9.0pt;text-align:left"><div style="margin-left:8.27pt;margin-right:8.27pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">5.00%</div></div></div></div></td> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.25pt;padding-top:1.25pt;vertical-align:Bottom;width:35.6pt"><div style="line-height:9.0pt;text-align:left"><div style="margin-left:8.27pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">10.00%</div></div></div></div></td></tr> <tr style="height:13.5pt"> <td style="background-color:azure;padding-bottom:3pt;padding-top:1.25pt;vertical-align:Top;width:310.28pt"><div style="line-height:11pt;text-align:left"><div style="margin-right:10.27pt;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Corresponding Share Total Return</div></div></div></td> <td style="background-color:azure;padding-bottom:3pt;padding-top:1.25pt;vertical-align:Bottom;white-space:nowrap;width:51.2pt"><div style="line-height:11pt;margin-left:10.275pt;margin-right:10.275pt;text-align:right;width:30.65pt"><div style="display:flex;margin:auto;width:25.24pt"><div style="display:flex;margin:auto;width:25.24pt"><div style="display:flex;white-space:nowrap;width:25.24pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: 25.24pt; letter-spacing: 0px; top: 0px;display:inline;">(17.62</div></div></div> <div style="display:flex"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">%)</div></div> </div></div></td> <td style="background-color:azure;padding-bottom:3pt;padding-top:1.25pt;vertical-align:Bottom;white-space:nowrap;width:47.19pt"><div style="line-height:11pt;margin-left:10.275pt;margin-right:10.275pt;text-align:right;width:26.65pt"><div style="display:flex;margin:auto;width:25.24pt"><div style="display:flex;margin:auto;width:25.24pt"><div style="display:flex;white-space:nowrap;width:25.24pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: 25.24pt; letter-spacing: 0px; top: 0px;display:inline;">(10.16</div></div></div> <div style="display:flex"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">%)</div></div> </div></div></td> <td style="background-color:azure;padding-bottom:3pt;padding-top:1.25pt;vertical-align:Bottom;white-space:nowrap;width:41.87pt"><div style="line-height:11pt;margin-left:10.275pt;margin-right:10.275pt;text-align:right;width:21.32pt"><div style="display:flex;margin:auto;width:20.74pt"><div style="display:flex;margin:auto;width:20.74pt"><div style="display:flex;white-space:nowrap;width:20.74pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: 20.74pt; letter-spacing: 0px; top: 0px;display:inline;">(2.69</div></div></div> <div style="display:flex"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">%)</div></div> </div></div></td> <td style="background-color:azure;padding-bottom:3pt;padding-top:1.25pt;vertical-align:Bottom;white-space:nowrap;width:41.87pt"><div style="line-height:11pt;margin-left:10.275pt;margin-right:10.275pt;text-align:right;width:21.32pt"><div style="display:flex;margin:auto;width:17.75pt"><div style="display:flex;margin:auto;width:17.75pt"><div style="display:flex;white-space:nowrap;width:17.75pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: 17.75pt; letter-spacing: 0px; top: 0px;display:inline;">4.77</div></div></div> <div style="display:flex"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">%</div></div> </div></div></td> <td style="background-color:azure;padding-bottom:3pt;padding-top:1.25pt;vertical-align:Bottom;white-space:nowrap;width:35.6pt"><div style="line-height:11pt;margin-left:10.275pt;text-align:right;width:25.32pt"><div style="display:flex;margin:auto;width:22.25pt"><div style="display:flex;margin:auto;width:22.25pt"><div style="display:flex;white-space:nowrap;width:22.25pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: 22.25pt; letter-spacing: 0px; top: 0px;display:inline;">12.23</div></div></div> <div style="display:flex"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">%</div></div> </div></div></td></tr></table><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Corresponding Share total return is composed of two elements — the Share dividends paid by the Fund (the amount of which is </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">largely determined by the net investment income of the Fund after paying interest expenses on the Fund’s borrowings) and gains or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">losses on the value of the securities the Fund owns.</div></div></div> <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The table below assumes that borrowings represent approximately 33% of the Fund’s net assets as of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">July</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> 1, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2026</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> and the Fund bears expenses relating to such borrowings at an annual effective interest rate of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.47</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">% (based on interest rates </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for such borrowings as of a recent date). The table below also assumes that the annual return that the Fund’s portfolio must experience</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> (net of expenses not related to borrowings) in order to cover the costs of such leverage would be approximately </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.81</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">%. These </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">figures are estimates based on current market conditions, used for illustration purposes only.</div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following table is furnished in response to requirements of the SEC. It is designed to illustrate the effects of the Fund’s leverage </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">due to senior securities on corresponding Share total return, assuming investment portfolio total returns (consisting of income and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">changes in the value of investments held in the Fund’s portfolio) of -10%, -5%, 0%, 5% and 10%. These assumed investment portfolio</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> returns are hypothetical figures and are not necessarily indicative of the investment portfolio returns expected to be experienced by </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund. Your actual returns may be greater or less than those appearing below.</div></div></div><div style="line-height: 1pt; text-align: left; font-size: 1pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:8.5pt"> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.25pt;padding-top:1.25pt;vertical-align:Bottom;width:310.28pt"><div style="line-height:9.0pt;text-align:left"><div style="margin-right:10.27pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Assumed Return on Portfolio (Net of Expenses not related to borrowings)</div></div></div></div></td> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.25pt;padding-top:1.25pt;vertical-align:Bottom;width:51.2pt"><div style="line-height:9.0pt;text-align:left"><div style="margin-left:8.27pt;margin-right:8.27pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">(10.00%)</div></div></div></div></td> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.25pt;padding-top:1.25pt;vertical-align:Bottom;width:47.19pt"><div style="line-height:9.0pt;text-align:left"><div style="margin-left:8.27pt;margin-right:8.27pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">(5.00%)</div></div></div></div></td> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.25pt;padding-top:1.25pt;vertical-align:Bottom;width:41.87pt"><div style="line-height:9.0pt;text-align:left"><div style="margin-left:8.27pt;margin-right:8.27pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">0.00%</div></div></div></div></td> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.25pt;padding-top:1.25pt;vertical-align:Bottom;width:41.87pt"><div style="line-height:9.0pt;text-align:left"><div style="margin-left:8.27pt;margin-right:8.27pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">5.00%</div></div></div></div></td> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.25pt;padding-top:1.25pt;vertical-align:Bottom;width:35.6pt"><div style="line-height:9.0pt;text-align:left"><div style="margin-left:8.27pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">10.00%</div></div></div></div></td></tr> <tr style="height:13.5pt"> <td style="background-color:azure;padding-bottom:3pt;padding-top:1.25pt;vertical-align:Top;width:310.28pt"><div style="line-height:11pt;text-align:left"><div style="margin-right:10.27pt;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Corresponding Share Total Return</div></div></div></td> <td style="background-color:azure;padding-bottom:3pt;padding-top:1.25pt;vertical-align:Bottom;white-space:nowrap;width:51.2pt"><div style="line-height:11pt;margin-left:10.275pt;margin-right:10.275pt;text-align:right;width:30.65pt"><div style="display:flex;margin:auto;width:25.24pt"><div style="display:flex;margin:auto;width:25.24pt"><div style="display:flex;white-space:nowrap;width:25.24pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: 25.24pt; letter-spacing: 0px; top: 0px;display:inline;">(17.62</div></div></div> <div style="display:flex"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">%)</div></div> </div></div></td> <td style="background-color:azure;padding-bottom:3pt;padding-top:1.25pt;vertical-align:Bottom;white-space:nowrap;width:47.19pt"><div style="line-height:11pt;margin-left:10.275pt;margin-right:10.275pt;text-align:right;width:26.65pt"><div style="display:flex;margin:auto;width:25.24pt"><div style="display:flex;margin:auto;width:25.24pt"><div style="display:flex;white-space:nowrap;width:25.24pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: 25.24pt; letter-spacing: 0px; top: 0px;display:inline;">(10.16</div></div></div> <div style="display:flex"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">%)</div></div> </div></div></td> <td style="background-color:azure;padding-bottom:3pt;padding-top:1.25pt;vertical-align:Bottom;white-space:nowrap;width:41.87pt"><div style="line-height:11pt;margin-left:10.275pt;margin-right:10.275pt;text-align:right;width:21.32pt"><div style="display:flex;margin:auto;width:20.74pt"><div style="display:flex;margin:auto;width:20.74pt"><div style="display:flex;white-space:nowrap;width:20.74pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: 20.74pt; letter-spacing: 0px; top: 0px;display:inline;">(2.69</div></div></div> <div style="display:flex"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">%)</div></div> </div></div></td> <td style="background-color:azure;padding-bottom:3pt;padding-top:1.25pt;vertical-align:Bottom;white-space:nowrap;width:41.87pt"><div style="line-height:11pt;margin-left:10.275pt;margin-right:10.275pt;text-align:right;width:21.32pt"><div style="display:flex;margin:auto;width:17.75pt"><div style="display:flex;margin:auto;width:17.75pt"><div style="display:flex;white-space:nowrap;width:17.75pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: 17.75pt; letter-spacing: 0px; top: 0px;display:inline;">4.77</div></div></div> <div style="display:flex"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">%</div></div> </div></div></td> <td style="background-color:azure;padding-bottom:3pt;padding-top:1.25pt;vertical-align:Bottom;white-space:nowrap;width:35.6pt"><div style="line-height:11pt;margin-left:10.275pt;text-align:right;width:25.32pt"><div style="display:flex;margin:auto;width:22.25pt"><div style="display:flex;margin:auto;width:22.25pt"><div style="display:flex;white-space:nowrap;width:22.25pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: 22.25pt; letter-spacing: 0px; top: 0px;display:inline;">12.23</div></div></div> <div style="display:flex"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">%</div></div> </div></div></td></tr></table><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Corresponding Share total return is composed of two elements — the Share dividends paid by the Fund (the amount of which is </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">largely determined by the net investment income of the Fund after paying interest expenses on the Fund’s borrowings) and gains or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">losses on the value of the securities the Fund owns.</div></div></div> -0.1762 -0.1016 -0.0269 0.0477 0.1223 <div style="line-height:14.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Other Risks Relating to the Fund</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Senior Management Personnel of the Adviser and Sub-Adviser.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Since the Fund has no employees, it depends on the investment </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expertise, skill and network of business contacts of the Adviser and Sub-Adviser. The Sub-Adviser evaluates, negotiates, structures, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">executes, monitors and services the Fund’s investments. The Fund’s future success depends to a significant extent on the continued </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">service and coordination of the Adviser and the Sub-Adviser and their respective senior management teams. The departure of any </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">members of the Adviser’s or Sub-Adviser’s senior management team could have a material adverse effect on the Fund’s ability to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">achieve its investment objective.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Sub-Adviser has entered into the Resource Sharing Agreement with Bain Capital Credit, pursuant to which Bain Capital Credit </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">provides the Sub-Adviser with experienced investment professionals (including the Portfolio Managers) and access to the resources </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of Bain Capital Credit so as to enable the Sub-Adviser to fulfill its obligations under the Sub-Advisory Agreement. Through the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Resource Sharing Agreement, the Sub-Adviser </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">capitalizes</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> on the significant deal origination, credit underwriting, due diligence, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment structuring, execution, portfolio management and monitoring experience of Bain Capital Credit’s investment professionals. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There can be no assurance that Bain Capital Credit will perform its obligations under the Resource Sharing Agreement. The Resource </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Sharing Agreement may be terminated by either party on 60 days’ notice, which if terminated may have a material adverse consequence</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> on the Fund’s operations.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund’s ability to achieve its investment objective depends on the Sub-Adviser’s ability to identify, analyze, invest in, finance and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">monitor companies that meet the Fund’s investment criteria. The Sub-Adviser’s capabilities in managing the investment process, providing</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> competent, attentive and efficient services to the Fund, and facilitating access to financing on acceptable terms depend on the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">employment of investment professionals in an adequate number and of adequate sophistication to match the corresponding flow of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transactions. To achieve the Fund’s investment objective, the Adviser and/or Sub-Adviser may need to hire, train, supervise and manage</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> new investment professionals to participate in the Fund’s investment selection and monitoring process. The Adviser and/or Sub-Adviser</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> may not be able to find investment professionals in a timely manner or at all. Failure to support the Fund’s investment process </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">could have a material adverse effect on the Fund’s business, financial condition and results of operations.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, the Investment Management Agreement and Sub-Advisory Agreements have termination provisions that allow the parties </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to terminate the agreements without penalty. The Investment Management Agreement may be terminated at any time, without penalty, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by the Adviser upon 60 days’ notice to the Fund. The Sub-Advisory Agreement may be terminated at any time by the Adviser or the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Sub-Adviser on 60 days’ notice or at any time upon the mutual consent of the parties. Further, if the Sub-Advisory Agreement terminates,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> the Investment Management Agreement will also terminate concurrently. If the Investment Management Agreement or Sub-Advisory</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Agreement is terminated, it may materially adversely affect the quality of the Fund’s investment opportunities. In addition, in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the event the Investment Management Agreement or Sub-Advisory Agreement is terminated, it may be difficult for the Fund to replace </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Adviser and Sub-Adviser. Furthermore, the termination of the Investment Management Agreement or Sub-Advisory Agreement </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may adversely impact the terms of the Fund’s or its subsidiaries’ financing facilities or any financing facility into which the Fund or its </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subsidiaries may enter in the future, which could have a material adverse effect on the Fund’s business and financial condition.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Dependence Upon Key Personnel of Bain Capital Credit and the Sub-Adviser.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund’s ability to achieve its investment objective </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">depends</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> on its ability to manage its business and to grow investments and earnings. This </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">depends</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">, in turn, on the financial and managerial</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> expertise of the Sub-Adviser, including with resources utilized from Bain Capital Credit. Although the Sub-Adviser has attempted </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to foster a team approach to investing, the loss of key individuals employed by Bain Capital Credit or the Sub-Adviser could have a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">material adverse effect on the Fund’s financial condition, performance and ability to achieve its investment objective. If these individuals</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> do not maintain their employment or other existing relationships with Bain Capital Credit or the Sub-Adviser and do not develop </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">new relationships with other sources of investment opportunities available to the Fund, the Fund may not be able to grow its investment</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> portfolio.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Bain Capital Credit’s and the Sub-Adviser’s investment professionals have substantial responsibilities in connection with the management</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> of other Bain Capital Credit clients. The personnel of Bain Capital Credit may be called upon to provide managerial assistance to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund’s portfolio companies. These demands on their time, which may increase as the number of investments grow, may distract </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">them or slow the Fund’s rate of investment. The employees of the Sub-Adviser and other Bain Capital Credit investment professionals </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expect to devote such time and attention to the conduct of the Fund’s business as such business shall reasonably require. However, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">there can be no assurance, for example, that the members of the Sub-Adviser or such investment professionals will devote any minimum</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> number of hours each week to the Fund’s affairs or that they will continue to be employed by Bain Capital Credit. Subject to certain</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> remedies, in the event that certain employees of the Sub-Adviser cease to be actively involved with the Fund, the Fund will be </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">required to rely on the ability of Bain Capital Credit to identify and retain other investment professionals to conduct the Fund’s business.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Board </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">evaluates</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> the commitment and performance of the Sub-Adviser in conjunction with the annual approval of the Sub-Advisory</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Agreement.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Under the Resource Sharing Agreement, Bain Capital Credit has agreed to provide the Sub-Adviser with experienced investment professionals</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> necessary to fulfill its obligations under the Sub-Advisory Agreement. The Resource Sharing Agreement, however, may be </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">terminated by either party on 60 days’ notice. The fund cannot assure Shareholders that Bain Capital Credit will fulfill its obligations </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">under the Resource Sharing Agreement. The Fund also cannot assure Shareholders that the Sub-Adviser will enforce the Resource </div></div></div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Sharing Agreement if Bain Capital Credit fails to perform, that such agreement will not be terminated by either party or that the Fund </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will continue to have access to the investment professionals of Bain Capital Credit and its affiliates or their information and deal flow. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Sub-Adviser, Bain Capital Credit and/or their affiliates will enter into employment contracts with and provide life insurance for </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">their key personnel.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Further, the Fund depends upon Bain Capital Credit and the Sub-Adviser to maintain their relationships with private equity sponsors, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">placement agents, investment banks, management groups and other financial institutions, and the Fund expects to rely to a significant </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">extent upon these relationships to provide the Fund with potential investment opportunities. If they fail to maintain such relationships, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or to develop new relationships with other sources of investment opportunities, the Fund will not be able to grow its investment portfolio.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> In addition, individuals with whom the senior professionals of Bain Capital Credit and the Sub-Adviser have relationships are not </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">obligated to provide the Fund with investment opportunities, and the Fund cannot assure you that these relationships will generate </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment opportunities for the Fund in the future.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Key Personnel Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Adviser and Sub-Adviser depend on the diligence, skill and network of business contacts of certain professionals.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Adviser and Sub-Adviser also depend, to a significant extent, on access to other investment professionals and the information</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> and deal flow generated by these investment professionals in the course of their investment and portfolio management activities.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund’s success depends on the continued service of such personnel. The investment professionals associated with the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Adviser and Sub-Adviser are actively involved in other investment activities not concerning the Fund and will not be able to devote all </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of their time to the Fund’s business and affairs. The departure of any of the senior managers of the Adviser and/or Sub-Adviser, or of a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">significant number of the investment professionals or partners of the Adviser’s and/or Sub-Adviser’s affiliates, could have a material </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adverse effect on the Fund’s ability to achieve its investment objective. Individuals not currently associated with the Adviser or Sub-Adviser</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> may become associated with the Fund and the performance of the Fund may also depend on the experience and expertise of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such individuals. In addition, there is no assurance that the Adviser or Sub-Adviser will remain the Fund’s investment advisers or that </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Adviser or Sub-Adviser will continue to have access to the investment professionals and partners of its affiliates and the information</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> and deal flow generated by the investment professionals of its affiliates.</div></div></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Bain Relationships.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund expects that Bain will depend on its existing relationships with private equity sponsors, investment </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">banks and commercial banks, and the Fund expects to rely to a significant extent upon these relationships for purposes of potential </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment opportunities. If Bain fails to maintain its existing relationships or develop new relationships with other sources or sponsors</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> of investment opportunities, the Fund may not be able to expand its investment portfolio. In addition, individuals with whom Bain </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">has relationships are not obligated to provide the Fund with investment opportunities and, therefore, there is no assurance that such </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">relationships will generate investment opportunities for the Fund.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">The Adviser’s Incentive Fee Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Investment Management Agreement and Sub-Advisory Agreement entitles the Adviser and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Sub-Adviser, respectively, to receive incentive compensation on income regardless of any capital losses. In such case, the Fund may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">be required to pay the Adviser, and indirectly the Sub-Adviser, incentive compensation for a fiscal quarter even if there is a decline in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the value of the Fund’s portfolio or if the Fund incurs a net loss for that quarter.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Any Incentive Fee payable by the Fund that relates to its net investment income may be computed and paid on income that may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">include interest that has been accrued but not yet received. If a portfolio company defaults on a loan that is structured to provide </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">accrued interest, it is possible that accrued interest previously included in the calculation of the Incentive Fee will become uncollectible.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Neither the Adviser nor Sub-Adviser is under any obligation to reimburse the Fund for any part of the Incentive Fee it received </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that was based on accrued income that the Fund never received as a result of a default by an entity on the obligation that resulted in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the accrual of such income, and such circumstances would result in the Fund’s paying an Incentive Fee on income it never received.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Incentive Fee payable by the Fund to the Adviser, and indirectly the Sub-Adviser, may create an incentive for them to make investments</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> on the Fund’s behalf that are risky or more speculative than would be the case in the absence of such compensation arrangement.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The way in which the Incentive Fee payable to the Adviser, and indirectly the Sub-Adviser, is determined may encourage them to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">use leverage to increase the return on the Fund’s investments. In addition, the fact that the Management Fee is payable based upon </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund’s gross assets, which would include any borrowings for investment purposes, may encourage the Adviser and/or Sub-Adviser</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> to seek to use leverage to make additional investments. Under certain circumstances, the use of leverage may increase the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">likelihood of default, which would disfavor Shareholders. Such a practice could result in the Fund’s investing in more speculative </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities than would otherwise be in its best interests, which could result in higher investment losses, particularly during cyclical </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">economic downturns.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Shares Not Listed; No Market for Shares.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund has been organized as a closed-end management investment company. Closed-end</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> funds differ from open-end management investment companies (commonly known as mutual funds) because investors in a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">closed-end fund do not have the right to redeem their shares on a daily basis. Unlike most closed-end funds, which typically list their </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shares on a securities exchange, the Fund does not currently intend to list the Shares for trading on any securities exchange, and the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund does not expect any secondary market to develop for the Shares in the foreseeable future. Therefore, an investment in the Fund, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unlike an investment in a typical closed-end fund, is not a liquid investment.</div></div></div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Closed-end Interval Fund; Liquidity Risks.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund is a non-diversified, closed-end management investment company structured </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as an “interval fund” and designed primarily for long-term investors. The Fund is not intended to be a typical traded investment. There </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">is no secondary market for the Fund’s Shares and the Fund expects that no secondary market will develop. An investor should not </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">invest in the Fund if the investor needs a liquid investment. Closed-end funds differ from open-end management investment companies,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> commonly known as mutual funds, in that investors in a closed-end fund do not have the right to redeem their shares on a daily </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">basis at a price based on NAV. Although the Fund, as a fundamental policy, will make quarterly offers to repurchase between 5% and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">25% of its outstanding Shares at NAV, the number of Shares tendered in connection with a repurchase offer may exceed the number </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of Shares the Fund has offered to repurchase, in which case not all of your Shares tendered in that offer will be repurchased. In connection</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> with any given repurchase offer, it is likely that the Fund may offer to repurchase only the minimum amount of 5% of its outstanding</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Shares. Hence, you may not be able to sell your Shares when and/or in the amount that you desire.</div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Competition for Investment Opportunities.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund competes for investments with other closed-end funds and investment funds, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as well as traditional financial services companies such as commercial banks and other sources of funding. Moreover, alternative </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment vehicles, such as hedge funds, have begun to invest in areas in which they have not traditionally invested. As a result of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">these new entrants, competition for investment opportunities may intensify. Many of the Fund’s competitors are substantially larger </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and may have considerably greater financial, technical and marketing resources than the Fund. For example, some competitors may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">have a lower cost of capital and access to funding sources that are not available to the Fund. In addition, some of the Fund’s competitors</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> may have higher risk tolerances or different risk assessments than it has. These characteristics could allow the Fund’s competitors</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> to consider a wider variety of investments, establish more relationships and pay more competitive prices for investments than it </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">is able to do. The Fund may lose investment opportunities if it does not match its competitors’ pricing. If the Fund is forced to match </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">its competitors’ pricing, it may not be able to achieve acceptable returns on its investments or may bear substantial risk of capital </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">loss. A significant increase in the number and/or the size of the Fund’s competitors could force it to accept less attractive investment </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">terms. Furthermore, many of the Fund’s competitors have greater experience operating under, or are not subject to, the regulatory </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">restrictions that the 1940 Act imposes on it as a closed-end fund.</div></div></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;"> </div></div> <div><div></div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">“Best-Efforts” Offering Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> This offering is being made on a best efforts basis, whereby the Distributor is only required to use its </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">best efforts to sell the Shares and has no firm commitment or obligation to purchase any of the Shares. To the extent that a limited </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">number of Shares are sold in this offering, the opportunity for the allocation of the Fund’s investments among various issuers and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">industries may be decreased, and the returns achieved on those investments may be reduced as a result of allocating all of the Fund’s </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expenses over a smaller capital base.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Inadequate Return Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> No assurance can be given that the returns on the Fund’s investments will be commensurate with the risk of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment in its Shares.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Inadequate Network of Broker-Dealer Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The success of the Fund’s continuous public offering, and correspondingly the Fund’s </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">ability to implement its investment objective and strategies, depends upon the ability of the Distributor to establish, operate and maintain</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> a network of selected broker-dealers and other Financial Intermediaries to sell the Shares. If the Distributor fails to perform, the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund may not be able to raise adequate proceeds through the Fund’s continuous public offering to implement the Fund’s investment </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">objective and strategies. If the Fund is unsuccessful in implementing its investment objective and strategies, an investor could lose all </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or a part of his or her investment in the Fund.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Registration under the U.S. Commodity Exchange Act.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Registration with the Commodity Futures Trading Commission as a “commodity</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> pool operator” or any change in the Fund’s operations necessary to maintain the Adviser’s ability to rely upon exemption from </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">registration as such could adversely affect the Fund’s ability to implement its investment program, conduct its operations and/or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">achieve its objective and subject the Fund to certain additional costs, expenses and administrative burdens.</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div><div></div></div></div></div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div><div></div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Distribution Payment Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund cannot assure investors that the Fund will achieve investment results that will allow the Fund to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">make a specified level of cash distributions or year-to-year increases in cash distributions. All distributions</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">if any,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> will be paid at the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">discretion of the Board and may depend on the Fund’s earnings, the Fund’s net investment income, the Fund’s financial condition, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">maintenance of the Fund’s RIC status, compliance with applicable regulations and such other factors as the Board may deem relevant </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from time to time.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In the event that the Fund encounters delays in locating suitable investment opportunities, all or a substantial portion of the Fund’s </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distributions</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">if any,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> may constitute a return of capital to Shareholders. To the extent that the Fund pays distributions that constitute a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">return of capital for U.S. federal income tax purposes, it will lower an investor’s tax basis in his or her Shares. A return of capital generally</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> is a return of an investor’s investment, rather than a return of earnings or gains derived from the Fund’s investment activities, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and generally results in a reduction of the tax basis in the Shares. As a result from such reduction in tax basis, Shareholders may be </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">subject to tax in connection with the sale of Fund Shares, even if such Shares are sold at a loss relative to the Shareholder’s original </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment.</div></div></div></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Risks Associated with the Fund’s Distribution Policy.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund intends to make regular distributions. Currently, in order to maintain </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a relatively stable level of distributions, the Fund may pay out less than all of its net investment income to the extent consistent with </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">maintaining its ability to be subject to tax as a “regulated investment company</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">” or “RIC</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">” under the Code, pay out undistributed </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income from prior months, return capital in addition to current period net investment income or borrow money to fund distributions. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The distributions for any full or partial calendar year might not be made in equal amounts, and one distribution may be larger than the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other. The Fund will make a distribution only if authorized by the Board and declared by the Fund out of assets legally available for </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">these distributions. This distribution policy may, under certain circumstances, have certain adverse consequences to the Fund and its </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shareholders because it may result in a return of capital, which would reduce the NAV of the Shares and, over time, potentially </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increase the Fund’s expense ratios. If a distribution constitutes a return of capital, it means that the Fund is returning to Shareholders </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">a portion of their investment rather than making a distribution that is funded from the Fund’s earned income or other profits. The </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s distribution policy may be changed at any time by the Board.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There is a possibility that the Fund may make total distributions during a calendar or taxable year in an amount that exceeds the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net investment company taxable income and net capital gains for the relevant taxable year. In such situations, if a distribution </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exceeds the Fund’s current and accumulated earnings and profits (as determined for U.S. federal income tax purposes), a portion of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">each distribution paid with respect to such taxable year would generally be treated as a return of capital for U.S. federal income tax </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">purposes, thereby reducing the amount of a Shareholder’s tax basis in such Shareholder’s Shares. When a Shareholder sells Shares, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the amount, if any, by which the sales price exceeds the Shareholder’s tax basis in the Shares may be treated as a gain subject to tax. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Because a return of capital reduces a Shareholder’s tax basis in their Shares, it generally will increase the amount of such Shareholder’s</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> gain or decrease the amount of such Shareholder’s loss when such Shareholder sells their Shares. To the extent that the amount </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of any return of capital distribution exceeds a Shareholder’s tax basis in their Shares, such excess generally will be treated as gain </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">from a sale or exchange of the Shares.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div><div></div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div></div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investment Dilution Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund’s investors do not have preemptive rights to any Shares the Fund may issue in the future. The </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s amended and restated declaration of trust (the “Declaration of Trust”) authorizes it to issue an unlimited number of Shares. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Board may make certain amendments to the Declaration of Trust. After an investor purchases Shares, the Fund may sell additional </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shares in the future or issue equity interests in private offerings. To the extent the Fund issues additional equity interests after an </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investor purchases its Shares, such investor’s percentage ownership interest in the Fund will be diluted.</div></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Anti-Takeover Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Declaration of Trust and the Fund’s amended and restated bylaws (the “Bylaws”), as well as certain statutory </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and regulatory requirements, contain certain provisions that may have the effect of discouraging a third party from attempting to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">acquire the Fund. Subject to the limitations of the 1940 Act, the Board may, without Shareholder action, authorize the issuance of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shares in one or more classes or series, including preferred shares; and the Board may, without Shareholder action, make certain </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">amendments to the Declaration of Trust. These anti-takeover provisions may inhibit a change of control in circumstances that could </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">give Shareholders the opportunity to realize a premium over the value of the Shares.</div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Conflicts of Interest Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Adviser is an entity in which the Fund’s Interested Trustee (as described below) and officers and members</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> of the Adviser’s investment committee may have indirect ownership and economic interests. Certain of the Fund’s Trustees and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">officers, members of the Adviser’s investment committee and Sub-Adviser personnel who manage the Fund also serve as officers or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">principals of other investment managers affiliated with the Adviser or Sub-Adviser that currently, and may in the future, manage </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment funds with investment objectives similar to the Fund’s investment objective. In addition, certain of the Fund’s officers and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Trustees, members of the Adviser’s investment committee, or Sub-Adviser personnel who manage the Fund serve or may serve as </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">officers, trustees or principals of entities that operate in the same or related line of business as the Fund or of investment funds managed</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> by the Fund’s affiliates. Accordingly, the Fund may not be made aware of and/or given the opportunity to participate in certain </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments made by other investment funds, even if they are managed by advisers affiliated with the Adviser or the Sub-Adviser. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">However, the Adviser and Sub-Adviser intend to allocate investment opportunities in a fair and equitable manner in accordance with </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">their respective investment allocation policies, consistent with each fund’s or separate account’s investment objective and strategies </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and legal and regulatory requirements.</div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Potential Conflicts of Interest Risk — Allocation of Investment Opportunities.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Sub-Adviser has adopted allocation procedures </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that are intended to treat each fund they advise in a manner that, over a period of time, is fair and equitable. The Sub-Adviser and its </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">affiliates currently provide investment advisory and administration services and may provide in the future similar services to other </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">entities (collectively, “Advised Funds”). Certain existing Advised Funds have, and future Advised Funds may have, investment objectives</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> similar to those of the Fund, and such Advised Funds will invest in asset classes similar to those targeted by the Fund. Certain </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other existing Advised Funds do not, and future Advised Funds may not, have similar investment objectives, but such Advised Funds </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may from time to time invest in asset classes similar to those targeted by the Fund.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In serving in multiple capacities, employees of Bain Capital Credit and the Sub-Adviser will have obligations to other Advised Funds, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the fulfillment of which may not be in the best interests of, or may be adverse to the interests of, the Fund and its Shareholders. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Although the professional staff of Bain Capital Credit will devote as much time to the Fund’s management as appropriate to enable the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Sub-Adviser to perform its duties in accordance with the Sub-Advisory Agreement, Bain Capital Credit has, and will continue to have, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">management responsibilities for other Advised Funds. There is a potential that the Fund will compete with these Advised Funds, for </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">capital and investment opportunities. As a result, Bain Capital Credit and the Portfolio Managers will face conflicts in the allocation of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment opportunities among the Fund and the other Advised Funds and may make certain investments that are appropriate for the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund but for which the Fund receives a relatively small allocation of such investment or no allocation at all. The Sub-Adviser and Bain </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Capital Credit </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">allocates</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> investment opportunities among eligible Advised Funds in a manner that is fair and equitable over time and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consistent with its allocation policy. However, the Fund can offer no assurance that such opportunities will be allocated to the Fund </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">fairly or equitably in the short-term or over time, and the Fund may not be given the opportunity to participate in investments made by </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">other Advised Funds managed by the Sub-Adviser or an investment manager affiliated with the Sub-Adviser, including Bain Capital </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Credit. In allocating investment opportunities, the Sub-Adviser will consider factors it believes in its sole discretion to be relevant, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which may include the following:</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> </div> <div> <div style="clear:both;margin-top:6pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment objectives and investment focus;</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expected life cycle;</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prospective portfolio company’s geography, nature of its business and scale;</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">transaction sourcing (and with respect to an investment opportunity originated by a third-party, the relationship of an Advised </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund to such third-party);</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">liquidity and reserves (including whether an Advised Fund is able to commit to invest all capital required to consummate a particular</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> investment opportunity);</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">diversification (including the actual, relative or potential exposure of an Advised Fund to the type of investment opportunity in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">terms of its existing portfolio);</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">lender covenants and other limitations;</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">amount of capital available for investment, as well as projected future capacity for investment;</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">targeted rate of return and hold period;</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the size, liquidity and anticipated duration of the prospective portfolio company;</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">stage of development of the prospective investment and anticipated holding period of the prospective investment;</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">appropriate leverage levels for the prospective portfolio company;</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">stage of the investment process of the Fund and the other Advised Funds (i.e., whether the relevant entities are in their </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">“ramp-up period”);</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio composition and investment concentration parameters (including parameters such as geography, industry, issuer, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">volatility, leverage or other similar risk metric);</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the suitability as a follow-on investment for a current investment;</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the potential availability of future follow-on investments in such prospective investment;</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the availability of other suitable investments;</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">timing necessary to execute an investment;</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risk considerations;</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the centrality of an investment to investment strategy;</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cash flow considerations;</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">asset class restrictions;</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">industry and other allocation targets;</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">minimum and maximum investment size requirements;</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tax and accounting implications;</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">whether an investment opportunity requires additional consents or authorizations from an Advised Fund, investors or third parties;</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">legal, contractual or regulatory constraints; and</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div> <div style="clear:both;margin-top:1pt;position:relative;width:100%"> <div style="float:left;line-height:16.0pt;margin-left:12pt;text-align:left;width:4.66pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; position: relative; top: 1pt; letter-spacing: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 14pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="float:left;line-height:12.0pt;margin-left:7.34pt;text-align:left;width:499.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">any other relevant limitations imposed by or conditions set forth in the applicable offering documents and organizational documents</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> of the Fund and each Advised Fund.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">If the Sub-Adviser recommends a particular level of investment for the Fund, and the aggregate amount recommended by the Sub-Adviser</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> for the Fund and for other participating Advised Funds exceeds the amount of the investment opportunity, subject to applicable</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> law, investments made pursuant to exemptive relief will generally be allocated among the participants pro rata based on capital </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">available for investment in the asset class being allocated and the respective governing documents of such Advised Funds. The Fund </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expects that available capital for its investments will be determined based on the amount of cash on-hand, existing commitments and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">reserves, if any, the targeted leverage level, targeted asset mix and diversification requirements and other investment policies and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">restrictions set by the Board or as imposed by applicable laws, rules, regulations or interpretations. In instances when investments </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are not made pursuant to exemptive relief, allocations among the Fund and other Advised Funds, subject to applicable law and regulation,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> will be made in accordance with the Sub-Adviser’s trade allocation practice, which is generally pro rata based on order size. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There can be no assurance that the Fund will able to participate in all investment opportunities that are suitable for it.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In the event investment opportunities are allocated among the Fund and the other Advised Funds, the Fund may not be able to structure</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> its investment portfolio in the manner desired. Furthermore, the Fund and the other Advised Funds may make investments in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities where the prevailing trading activity may make impossible the receipt of the same price or execution on the entire volume of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">securities purchased or sold by the Fund and the other Advised Funds. When this occurs, the various prices may be averaged, and the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund will be charged or credited with the average price. Thus, the effect of the aggregation may operate on some occasions to the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">disadvantage of the Fund. In addition, under certain circumstances, the Fund may not be charged the same commission or commission</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> equivalent rates in connection with a bunched or aggregated order.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div> <div> </div> </div> <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px; background: none; text-decoration: none;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div> <div> </div> </div> </div> <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Adviser, the Sub-Adviser, or their respective affiliates and clients may pursue or enforce rights with respect to a borrower in which </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund has invested, and those activities may have an adverse effect on the Fund. As a result, prices, availability, liquidity and terms </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the Fund’s investments may be negatively impacted by the activities of the Adviser, the Sub-Adviser or their respective affiliates or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">their clients, and transactions for the Fund may be impaired or effected at prices or terms that may be less favorable than would otherwise</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> have been the case.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Sub-Adviser may have a conflict of interest in deciding whether to cause the Fund to incur leverage or to invest in more speculative</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> investments or financial instruments, thereby potentially increasing the Investment Management and incentive fee payable by the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund and, accordingly, the fees received by the Sub-Adviser. Certain other Advised Funds pay the Sub-Adviser or its affiliates greater </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">performance-based compensation, which could create an incentive for the Sub-Adviser or an affiliate to favor such investment fund or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">account over the Fund.</div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Potential Conflicts of Interest Risk — Allocation of Personnel.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund’s executive officers, and the employees of the Adviser or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Sub-Adviser, serve or may serve as officers, directors or principals of entities that operate in the same or a related line of business as </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund or of investment funds or accounts managed by the Adviser, the Sub-Adviser or their respective affiliates. As a result, they </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may have obligations to investors in those entities, the fulfillment of which might not be in the best interests of the Fund or its Shareholders.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Additionally, certain personnel of the Adviser and Sub-Adviser and their respective management may face conflicts in their </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">time management and commitments.</div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Potential Conflicts of Interest Risk — Lack of Information Barriers.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> By reason of the various activities of the Advisers and their affiliates,</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> the Advisers and such affiliates may acquire confidential or material non-public information or otherwise be restricted from purchasing</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> certain potential Fund investments that otherwise might have been purchased or be restricted from selling certain Fund </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments that might otherwise have been sold at the time.</div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Portfolio Fair Value Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Under the 1940 Act, the Fund is required to carry its portfolio investments at market value or, if there is no </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">readily available market value, at fair value. There is not a public market for the securities of the privately held companies in which the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund may invest. Many of the Fund’s investments are not exchange-traded, but are, instead, traded on a privately negotiated OTC secondary</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> market for institutional investors. The Adviser, as valuation designee, is responsible for the valuation of the Fund’s portfolio </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments and implementing the portfolio valuation process set forth in the Adviser’s and the Fund’s valuation policy. Valuations of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund investments are disclosed quarterly in reports publicly filed with the SEC. See “Determination of Net Asset Value.”</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div> <div> </div> </div> <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;text-align:left"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Artificial Intelligence Risks.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> As computing technology and data analytics advance, there has been a trend towards machine driven </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and artificially intelligent trading systems, particularly with respect to increasing levels of autonomy in trading decision capabilities. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Regulators of financial markets have become increasingly focused on the potential impact of artificial intelligence (“AI”) on investment </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">activities and may issue regulations that affect the use of artificial technology in trading activities. Any such regulations may not have </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the effect on financial markets that regulators intend. The use of AI and machine learning technologies (collectively, “AI Technologies”),</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> and the overall adoption of AI Technologies throughout society, create opportunities for the Fund and its portfolio companies, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as well as new and unpredictable competitive, operational, legal, and regulatory risks. The Fund uses, and plans to expand its use of, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">AI Technologies in connection with its business and investment activities. The Fund’s portfolio companies and investments also use </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such technologies, including, but not limited to, automation of operational tasks, identification of investment opportunities, investment</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> due diligence, and investment decision-making. The Fund and its portfolio companies continue to evaluate the rapidly evolving </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">landscape of AI Technologies. Actual use of AI Technologies varies across the Fund’s business, funds and portfolio companies, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investments. While the Fund expects, from time to time, to adopt and adjust usage policies and procedures governing the use of AI </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Technologies by its personnel, there is a risk of misuse of such AI Technologies, failure of such AI Technologies to be available or to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">perform, or the introduction of inaccurate, biased or otherwise faulty outputs and security vulnerabilities, such as data leakage, which </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may go undetected on account of use of such AI Technologies, any of which could cause a material harm to the Fund or its portfolio </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">companies. The Fund could also be exposed to the risks of AI if third-party service providers or any counterparties, whether or not </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">known to the Fund, also use AI Technologies in their business activities. The Fund may not be in a position to control the use of AI </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Technologies in third-party products or services. The use of AI Technologies could involve the input of confidential information in contravention</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> of applicable policies, contractual obligations, or other restrictions, resulting in such information becoming accessible to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">third-party AI applications and their users. In addition, some of the Fund’s competitors may be more successful than we are in the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">development and implementation of new technologies, including services and platforms based on artificial intelligence to address </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investor demands or improve operations. If the Fund is unable to adequately advance its capabilities in these areas, or does so at a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">slower pace than others in the industry, the Fund may be at a competitive disadvantage. Similarly, if the Fund’s portfolio companies </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are unable to effectively adopt or implement AI Technologies, or lag behind their competitors in doing so, their competitive positions </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and business prospects may be negatively affected, which could adversely impact the value of the Fund’s investments. The increasingly</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> widespread use of AI by issuers and market participants and investments in such technologies by issuers may significantly </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impact the economy, financial markets and issuers. Malicious actors may also use AI for fraud, hacking, or market manipulation. Issuers</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> that engage in AI-related businesses or that increasingly use these technologies are particularly susceptible to the risks associated </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">with AI and its rapid and unpredictable evolution, including (but not limited to) market and business risks, technology and product </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">risks, cybersecurity and data security risks, and intellectual property risks.</div></div></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Cybersecurity Risks.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Cybersecurity incidents and cyber-attacks have been occurring globally at a more frequent and severe level and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">will likely continue to increase in frequency in the future. The Advisers face various security threats on a regular basis, including ongoing</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> cyber security threats to and attacks on their information technology infrastructure that are intended to gain access to their proprietary</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> information, destroy data or disable, or degrade or sabotage their systems. These security threats could originate from a wide </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">variety of sources, including unknown third parties outside of the Advisers. Although neither the Adviser nor Sub-Adviser is currently </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">aware that it has been subject to cyber-attacks or other cyber incidents which, individually or in the aggregate, have materially affected </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">its operations or financial condition, there can be no assurance that the various procedures and controls utilized to mitigate these </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">threats will be sufficient to prevent disruptions to its systems.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Advisers’ and issuers’ information and technology systems may be vulnerable to damage or interruption from computer viruses, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">network failures, computer and telecommunication failures, infiltration by unauthorized persons and security breaches, usage errors </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by their respective professionals, power outages and catastrophic events such as fires, tornadoes, floods, hurricanes and earthquakes.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div> <div> </div> </div> <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div> <div> </div> </div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px; background: none; text-decoration: none;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, the Fund or the Advisers may not be in a position to verify the risks or reliability of third parties with which the Fund’s and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Advisers’ operations interface with and/or depend on third parties, including the Fund’s administrator and other service providers. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may suffer adverse consequences from actions, errors or failure to act by such third parties, and will have obligations, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">including indemnity obligations, and limited recourse against them.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Additionally, technological developments such as the use of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">cloud-based service providers and/or services and the integration of artificial intelligence in systems and operations create new risks, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">which can be difficult to assess and anticipate. For example, the Fund’s service providers and market participants on which the Fund </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">relies may use AI (such as machine learning or generative AI) and similar technologies in the provision of services to the Fund and its </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">operations generally. Such use may subject these service providers and market participants and, in turn, their services and operations </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to increased risks associated with such technologies, including risk of errors, cyber security, data protection and information technology</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> risk, operational risk, and legal, regulatory and compliance risk. In addition, any controls in place designed to mitigate such risks </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">may be ineffective and the use of these technologies may change over time, which may present new risks and vulnerabilities. As a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">result, the Fund may experience adverse consequences, such as operational errors, from such use of AI and similar technologies.</div></div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Risks Relating to Fund’s <div style="letter-spacing: 0px; top: 0px;display:inline;">RIC </div>Status.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Although the Fund </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">has elected to</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> be treated as a RIC under Subchapter M of the Code, no </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assurance can be given that the Fund will be able to qualify for and maintain RIC status. If the Fund qualifies as a RIC under the Code, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund generally will not be subject to corporate-level federal income taxes on its income and capital gains that are timely distributed</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> (or deemed distributed) as dividends for U.S. federal income tax purposes to its Shareholders. To qualify as a RIC under the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Code and to be relieved of federal taxes on income and gains distributed as dividends for U.S. federal income tax purposes to the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s Shareholders, the Fund must, among other things, meet certain source-of-income, asset diversification and distribution </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">requirements. The distribution requirement for a RIC is satisfied if the Fund distributes dividends each tax year for U.S. federal income </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">tax purposes of an amount generally at least equal to 90% of the sum of its net ordinary income and net short-term capital gains in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">excess of net long-term capital losses, if any, to the Fund’s Shareholders.</div></div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">RIC-Related Risks of Investments Generating Non-Cash Taxable Income.</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Certain of the Fund’s investments will require the Fund to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">recognize taxable income in a tax year in excess of the cash generated on those investments during that year. In particular, the Fund </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expects to invest in loans and other debt instruments that will be treated as having “market discount” and/or original issue discount </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(“OID”) (such as debt instruments with PIK interest or, in certain cases, increasing interest rates or issued with equity or warrants) for </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. federal income tax purposes. Because the Fund may be required to recognize income in respect of these investments before, or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">without receiving, cash representing such income (e.g., PIK interest), the Fund may have difficulty satisfying the annual distribution </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">requirements applicable to RICs and avoiding Fund-level U.S. federal income and/or excise taxes. Accordingly, the Fund may be </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">required to sell assets, including at potentially disadvantageous times or prices, raise additional debt or equity capital, make taxable </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">distributions of Shares or debt securities, or reduce new investments, to obtain the cash needed to make these income distributions. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">If the Fund liquidates assets to raise cash, the Fund may realize additional gain or loss on such liquidations. In the event the Fund realizes</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> additional net capital gains from such liquidation transactions, Shareholders may receive larger capital gain distributions than it </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or they would in the absence of such transactions.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div> <div> </div> </div> <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following table sets forth information about the Fund’s outstanding Shares as of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">May 31</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2026</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">.</div></div></div></div><div style="line-height: 1pt; text-align: left; font-size: 1pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:1.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:25.75pt"> <td style="background-color:#FFFFFF;vertical-align:Bottom;width:284.8pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:48pt;margin-right:9pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;"> </div></div></div></div></td> <td style="background-color:#FFFFFF;vertical-align:Bottom;width:52.67pt"><div style="line-height:9.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:17.09%;margin-right:17.09%;padding-bottom:1pt"><div style="text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Amount</div></div></div><div style="text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Authorized</div></div></div></div></div></td> <td style="background-color:#FFFFFF;vertical-align:Bottom;width:81.78pt"><div style="line-height:9.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:11.01%;margin-right:11.01%;padding-bottom:1pt"><div style="text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Amount Held by the</div></div></div><div style="text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Fund for its Own</div></div></div><div style="text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Account</div></div></div></div></div></td> <td style="background-color:#FFFFFF;vertical-align:Bottom;width:108.75pt"><div style="line-height:9.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:8.28%;margin-right:22.07%;padding-bottom:1pt"><div style="text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Amount</div></div></div><div style="text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;font-weight:bolder;display:inline;">Outstanding</div></div></div></div></div></td></tr> <tr style="height:15.25pt"> <td style="background-color:azure;vertical-align:Top;width:284.8pt"><div style="line-height:11pt;text-align:left"><div style="margin-left:48pt;margin-right:9pt;margin-top:2pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class A Shares</div></div></div></div></td> <td style="background-color:azure;vertical-align:Top;white-space:nowrap;width:52.67pt"><div style="line-height:11pt;margin-left:9pt;margin-right:9pt;text-align:right;width:34.67pt"><div style="display:flex;margin:auto;width:35.98pt"><div style="display:flex;white-space:nowrap;width:35.98pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: 35.98pt; letter-spacing: 0px; top: 0px;display:inline;">Unlimited</div></div> </div></div></td> <td style="background-color:azure;vertical-align:Top;white-space:nowrap;width:81.78pt"><div style="line-height:11pt;margin-left:9pt;margin-right:9pt;text-align:right;width:63.78pt"><div style="display:flex;margin:auto;width:58.25pt"><div style="display:flex;margin:auto;width:58.25pt"><div style="display:flex;white-space:nowrap;width:58.25pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: 58.25pt; letter-spacing: 0px; top: 0px;display:inline;">10,270.22</div></div></div> </div></div></td> <td style="background-color:azure;vertical-align:Top;white-space:nowrap;width:108.75pt"><div style="line-height:11pt;margin-left:9pt;margin-right:24pt;text-align:right;width:51.75pt"><div style="display:flex;margin:auto;width:53.75pt"><div style="display:flex;margin:auto;width:53.75pt"><div style="display:flex;white-space:nowrap;width:53.75pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: 53.75pt; letter-spacing: 0px; top: 0px;display:inline;">1,044.08</div></div></div> </div></div></td></tr> <tr style="height:12pt"> <td style="background-color:#FFFFFF;vertical-align:Top;width:284.8pt"><div style="line-height:11pt;text-align:left"><div style="margin-left:48pt;margin-right:9pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class D Shares</div></div></div></div></td> <td style="background-color:#FFFFFF;vertical-align:Top;white-space:nowrap;width:52.67pt"><div style="line-height:11pt;margin-left:9pt;margin-right:9pt;text-align:right;width:34.67pt"><div style="display:flex;margin:auto;width:35.98pt"><div style="display:flex;white-space:nowrap;width:35.98pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: 35.98pt; letter-spacing: 0px; top: 0px;display:inline;">Unlimited</div></div> </div></div></td> <td style="background-color:#FFFFFF;vertical-align:Top;white-space:nowrap;width:81.78pt"><div style="line-height:11pt;margin-left:9pt;margin-right:9pt;text-align:right;width:63.78pt"><div style="display:flex;margin:auto;width:58.25pt"><div style="display:flex;margin:auto;width:58.25pt"><div style="display:flex;white-space:nowrap;width:58.25pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: 58.25pt; letter-spacing: 0px; top: 0px;display:inline;">10,296.71</div></div></div> </div></div></td> <td style="background-color:#FFFFFF;vertical-align:Top;white-space:nowrap;width:108.75pt"><div style="line-height:11pt;margin-left:9pt;margin-right:24pt;text-align:right;width:51.75pt"><div style="display:flex;margin:auto;width:53.75pt"><div style="display:flex;margin:auto;width:53.75pt"><div style="display:flex;white-space:nowrap;width:53.75pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: 53.75pt; letter-spacing: 0px; top: 0px;display:inline;">1,045.95</div></div></div> </div></div></td></tr> <tr style="height:12pt"> <td style="background-color:azure;vertical-align:Top;width:284.8pt"><div style="line-height:11pt;text-align:left"><div style="margin-left:48pt;margin-right:9pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class I Shares</div></div></div></div></td> <td style="background-color:azure;vertical-align:Top;white-space:nowrap;width:52.67pt"><div style="line-height:11pt;margin-left:9pt;margin-right:9pt;text-align:right;width:34.67pt"><div style="display:flex;margin:auto;width:35.98pt"><div style="display:flex;white-space:nowrap;width:35.98pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: 35.98pt; letter-spacing: 0px; top: 0px;display:inline;">Unlimited</div></div> </div></div></td> <td style="background-color:azure;vertical-align:Top;white-space:nowrap;width:81.78pt"><div style="line-height:11pt;margin-left:9pt;margin-right:9pt;text-align:right;width:63.78pt"><div style="display:flex;margin:auto;width:58.25pt"><div style="display:flex;margin:auto;width:58.25pt"><div style="display:flex;white-space:nowrap;width:58.25pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: 58.25pt; letter-spacing: 0px; top: 0px;display:inline;">311,178,962.62</div></div></div> </div></div></td> <td style="background-color:azure;vertical-align:Top;white-space:nowrap;width:108.75pt"><div style="line-height:11pt;margin-left:9pt;margin-right:24pt;text-align:right;width:51.75pt"><div style="display:flex;margin:auto;width:53.75pt"><div style="display:flex;margin:auto;width:53.75pt"><div style="display:flex;white-space:nowrap;width:53.75pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: 53.75pt; letter-spacing: 0px; top: 0px;display:inline;">30,422,840.35</div></div></div> </div></div></td></tr> <tr style="height:11.5pt"> <td style="background-color:#FFFFFF;vertical-align:Top;width:284.8pt"><div style="line-height:11pt;text-align:left"><div style="margin-left:48pt;margin-right:9pt;text-align:Left;white-space:nowrap"><div style="display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class IS Shares</div></div></div></div></td> <td style="background-color:#FFFFFF;vertical-align:Top;white-space:nowrap;width:52.67pt"><div style="line-height:11pt;margin-left:9pt;margin-right:9pt;text-align:right;width:34.67pt"><div style="display:flex;margin:auto;width:35.98pt"><div style="display:flex;white-space:nowrap;width:35.98pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: 35.98pt; letter-spacing: 0px; top: 0px;display:inline;">Unlimited</div></div> </div></div></td> <td style="background-color:#FFFFFF;vertical-align:Top;white-space:nowrap;width:81.78pt"><div style="line-height:11pt;margin-left:9pt;margin-right:9pt;text-align:right;width:63.78pt"><div style="display:flex;margin:auto;width:58.25pt"><div style="display:flex;margin:auto;width:58.25pt"><div style="display:flex;white-space:nowrap;width:58.25pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: 58.25pt; letter-spacing: 0px; top: 0px;display:inline;">10,316.27</div></div></div> </div></div></td> <td style="background-color:#FFFFFF;vertical-align:Top;white-space:nowrap;width:108.75pt"><div style="line-height:11pt;margin-left:9pt;margin-right:24pt;text-align:right;width:51.75pt"><div style="display:flex;margin:auto;width:53.75pt"><div style="display:flex;margin:auto;width:53.75pt"><div style="display:flex;white-space:nowrap;width:53.75pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; width: 53.75pt; letter-spacing: 0px; top: 0px;display:inline;">1,047.28</div></div></div> </div></div></td></tr></table> Class A Shares 10270.22 1044.08 Class D Shares 10296.71 1045.95 Class I Shares 311178962.62 30422840.35 Class IS Shares 10316.27 1047.28 Investors purchasing Class A Shares may be charged a front-end sales load of up to 3.00% of the investor’s purchase. Investors purchasing Class D Shares may be charged a front-end sales load of up to 3.50% of the investor’s purchase. The table assumes the maximum sales load is charged. The Distributor may, in its discretion, waive all or a portion of the sales load for certain investors. While Class I and Class IS Shares do not charge a front-end sales load, if you purchase Class I or Class IS Shares through certain Financial Intermediaries, such Financial Intermediaries may directly charge you transaction or other fees in such amount as they may determine. Please consult your Financial Intermediary for additional information. See “Purchase of Shares” and “Plan of Distribution.” A 2.00% early repurchase fee payable to the Fund will be charged with respect to the repurchase of an investor’s Shares at any time prior to the day immediately preceding the one-year anniversary of an investor’s purchase of the Shares (on a “first in-first out” basis) (“Early Repurchase Fee”). An Early Repurchase Fee payable by an investor may be waived by the Fund, in circumstances where the Board determines that doing so is in the best interests of the Fund and that will not discriminate unfairly against any investor. The Early Repurchase Fee will be retained by the Fund for the benefit of the remaining investors. See “Share Repurchase Program.” The Investment Management Fee paid by the Fund is calculated at the annual rate of 1.00% of the Fund’s gross assets, which includes assets purchased with borrowed money. The table above assumes that the Fund borrows money for investment purposes at an average amount of 33% of its net assets (i.e., gross assets are expected to be 133% of net assets). If the Fund borrows to a lesser extent or not at all, the Investment Management Fee would decrease as a percentage of Fund net assets. See “Summary of Terms — Leverage.” These expenses represent estimated interest payments the Fund expects to incur in connection with its credit facility and short sales during the current fiscal year. See “Summary of Terms — Leverage”. The amount shown in the table above is based on the assumption that the Fund borrows money for investment purposes at an average amount of 33% of its net assets. The Fund currently borrows under a credit facility with Citibank, N.A. See “Types of Investments and Related Risks – Use of Leverage: Risk of Borrowing by the Fund. Class A Shares will pay to the Distributor a distribution fee that will accrue at an annual rate equal to 0.60% of the aggregate NAV as of the beginning of the first calendar day of each applicable month attributable to Class A Shares. Class D Shares will pay to the Distributor a distribution fee that will accrue at an annual rate equal to 0.25% of the aggregate NAV as of the beginning of the first calendar day of each applicable month attributable to Class D Shares (as applicable, the “Distribution Fee”). See “Plan of Distribution”. The Fund may have net investment income that could result in the payment of an incentive fee in the first year of investment operations. The Incentive Fee is 15% of the Fund’s Pre-Incentive Fee Net Investment Income in excess of the Hurdle Amount (defined below). The Fund expects the Incentive Fee the Fund pays to increase to the extent the Fund earns greater income. The Incentive Fee, calculated and payable quarterly in arrears, is determined for each share class as follows: (i) no Incentive Fee is payable for any calendar quarter in which the class’s Pre-Incentive Fee Net Investment Income does not exceed 1.50% of that class’s beginning-of-quarter NAV (the “Hurdle Amount”); (ii) 100% of the class’s Pre-Incentive Fee Net Investment Income that exceeds the Hurdle Amount but is less than 1.765% of NAV (the “Catch-Up Amount”) is payable to the Adviser, so that the cumulative Incentive Fee for the quarter equals 15% of the class’s total Pre-Incentive Fee Net Investment Income once the Catch-Up Amount is reached; and (iii) 15% of the class’s Pre-Incentive Fee Net Investment Income that exceeds 1.765% of NAV in the quarter is payable to the Adviser. Incentive Fees are based on estimated amounts for the Fund's current fiscal year. Incentive Fees may accrue to the extent the Fund earns net investment income. For example, if the Fund achieves net investment income of 1.5% of NAV for a quarter, no incentive fees would be payable because the Hurdle Amount was not exceeded. If instead the Fund achieved net investment income of 2.5% of net assets in a quarter, an incentive fee equal to approximately 0.375% of Fund net assets would be payable. See “Investment Management Fee and Incentive Fee — Incentive Fee” for more information concerning the incentive fees. Class A, Class D, and Class IS Shares charge a shareholder services fee of up to 0.25% per year (the “Shareholder Services Fee”) under the Administration Agreement with The Lincoln National Life Insurance Company. Such services include, but are not limited to, responding to operational inquiries from Shareholders; processing purchase, redemption and exchange orders with the Fund’s transfer agent; and providing Shareholders with automatic investment services, including investments in Fund. Acquired Fund Fees and Expenses (“AFFE”) are the indirect costs of investing in other investment companies and other pooled investment vehicles. AFFE are estimated for the Fund’s current fiscal year based on historic fees and expenses. AFFE may include an incentive allocation or other fee based on income, capital gains and/or appreciation (an “Incentive Allocation”) payable to the adviser of an acquired fund. While the amount of such fees vary by acquired fund, performance fees, if charged, tend to be approximately 10-20% of the acquired fund’s profits above a hurdle rate (a minimum rate of return). Future AFFE may be substantially higher or lower because certain fees are based on the performance of the acquired funds, which may fluctuate over time. Other expenses are based on estimated amounts for the current fiscal year and include accounting, custody, transfer agency, legal, valuation agent, pricing vendor and auditing fees of the Fund and fees payable to the Independent Trustees, as well as payments to the Administrator to provide or procure administrative and support services and corporate-level services under the Administration Agreement with The Lincoln National Life Insurance Company. These expenses represent estimated interest payments the Fund expects to incur in connection with its expected credit facility and short sales during the current fiscal year. See Summary of Terms — Leverage. The amount shown in the table above is based on the assumption that the Fund borrows money for investment purposes at an average amount of 33% of its net assets. The Adviser and the Fund have entered into the Expense Limitation Agreement under which the Adviser has agreed contractually to pay, absorb or reimburse certain expenses of the Fund to limit the Fund’s Operating Expenses, calculated and reimbursed on a Class-by-Class basis in respect of each of Class A, Class D, Class I, and Class IS with the exception of (i) interest, taxes, dividends tied to short sales, and brokerage commissions; (ii) underlying fund fees and expenses; (iii) other expenses attributable to, and incurred as a result of, the Fund’s investments; (iv) Incentive Fees; and (v) extraordinary expenses (including litigation expenses) not incurred in the ordinary course of the Fund’s business (as determined in the discretion of the Adviser), to no more than 2.85%, 2.50%, 2.00%, and 2.25% for Class A, Class D, Class I, and Class IS Shares, respectively, on an annualized basis, of the Fund’s average daily net assets (the “Operating Expense Limit”). Total amount of each class of senior securities outstanding at principal value at the end of the period presented. The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by total senior securities representing indebtedness. The amount to which such class of senior securities would be entitled upon our involuntary liquidation in preference to any security junior to it. The “N/A“ in this column indicates that the SEC expressly does not require this information to be disclosed for certain types of senior securities. Not applicable to senior securities outstanding as of period end.