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border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 3pt 0;"> <tr class="NOGUTTER _idGenTableRowColumn-3" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-bottom-width:1pt;border-left-width:1pt;border-right-width:1pt;border-top-width:1pt;padding-left:0pt;width: 83.30%; padding: 0in 0in 3px 0in;border-width: 0pt;border-left: windowtext 1pt none; border-left-style: solid;border-right: windowtext 1pt none; border-right-style: solid;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="Texttable" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:13pt;text-indent:-10pt;">Annual Expenses (as a percentage of net assets attributable to shares) </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-bottom-width:1pt;border-left-width:1pt;border-right-width:1pt;border-top-width:1pt;width: 16.70%; padding: 0in 0in 3px 0in;border-width: 0pt;border-left: windowtext 1pt none; border-left-style: solid;border-right: windowtext 1pt none; border-right-style: solid;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-3"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-bottom-width:1pt;border-left-width:1pt;border-right-width:1pt;border-top-width:1pt;padding-left:0pt;width: 83.30%; padding: 0in 0in 3px 0in;border-width: 0pt;border-left: windowtext 1pt none; border-left-style: solid;border-right: windowtext 1pt none; border-right-style: solid;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="Texttable" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:13pt;text-indent:-10pt;">Management Fee </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-bottom-width:1pt;border-left-width:1pt;border-right-width:1pt;border-top-width:1pt;width: 16.70%; padding: 0in 0in 3px 0in;border-width: 0pt;border-left: windowtext 1pt none; border-left-style: solid;border-right: windowtext 1pt none; border-right-style: solid;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="Texttable" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;text-align:center;">1.65% </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-3" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-bottom-width:1pt;border-left-width:1pt;border-right-width:1pt;border-top-width:1pt;padding-left:0pt;width: 83.30%; padding: 0in 0in 3px 0in;border-width: 0pt;border-left: windowtext 1pt none; border-left-style: solid;border-right: windowtext 1pt none; border-right-style: solid;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="Texttable" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:13pt;text-indent:-10pt;">Other Expenses(1) </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-bottom-width:1pt;border-left-width:1pt;border-right-width:1pt;border-top-width:1pt;width: 16.70%; padding: 0in 0in 3px 0in;border-width: 0pt;border-left: windowtext 1pt none; border-left-style: solid;border-right: windowtext 1pt none; border-right-style: solid;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-3"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-bottom-width:1pt;border-left-width:1pt;border-right-width:1pt;border-top-width:1pt;padding-left:0pt;width: 83.30%; padding: 0in 0in 3px 0in;border-width: 0pt;border-left: windowtext 1pt none; border-left-style: solid;border-right: windowtext 1pt none; border-right-style: solid;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="Texttable" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:33pt;text-indent:-10pt;">Remaining Other Expenses </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-bottom-width:1pt;border-left-width:1pt;border-right-width:1pt;border-top-width:1pt;width: 16.70%; padding: 0in 0in 3px 0in;border-width: 0pt;border-left: windowtext 1pt none; border-left-style: solid;border-right: windowtext 1pt none; border-right-style: solid;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="Texttable" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;text-align:center;">0.40% </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-3"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-bottom-width:1pt;border-left-width:1pt;border-right-width:1pt;border-top-width:1pt;padding-left:0pt;width: 83.30%; padding: 0in 0in 3px 0in;border-width: 0pt;border-left: windowtext 1pt none; border-left-style: solid;border-right: windowtext 1pt none; border-right-style: solid;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="Texttable" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:13pt;text-indent:-10pt;">Acquired Fund Fees and Expenses(2) </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-bottom-width:1pt;border-left-width:1pt;border-right-width:1pt;border-top-width:1pt;width: 16.70%; padding: 0in 0in 3px 0in;border-width: 0pt;border-left: windowtext 1pt none; border-left-style: solid;border-right: windowtext 1pt none; border-right-style: solid;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="Texttable" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;text-align:center;">1.04% </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-3"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-bottom-width:1pt;border-left-width:1pt;border-right-width:1pt;border-top-width:1pt;padding-left:0pt;width: 83.30%; padding: 0in 0in 3px 0in;border-width: 0pt;border-left: windowtext 1pt none; border-left-style: solid;border-right: windowtext 1pt none; border-right-style: solid;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="Texttable" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:13pt;text-indent:-10pt;">Total Annual Expenses </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-bottom-width:1pt;border-left-width:1pt;border-right-width:1pt;border-top-width:1pt;width: 16.70%; padding: 0in 0in 3px 0in;border-width: 0pt;border-left: windowtext 1pt none; border-left-style: solid;border-right: windowtext 1pt none; border-right-style: solid;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="Texttable" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;text-align:center;">3.09% </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-3"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-bottom-width:1pt;border-left-width:1pt;border-right-width:1pt;border-top-width:1pt;padding-left:0pt;width: 83.30%; padding: 0in 0in 3px 0in;border-width: 0pt;border-left: windowtext 1pt none; border-left-style: solid;border-right: windowtext 1pt none; border-right-style: solid;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="Texttable" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:33pt;text-indent:-9pt;">Fee Waiver and Expense Reimbursement(3) </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-bottom-width:1pt;border-left-width:1pt;border-right-width:1pt;border-top-width:1pt;width: 16.70%; padding: 0in 0in 3px 0in;border-width: 0pt;border-left: windowtext 1pt none; border-left-style: solid;border-right: windowtext 1pt none; border-right-style: solid;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="Texttable" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;text-align:center;">(0.06)% </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-4"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-bottom-width:1pt;border-left-width:1pt;border-right-width:1pt;border-top-width:1pt;padding-left:0pt;width: 83.30%; padding: 0in 0in 3px 0in;border-width: 0pt;border-left: windowtext 1pt none; border-left-style: solid;border-right: windowtext 1pt none; border-right-style: solid;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="Texttable" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:13pt;text-indent:-10pt;">Total Annual Expenses (after fee waiver and expense reimbursement) </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-bottom-width:1pt;border-left-width:1pt;border-right-width:1pt;border-top-width:1pt;width: 16.70%; padding: 0in 0in 3px 0in;border-width: 0pt;border-left: windowtext 1pt none; border-left-style: solid;border-right: windowtext 1pt none; border-right-style: solid;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="Texttable" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;text-align:center;">3.03% </td> </tr> </table><p class="Tablefootnote_m" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:18pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-18pt;widows:3;margin-top:15pt;margin-top:15pt;">(1) Other expenses include accounting, legal and auditing fees of the Fund, compliance services expenses and fees payable to the Trustees who do not also serve in an executive officer capacity for the Fund or the Adviser. Other expenses are based on estimated amounts for the current fiscal year.<p class="Tablefootnote_m" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:18pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-18pt;widows:3;margin-top:0pt;">(2) Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights, because the financial statements, include only the direct operating expenses incurred by the Fund. Acquired Fund Fees and Expenses are based on estimated amounts for the current fiscal year.<p class="Tablefootnote_m" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:18pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-18pt;widows:3;margin-top:0pt;">(3) The Adviser and the Fund have entered into an Expense Limitation Agreement under which the Adviser has agreed to waive its management fees and to pay or absorb the ordinary operating expenses of the Fund (excluding interest, dividends, amortization/accretion and interest on securities sold short, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses), to the extent that its management fees plus the Fund’s ordinary annual operating expenses exceed 1.99% per annum of the Fund’s average daily net assets. Such Expense Limitation Agreement will expire on November 21, 2027, and may not be terminated by the Adviser, but it may be terminated by the Board of Trustees, upon 60 days written notice to the Adviser. Any waiver and reimbursement by the Adviser is subject to repayment by the Fund within the three years from the date the Adviser waived such payment, if the Fund is able to make the repayment without exceeding the lesser of the expense limitation in place at the time of the waiver and reimbursement or the current expense limitation and the repayment is approved by the Board of Trustees. See “Management of the Fund.” as a percentage of net assets attributable to shares 0.0165 0.004 0.0104 0.0309 -0.0006 0.0303 Other expenses include accounting, legal and auditing fees of the Fund, compliance services expenses and fees payable to the Trustees who do not also serve in an executive officer capacity for the Fund or the Adviser. Other expenses are based on estimated amounts for the current fiscal year. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights, because the financial statements, include only the direct operating expenses incurred by the Fund. Acquired Fund Fees and Expenses are based on estimated amounts for the current fiscal year. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund Expenses Table describes the fees and expenses that you may pay if you buy, hold, or sell shares of the Fund. The purpose of the Fund Expenses Table is to assist a shareholder to understand the fees and expenses that such shareholder would bear directly or indirectly. If a shareholder requests that repurchase proceeds be paid by wire transfer, such shareholder may be assessed an outgoing wire transfer fee at prevailing rates charged by the Transfer Agent, currently $15.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The following example illustrates the hypothetical expenses that you would pay on a $1,000 investment assuming annual expenses attributable to shares remain unchanged and shares earn a 5% annual return.<table class="No-Table-Style _idGenTablePara-1" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="No-Table-Style _idGenTableRowColumn-7" style="height:12pt;"> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-color:#000000;border-bottom-width:0pt;border-left-color:#000000;border-right-color:#000000;border-top-color:#000000;padding-left:0pt;padding-right:0pt;width: 15.38%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-color:#000000;border-bottom-width:0pt;border-left-color:#000000;border-right-color:#000000;border-top-color:#000000;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-color:#000000;border-bottom-width:0pt;border-left-color:#000000;border-right-color:#000000;border-top-color:#000000;padding-left:0pt;padding-right:0pt;width: 15.38%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="TCH_left" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-right:0;text-align:center;">1 Year </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-color:#000000;border-bottom-width:0pt;border-left-color:#000000;border-right-color:#000000;border-top-color:#000000;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-color:#000000;border-bottom-width:0pt;border-left-color:#000000;border-right-color:#000000;border-top-color:#000000;padding-left:0pt;padding-right:0pt;width: 15.38%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="TCH_left" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-right:0;text-align:center;">3 Years </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-color:#000000;border-bottom-width:0pt;border-left-color:#000000;border-right-color:#000000;border-top-color:#000000;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-color:#000000;border-bottom-width:0pt;border-left-color:#000000;border-right-color:#000000;border-top-color:#000000;padding-left:0pt;padding-right:0pt;width: 15.38%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="TCH_left" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-right:0;text-align:center;">5 Years </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-color:#000000;border-bottom-width:0pt;border-left-color:#000000;border-right-color:#000000;border-top-color:#000000;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-color:#000000;border-bottom-width:0pt;border-left-color:#000000;border-right-color:#000000;border-top-color:#000000;padding-left:0pt;padding-right:0pt;width: 15.38%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="TCH_left" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-right:0;text-align:center;">10 Years </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-color:#000000;border-bottom-width:0pt;border-left-color:#000000;border-right-color:#000000;border-top-color:#000000;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-color:#000000;border-bottom-width:0pt;border-left-color:#000000;border-right-color:#000000;border-top-color:#000000;padding-left:0pt;padding-right:0pt;width: 16.67%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-8" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-top-color:#000000;border-top-width:0pt;padding-left:0pt;padding-right:0pt;width: 15.38%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-top-color:#000000;border-top-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-top-color:#000000;border-top-width:0pt;padding-left:0pt;padding-right:0pt;width: 15.38%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody-ind_1" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:27pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:0;text-align:center;text-indent:0;">$31 </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-top-color:#000000;border-top-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-top-color:#000000;border-top-width:0pt;padding-left:0pt;padding-right:0pt;width: 15.38%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;text-align:center;">$95 </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-top-color:#000000;border-top-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-top-color:#000000;border-top-width:0pt;padding-left:0pt;padding-right:0pt;width: 15.38%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;text-align:center;">$162 </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-top-color:#000000;border-top-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-top-color:#000000;border-top-width:0pt;padding-left:0pt;padding-right:0pt;width: 15.38%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;text-align:center;">$340 </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-top-color:#000000;border-top-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-top-color:#000000;border-top-width:0pt;padding-left:0pt;padding-right:0pt;width: 16.67%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> </tr> </table><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The example should not be considered a representation of actual future expenses. Actual expenses may be higher or lower than those shown. The purpose of the Fund Expenses Table is to assist a shareholder to understand the fees and expenses that such shareholder would bear directly or indirectly. If a shareholder requests that repurchase proceeds be paid by wire transfer, such shareholder may be assessed an outgoing wire transfer fee at prevailing rates charged by the Transfer Agent, currently $15. 31 95 162 340 <table class="No-Table-Style TableOverride-1" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 3pt 0;"> <tr class="No-Table-Style _idGenTableRowColumn-13" style="height:12pt;"> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;width: 42.31%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TCH_C" colspan="2" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 17.52%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH_1" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">Year Ended March 31, 2026 </td> <td class="TCH_C" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap; border-bottom-width: 1pt; border-style: solid;" valign="bottom"> </td> <td class="TCH_C" colspan="2" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 17.52%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH_1" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">Year Ended March 31, 2025 </td> <td class="TCH_C" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap; border-bottom-width: 1pt; border-style: solid;" valign="bottom"> </td> <td class="TCH_C" colspan="2" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 18.80%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH_1" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0;">Period Ended March 31, 2024(a) </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-8" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;width: 42.31%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;">PER SHARE DATA: </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-top-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;white-space: nowrap;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:0;text-indent:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-top-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;white-space: nowrap;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:0;text-indent:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-top-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;white-space: nowrap;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:0;text-indent:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 17.09%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;" valign="bottom"> </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-14" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-top:0pt;width: 42.31%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:0;text-indent:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:0;text-indent:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:0;text-indent:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 17.09%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-15" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;width: 42.31%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;">Net asset value, beginning of year or period </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB_R1" style="border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap; border-bottom-width: 1pt; border-style: solid;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;text-align:left;">$ </td> <td class="TB_R1" style="border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid; border-bottom-width: 1pt; border-style: solid;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;">10.07 </td> <td class="TB_R1" style="border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap; border-bottom-width: 1pt; border-style: solid;" valign="bottom"> </td> <td class="TB_R1" style="border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap; border-bottom-width: 1pt; border-style: solid;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;text-align:left;">$ </td> <td class="TB_R1" style="border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid; border-bottom-width: 1pt; border-style: solid;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;">10.22 </td> <td class="TB_R1" style="border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap; border-bottom-width: 1pt; border-style: solid;" valign="bottom"> </td> <td class="TB_R1" style="border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap; border-bottom-width: 1pt; border-style: solid;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;text-align:left;">$ </td> <td class="TB_R1" style="border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 17.09%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid; border-bottom-width: 1pt; border-style: solid;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;">10.00 </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-14" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-top:0pt;width: 42.31%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-top-width:0pt;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-top-width:0pt;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 17.09%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;" valign="bottom"> </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-8" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;width: 42.31%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;">INVESTMENTS OPERATIONS: </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 17.09%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-8" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;width: 42.31%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:30pt;">Net investment income (loss)(b) </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;">0.89 </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;">0.91 </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 17.09%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;">0.13 </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-15" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;width: 42.31%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:30pt;">Net realized and unrealized gain (loss) on investments(c) </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB_R1" style="border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-bottom-width:1pt;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap; border-bottom-width: 1pt; border-style: solid;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB_R1" style="border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-bottom-width:1pt;padding-left:0pt;padding-right:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid; border-bottom-width: 1pt; border-style: solid;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;">0.02 </td> <td class="TB_R1" style="border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap; border-bottom-width: 1pt; border-style: solid;" valign="bottom"> </td> <td class="TB_R1" style="border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-bottom-width:1pt;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap; border-bottom-width: 1pt; border-style: solid;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB_R1" style="border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-bottom-width:1pt;padding-left:0pt;padding-right:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid; border-bottom-width: 1pt; border-style: solid;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;">0.14 </td> <td class="TB_R1" style="border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap; border-bottom-width: 1pt; border-style: solid;" valign="bottom"> </td> <td class="TB_R1" style="border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-bottom-width:1pt;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap; border-bottom-width: 1pt; border-style: solid;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB_R1" style="border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-bottom-width:1pt;padding-left:0pt;padding-right:0pt;width: 17.09%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid; border-bottom-width: 1pt; border-style: solid;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;">0.09 </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-8" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;width: 42.31%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:30pt;">Total from investment operations </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB_R1" style="border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-top-width:1pt;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap; border-bottom-width: 1pt; border-style: solid;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB_R1" style="border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-top-width:1pt;padding-left:0pt;padding-right:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid; border-bottom-width: 1pt; border-style: solid;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;">0.91 </td> <td class="TB_R1" style="border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap; border-bottom-width: 1pt; border-style: solid;" valign="bottom"> </td> <td class="TB_R1" style="border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-top-width:1pt;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap; border-bottom-width: 1pt; border-style: solid;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB_R1" style="border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-top-width:1pt;padding-left:0pt;padding-right:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid; border-bottom-width: 1pt; border-style: solid;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;">1.05 </td> <td class="TB_R1" style="border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap; border-bottom-width: 1pt; border-style: solid;" valign="bottom"> </td> <td class="TB_R1" style="border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-top-width:1pt;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap; border-bottom-width: 1pt; border-style: solid;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB_R1" style="border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-top-width:1pt;padding-left:0pt;padding-right:0pt;width: 17.09%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid; border-bottom-width: 1pt; border-style: solid;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;">0.22 </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-14" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-top:0pt;width: 42.31%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-top-width:0pt;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-top-width:0pt;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 17.09%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;" valign="bottom"> </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-8" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;width: 42.31%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;">LESS DISTRIBUTIONS PAID FROM: </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 17.09%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-8" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;width: 42.31%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody-ind_4" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:50pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:20pt;">Net investment income </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;">(0.91) </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;">(0.94) </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 17.09%; padding: 0in 0in 3px 0in;border-width: 0pt;text-align:right" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;">— </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-8" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;width: 42.31%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody-ind_4" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:50pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:20pt;">Capital gains </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;text-align:right" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;">— </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;">(0.00)(d) </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 17.09%; padding: 0in 0in 3px 0in;border-width: 0pt;text-align:right" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;">— </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-8" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;width: 42.31%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody-ind_4" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:50pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:20pt;">Return of capital </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB_R1" style="border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap; border-bottom-width: 1pt; border-style: solid;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB_R1" style="border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid; border-bottom-width: 1pt; border-style: solid;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;">(0.09) </td> <td class="TB_R1" style="border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap; border-bottom-width: 1pt; border-style: solid;" valign="bottom"> </td> <td class="TB_R1" style="border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap; border-bottom-width: 1pt; border-style: solid;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB_R1" style="border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid; border-bottom-width: 1pt; border-style: solid;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;">(0.26) </td> <td class="TB_R1" style="border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap; border-bottom-width: 1pt; border-style: solid;" valign="bottom"> </td> <td class="TB_R1" style="border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap; border-bottom-width: 1pt; border-style: solid;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB_R1" style="border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 17.09%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;text-align:right; border-bottom-width: 1pt; border-style: solid;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;">— </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-8" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;width: 42.31%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;">Total distributions paid </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB_R1" style="border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap; border-bottom-width: 1pt; border-style: solid;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB_R1" style="border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid; border-bottom-width: 1pt; border-style: solid;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;">(1.00) </td> <td class="TB_R1" style="border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-bottom-width:0pt;border-top-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap; border-bottom-width: 1pt; border-style: solid;" valign="bottom"> </td> <td class="TB_R1" style="border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap; border-bottom-width: 1pt; border-style: solid;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB_R1" style="border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid; border-bottom-width: 1pt; border-style: solid;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;">(1.20) </td> <td class="TB_R1" style="border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-bottom-width:0pt;border-top-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap; border-bottom-width: 1pt; border-style: solid;" valign="bottom"> </td> <td class="TB_R1" style="border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap; border-bottom-width: 1pt; border-style: solid;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB_R1" style="border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 17.09%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;text-align:right; border-bottom-width: 1pt; border-style: solid;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;">— </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-14" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-top:0pt;width: 42.31%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-top-width:0pt;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-top-width:0pt;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 17.09%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;" valign="bottom"> </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-8" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;width: 42.31%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;">Net Asset Value, End of Year or Period </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB_R2" style="border-bottom-style:double;border-bottom-width:2pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap;border-bottom: Black 2.5pt double; border-bottom-style: double;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;text-align:left;">$ </td> <td class="TB_R2" style="border-bottom-style:double;border-bottom-width:2pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;border-bottom: Black 2.5pt double; border-bottom-style: double;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;">9.98 </td> <td class="TB_R2" style="border-bottom-style:double;border-bottom-width:2pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;border-bottom: Black 2.5pt double; border-bottom-style: double;" valign="bottom"> </td> <td class="TB_R2" style="border-bottom-style:double;border-bottom-width:2pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap;border-bottom: Black 2.5pt double; border-bottom-style: double;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;text-align:left;">$ </td> <td class="TB_R2" style="border-bottom-style:double;border-bottom-width:2pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;border-bottom: Black 2.5pt double; border-bottom-style: double;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;">10.07 </td> <td class="TB_R2" style="border-bottom-style:double;border-bottom-width:2pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;border-bottom: Black 2.5pt double; border-bottom-style: double;" valign="bottom"> </td> <td class="TB_R2" style="border-bottom-style:double;border-bottom-width:2pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap;border-bottom: Black 2.5pt double; border-bottom-style: double;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;text-align:left;">$ </td> <td class="TB_R2" style="border-bottom-style:double;border-bottom-width:2pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 17.09%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;border-bottom: Black 2.5pt double; border-bottom-style: double;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;">10.22 </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-14" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-top:0pt;width: 42.31%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-top-width:0pt;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-top-width:0pt;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 17.09%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;" valign="bottom"> </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-8" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;width: 42.31%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;">TOTAL RETURN(e) </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;">9.29% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;">10.74% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 17.09%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;">2.20% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-14" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-top:0pt;width: 42.31%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-bottom:0pt;padding-left:0pt;padding-right:0pt;padding-top:0pt;width: 17.09%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-15" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;width: 42.31%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;">SUPPLEMENTAL DATA AND RATIOS: </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 17.09%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-15" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;width: 42.31%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:30pt;">Net assets, end of year or period (000’s) </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;text-align:left;">$ </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;">155,954 </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;text-align:left;">$ </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;">90,231 </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;text-align:left;">$ </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 17.09%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;">29,867 </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-15" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;width: 42.31%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:30pt;">Ratio of expenses to average net assets: </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 17.09%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-16" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;width: 42.31%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody-ind_4" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:50pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:48pt;">Before expense reimbursement/recoupment(f)(g) </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;">2.05% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;">2.63% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 17.09%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;">7.25% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-16" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;width: 42.31%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody-ind_4" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:50pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:48pt;">After expense reimbursement/recoupment(f)(g) </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;">1.99% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;">2.00% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 17.09%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;">2.05% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-16" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;width: 42.31%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:30pt;">Ratio of net investment income to average net assets after expense reimbursement/recoupment(f)(g)(h) </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;">8.78% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;">8.77% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 17.09%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;">4.84% </td> </tr> <tr class="No-Table-Style _idGenTableRowColumn-8" style="height:12pt;"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;width: 42.31%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:30pt;">Portfolio turnover rate(e) </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;">36% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.81%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;">9% </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-left:0;"> </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 17.09%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:3pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;">28% </td> </tr> </table><p class="Tablefootnote_m" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:18pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-18pt;widows:3;margin-top:12pt;margin-top:12pt;">(a) Commencement of operations of the Fund was December 29, 2023.<p class="Tablefootnote_m" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:18pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-18pt;widows:3;margin-top:0pt;">(b) Net investment income per share was calculated using average shares outstanding during the year or period.<p class="Tablefootnote_m" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:18pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-18pt;widows:3;margin-top:0pt;">(c) Net realized and unrealized gain (loss) per share may include balancing amounts necessary to reconcile the change in net asset value per share for the year or period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the year or period.<p class="Tablefootnote_m" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:18pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-18pt;widows:3;margin-top:0pt;">(d) Total value is less than $(0.005).<p class="Tablefootnote_m" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:18pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-18pt;widows:3;margin-top:0pt;">(e) Not annualized for periods less than one year.<p class="Tablefootnote_m" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:18pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-18pt;widows:3;margin-top:0pt;">(f) The ratios of expenses and net investment income to average net assets do not reflect the Fund’s proportionate share of income and expenses of underlying investment companies in which the Fund invests, including management and performance fees.<p class="Tablefootnote_m" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:18pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-18pt;widows:3;margin-top:0pt;">(g) Annualized for periods less than one year.<p class="Tablefootnote_m" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:18pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-18pt;widows:3;margin-top:0pt;">(h) As of March 31, 2026, the Fund’s underlying investment companies included a range of management fees from 0.0% to 2.25% (unaudited) and performance fees from 10% to 20% (unaudited).

9.98

10.07

10.22

Net realized and unrealized gain (loss) per share may include balancing amounts necessary to reconcile the change in net asset value per share for the year or period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the year or period. <p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">INVESTMENT OBJECTIVE, POLICIES AND STRATEGIES <p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Investment Objective <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The investment objective of the Fund is current income. This investment objective may be changed without a vote of the Fund’s shareholders. <p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Investment Policies and Strategies <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund seeks to achieve its investment objective through direct and indirect investment of the majority of its assets in income-generating investments of domestic issuers. These investments may be publicly-traded or privately-offered, and typically make interest, dividend, or other periodic payments, distributions, and/or accruals; in addition to offering potential capital appreciation to investors. The Fund defines income-generating investments to include notes, bonds, debentures, loans, loan participations, profit share interests, dividend-paying preferred and common shares and funds that invest in the preceding. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund invests without restriction as to an instrument’s maturity, structure, seniority, interest rate formula; and without restriction as to issuer entity type, capitalization, or credit quality. Lower credit quality debt instruments, such as high yield bonds, are commonly referred to as “high yield” or “junk” bonds. The Fund defines high yield or junk bonds as those rated lower than Baa3 by Moody’s or lower than BBB- by S&P, or, if unrated, determined by the Adviser to be of similar credit quality. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">However, the Fund anticipates investing primarily in securities of: <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:24pt;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-24pt;widows:3;margin-top:15pt;margin-top:15pt;">• Small business entities <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:24pt;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-24pt;widows:3;margin-top:6pt;">• Middle market business entities <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:24pt;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-24pt;widows:3;list-style-type:none;margin-top:6pt;">• Individuals<div class="_idGenObjectStyleOverride-1" style="margin:0;padding:0;border-width:0;border-width:0pt;"> <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:24pt;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-24pt;widows:3;list-style-type:none;margin-top:6pt;">• Specialty finance companies <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:24pt;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-24pt;widows:3;margin-top:6pt;">• Publicly-offered income-generating funds <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:24pt;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-24pt;widows:3;margin-top:6pt;">• Privately-offered income-generating funds <p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Adviser’s Investment Strategy. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Adviser seeks to achieve the Fund’s investment objective by allocation among these asset categories. The Adviser believes asset categories may offer a different mix of liquidity, yield, credit risk, and correlation to the broader debt and equity markets. Within each asset category, the Adviser assesses yield, default risk and expected volatility to construct a portfolio it believes will most effectively support the Fund’s investment objective. The Adviser also considers expected correlation of asset class returns when constructing the Fund’s portfolio. In addition to considering the expected performance of an asset class held by a public or private fund, the Adviser evaluates management experience, historical performance and operational expenses. The Adviser sells a security to adjust average portfolio maturity, when default risk increases, or when a more attractive replacement is identified. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">While the Adviser anticipates that the Fund’s portfolio will invest in each of the categories, the Fund does not have predetermined asset allocation. Depending on its evaluation of market conditions, the Adviser may allocate the Fund’s assets among any, all or only a few of these categories. <p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Private Debt <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Adviser, through its industry relationships, seeks to provide the Fund with access to proprietary deal flow. The Fund believes that the Adviser’s networks and deal generation strategies create opportunities to deploy capital across a broad range of transactions that have attractive investment characteristics. The Adviser also seeks to build a portfolio of loans to small- to middle-market companies and specialty finance companies. The Adviser seeks to provide financing solutions to borrowers through custom loan terms. Borrowers in the small and middle markets tend to seek financing from entities that can provide certainty of execution on an expedited timeline. The Adviser seeks to be responsive to borrowers, while building in protections for the Fund such as requiring a pledge of borrower assets and/or imposing restrictive covenants on borrowers. Debt investments, including through specialty finance companies and special purpose vehicles, may be focused on certain less-common asset classes such as trade receivables, litigation finance, and construction finance or other forms of real estate related lending. The Fund’s debt investments may take the form of corporate loans or bonds, may be secured, unsecured, or subordinated. Consumer debt may be secured by property such as cars, boats or a second lien on real estate. Structured notes are typically issued by banks or an affiliated special purpose entity and used to capture returns related to an asset class index or reference pool of assets. These instruments are notes where the principal and/or interest rate or value of the structured note is determined by reference to the performance of an underlying reference asset. The interest and/or principal payments that may be made on a structured note may vary widely, depending on a variety of factors, including the volatility of the underlying reference asset. Issuers of structured notes can vary and may include corporations, banks, broker-dealers and limited purpose trusts or other vehicles. Structured notes may be exchange traded or traded over-the-counter “OTC”) and privately negotiated. However, the Fund intends to invest in structured notes issued by banks or their special purpose vehicles (“SPVs”). <p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Public Debt <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Adviser also seeks to invest in publicly-offered debt securities, most of which will carry a credit rating by a nationally recognized rating agency such as Moody’s. To supplement the credit rating, the Adviser examines issuer fundamental metrics, such as cash flow, leverage, operating margins, business risk in </div><div class="_idGenObjectStyleOverride-1" style="margin:0;padding:0;border-width:0;border-width:0pt;"> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">developing the Adviser’s assessment of default risk. Among debt of similar maturity and credit quality, the Adviser tends to select an instrument with the highest yield and potential total return. The Adviser may also invest in anticipation of a credit upgrade and expected capital appreciation. <p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Public Funds <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund defines public funds as mutual funds (including money market funds), exchange-traded funds, and closed-end funds including business development companies. The Adviser invests in public funds as a substitute for assembling a large number of individual securities. When evaluating public funds, the Adviser compares management tenure, historical return performance, expenses, and purity of exposure to an asset class. The Fund may invest across the capital spectrum of CEFs and BDCs as CEFs and BDCs may issue debt or preferred shares, in addition to their common equity shares. <p class="BL_m_TT" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:36pt;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-18pt;widows:3;margin-top:12pt;">• Mutual Funds <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-left:36pt;margin-top:15pt;">Subject to the Fund’s investment restrictions, the Fund may invest in open end investment companies, commonly known as mutual funds. The Fund may invest in mutual funds that invest primarily in debt instruments. Mutual funds also include money market funds. <p class="BL_m_TT" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:36pt;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-18pt;widows:3;margin-top:12pt;">• Exchange Traded Funds <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-left:36pt;margin-top:15pt;">The Fund may invest its assets in ETFs that invest primarily in debt instruments or other income generating assets. ETFs are typically passive funds that track their related index and have the flexibility of trading like a common stock. They are managed by professionals and provide the investor with diversification, cost and tax efficiency, liquidity, marginability, are useful for hedging, have the ability to go long and short, and some provide quarterly dividends. Additionally, some ETFs are unit investment trusts, which are unmanaged portfolios overseen by trustees and some ETFs may be grantor trusts. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-left:36pt;margin-top:15pt;">An ETF typically holds a portfolio of securities or contracts designed to track a particular market segment or index. ETFs generally have two markets. The primary market is where institutions swap “creation units” in block-multiples of, for example, 50,000 shares for in-kind securities and cash in the form of dividends. The secondary market is where individual investors can trade as little as a single share during trading hours on the exchange. This is different from mutual funds that are traded after hours once the NAV is calculated. ETFs share many similar risks with mutual funds and closed-end funds. <p class="BL_m_TT" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:36pt;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-18pt;widows:3;margin-top:12pt;">• Closed-End Funds <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-left:36pt;margin-top:15pt;">Subject to the Fund’s investment restrictions, the Fund may invest its assets in “closed-end” investment companies (or “closed-end funds”) that invest primarily in income-generating investments. Shares of closed-end funds are typically offered to the public in a one-time initial public offering by a group of underwriters who retain a spread or underwriting commission of between 2% or 6% of the initial public offering price. Such securities are then listed for trading on the New York Stock Exchange, the National Association of Securities Dealers Automated Quotation System (commonly known as “NASDAQ”) and, in some cases, may be traded in other over-the-counter markets. Because the shares of closed-end funds cannot be redeemed upon demand to the issuer like the shares of an open-end investment company, investors seek to buy and sell shares of closed-end funds in the secondary market. </div><div class="_idGenObjectStyleOverride-1" style="margin:0;padding:0;border-width:0;border-width:0pt;"> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-left:36pt;margin-top:15pt;">The Fund generally will purchase shares of closed-end funds in the secondary market. The Fund will incur normal brokerage costs on such purchases similar to the expenses the Fund would incur for the purchase of securities of any other type of issuer in the secondary market. The Fund may, however, also purchase securities of a closed-end fund in an initial public offering when, in the opinion of the Adviser, based on a consideration of the nature of the closed-end fund’s proposed investments, the prevailing market conditions and the level of demand for such securities, they represent an attractive opportunity for growth of capital. The initial offering price typically will include a dealer spread, which may be higher than the applicable brokerage cost if the Fund purchased such securities in the secondary market. <p class="BL_m_TT" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:36pt;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-18pt;widows:3;margin-top:12pt;">• Business Development Companies <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-left:36pt;margin-top:15pt;">A BDC is a form of closed-end investment company that is required to invest at least 70% of its total assets in securities (typically debt) of private companies, thinly traded U.S. public companies, or short-term high quality debt securities. Non-traded BDCs are illiquid and it may not be possible to redeem shares or to do so without paying a substantial penalty. Public BDCs usually trade at a discount to their NAV because they invest in unlisted securities and have limited access to capital markets. The market value of BDC shares and the ability of BDCs to distribute income may be adversely affected by numerous factors, including rising interest rates, changes in the national, state and local economic climate and debt market conditions, adverse changes in governmental rules and fiscal policies, and other factors beyond the control of the issuers. In addition, distributions received by the Fund from BDCs may consist of dividends, capital gains and/or return of capital. <p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Private Funds <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Adviser also seeks to invest in private funds that principally invest in and manage portfolios of debt instruments, including hedge funds and private credit funds, that would be investment companies but for the exclusions in Section 3(c)(1) or 3(c)(7) of the 1940 Act. The Fund may invest without limit in private funds, which may subject the Fund to additional risks. See “Risk Factors - Private Fund Risk”. The Adviser evaluates private funds based on the depth of resources of management; consistency of investment process, prior investment performance, expenses, and purity of exposure to an asset class. Private funds may have long investment horizons, uncommon access to deal flow from relationships with investment banks. Private funds may be purchased on the secondary market or directly from the issuer of the security. Many private funds require large minimum investments and impose investor qualification criteria. By investing in private funds, the Fund offers its shareholders access to institutional asset managers that may not be otherwise available to them. The Fund seeks to leverage the relationships of the Adviser to invest in private funds on terms consistent with those offered to similarly-sized institutional investors. Private funds may offer opportunities for income and capital appreciation as well as lower correlation to equity markets, but will also be less liquid. <p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Equity Securities <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund may also invest in dividend-paying preferred and common shares that may be publicly-traded or privately-offered. The Adviser selects securities that pay dividends at a level similar to debt instruments, yet offer what the Adviser believes to be significant potential for capital appreciation. The Adviser anticipates investing in equities of issuers that have historically generated above-market yields such as real estate investment trusts (“REITs”) or master limited partnerships (“MLPs”) of energy-focused companies. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">While the Adviser anticipates that, under normal market conditions, the Fund’s portfolio will invest in each of the categories, the Fund does not have predetermined asset allocations to any of these categories. Depending on its evaluation of the markets, the Adviser may allocate the Fund’s assets among any, all </div><div class="_idGenObjectStyleOverride-1" style="margin:0;padding:0;border-width:0;border-width:0pt;"> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">or none of these categories. There can be no assurance that the actual allocations will be effective in achieving the Fund’s investment objective or delivering positive returns. The Adviser’s selection of investment opportunities and strategies will vary over time, in response to changing market opportunities and conditions as well as other pertinent factors. This may include investments in markets, each with differing liquidity, credit quality (whether rated or not), and other features, and the Fund may indirectly have exposure to derivative instruments through public funds. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">While the Fund is classified as a non-diversified fund under the terms of the 1940 Act, the Adviser seeks to diversify the Fund’s risk across asset classes and issuers. In addition to diversifying into the investment strategies described above, the Fund also seeks to diversify by attempting to hold multiple positions within each strategy. The Adviser may also seek to further diversify the portfolio by selecting securities from different regions and industries. While the Adviser considers opportunities within all industries, the Adviser seeks to prioritize industries having, in its view, favorable characteristics from a lending perspective. The Adviser also seeks diversification by investing across various levels and qualities of the capital structure. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund may employ leverage, including borrowing from banks, in an amount of up to 33 1/3% of the Fund’s assets (defined as net assets plus borrowing for investment purposes). The Fund is authorized to borrow money in connection with its investment activities, to satisfy repurchase requests from Fund shareholders, and to otherwise provide the Fund with temporary liquidity. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Except as otherwise indicated, the Fund may change its investment objective and any of its investment policies, restrictions, strategies, and techniques without shareholder approval. The investment objective of the Fund is not a fundamental policy of the Fund and may be changed by the Board of Trustees without the vote of a majority (as defined by the 1940 Act) of the Fund’s outstanding shares. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund’s stated fundamental policies, which may only be changed by the affirmative vote of a majority of the outstanding voting securities of the Fund, are listed below. The Fund will not: <p class="NL_m" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:47pt;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-27pt;widows:3;margin-top:15pt;">(1) Borrow money, except to the extent permitted by the 1940 Act (which currently limits borrowing to no more than 33-1/3% of the value of the Fund’s total assets, including the value of the assets purchased with the proceeds of its indebtedness, if any). The Fund may borrow for investment purposes, for temporary liquidity, or to finance repurchases of its shares. <p class="NL_m" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:47pt;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-27pt;widows:3;margin-top:15pt;">(2) Issue senior securities, except to the extent permitted by Section 18 of the 1940 Act (which currently limits the issuance of a class of senior securities that is indebtedness to no more than 33-1/3% of the value of the Fund’s total assets or, if the class of senior security is stock, to no more than 50% of the value of the Fund’s total assets). <p class="NL_m" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:47pt;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-27pt;widows:3;margin-top:15pt;">(3) Purchase securities on margin, sell securities short, or write puts or calls. <p class="NL_m" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:47pt;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-27pt;widows:3;margin-top:15pt;">(4) Underwrite securities of other issuers, except insofar as the Fund may be deemed an underwriter under the Securities Act in connection with the disposition of its portfolio securities. The Fund may invest in restricted securities (those that must be registered under the Securities Act before they may be offered or sold to the public). <p class="NL_m" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:47pt;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-27pt;widows:3;margin-top:15pt;">(5) Invest 25% or more of the market value of the Fund’s total assets in the securities of companies or entities engaged in any one industry or group of industries. This limitation does not apply to investment in the securities of the U.S. Government, its agencies or instrumentalities. </div><div class="_idGenObjectStyleOverride-1" style="margin:0;padding:0;border-width:0;border-width:0pt;"> <p class="NL_m" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:47pt;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-27pt;widows:3;margin-top:15pt;">(6) Purchase or sell commodities, unless acquired as a result of ownership of securities or other investments, except that the Fund may (a) purchase and sell forward and futures contracts and options to the full extent permitted under the 1940 Act, (b) sell foreign currency contracts in accordance with any rules of the Commodity Futures Trading Commission, (c) invest in securities or other instruments backed by or linked to commodities, invest in companies that are engaged in a commodities business or have a significant portion of their assets in commodities, and (d) invest in commodity pools and other entities that purchase and sell commodities and commodity contracts. <p class="NL_m" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:47pt;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-27pt;widows:3;margin-top:15pt;">(7) Make loans to others, except (a) where each loan is represented by a note executed by the borrower, (b) through the purchase of debt securities in accordance with the Fund’s investment objective and policies, (c) to the extent the entry into a repurchase agreement, in a manner consistent with the Fund’s investment policies or as otherwise permitted under the 1940 Act, is deemed to be a loan, and (d) by loaning portfolio securities. <p class="NL_m" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:47pt;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-27pt;widows:3;margin-top:15pt;">(8) Purchase or sell real estate or interests in real estate. This limitation is not applicable to investments in marketable securities that are secured by or represent interests in real estate. This limitation does not preclude the Fund from investing in securities that are secured by or represent interests in real estate (e.g., mortgage loans evidenced by notes or other writings defined to be a type of security), mortgage-related securities or investing in companies engaged in the real estate business or that have a significant portion of their assets in real estate (including real estate investment trusts). <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">In addition, the Fund has adopted a fundamental policy that it will make quarterly repurchase offers for no less than 5% of the Fund’s shares outstanding at NAV less any repurchase fee, unless suspended or postponed in accordance with regulatory requirements, and each repurchase pricing shall occur no later than the 14th day after the Repurchase Request Deadline (as defined below in “Quarterly Repurchases of Shares”), or the next business day if the 14th day is not a business day. <p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Non-Principal Investment Strategies <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Adviser may from time to time, for temporary and/or defensive reasons, take positions in various short-term debt instruments including bank obligations, commercial paper, or U.S. Treasury or agency securities, money market funds. If and when the Adviser determines to pursue such strategies, the Fund may not achieve its investment objective while it does so. Additional information about the Fund’s non-principal investment strategies, including associated risks, is available in the SAI. <p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Co-Investments <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund, the Adviser and certain affiliates received an exemptive order from the SEC on August 12, 2025 that permits the Fund, among other things, to co-invest with other funds and accounts managed by the Adviser or its affiliates, subject to certain conditions (the “Order”). Certain types of negotiated co-investments may be made only in accordance with the Order. Pursuant to the requirements of the Order, the Board, including a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Independent Trustees, has approved co-investment policies and procedures describing how the Fund will comply with the Order. </div> <p class="H1" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-indent:0;widows:1;text-align:left;margin-top:15pt;">RISK FACTORS <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">An investment in the Fund’s shares is subject to risks. The value of the Fund’s investments will increase or decrease based on changes in the prices of the investments it holds. This will cause the value of the Fund’s shares to increase or decrease. You could lose money by investing in the Fund. By itself, the Fund does not constitute a complete investment program. Before investing in the Fund, you should consider carefully the following risks the Fund faces, together with the other information contained in this prospectus. If any of the risks discussed in this prospectus occurs, the Fund’s results of operations could be materially and adversely affected. There may be additional risks that the Fund does not currently foresee or consider material. You may wish to consult with your legal or tax advisors before deciding whether to invest in the Fund.<p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Closed-End Structure Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund is a closed-end investment company. It is designed for long-term investors and not as a trading vehicle. Unlike many closed-end investment companies, the Fund’s shares are not listed on any securities exchange and are not publicly traded. There is currently no secondary market for the shares and the Fund expects that no secondary market will develop. Liquidity is provided to shareholders only through the Fund’s quarterly repurchase offers for no less than 5% of the shares outstanding at NAV. There is no guarantee that shareholders will be able to sell all of the shares they desire in a quarterly repurchase offer.<p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Interest Rate Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Typically, a rise in interest rates causes a decline in the value of debt securities and loans, and as a result the value of your investment in the Fund will fluctuate with changes in interest rates. In general, the market price of debt securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments) and extension risk (the debtor may pay its obligation later than expected, increasing a securities maturity). These risks could affect the value of a particular investment, possibly causing the Fund’s NAV and total return to be reduced and fluctuate more than other types of investments.<p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Debt Securities Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">When the Fund invests in fixed-rate debt securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed-rate debt securities. In general, the market price of debt securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.<p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Below Investment Grade Instruments Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund may invest in debt securities and other instruments that are rated “below investment grade” by recognized rating agencies or will be unrated (sometimes referred to as high yield or junk bonds) and face ongoing uncertainties and exposure to adverse business, financial or economic conditions and the issuer’s failure to make timely interest and/or principal payments. Such securities and instruments are generally not exchange traded and, as a result, trade in the OTC marketplace, which is less transparent than the exchange-traded marketplace. In addition, the Fund may invest in bonds of issuers that do not have publicly traded equity securities, making it more difficult to hedge the risks associated with such investments. The Fund’s investments in “below investment grade” or “high yield” or “junk” securities and instruments expose it to a substantial degree of credit risk and interest rate risk. The market for high yield securities has recently <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">experienced periods of significant volatility and reduced liquidity. The market values of certain of these lower-rated and unrated debt investments tend to reflect individual corporate developments to a greater extent and tend to be more sensitive to economic conditions than those of higher-rated investments, which react primarily to fluctuations in the general level of interest rates. Companies that issue such securities are often highly leveraged and may not have available to them more traditional methods of financing. Major economic recessions such as those recently (and in some cases, currently) experienced globally may disrupt severely the market for such securities, and may have an adverse impact on the value of such securities and the ability of the issuers of such securities to repay principal and/or interest thereon, thereby increasing the incidence of default of such securities. Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may also decrease the value and liquidity of these high yield debt securities.<p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Credit Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund’s debt investments will be subject to the risk of non-payment of scheduled interest or principal by a counterparty with respect to such investments. Such non-payment would likely result in a reduction of income to the Fund and a reduction in the value of the debt investments experiencing non-payment.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Although the Fund may invest in investments that the Adviser believes are secured by specific collateral, the value of which may exceed the principal amount of the investments at the time of initial investment, there can be no assurance that the liquidation of any such collateral would satisfy a counterparty’s obligation in the event of non-payment of scheduled interest or principal payments with respect to such investment, or that such collateral could be readily liquidated. In addition, in the event of bankruptcy of a counterparty, the Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing an investment. Under certain circumstances, collateral securing an investment may be released without the consent of the Fund. The Fund may also invest in high yield instruments and unsecured investments, each of which involves a higher degree of risk than senior secured loans. The Fund’s right to payment and its security interest, if any, may be subordinated to the payment rights and security interests of more senior creditors. Certain of these investments may have an interest-only or paid-in-kind (“PIK”) payment schedule, with the principal amount remaining outstanding and at risk until the maturity of the investment. In this case, a counterparty’s ability to repay the principal of an investment may be dependent upon a liquidity event or the long-term success of the company, the occurrence of which is uncertain.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">A company in which the Fund invests could deteriorate as a result of, among other factors, an adverse development in its business, a change in the competitive environment or an economic downturn. As a result, companies that the Fund expected to be stable may operate, or expect to operate, at a loss or have significant variations in operating results, may require substantial additional capital to support their operations or maintain their competitive position, or may otherwise have a weak financial conditions or be experiencing financial distress.<p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Fixed-Income Instruments Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund invests in loans and other types of fixed-income instruments and securities. Such investments may be secured, partially secured or unsecured and may be unrated, and whether or not rated, may have speculative characteristics. The market price of the Fund’s fixed income investments will change in response to changes in interest rates and other factors. Generally, when interest rates rise, the values of fixed-income instruments fall, and vice versa. In typical interest rate environments, the prices of longer-term fixed-income instruments generally fluctuate more than the prices of shorter-term fixed-income instruments as interest rates change. These risks may be greater in the current market environment because certain interest rates are near historically low levels. The obligor of a fixed-income instrument may not be able or willing to pay interest or to repay principal when due in accordance with the terms of the associated agreement. An obligor’s willingness and ability to pay interest or to repay principal due in a timely manner <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">may be affected by, among other factors, its cash flow. Commercial bank lenders may be able to contest payments to the holders of other debt obligations of the same obligor in the event of default under their commercial bank loan agreements. See also “Risks Factors – Credit Risk.”<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund invests in loans and other similar forms of debt. Such forms of indebtedness are different from traditional debt securities in that debt securities are part of a large issue of securities to the public and loans and similar debt instruments may not be securities, but may represent a specific commercial loan to a borrower. Loan participations typically represent direct participation, together with other parties, in a loan to a corporate borrower, and generally are offered by banks or other financial institutions or lending syndicates. The Fund may participate in such syndications, or can buy part of a loan, becoming a part-lender. When purchasing indebtedness (including loan participations), the Fund assumes the credit risk associated with the corporate borrower and may assume the credit risk associated with an interposed bank or other financial intermediary. Members of a syndicate in which the Fund participates may have different and sometimes superior rights than the Fund. Where the Fund invests as a sub-participant in syndicated debt, it may be subject to certain risks as a result of having no direct contractual relationship with the underlying borrower. As a result, the Fund will generally be dependent on the lender to enforce its rights and obligations under the loan arrangements in the event of a default by the underlying borrower and will generally not have any direct rights against the underlying borrower, any direct rights in the collateral, if any, securing such borrowing, or any right to deal directly with such borrower. The lender will, in general, retain the right to determine whether remedies provided for in the underlying loan arrangement will be exercised, or waived. In the event that the Fund enters into such an investment, there can be no assurance that its ability to realize on a participation will not be interrupted or impaired in the event of the bankruptcy or insolvency of the borrower or the lender or that in such circumstances, the Fund will benefit from any set-off between the lender and the borrower. Successful claims by third parties arising from these and other risks may be borne by the Fund.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund may invest in debtor-in-possession financings. In such investments there is a risk that the underlying borrower may not successfully exit bankruptcy and may be forced to liquidate its assets in which case the Fund’s only recourse will be against the security provided by the borrower (which may not be sufficient to cover related losses).<p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Adviser’s Analysis Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Adviser seeks to conduct reasonable and appropriate due diligence based on the facts and circumstances applicable to each investment. When conducting due diligence and making an assessment regarding an investment for the Fund, the Adviser relies on available resources, including information provided by the target of the investment and, in some circumstances, third-party investigations. As a result, the due diligence process may at times be subjective with respect to recently organized companies for which only limited information is available. Accordingly, the Adviser cannot be certain that due diligence investigations with respect to any investment opportunity for the Fund will reveal or highlight all relevant facts (including fraud) that may be necessary or helpful in evaluating such investment opportunity, or that its due diligence investigations will result in investments for the Fund being successful. There can be no assurance that the projected results of an investment opportunity will be achieved for the Fund, and actual results may vary significantly from such projections. General economic, natural, and other conditions, which are not predictable, can have an adverse impact on the reliability of such projections. Assumptions or projections about asset lives; the stability, growth, or predictability of costs; demand; or revenues generated by an investment or other factors associated therewith may, due to various risks and uncertainties including those described herein, differ materially from actual results.<p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Competition for Investment Opportunities Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The activity of identifying, completing and realizing the types of investment opportunities targeted by the Adviser for the Fund is highly competitive and involves a significant degree of uncertainty. The Fund competes for investment opportunities with other investment companies and private investment vehicles, as well <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">as the public debt markets, individuals and financial institutions, including investment banks, commercial banks and insurance companies, business development companies, strategic industry acquirers, hedge funds and other institutional investors, investing directly or through affiliates. Over the past several years, a number of such investment vehicles have been formed (and many such existing entities have grown in size). Additional entities with a similar investment objective may be formed in the future by other unrelated parties. It is possible that competition for appropriate investment opportunities may increase, thus reducing the number of opportunities available to the Fund. Such supply-side competition may adversely affect the terms on which investments can be made by the Fund. Moreover, transaction sponsors unaffiliated with the Fund or the Adviser may be reluctant to present investment opportunities to the Fund because of its affiliation with the Adviser. There can be no assurance that the Adviser will be able to locate and complete investments that satisfy the Fund’s investment objective or to realize on their values.<p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Conflicts of Interest Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Adviser (and its affiliates) and the Portfolio Manager (and the portfolio managers for other clients managed by the Adviser or its affiliates) manage the assets of and/or provide advice to individual accounts, as well as to the Fund. The Fund has no interest in the activities of the Adviser’s other clients. In addition, the Adviser and its affiliates, and any of their respective officers, directors, partners, members or employees, may invest for their own accounts in various investment opportunities, including in investment funds, private investment companies or other investment vehicles in which the Fund will have no interest. However, there are no affiliations or arrangements between the Adviser’s or its affiliates’ clients, the pooled investment vehicles in which the Fund invests and the asset managers of such pooled investment vehicles.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Adviser (and its affiliates) and the Portfolio Manager (and the portfolio managers for other clients managed by the Adviser or its affiliates) will experience conflicts of interest in connection with the management of the Fund relating to the allocation of the Adviser’s time and resources between the Fund and other investment activities; the allocation of investment opportunities by the Adviser and its affiliates (including other client accounts managed by the Adviser or its affiliates); compensation to the Adviser; services that may be provided by the Adviser, its investment professionals and its affiliates to issuers in which the Fund invests; investment by the Fund and other clients of the Adviser, subject to the limitations of the 1940 Act; the formation of additional investment funds by the Adviser or its affiliates; differing recommendations given by the Adviser to the Fund versus other clients of the Adviser or its affiliates; the Adviser’s use of information gained from issuers in the Fund’s portfolio investments by other clients, subject to applicable law; and restrictions on the Adviser’s use of non-public information with respect to potential investments by the Fund. The Adviser and/or its affiliates may from time to time obtain non-public information regarding certain issuers or other investment opportunities, which information may be material. As a result of the federal and state securities laws’ prohibition on trading on the basis of material non-public information, the Fund may be prohibited from buying or selling securities or pursuing a transaction or investment opportunity, which may result in a loss (actual or potential) to the Fund. See “Conflicts of Interest.”<p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Investment Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">An investment in the Fund involves a considerable amount of risk. Before making an investment decision, a prospective investor should (i) consider the suitability of this investment with respect to his, her or its investment objectives and personal situation and (ii) consider factors such as his, her or its personal net worth, income, age, risk tolerance and liquidity needs. An investment in the Fund’s shares is subject to investment risk, including the possible loss of the entire principal amount invested. An investment in the Fund’s shares represents an indirect investment in the portfolio of loans and fixed-income instruments, short positions and other securities owned by the Fund, and the value of these securities and other instruments may fluctuate, sometimes rapidly and unpredictably, and such investment is subject to investment risk, including the possible loss of the entire principal amount invested. At any point in time, an investment in the Fund’s shares may be worth less than the <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">original amount invested, even after taking into account distributions paid by the Fund and the ability of shareholders to reinvest dividends. The Fund may also use leverage, which would magnify the Fund’s investment, market and certain other risks.<p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Issuer Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The value of a specific security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of an issuer’s securities that are held in the Fund’s portfolio may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods and services.<p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Key Personnel Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Adviser depends on the efforts, skills, reputations and business contacts of its key personnel, the information and deal flow they and others generate during the normal course of their activities and the synergies among the diverse fields of expertise and knowledge held by the Adviser’s professionals. The loss of the services of any of them could have a material adverse effect on the Fund and could harm the Adviser’s ability to manage the Fund.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Adviser’s principals and other key personnel possess substantial experience and expertise and have strong business relationships with members of the business community. The loss of these personnel could jeopardize the Adviser’s relationships with members of the business community and could result in fewer investment opportunities for the Fund. For example, if any of the Adviser’s principals were to join or form a competing firm, the Fund’s results and financial condition could suffer.<p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Legal and Regulatory Risks<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Legal and regulatory changes could occur that may materially adversely affect the Fund. The regulation of the U.S. and non-U.S. securities and futures markets and investment funds such as the Fund has undergone substantial change in recent years, and such change may continue.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) made a number of changes to the regulatory framework in the financial services industry, including regulations applicable to banks, insurance companies, and other firms. The Dodd-Frank Act also made a number of regulatory changes to the oversight and treatment of various investments, in particular, derivatives. The process of implementing regulations under the Dodd-Frank Act is ongoing and there may be further changes to the system. The impact of these regulatory changes will be felt across industries for a number of years and will impact the Fund’s investments and the administration of the Fund. Instruments in which the Fund invests may incur increased regulatory compliance costs and could be subject to regulatory action. The Fund may incur Dodd-Frank regulatory compliance costs, which could impact performance.<p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Lender Liability Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">A number of U.S. judicial decisions have upheld judgments obtained by borrowers against lending institutions on the basis of various evolving legal theories, collectively termed “lender liability.” Generally, lender liability is founded on the premise that a lender (i) has violated a duty (whether implied or contractual) of good faith, commercial reasonableness and fair dealing, or a similar duty owed to the borrower or (ii) has assumed an excessive degree of control over the borrower resulting in the creation of a fiduciary duty owed to the borrower or its other creditors or shareholders. Because of the nature of its investments, the Fund may be subject to allegations of lender liability or indirectly exposed to lender liability when it purchases a loan.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">In addition, under common law principles that in some cases form the basis for lender liability claims, if a lender or other financial creditor (i) intentionally takes an action that results in the undercapitalization of a borrower to the detriment of other creditors of such borrower, (ii) engages in other inequitable conduct to the detriment of such other creditors, (iii) engages in fraud with respect to, or makes misrepresentations to, such other creditors or (iv) uses its influence as a stockholder (if applicable) to dominate or control a borrower to the detriment of other creditors of such borrower, a court may elect to subordinate the claim of the offending lender or other financial creditor to the claims of the disadvantaged creditor or creditors, a remedy called “equitable subordination.”<p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Leverage Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund is permitted to obtain leverage using any form or combination of financial leverage instruments, including through funds borrowed from banks or other financial institutions (i.e., a credit facility), margin facilities, the issuance of preferred shares or notes and leverage attributable to reverse repurchase agreements, dollar rolls or similar transactions. The Fund may use leverage opportunistically and may choose to increase or decrease its leverage, or use different types or combinations of leveraging instruments, at any time based on the Fund’s assessment of market conditions and the investment environment. The use of leverage, such as borrowing money to purchase securities, will cause the Fund to incur additional expenses and would significantly magnify the Fund’s losses in the event of underperformance of the Fund’s underlying investments.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Use of leverage creates an opportunity for increased income and return for shareholders but, at the same time, creates risks, including the likelihood of greater volatility in the NAV and market price of, and distributions on, the Fund’s shares. Increases and decreases in the value of the Fund’s portfolio will be magnified if the Fund uses leverage. In particular, leverage may magnify interest rate risk, which is the risk that the prices of portfolio securities will fall (or rise) if market interest rates for those types of securities rise (or fall). As a result, leverage may cause greater changes in the Fund’s NAV, which will be borne entirely by the Fund’s shareholders. There can be no assurance that the Fund will use leverage or that its leveraging strategy will be successful during any period in which it is employed. The Fund may be subject to investment restrictions of one or more nationally recognized statistical rating organizations and/or credit facility lenders as a result of its use of financial leverage. These restrictions may impose asset coverage or portfolio composition requirements that are more stringent than those imposed on the Fund by the 1940 Act. It is not anticipated that these covenants or portfolio requirements will significantly impede the Adviser in managing the Fund’s portfolio in accordance with its investment objective and policies. Nonetheless, if these covenants or guidelines are more restrictive than those imposed by the 1940 Act, the Fund may not be able to utilize as much leverage as it otherwise could have, which could reduce the Fund’s investment returns. In addition, the Fund expects that any notes it issues or credit facility it enters into would contain covenants that, among other things, will likely impose geographic exposure limitations, credit quality minimums, liquidity minimums, concentration limitations and currency hedging requirements on the Fund. These covenants would also likely limit the Fund’s ability to pay distributions in certain circumstances, incur additional debt, change fundamental investment policies and engage in certain transactions, including mergers and consolidations. Such restrictions could cause the Adviser to make different investment decisions than if there were no such restrictions and could limit the ability of the Board of Trustees and shareholders to change fundamental investment policies.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The costs of a financial leverage program (including the costs of offering preferred shares and notes) will be borne entirely by the Fund and, in turn, the shareholders and consequently will result in a reduction of the NAV of the shares. To monitor this issue, the Board of Trustees intends to periodically review the Fund’s use of leverage, including its impact on Fund performance. See “Conflicts of Interest.”<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund’s use of leverage could create the opportunity for a higher return for shareholders but would also result in special risks for shareholders and can magnify the effect of any losses. If the income and gains earned on the securities and investments purchased with leverage proceeds are greater than the cost <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">of the leverage, the return on the shares will be greater than if leverage had not been used. Conversely, if the income and gains from the securities and investments purchased with such proceeds do not cover the cost of leverage, the return on the shares will be less than if leverage had not been used. There is no assurance that a leveraging strategy will be successful. Leverage involves risks and special considerations for shareholders, including:<p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:24pt;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-24pt;widows:3;margin-top:6pt;">• the likelihood of greater volatility of NAV and market price of the shares than a comparable portfolio without leverage;<p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:24pt;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-24pt;widows:3;margin-top:6pt;">• the risk that fluctuations in interest rates on borrowings and short-term debt or in the dividend rates on any preferred shares that the Fund may pay will reduce the return to the shareholders or will result in fluctuations in the dividends paid on the shares;<p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:24pt;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-24pt;widows:3;margin-top:6pt;">• the effect of leverage in a declining market, which is likely to cause a greater decline in the NAV of the shares than if the Fund were not leveraged, which may result in a greater decline in the market price of the shares; and<p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:24pt;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-24pt;widows:3;margin-top:6pt;">• when the Fund uses certain types of leverage, the management fee payable to the Adviser will be higher than if the Fund did not use leverage.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund may continue to use leverage if the benefits to the Fund’s shareholders of maintaining the leveraged position are believed to outweigh the risks above.<p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Liquidity Risk<p class="H6" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:justify;text-decoration:underline;text-indent:0;widows:1;margin-top:12pt;">Shareholder Liquidity Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund is a closed-end investment company structured as an “interval fund” and designed for long-term investors. Unlike many closed-end investment companies, the Fund’s shares are not listed on any securities exchange and are not publicly traded. There is currently no secondary market for the shares and the Fund expects that no secondary market will develop. Liquidity is provided to shareholders only through the Fund’s quarterly repurchase offers for no less than 5% of the shares outstanding at NAV. There is no guarantee that shareholders will be able to sell all of the shares they desire in a quarterly repurchase offer.<p class="H6" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:justify;text-decoration:underline;text-indent:0;widows:1;margin-top:12pt;">Fund Investments Liquidity Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund’s investments are also subject to liquidity risk. Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations. Funds with principal investment strategies that involve securities of companies with smaller market capitalizations or securities with substantial market and/or credit risk tend to have the greatest exposure to liquidity risk. The Fund may invest without limit in securities that, at the time of investment, are illiquid. The Fund may also invest in restricted securities. Investments in restricted securities could have the effect of increasing the amount of the Fund’s assets invested in illiquid securities if qualified institutional buyers are unwilling to purchase these securities.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The market price of illiquid and restricted securities may be more volatile than that of more liquid securities, which may adversely affect the price that the Fund pays for or recovers upon the sale of such securities. Illiquid and restricted securities are also more difficult to value, especially in challenging markets. The Adviser’s judgment may play a greater role in the valuation process. Investment of the Fund’s assets in illiquid and restricted securities may restrict the Fund’s ability to take advantage of market opportunities. In order to dispose of an unregistered security, the Fund, where it has contractual rights to do so, may have to cause such security to be registered. A considerable period may elapse between the time the decision is made to sell the security and the time the security is registered, thereby enabling the Fund to sell it. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Contractual restrictions on the resale of securities vary in length and scope and are generally the result of a negotiation between the issuer and acquiror of the securities. In either case, the Fund would bear market risks during that period.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Some loans and other debt instruments are not readily marketable and may be subject to restrictions on resale. Such instruments may not be listed on any national securities exchange and no active trading market may exist for certain of the loans and fixed-income instruments in which the Fund will invest. Where a secondary market exists, the market for such instruments may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. In addition, events occurring subsequent to an investment by the Fund, including, for example, withdrawals and changes in market, political or other relevant circumstances, may cause some loans and other debt instruments that were liquid at the time of acquisition to become illiquid or otherwise cause the Fund’s concentration in illiquid investments to increase.<p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Management Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund’s NAV changes daily based on the performance of the securities in which it invests. The Adviser’s judgments about the attractiveness, value and potential appreciation of particular asset classes and securities in which the Fund invests (directly or indirectly) may prove to be incorrect and may not produce the desired results. Additionally, the Adviser’s judgments about the potential performance of a public fund (pooled investment vehicles or other means of indirect investment) may also prove incorrect and may not produce the desired results.<p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Market Developments<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Although the market is not currently experiencing the same levels of disruption as during 2008 to 2009 and early 2020, extreme volatility or market disruption may recur in the future. Instability in the credit markets may make it more difficult for a number of issuers of debt securities to obtain financing or refinancing for their investment or lending activities or operations. In particular, because of volatile conditions in the credit markets, issuers of debt securities may be subject to increased cost for debt, tightening underwriting standards and reduced liquidity for loans they make, securities they purchase and securities they issue.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">For example, certain borrowers may, due to macroeconomic conditions, be unable to repay secured loans. A borrower’s failure to satisfy financial or operating covenants imposed by its lenders could lead to defaults and, potentially, termination of the secured loans and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize the borrower’s ability to meet its obligations under its debt securities and other instruments. The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting counterparty. In addition, if a borrower was to commence bankruptcy proceedings, even though the Fund may have structured its interest as senior debt, depending on the facts and circumstances, a bankruptcy court might recharacterize the Fund’s debt holding and subordinate all or a portion of its claim to that of other creditors. Adverse economic conditions also may decrease the value of collateral securing some of the Fund’s loans and the value of its equity investments. A recession could lead to financial losses in the Fund’s portfolio and a decrease in revenues, net income and the value of the Fund’s assets.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">These developments may increase the volatility of the value of securities and other instruments owned by the Fund. These developments also may make it more difficult for the Fund to accurately value such instruments or to sell them on a timely basis. These developments could adversely affect the ability of the Fund to use leverage for investment purposes and increase the cost of such leverage, which would reduce returns to the holders of shares. These developments also may adversely affect the broader economy, which in turn may adversely affect the ability of issuers of securities owned by the Fund to make payments of principal and/or interest when due, leading to lower credit ratings of an issuer and increased defaults by the issuer. Such developments could, in turn, reduce the value of securities owned by the Fund and adversely affect its NAV.<p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Market Disruptions from Natural Disasters or Geopolitical Risks<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Natural disasters, instability abroad, and terrorist attacks in the United States and around the world may result in market volatility, may have long-term effects on the United States and worldwide financial markets and may cause further economic uncertainties in the United States and worldwide. The Fund cannot predict the effects of natural disasters or geopolitical events in the future on the U.S. economy and securities markets.<p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Market Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund may be materially affected by market, economic and political conditions globally and in the jurisdictions and sectors in which it invests or operates, including factors affecting interest rates, the availability of credit, currency exchange rates and trade barriers. These factors are outside the Adviser’s control and could adversely affect the liquidity and value of the Fund’s investments, and may reduce the ability of the Fund to make attractive new investments.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">In particular, economic and financial market conditions began to significantly deteriorate around 2007 and early 2020 as compared to prior periods. Global financial markets experienced considerable declines in the valuations of debt and equity securities, an acute contraction in the availability of credit and the failure of a number of leading financial institutions. As a result, certain government bodies and central banks worldwide, including the U.S. Treasury Department and the U.S. Federal Reserve, undertook unprecedented intervention programs, the effects of which remain uncertain. The U.S. economy has experienced and continues to experience relatively high levels of constrained lending. Although certain financial markets have shown some recent signs of the improvement, to the extent economic conditions experienced recently, they may adversely impact the investments of the Fund. Low interest rates related to monetary stimulus and economic stagnation may also negatively impact expected returns on investments in such an environment. Trends and historical events do not imply, forecast or predict future events and past performance is not necessarily indicative of future results. There can be no assurance that the assumptions made or the beliefs and expectations currently held by the Adviser will prove correct, and actual events and circumstances may vary significantly.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund may be subject to risk arising from a default by one of several large institutions that are dependent on one another to meet their liquidity or operational needs, so that a default by one institution may cause a series of defaults by the other institutions. This is sometimes referred to as “systemic risk” and may adversely affect financial intermediaries, such as clearing agencies, clearing houses, banks, securities firms and exchanges, with which the Fund interacts on a daily basis.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">In addition, the Fund is subject to the risk that geopolitical and other events will disrupt the economy on a national or global level. For instance, war, tariffs and trade wars, terrorism, market manipulation, government defaults, government shutdowns, political changes or diplomatic developments, climate change and climate-related events, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters can all negatively impact the securities markets, which could cause the Fund to lose value.<p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Master Limited Partnership Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Investments in MLPs involve risks different from those of investing in common stock. MLPs may be subject to the risk of environmental incidents, terrorist attacks, demand destruction from high commodity prices, proliferation of alternative energy sources, inadequate supply of external capital, conflicts of interest with the general partner, and government regulation, each of which could negatively impact the revenue stream form an MLP. Investing in MLPs also involves certain risks related to investing in the underlying assets of the MLPs and risks associated with pooled investment vehicles. These include the risks related to limited <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">control and limited rights to vote on matters affecting the MLP, cash flow risks, dilution risks (which could occur if the MLP raises capital and then invests it in projects whose return fails to exceed the cost of capital raised) and risks related to the general partner’s limited call right. MLPs are generally considered interest-rate sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns. Depending on the state of interest rates in general, the use of MLPs could harm the overall performance of the Fund.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-left:18pt;margin-top:15pt;">MLP Tax Risk. MLPs, typically, do not pay U.S. federal income tax at the partnership level. Instead, each partner is allocated a share of the partnership’s income, gains, losses, deductions and expenses. A change in current tax law or in the underlying business mix of a given MLP could result in an MLP being treated as a corporation for U.S. federal income tax purposes, which would result in such MLP being required to pay U.S. federal income tax on its taxable income. The classification of an MLP as a corporation for U.S. federal income tax purposes would have the effect of reducing the amount of cash available for distribution by the MLP. Thus, if any of the MLPs owned by the Fund were treated as corporations for U.S. federal income tax purposes, it could result in a reduction of the value of your investment in the Fund and lower income, as compared to an MLP that is not taxed as a corporation.<p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Limited History Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund is a closed-end investment company with a limited history of operations for investors to evaluate. It is designed for long-term investors and not as a trading vehicle.<p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Private Fund Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund’s performance depends in part upon the performance of the private fund (pooled investment vehicle) managers and selected strategies, the adherence by such managers to such selected strategies, the instruments used by such managers and the Adviser’s ability to select pooled investment vehicle managers and strategies and effectively allocate Fund assets among them. Fund shareholders will bear two layers of fees and expenses: asset-based fees, incentive fees and allocations, and expenses at the Fund level, and asset-based fees, incentive fees and allocations, and expenses at the pooled investment vehicle level.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The pooled investment vehicles in which the Fund invests are subject to risks associated with legal and regulatory changes applicable to financial institutions generally and to pooled investment vehicles in particular. The Fund may not be able to invest in certain pooled investment vehicles that are oversubscribed or closed, and the Fund may be able to allocate only a limited amount of assets to a pooled investment vehicle that has been identified as an attractive opportunity. The Fund’s investments in certain pooled investment vehicles may be subject to lock-up periods, during which the Fund may not withdraw its investment. The Fund may invest a substantial portion of its assets in pooled investment vehicles that follow a particular type of investment strategy, which may expose the Fund to the risks of that strategy. Many of the Fund’s assets will be priced in the absence of a readily available market and may be priced based on determinations of fair value, which may prove to be inaccurate. The Fund, upon its redemption of all or a portion of its interest in a pooled investment vehicle, may receive an in-kind distribution of securities that are illiquid or difficult to value and difficult to dispose of.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund may be required to make incremental contributions pursuant to capital calls issued from time to time by certain pooled investment vehicles. To fund such capital calls, the Fund may maintain a sizeable cash position, which may result in lower returns. If the Fund does not maintain a sufficient cash position to fund capital calls, it may face the potential inability to fund capital contributions. Any failure by the Fund to make timely capital contributions in respect of its commitments may (i) impair the ability of the Fund to pursue its investment program, (ii) force the Fund to borrow, (iii) indirectly cause the Fund to be subject <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">to certain penalties from the pooled investment vehicle (including the forfeiture of a portion of the Fund’s capital contribution to such vehicle), or (iv) otherwise impair the value of the Fund’s investments (including the devaluation of the Fund).<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Pooled investment vehicle returns may exhibit greater correlations among each other or with fixed-income or equity indices than anticipated by the Adviser, particularly during times of general market turmoil. A pooled investment vehicle manager may invest the pooled investment vehicle’s assets in securities of non-U.S. issuers, and the Fund’s assets may be invested in pooled investment vehicles that may be denominated in non-U.S. currencies, thereby exposing the Fund to various risks that may not be applicable to U.S. securities. A pooled investment vehicle manager may focus primarily on a particular industry, which would subject the vehicle, and thus the Fund, to greater risk and volatility than if investments had been made in issuers in a broader range of industries. A pooled investment vehicle manager may focus on a particular country or geographic region, which may subject the vehicle, and thus the Fund, to greater risk and volatility than if investments had been made in issuers in a broader range of geographic regions. A pooled investment vehicle manager may use derivatives for speculative or hedging purposes. A pooled investment vehicle may incur leverage for investment or other purposes, which may increase the volatility of the vehicle. A pooled investment vehicle manager may invest without limitation in restricted and illiquid securities.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Pooled investment vehicles might not be publicly traded and therefore would not be liquid investments. Please see “Liquidity Risk” for a description of risks associated with illiquid securities. As a result, the Fund may consider information provided by the pooled investment vehicle manager to determine the value of the Fund’s investment in the vehicle. The valuation provided by the pooled investment vehicle manager as of a specific date may vary from the actual sale price that may be obtained if such investment were sold to a third party. The Adviser will use reasonable due diligence to value securities and may also consider information provided by the pooled investment vehicles, including any quarterly unaudited financial statements, which if inaccurate could adversely affect the Adviser’s ability to value accurately the Fund’s shares.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">In addition to valuation risk, an investor in a privately offered pooled investment vehicle is not entitled to the protections of the 1940 Act. For example, privately offered pooled investment vehicles need not have independent boards, may not require shareholder approval of advisory contracts, may leverage to an unlimited extent, and may engage in joint transactions with affiliates. As a result, privately offered pooled investment vehicles may make significant use of leverage, which has the potential to magnify losses versus funds that do not employ leverage. Please see “Leverage Risk” above for a description of risks associated with the use of leverage. Additionally, pooled investment vehicle managers may have limited operating histories upon which to evaluate their performance, and some pooled investment vehicle managers may not be registered under the Advisers Act. Further, some offered pooled investment vehicle managers may charge investors (such as the Fund) asset-based fees and incentive allocations or fees of as much as 20% of net profits (or more in certain limited circumstances), which may create incentives for these managers to make investments that are riskier or more speculative than in the absence of these fees. These characteristics present additional risks, including the possibility of total risk of loss, for shareholders.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Certain pooled investment vehicles are subject to asset-specific risks.<p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Public Funds Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">When the Fund invests in public funds, it will indirectly bear its proportionate share of the fees and expenses incurred by those funds in addition to the advisory fees and other expenses paid by the Fund in connection with its own operations. As a result, Fund shareholders will bear two layers of fees and expenses. The Fund is also subject to the risks associated with the securities or other investments in which a public fund invests.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Although money market funds are designed to hold instruments with short maturities and high credit quality, increases in interest rates and deteriorations in the credit quality of such instruments may reduce the money market fund’s yield and can cause the price of a money market security to decrease. Conversely, a low or negative interest rate environment may prevent a money market fund from providing a positive yield and could negatively impact a money market fund’s ability to maintain a stable $1.00 net asset value per share.<p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Real Estate Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The main risk of real estate related investments is that the value of the underlying real estate may go down. Many factors may affect real estate values. These factors include both the general and local economies, the amount of new construction in a particular area, the laws and regulations (including zoning and tax laws) affecting real estate and the costs of owning, maintaining and improving real estate. The availability of mortgages and changes in interest rates may also affect real estate values. If the Fund’s real estate-related investments are concentrated in one geographic area or in one property type, the Fund will be particularly subject to the risks associated with that area or property type. Real estate historically has experienced significant fluctuation and cycles in value, and specific market conditions may result in a permanent reduction in value. The value of the real estate will depend on many factors beyond the control of the general partner, including, without limitation: changes in general economic or local conditions; changes in supply of or demand for competing properties in an area (as a result, for instance, of over-building); changes in interest rates; the promulgation and enforcement of governmental regulations relating to land use and zoning restrictions, environmental protection and occupational safety; unavailability of mortgage funds which may render the construction, leasing, sale or refinancing of a property difficult; the financial condition of borrowers and of tenants, buyers and sellers of property; changes in real estate tax rates and other operating expenses; the imposition of rent controls; energy and supply shortages; various uninsured or uninsurable risks; and natural disasters.<p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">REIT Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Investments (directly or indirectly) in Private REITs and Public REITs (together, “REITs”) will subject the Fund to various risks. REIT share prices may decline because of adverse developments affecting the real estate industry and real property values. In general, real estate values can be affected by a variety of factors, including supply and demand for properties, the economic health of the country or of different regions, and the strength of specific industries that rent properties. REITs often invest in highly leveraged properties. Returns from REITs, which typically are small or medium capitalization stocks, may trail returns from the overall stock market. In addition, changes in interest rates may hurt real estate values or make REIT shares less attractive than other income-producing investments. REITs are also subject to heavy cash flow dependency, defaults by borrowers and self-liquidation.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Qualification as a REIT under the Code in any particular year is a complex analysis that depends on a number of factors. There can be no assurance that an entity in which the Fund invests with the expectation that it will be taxed as a REIT will, in fact, qualify as a REIT. An entity that fails to qualify as a REIT would be subject to a corporate-level tax, would not be entitled to a deduction for dividends paid to its shareholders and would not pass through to its shareholders the character of income earned by the entity. If the Fund were to invest in an entity that failed to qualify as a REIT, such failure could significantly reduce the Fund’s yield on that investment. REITs can be classified as equity REITs, mortgage REITs and hybrid REITs. Equity REITs invest primarily in real property and earn rental income from leasing those properties. They may also realize gains or losses from the sale of properties. Equity REITs will be affected by conditions in the real estate rental market and by changes in the value of the properties they own. Mortgage REITs invest primarily in mortgages and similar real estate interests and receive interest payments from the owners of the mortgaged properties. Mortgage REITs will be affected by changes in creditworthiness of borrowers and changes in interest rates. Hybrid REITs invest both in real property and in mortgages. Equity and mortgage REITs are dependent upon management skills, may not be diversified and are subject to the risks of financing projects.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Dividends paid by REITs will not generally qualify for the reduced U.S. federal income tax rates applicable to qualified dividends under the Code. See “U.S. Federal Income Tax Matters.” The Fund’s investments in REITs may include an additional risk to shareholders. Some or all of a REIT’s annual distributions to its investors may constitute a non-taxable return of capital. Any such return of capital will generally reduce the Fund’s basis in the REIT investment, but not below zero. To the extent the distributions from a particular REIT exceed the Fund’s basis in such REIT, the Fund will generally recognize gain. In part because REIT distributions often include a nontaxable return of capital, Fund distributions to shareholders may also include a nontaxable return of capital. Shareholders that receive such a distribution will also reduce their tax basis in their shares of the Fund, but not below zero. To the extent the distribution exceeds a shareholder’s basis in the Fund’s shares, such shareholder will generally recognize a capital gain. The Fund does not have any investment restrictions with respect to investments in REITs.<p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Repurchase Policy Risks<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Quarterly repurchases by the Fund of its shares typically will be funded from borrowing proceeds, available cash or sales of portfolio securities. However, payment for repurchased shares may require the Fund to liquidate portfolio holdings earlier than the Adviser otherwise would liquidate such holdings, potentially resulting in losses, and may increase the Fund’s portfolio turnover. The Adviser may take measures to attempt to avoid or minimize such potential losses and turnover, and instead of liquidating portfolio holdings, may borrow money to finance repurchases of shares. If the Fund borrows to finance repurchases, interest on any such borrowing will negatively affect shareholders who do not tender their shares in a repurchase offer by increasing the Fund’s expenses and reducing any net investment income. To the extent the Fund finances repurchase proceeds by selling investments, the Fund may hold a larger proportion of its gross assets in less liquid securities. Also, the sale of securities to fund repurchases could reduce the market price of those securities, which in turn would reduce the Fund’s NAV.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Repurchases of shares will tend to reduce the amount of outstanding shares and, depending upon the Fund’s investment performance, its net assets. A reduction in the Fund’s net assets may increase the Fund’s expense ratio to the extent that additional shares are not sold. In addition, the repurchase of shares by the Fund may be a taxable event to shareholders.<p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Senior Loans Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Senior loans generally hold the most senior position in the capital structure of a borrower and in most circumstances are fully collateralized by the borrower’s assets. Thus, they are generally repaid before unsecured bank loans, corporate bonds, subordinated debt, trade creditors, and preferred or common stockholders. Substantial increases in interest rates may cause an increase in loan defaults as borrowers may lack resources to meet higher debt service requirements. The value of the Fund’s assets may also be affected by other uncertainties such as economic developments affecting the market for senior secured term loans or affecting borrowers generally. Moreover, the security for the Fund’s investments in secured debt may not be recognized for a variety of reasons, including the failure to make required filings by lenders, trustees or other responsible parties and, as a result, the Fund may not have priority over other creditors as anticipated. First lien loans may also include unitranche loans. Unitranche loans combine characteristics of traditional first lien senior secured loans as well as second lien and subordinated loans. Unitranche loans would expose the Fund to the risks associated with second lien and subordinated loans to the extent it invests in the “last out” tranche.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Senior loans usually include restrictive covenants, which must be maintained by a borrower. The Fund may have an obligation with respect to certain senior secured term loan investments to make additional loans upon demand by a borrower. Such instruments, unlike certain bonds, usually do not have call protection. This means that such interests, while having a stated term, may be prepaid, often without penalty. The rate <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">of such prepayments may be affected by, among other things, general business and economic conditions, as well as the financial status of the borrower. Prepayment would cause the actual duration of a senior loan to be shorter than its stated maturity.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Senior loans typically will be secured by tangible and intangible assets of a borrower. In some instances, the Fund may invest in senior loans that are secured only by stock of the borrower or its subsidiaries or affiliates. The value of such collateral may decline below the principal amount of the senior secured term loans subsequent to an investment by the Fund.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Senior loans generally are not registered with the SEC, or any state securities commission, and are not listed on any national securities exchange. There is less readily available or reliable information about most senior loans than is the case for many other investments, including securities issued in transactions registered under the Securities Act of 1933, as amended, or registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). No active trading market may exist for some senior loans, and some senior loans may be subject to restrictions on resale. A secondary market may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods, which may impair the Fund’s ability to realize full value and thus cause a material decline in the Fund’s NAV. In addition, the Fund may not be able to readily dispose of its senior loans at prices that approximate those at which the Fund could sell such loans if they were more widely traded and, as a result of such illiquidity, the Fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. During periods of limited supply and liquidity of senior loans, the Fund’s yield may be lower. See “Below Investment Grade Instruments Risk.”<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">If legislation or government regulations impose additional requirements or restrictions on the ability of financial institutions to make loans, the availability of senior loans for investment by the Fund may be adversely affected. In addition, such requirements or restrictions could reduce or eliminate sources of financing for certain borrowers. This would increase the risk of default.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">If legislation or government regulations require financial institutions to increase their capital requirements, this may cause financial institutions to dispose of senior loans that are considered highly levered transactions. Such sales could result in prices that, in the opinion of the Adviser, do not represent fair value. If the Fund attempts to sell a senior loan at a time when a financial institution is engaging in such a sale, the price the Fund could get for the senior loan may be adversely affected.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund may acquire senior loans through assignments or participations, in addition to direct origination or investments through other funds. The Fund may acquire senior loans through assignment and may elevate a participation interest into an assignment as soon as practicably possible. The purchaser of an assignment typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, the purchaser’s rights can be more restricted than those of the assigning institution, and the Fund may not be able to unilaterally enforce all rights and remedies under the loan and with regard to any associated collateral. A participation typically results in a contractual relationship only with the institution offering the participation, not with the borrower. Sellers of participations typically include banks, broker-dealers, other financial institutions and lending institutions.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">When the Fund acquires a senior loan through a participation, the Fund faces credit risk and counterparty risk. In purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement against the borrower, and the Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Fund will be exposed to the credit risk of both the borrower and the institution selling the participation. Further, in purchasing participations in lending syndicates, the Fund will not be able to conduct the due diligence on the borrower or the quality of the senior loan with respect to which it is buying a participation that the <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Fund would otherwise conduct if it were investing directly in the senior loan, which may result in the Fund being exposed to greater credit or fraud risk with respect to the borrower or the senior loan than the Fund expected when initially purchasing the participation.<p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Special Situations and Distressed Investments<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund seeks to invest in securities and other obligations of companies that are in special situations involving significant financial or business distress, including companies involved in bankruptcy or other reorganization and liquidation proceedings. Although such investments may result in significant returns for the Fund, they involve a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful investment in distressed assets is unusually high. There is no assurance that the Fund will correctly evaluate the value of the assets collateralizing the Fund’s investments or the prospects for a successful reorganization or similar action in respect of any company. In any reorganization or liquidation proceeding relating to a company in which the Fund invests, the Fund may lose its entire investment, may be required to accept cash or securities with a value less than the Fund’s original investment and/or may be required to accept payment over an extended period of time. Troubled company investments and other distressed asset-based investments require active monitoring.<p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Specialty Finance<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund may arrange credit facilities with other lenders, fund managers and originators of risk assets. The Fund may also invest in other funds that focus on similar specialty finance transactions. Specialty finance investments can take form in a wide variety of forms, structures and terms. In general, the debt financing is typically arranged in the form of a senior secured credit facility and provided on the basis of pre-defined parameters and limitations on the types of loans or investments it can be used to fund. In certain cases, the Fund will be directly exposed to the credit risk of the borrower’s balance sheet, however this risk is typically mitigated by the senior position of the facility and therefore any losses are first borne by the borrower. In addition, the facility is typically secured by the borrower’s underlying assets, which are typically diversified pools of assets. In the event of default, the Fund may incur additional expenses and will rely on the collection efforts of the Adviser. Terms of a facility will vary but are typically commitments of a few years in duration or less. There is no reliable secondary market to liquidate the exposures in advance of the maturity date.<p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Structured Products Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Holders of structured products bear risks of the underlying investments, index or reference obligation and are subject to counterparty risk.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund may have the right to receive payments only from the structured product, and generally does not have direct rights against the issuer or the entity that sold the assets to be securitized. Although certain structured products enable the investor to acquire interests in a pool of securities without the brokerage and other expenses associated with directly holding the same securities, investors in structured products generally pay their share of the structured product’s administrative and other expenses. Although it is difficult to predict whether the prices of indices and securities underlying structured products will rise or fall, these prices (and, therefore, the prices of structured products) will be influenced by the same types of political and economic events that affect issuers of securities and capital markets generally. If the issuer of a structured product uses shorter term financing to purchase longer term securities, the issuer may be forced to sell its securities at below market prices if it experiences difficulty in obtaining short-term financing, which may adversely affect the value of the structured products owned by the Fund. Certain structured products may be thinly traded or have a limited trading market.<p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Subordinated and Unsecured or Partially Secured Loans Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund may invest in unsecured loans and secured subordinated loans, including second and lower lien loans. Second lien loans are generally second in line in terms of repayment priority. A second lien loan may have a claim on the same collateral pool as the first lien or it may be secured by a separate set of assets. Second lien loans generally give investors priority over general unsecured creditors in the event of an asset sale. The priority of the collateral claims of third or lower lien loans ranks below holders of second lien loans and so on. Such junior loans are subject to the same general risks inherent to any loan investment, including credit risk, market and liquidity risk, and interest rate risk. Due to their lower place in the borrower’s capital structure and possible unsecured or partially secured status, such loans involve a higher degree of overall risk than senior loans of the same borrower.<p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Taxation Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">By investing in certain litigation and specialty financing arrangements, the Fund will obtain exposure to these arrangements within the federal tax requirements that apply to the Fund. Typically, any gains or losses from trading in Section 1256 futures contracts, such as exchange-traded commodity futures contracts, are taxed 60% as long-term capital gains/losses and 40% short term capital gains/losses.<p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Trade Finance<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Trade finance as an asset class typically consists of the financing of goods or materials during the time it takes to transport the goods from one geographic location to another. The Fund may invest in trade finance, structured trade finance, export finance, and project finance, or related obligations of companies or other entities with potential for exposure to emerging markets, all through a variety of forms, structures, and terms. Investing in trade finance may present emerging market risk, where the Fund considers risks tied to political and economic factors (different and often more complex than those faced domestically), ranging from but not limited to: expropriation, confiscation, nationalization, election, or war. Emerging market risk can also produce risk associated with loan market health, additional costs, regulatory practices, accounting standards, credit systems, taxation, and currency risk. Additionally, trade finance may entail transportation and warehousing risk, legal risk, collateral value risk, liquidity risk, and global market risk. Counterparty risk exists in default and fraud, as well as custody risks of theft and natural disaster. Finally, if an underlying buyer does not follow through on its contractual purchase, the Fund bears the price risk of reselling the goods to a new buyer.<p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Uncertain Tax Treatment<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund may invest a portion of its net assets in “below investment grade” or “high yield” or “junk” instruments. Investments in these types of instruments may present special tax issues for the Fund. U.S. federal income tax rules are not entirely clear about issues such as when the Fund may cease to accrue interest, original issue discount (“OID”) or market discount, when and to what extent deductions may be taken for bad debts or worthless instruments, how payments received on obligations in default should be allocated between principal and income and whether exchanges of debt obligations in a bankruptcy or workout context are taxable. These and other issues will be addressed by the Fund, to the extent necessary, in order to seek to ensure that it distributes sufficient income to ensure that it does not become subject to U.S. federal income or excise tax.<p class="H4" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:11pt;font-style:italic;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Risks Relating to the Fund’s RIC Status<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">To qualify and remain eligible for the special tax treatment accorded to RICs and their shareholders under the Code, the Fund must meet certain source-of-income, asset diversification and annual distribution requirements. Very generally, in order to qualify as a RIC, the Fund must derive at least 90% of its gross <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">income for each taxable year from dividends, interest, payments with respect to certain securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, net income derived from an interest in a qualified publicly traded partnership or other income derived with respect to its business of investing in stock or other securities and currencies. The Fund must also meet certain asset diversification requirements at the end of each quarter of each of its taxable years. Failure to meet these diversification requirements on the last day of a quarter may result in the Fund having to dispose of certain investments quickly in order to prevent the loss of RIC status. Any such dispositions could be made at disadvantageous prices or times, and may result in substantial losses to the Fund. In addition, in order to be eligible for the special tax treatment accorded to RICs, the Fund must meet the annual distribution requirement, requiring it to distribute with respect to each taxable year at least 90% of the sum of its “investment company taxable income” (generally its taxable ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any) and its net tax-exempt income (if any), to its shareholders. If the Fund fails to qualify as a RIC for any reason and becomes subject to corporate tax, the resulting corporate taxes could substantially reduce its net assets, the amount of income available for distribution and the amount of its distributions. Such a failure would have a material adverse effect on the Fund and its shareholders. In addition, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest and make substantial distributions in order to re-qualify as a RIC.<p class="H4" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:11pt;font-style:italic;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">RIC-Related Risks of Investments Generating Non-Cash Taxable Income<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Certain of the Fund’s investments will require the Fund to recognize taxable income in a taxable year in excess of the cash generated on those investments during that year. In particular, the Fund may invest in loans and other debt obligations that will be treated as having “market discount,” PIK interest or income, and/or OID for U.S. federal income tax purposes. Because the Fund may be required to recognize income in respect of these investments before, or without receiving, cash representing such income, the Fund may have difficulty satisfying the annual distribution requirements applicable to RICs and avoiding Fund-level U.S. federal income and/or excise taxes. Accordingly, the Fund may be required to sell assets, including at potentially disadvantageous times or prices, borrow, raise additional equity capital, make taxable distributions of its shares or debt securities, or reduce new investments, to obtain the cash needed to make these income distributions. If the Fund liquidates assets to raise cash, the Fund may realize gain or loss on such liquidations; in the event the Fund realizes net capital gains from such liquidation transactions, its shareholders may receive larger capital gain distributions than they would in the absence of such transactions.<p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Valuation Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Unlike the national exchanges for publicly traded common stock, there is no central place or exchange for credit-related instruments, such as loans or other debt instruments to trade. Loans and other debt instruments generally trade on an OTC market, which may be anywhere in the world where a buyer and seller can settle on a price. Due to the lack of centralized information and trading, the valuation of debt instruments may carry more risk than that of common stock. Uncertainties in the conditions of the financial market, unreliable reference data, lack of transparency and inconsistency of valuation models and processes may lead to inaccurate asset pricing. Although fair value estimates provided by the Adviser integrate observable inputs, to the extent the Adviser relies on unobservable inputs and subjective judgements, fair value estimates will be subject to heightened risk of inaccuracy. In addition, other market participants may value securities and other instruments differently than the Fund. As a result, the Fund may be subject to the risk that when a loan or other debt instrument is sold in the market, the amount received by the Fund is less than the value of such loans or other debt instruments carried on the Fund’s books.<p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Warehousing Facilities<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund may provide warehousing credit facilities to a variety of lenders, funds, platforms, companies and/or other entities. These facilities are typically secured by a borrower’s investment activities, acquisitions and lending assets. The intent of such facilities is to provide the borrower with short-term financing to support their ongoing investment activities in an anticipation of redistribution of the same assets to another capital provider, such as a fund, a platform or public offering. The facilities may also be used to season certain investment assets, as required by tax, legal or regulatory requirements, before passing from one legal entity to another. Although such facilities are intended to be short-term in nature, there can be no assurance that the borrower will be successful in redistributing the assets as intended to the long-term providers of capital. In such cases, the length of the exposure to such assets may extend considerably, and in certain circumstances, may lead to the Fund owning such assets outright which may further lengthen the term of exposure. In certain situations, the value of the assets may decline considerably over the life of the exposure resulting in adverse results for the Fund. <p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Closed-End Structure Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund is a closed-end investment company. It is designed for long-term investors and not as a trading vehicle. Unlike many closed-end investment companies, the Fund’s shares are not listed on any securities exchange and are not publicly traded. There is currently no secondary market for the shares and the Fund expects that no secondary market will develop. Liquidity is provided to shareholders only through the Fund’s quarterly repurchase offers for no less than 5% of the shares outstanding at NAV. There is no guarantee that shareholders will be able to sell all of the shares they desire in a quarterly repurchase offer. <p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Interest Rate Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Typically, a rise in interest rates causes a decline in the value of debt securities and loans, and as a result the value of your investment in the Fund will fluctuate with changes in interest rates. In general, the market price of debt securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments) and extension risk (the debtor may pay its obligation later than expected, increasing a securities maturity). These risks could affect the value of a particular investment, possibly causing the Fund’s NAV and total return to be reduced and fluctuate more than other types of investments. <p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Debt Securities Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">When the Fund invests in fixed-rate debt securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed-rate debt securities. In general, the market price of debt securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. <p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Below Investment Grade Instruments Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund may invest in debt securities and other instruments that are rated “below investment grade” by recognized rating agencies or will be unrated (sometimes referred to as high yield or junk bonds) and face ongoing uncertainties and exposure to adverse business, financial or economic conditions and the issuer’s failure to make timely interest and/or principal payments. Such securities and instruments are generally not exchange traded and, as a result, trade in the OTC marketplace, which is less transparent than the exchange-traded marketplace. In addition, the Fund may invest in bonds of issuers that do not have publicly traded equity securities, making it more difficult to hedge the risks associated with such investments. The Fund’s investments in “below investment grade” or “high yield” or “junk” securities and instruments expose it to a substantial degree of credit risk and interest rate risk. The market for high yield securities has recently <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">experienced periods of significant volatility and reduced liquidity. The market values of certain of these lower-rated and unrated debt investments tend to reflect individual corporate developments to a greater extent and tend to be more sensitive to economic conditions than those of higher-rated investments, which react primarily to fluctuations in the general level of interest rates. Companies that issue such securities are often highly leveraged and may not have available to them more traditional methods of financing. Major economic recessions such as those recently (and in some cases, currently) experienced globally may disrupt severely the market for such securities, and may have an adverse impact on the value of such securities and the ability of the issuers of such securities to repay principal and/or interest thereon, thereby increasing the incidence of default of such securities. Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may also decrease the value and liquidity of these high yield debt securities. <p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Credit Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund’s debt investments will be subject to the risk of non-payment of scheduled interest or principal by a counterparty with respect to such investments. Such non-payment would likely result in a reduction of income to the Fund and a reduction in the value of the debt investments experiencing non-payment.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Although the Fund may invest in investments that the Adviser believes are secured by specific collateral, the value of which may exceed the principal amount of the investments at the time of initial investment, there can be no assurance that the liquidation of any such collateral would satisfy a counterparty’s obligation in the event of non-payment of scheduled interest or principal payments with respect to such investment, or that such collateral could be readily liquidated. In addition, in the event of bankruptcy of a counterparty, the Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing an investment. Under certain circumstances, collateral securing an investment may be released without the consent of the Fund. The Fund may also invest in high yield instruments and unsecured investments, each of which involves a higher degree of risk than senior secured loans. The Fund’s right to payment and its security interest, if any, may be subordinated to the payment rights and security interests of more senior creditors. Certain of these investments may have an interest-only or paid-in-kind (“PIK”) payment schedule, with the principal amount remaining outstanding and at risk until the maturity of the investment. In this case, a counterparty’s ability to repay the principal of an investment may be dependent upon a liquidity event or the long-term success of the company, the occurrence of which is uncertain.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">A company in which the Fund invests could deteriorate as a result of, among other factors, an adverse development in its business, a change in the competitive environment or an economic downturn. As a result, companies that the Fund expected to be stable may operate, or expect to operate, at a loss or have significant variations in operating results, may require substantial additional capital to support their operations or maintain their competitive position, or may otherwise have a weak financial conditions or be experiencing financial distress. <p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Fixed-Income Instruments Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund invests in loans and other types of fixed-income instruments and securities. Such investments may be secured, partially secured or unsecured and may be unrated, and whether or not rated, may have speculative characteristics. The market price of the Fund’s fixed income investments will change in response to changes in interest rates and other factors. Generally, when interest rates rise, the values of fixed-income instruments fall, and vice versa. In typical interest rate environments, the prices of longer-term fixed-income instruments generally fluctuate more than the prices of shorter-term fixed-income instruments as interest rates change. These risks may be greater in the current market environment because certain interest rates are near historically low levels. The obligor of a fixed-income instrument may not be able or willing to pay interest or to repay principal when due in accordance with the terms of the associated agreement. An obligor’s willingness and ability to pay interest or to repay principal due in a timely manner <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">may be affected by, among other factors, its cash flow. Commercial bank lenders may be able to contest payments to the holders of other debt obligations of the same obligor in the event of default under their commercial bank loan agreements. See also “Risks Factors – Credit Risk.”<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund invests in loans and other similar forms of debt. Such forms of indebtedness are different from traditional debt securities in that debt securities are part of a large issue of securities to the public and loans and similar debt instruments may not be securities, but may represent a specific commercial loan to a borrower. Loan participations typically represent direct participation, together with other parties, in a loan to a corporate borrower, and generally are offered by banks or other financial institutions or lending syndicates. The Fund may participate in such syndications, or can buy part of a loan, becoming a part-lender. When purchasing indebtedness (including loan participations), the Fund assumes the credit risk associated with the corporate borrower and may assume the credit risk associated with an interposed bank or other financial intermediary. Members of a syndicate in which the Fund participates may have different and sometimes superior rights than the Fund. Where the Fund invests as a sub-participant in syndicated debt, it may be subject to certain risks as a result of having no direct contractual relationship with the underlying borrower. As a result, the Fund will generally be dependent on the lender to enforce its rights and obligations under the loan arrangements in the event of a default by the underlying borrower and will generally not have any direct rights against the underlying borrower, any direct rights in the collateral, if any, securing such borrowing, or any right to deal directly with such borrower. The lender will, in general, retain the right to determine whether remedies provided for in the underlying loan arrangement will be exercised, or waived. In the event that the Fund enters into such an investment, there can be no assurance that its ability to realize on a participation will not be interrupted or impaired in the event of the bankruptcy or insolvency of the borrower or the lender or that in such circumstances, the Fund will benefit from any set-off between the lender and the borrower. Successful claims by third parties arising from these and other risks may be borne by the Fund.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund may invest in debtor-in-possession financings. In such investments there is a risk that the underlying borrower may not successfully exit bankruptcy and may be forced to liquidate its assets in which case the Fund’s only recourse will be against the security provided by the borrower (which may not be sufficient to cover related losses). <p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Adviser’s Analysis Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Adviser seeks to conduct reasonable and appropriate due diligence based on the facts and circumstances applicable to each investment. When conducting due diligence and making an assessment regarding an investment for the Fund, the Adviser relies on available resources, including information provided by the target of the investment and, in some circumstances, third-party investigations. As a result, the due diligence process may at times be subjective with respect to recently organized companies for which only limited information is available. Accordingly, the Adviser cannot be certain that due diligence investigations with respect to any investment opportunity for the Fund will reveal or highlight all relevant facts (including fraud) that may be necessary or helpful in evaluating such investment opportunity, or that its due diligence investigations will result in investments for the Fund being successful. There can be no assurance that the projected results of an investment opportunity will be achieved for the Fund, and actual results may vary significantly from such projections. General economic, natural, and other conditions, which are not predictable, can have an adverse impact on the reliability of such projections. Assumptions or projections about asset lives; the stability, growth, or predictability of costs; demand; or revenues generated by an investment or other factors associated therewith may, due to various risks and uncertainties including those described herein, differ materially from actual results. <p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Competition for Investment Opportunities Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The activity of identifying, completing and realizing the types of investment opportunities targeted by the Adviser for the Fund is highly competitive and involves a significant degree of uncertainty. The Fund competes for investment opportunities with other investment companies and private investment vehicles, as well <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">as the public debt markets, individuals and financial institutions, including investment banks, commercial banks and insurance companies, business development companies, strategic industry acquirers, hedge funds and other institutional investors, investing directly or through affiliates. Over the past several years, a number of such investment vehicles have been formed (and many such existing entities have grown in size). Additional entities with a similar investment objective may be formed in the future by other unrelated parties. It is possible that competition for appropriate investment opportunities may increase, thus reducing the number of opportunities available to the Fund. Such supply-side competition may adversely affect the terms on which investments can be made by the Fund. Moreover, transaction sponsors unaffiliated with the Fund or the Adviser may be reluctant to present investment opportunities to the Fund because of its affiliation with the Adviser. There can be no assurance that the Adviser will be able to locate and complete investments that satisfy the Fund’s investment objective or to realize on their values. <p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Conflicts of Interest Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Adviser (and its affiliates) and the Portfolio Manager (and the portfolio managers for other clients managed by the Adviser or its affiliates) manage the assets of and/or provide advice to individual accounts, as well as to the Fund. The Fund has no interest in the activities of the Adviser’s other clients. In addition, the Adviser and its affiliates, and any of their respective officers, directors, partners, members or employees, may invest for their own accounts in various investment opportunities, including in investment funds, private investment companies or other investment vehicles in which the Fund will have no interest. However, there are no affiliations or arrangements between the Adviser’s or its affiliates’ clients, the pooled investment vehicles in which the Fund invests and the asset managers of such pooled investment vehicles.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Adviser (and its affiliates) and the Portfolio Manager (and the portfolio managers for other clients managed by the Adviser or its affiliates) will experience conflicts of interest in connection with the management of the Fund relating to the allocation of the Adviser’s time and resources between the Fund and other investment activities; the allocation of investment opportunities by the Adviser and its affiliates (including other client accounts managed by the Adviser or its affiliates); compensation to the Adviser; services that may be provided by the Adviser, its investment professionals and its affiliates to issuers in which the Fund invests; investment by the Fund and other clients of the Adviser, subject to the limitations of the 1940 Act; the formation of additional investment funds by the Adviser or its affiliates; differing recommendations given by the Adviser to the Fund versus other clients of the Adviser or its affiliates; the Adviser’s use of information gained from issuers in the Fund’s portfolio investments by other clients, subject to applicable law; and restrictions on the Adviser’s use of non-public information with respect to potential investments by the Fund. The Adviser and/or its affiliates may from time to time obtain non-public information regarding certain issuers or other investment opportunities, which information may be material. As a result of the federal and state securities laws’ prohibition on trading on the basis of material non-public information, the Fund may be prohibited from buying or selling securities or pursuing a transaction or investment opportunity, which may result in a loss (actual or potential) to the Fund. See “Conflicts of Interest.” <p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Investment Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">An investment in the Fund involves a considerable amount of risk. Before making an investment decision, a prospective investor should (i) consider the suitability of this investment with respect to his, her or its investment objectives and personal situation and (ii) consider factors such as his, her or its personal net worth, income, age, risk tolerance and liquidity needs. An investment in the Fund’s shares is subject to investment risk, including the possible loss of the entire principal amount invested. An investment in the Fund’s shares represents an indirect investment in the portfolio of loans and fixed-income instruments, short positions and other securities owned by the Fund, and the value of these securities and other instruments may fluctuate, sometimes rapidly and unpredictably, and such investment is subject to investment risk, including the possible loss of the entire principal amount invested. At any point in time, an investment in the Fund’s shares may be worth less than the <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">original amount invested, even after taking into account distributions paid by the Fund and the ability of shareholders to reinvest dividends. The Fund may also use leverage, which would magnify the Fund’s investment, market and certain other risks. <p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Issuer Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The value of a specific security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of an issuer’s securities that are held in the Fund’s portfolio may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods and services. <p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Key Personnel Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Adviser depends on the efforts, skills, reputations and business contacts of its key personnel, the information and deal flow they and others generate during the normal course of their activities and the synergies among the diverse fields of expertise and knowledge held by the Adviser’s professionals. The loss of the services of any of them could have a material adverse effect on the Fund and could harm the Adviser’s ability to manage the Fund.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Adviser’s principals and other key personnel possess substantial experience and expertise and have strong business relationships with members of the business community. The loss of these personnel could jeopardize the Adviser’s relationships with members of the business community and could result in fewer investment opportunities for the Fund. For example, if any of the Adviser’s principals were to join or form a competing firm, the Fund’s results and financial condition could suffer. <p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Legal and Regulatory Risks<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Legal and regulatory changes could occur that may materially adversely affect the Fund. The regulation of the U.S. and non-U.S. securities and futures markets and investment funds such as the Fund has undergone substantial change in recent years, and such change may continue.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) made a number of changes to the regulatory framework in the financial services industry, including regulations applicable to banks, insurance companies, and other firms. The Dodd-Frank Act also made a number of regulatory changes to the oversight and treatment of various investments, in particular, derivatives. The process of implementing regulations under the Dodd-Frank Act is ongoing and there may be further changes to the system. The impact of these regulatory changes will be felt across industries for a number of years and will impact the Fund’s investments and the administration of the Fund. Instruments in which the Fund invests may incur increased regulatory compliance costs and could be subject to regulatory action. The Fund may incur Dodd-Frank regulatory compliance costs, which could impact performance. <p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Lender Liability Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">A number of U.S. judicial decisions have upheld judgments obtained by borrowers against lending institutions on the basis of various evolving legal theories, collectively termed “lender liability.” Generally, lender liability is founded on the premise that a lender (i) has violated a duty (whether implied or contractual) of good faith, commercial reasonableness and fair dealing, or a similar duty owed to the borrower or (ii) has assumed an excessive degree of control over the borrower resulting in the creation of a fiduciary duty owed to the borrower or its other creditors or shareholders. Because of the nature of its investments, the Fund may be subject to allegations of lender liability or indirectly exposed to lender liability when it purchases a loan.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">In addition, under common law principles that in some cases form the basis for lender liability claims, if a lender or other financial creditor (i) intentionally takes an action that results in the undercapitalization of a borrower to the detriment of other creditors of such borrower, (ii) engages in other inequitable conduct to the detriment of such other creditors, (iii) engages in fraud with respect to, or makes misrepresentations to, such other creditors or (iv) uses its influence as a stockholder (if applicable) to dominate or control a borrower to the detriment of other creditors of such borrower, a court may elect to subordinate the claim of the offending lender or other financial creditor to the claims of the disadvantaged creditor or creditors, a remedy called “equitable subordination.” <p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Leverage Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund is permitted to obtain leverage using any form or combination of financial leverage instruments, including through funds borrowed from banks or other financial institutions (i.e., a credit facility), margin facilities, the issuance of preferred shares or notes and leverage attributable to reverse repurchase agreements, dollar rolls or similar transactions. The Fund may use leverage opportunistically and may choose to increase or decrease its leverage, or use different types or combinations of leveraging instruments, at any time based on the Fund’s assessment of market conditions and the investment environment. The use of leverage, such as borrowing money to purchase securities, will cause the Fund to incur additional expenses and would significantly magnify the Fund’s losses in the event of underperformance of the Fund’s underlying investments.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Use of leverage creates an opportunity for increased income and return for shareholders but, at the same time, creates risks, including the likelihood of greater volatility in the NAV and market price of, and distributions on, the Fund’s shares. Increases and decreases in the value of the Fund’s portfolio will be magnified if the Fund uses leverage. In particular, leverage may magnify interest rate risk, which is the risk that the prices of portfolio securities will fall (or rise) if market interest rates for those types of securities rise (or fall). As a result, leverage may cause greater changes in the Fund’s NAV, which will be borne entirely by the Fund’s shareholders. There can be no assurance that the Fund will use leverage or that its leveraging strategy will be successful during any period in which it is employed. The Fund may be subject to investment restrictions of one or more nationally recognized statistical rating organizations and/or credit facility lenders as a result of its use of financial leverage. These restrictions may impose asset coverage or portfolio composition requirements that are more stringent than those imposed on the Fund by the 1940 Act. It is not anticipated that these covenants or portfolio requirements will significantly impede the Adviser in managing the Fund’s portfolio in accordance with its investment objective and policies. Nonetheless, if these covenants or guidelines are more restrictive than those imposed by the 1940 Act, the Fund may not be able to utilize as much leverage as it otherwise could have, which could reduce the Fund’s investment returns. In addition, the Fund expects that any notes it issues or credit facility it enters into would contain covenants that, among other things, will likely impose geographic exposure limitations, credit quality minimums, liquidity minimums, concentration limitations and currency hedging requirements on the Fund. These covenants would also likely limit the Fund’s ability to pay distributions in certain circumstances, incur additional debt, change fundamental investment policies and engage in certain transactions, including mergers and consolidations. Such restrictions could cause the Adviser to make different investment decisions than if there were no such restrictions and could limit the ability of the Board of Trustees and shareholders to change fundamental investment policies.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The costs of a financial leverage program (including the costs of offering preferred shares and notes) will be borne entirely by the Fund and, in turn, the shareholders and consequently will result in a reduction of the NAV of the shares. To monitor this issue, the Board of Trustees intends to periodically review the Fund’s use of leverage, including its impact on Fund performance. See “Conflicts of Interest.”<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund’s use of leverage could create the opportunity for a higher return for shareholders but would also result in special risks for shareholders and can magnify the effect of any losses. If the income and gains earned on the securities and investments purchased with leverage proceeds are greater than the cost <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">of the leverage, the return on the shares will be greater than if leverage had not been used. Conversely, if the income and gains from the securities and investments purchased with such proceeds do not cover the cost of leverage, the return on the shares will be less than if leverage had not been used. There is no assurance that a leveraging strategy will be successful. Leverage involves risks and special considerations for shareholders, including:<p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:24pt;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-24pt;widows:3;margin-top:6pt;">• the likelihood of greater volatility of NAV and market price of the shares than a comparable portfolio without leverage;<p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:24pt;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-24pt;widows:3;margin-top:6pt;">• the risk that fluctuations in interest rates on borrowings and short-term debt or in the dividend rates on any preferred shares that the Fund may pay will reduce the return to the shareholders or will result in fluctuations in the dividends paid on the shares;<p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:24pt;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-24pt;widows:3;margin-top:6pt;">• the effect of leverage in a declining market, which is likely to cause a greater decline in the NAV of the shares than if the Fund were not leveraged, which may result in a greater decline in the market price of the shares; and<p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:24pt;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-24pt;widows:3;margin-top:6pt;">• when the Fund uses certain types of leverage, the management fee payable to the Adviser will be higher than if the Fund did not use leverage.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund may continue to use leverage if the benefits to the Fund’s shareholders of maintaining the leveraged position are believed to outweigh the risks above. <p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Liquidity Risk<p class="H6" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:justify;text-decoration:underline;text-indent:0;widows:1;margin-top:12pt;">Shareholder Liquidity Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund is a closed-end investment company structured as an “interval fund” and designed for long-term investors. Unlike many closed-end investment companies, the Fund’s shares are not listed on any securities exchange and are not publicly traded. There is currently no secondary market for the shares and the Fund expects that no secondary market will develop. Liquidity is provided to shareholders only through the Fund’s quarterly repurchase offers for no less than 5% of the shares outstanding at NAV. There is no guarantee that shareholders will be able to sell all of the shares they desire in a quarterly repurchase offer.<p class="H6" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:justify;text-decoration:underline;text-indent:0;widows:1;margin-top:12pt;">Fund Investments Liquidity Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund’s investments are also subject to liquidity risk. Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations. Funds with principal investment strategies that involve securities of companies with smaller market capitalizations or securities with substantial market and/or credit risk tend to have the greatest exposure to liquidity risk. The Fund may invest without limit in securities that, at the time of investment, are illiquid. The Fund may also invest in restricted securities. Investments in restricted securities could have the effect of increasing the amount of the Fund’s assets invested in illiquid securities if qualified institutional buyers are unwilling to purchase these securities.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The market price of illiquid and restricted securities may be more volatile than that of more liquid securities, which may adversely affect the price that the Fund pays for or recovers upon the sale of such securities. Illiquid and restricted securities are also more difficult to value, especially in challenging markets. The Adviser’s judgment may play a greater role in the valuation process. Investment of the Fund’s assets in illiquid and restricted securities may restrict the Fund’s ability to take advantage of market opportunities. In order to dispose of an unregistered security, the Fund, where it has contractual rights to do so, may have to cause such security to be registered. A considerable period may elapse between the time the decision is made to sell the security and the time the security is registered, thereby enabling the Fund to sell it. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Contractual restrictions on the resale of securities vary in length and scope and are generally the result of a negotiation between the issuer and acquiror of the securities. In either case, the Fund would bear market risks during that period.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Some loans and other debt instruments are not readily marketable and may be subject to restrictions on resale. Such instruments may not be listed on any national securities exchange and no active trading market may exist for certain of the loans and fixed-income instruments in which the Fund will invest. Where a secondary market exists, the market for such instruments may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. In addition, events occurring subsequent to an investment by the Fund, including, for example, withdrawals and changes in market, political or other relevant circumstances, may cause some loans and other debt instruments that were liquid at the time of acquisition to become illiquid or otherwise cause the Fund’s concentration in illiquid investments to increase. <p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Management Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund’s NAV changes daily based on the performance of the securities in which it invests. The Adviser’s judgments about the attractiveness, value and potential appreciation of particular asset classes and securities in which the Fund invests (directly or indirectly) may prove to be incorrect and may not produce the desired results. Additionally, the Adviser’s judgments about the potential performance of a public fund (pooled investment vehicles or other means of indirect investment) may also prove incorrect and may not produce the desired results. <p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Market Developments<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Although the market is not currently experiencing the same levels of disruption as during 2008 to 2009 and early 2020, extreme volatility or market disruption may recur in the future. Instability in the credit markets may make it more difficult for a number of issuers of debt securities to obtain financing or refinancing for their investment or lending activities or operations. In particular, because of volatile conditions in the credit markets, issuers of debt securities may be subject to increased cost for debt, tightening underwriting standards and reduced liquidity for loans they make, securities they purchase and securities they issue.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">For example, certain borrowers may, due to macroeconomic conditions, be unable to repay secured loans. A borrower’s failure to satisfy financial or operating covenants imposed by its lenders could lead to defaults and, potentially, termination of the secured loans and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize the borrower’s ability to meet its obligations under its debt securities and other instruments. The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting counterparty. In addition, if a borrower was to commence bankruptcy proceedings, even though the Fund may have structured its interest as senior debt, depending on the facts and circumstances, a bankruptcy court might recharacterize the Fund’s debt holding and subordinate all or a portion of its claim to that of other creditors. Adverse economic conditions also may decrease the value of collateral securing some of the Fund’s loans and the value of its equity investments. A recession could lead to financial losses in the Fund’s portfolio and a decrease in revenues, net income and the value of the Fund’s assets.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">These developments may increase the volatility of the value of securities and other instruments owned by the Fund. These developments also may make it more difficult for the Fund to accurately value such instruments or to sell them on a timely basis. These developments could adversely affect the ability of the Fund to use leverage for investment purposes and increase the cost of such leverage, which would reduce returns to the holders of shares. These developments also may adversely affect the broader economy, which in turn may adversely affect the ability of issuers of securities owned by the Fund to make payments of principal and/or interest when due, leading to lower credit ratings of an issuer and increased defaults by the issuer. Such developments could, in turn, reduce the value of securities owned by the Fund and adversely affect its NAV. <p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Market Disruptions from Natural Disasters or Geopolitical Risks<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Natural disasters, instability abroad, and terrorist attacks in the United States and around the world may result in market volatility, may have long-term effects on the United States and worldwide financial markets and may cause further economic uncertainties in the United States and worldwide. The Fund cannot predict the effects of natural disasters or geopolitical events in the future on the U.S. economy and securities markets. <p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Market Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund may be materially affected by market, economic and political conditions globally and in the jurisdictions and sectors in which it invests or operates, including factors affecting interest rates, the availability of credit, currency exchange rates and trade barriers. These factors are outside the Adviser’s control and could adversely affect the liquidity and value of the Fund’s investments, and may reduce the ability of the Fund to make attractive new investments.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">In particular, economic and financial market conditions began to significantly deteriorate around 2007 and early 2020 as compared to prior periods. Global financial markets experienced considerable declines in the valuations of debt and equity securities, an acute contraction in the availability of credit and the failure of a number of leading financial institutions. As a result, certain government bodies and central banks worldwide, including the U.S. Treasury Department and the U.S. Federal Reserve, undertook unprecedented intervention programs, the effects of which remain uncertain. The U.S. economy has experienced and continues to experience relatively high levels of constrained lending. Although certain financial markets have shown some recent signs of the improvement, to the extent economic conditions experienced recently, they may adversely impact the investments of the Fund. Low interest rates related to monetary stimulus and economic stagnation may also negatively impact expected returns on investments in such an environment. Trends and historical events do not imply, forecast or predict future events and past performance is not necessarily indicative of future results. There can be no assurance that the assumptions made or the beliefs and expectations currently held by the Adviser will prove correct, and actual events and circumstances may vary significantly.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund may be subject to risk arising from a default by one of several large institutions that are dependent on one another to meet their liquidity or operational needs, so that a default by one institution may cause a series of defaults by the other institutions. This is sometimes referred to as “systemic risk” and may adversely affect financial intermediaries, such as clearing agencies, clearing houses, banks, securities firms and exchanges, with which the Fund interacts on a daily basis.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">In addition, the Fund is subject to the risk that geopolitical and other events will disrupt the economy on a national or global level. For instance, war, tariffs and trade wars, terrorism, market manipulation, government defaults, government shutdowns, political changes or diplomatic developments, climate change and climate-related events, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters can all negatively impact the securities markets, which could cause the Fund to lose value. <p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Master Limited Partnership Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Investments in MLPs involve risks different from those of investing in common stock. MLPs may be subject to the risk of environmental incidents, terrorist attacks, demand destruction from high commodity prices, proliferation of alternative energy sources, inadequate supply of external capital, conflicts of interest with the general partner, and government regulation, each of which could negatively impact the revenue stream form an MLP. Investing in MLPs also involves certain risks related to investing in the underlying assets of the MLPs and risks associated with pooled investment vehicles. These include the risks related to limited <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">control and limited rights to vote on matters affecting the MLP, cash flow risks, dilution risks (which could occur if the MLP raises capital and then invests it in projects whose return fails to exceed the cost of capital raised) and risks related to the general partner’s limited call right. MLPs are generally considered interest-rate sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns. Depending on the state of interest rates in general, the use of MLPs could harm the overall performance of the Fund.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-left:18pt;margin-top:15pt;">MLP Tax Risk. MLPs, typically, do not pay U.S. federal income tax at the partnership level. Instead, each partner is allocated a share of the partnership’s income, gains, losses, deductions and expenses. A change in current tax law or in the underlying business mix of a given MLP could result in an MLP being treated as a corporation for U.S. federal income tax purposes, which would result in such MLP being required to pay U.S. federal income tax on its taxable income. The classification of an MLP as a corporation for U.S. federal income tax purposes would have the effect of reducing the amount of cash available for distribution by the MLP. Thus, if any of the MLPs owned by the Fund were treated as corporations for U.S. federal income tax purposes, it could result in a reduction of the value of your investment in the Fund and lower income, as compared to an MLP that is not taxed as a corporation. <p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Limited History Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund is a closed-end investment company with a limited history of operations for investors to evaluate. It is designed for long-term investors and not as a trading vehicle. <p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Private Fund Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund’s performance depends in part upon the performance of the private fund (pooled investment vehicle) managers and selected strategies, the adherence by such managers to such selected strategies, the instruments used by such managers and the Adviser’s ability to select pooled investment vehicle managers and strategies and effectively allocate Fund assets among them. Fund shareholders will bear two layers of fees and expenses: asset-based fees, incentive fees and allocations, and expenses at the Fund level, and asset-based fees, incentive fees and allocations, and expenses at the pooled investment vehicle level.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The pooled investment vehicles in which the Fund invests are subject to risks associated with legal and regulatory changes applicable to financial institutions generally and to pooled investment vehicles in particular. The Fund may not be able to invest in certain pooled investment vehicles that are oversubscribed or closed, and the Fund may be able to allocate only a limited amount of assets to a pooled investment vehicle that has been identified as an attractive opportunity. The Fund’s investments in certain pooled investment vehicles may be subject to lock-up periods, during which the Fund may not withdraw its investment. The Fund may invest a substantial portion of its assets in pooled investment vehicles that follow a particular type of investment strategy, which may expose the Fund to the risks of that strategy. Many of the Fund’s assets will be priced in the absence of a readily available market and may be priced based on determinations of fair value, which may prove to be inaccurate. The Fund, upon its redemption of all or a portion of its interest in a pooled investment vehicle, may receive an in-kind distribution of securities that are illiquid or difficult to value and difficult to dispose of.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund may be required to make incremental contributions pursuant to capital calls issued from time to time by certain pooled investment vehicles. To fund such capital calls, the Fund may maintain a sizeable cash position, which may result in lower returns. If the Fund does not maintain a sufficient cash position to fund capital calls, it may face the potential inability to fund capital contributions. Any failure by the Fund to make timely capital contributions in respect of its commitments may (i) impair the ability of the Fund to pursue its investment program, (ii) force the Fund to borrow, (iii) indirectly cause the Fund to be subject <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">to certain penalties from the pooled investment vehicle (including the forfeiture of a portion of the Fund’s capital contribution to such vehicle), or (iv) otherwise impair the value of the Fund’s investments (including the devaluation of the Fund).<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Pooled investment vehicle returns may exhibit greater correlations among each other or with fixed-income or equity indices than anticipated by the Adviser, particularly during times of general market turmoil. A pooled investment vehicle manager may invest the pooled investment vehicle’s assets in securities of non-U.S. issuers, and the Fund’s assets may be invested in pooled investment vehicles that may be denominated in non-U.S. currencies, thereby exposing the Fund to various risks that may not be applicable to U.S. securities. A pooled investment vehicle manager may focus primarily on a particular industry, which would subject the vehicle, and thus the Fund, to greater risk and volatility than if investments had been made in issuers in a broader range of industries. A pooled investment vehicle manager may focus on a particular country or geographic region, which may subject the vehicle, and thus the Fund, to greater risk and volatility than if investments had been made in issuers in a broader range of geographic regions. A pooled investment vehicle manager may use derivatives for speculative or hedging purposes. A pooled investment vehicle may incur leverage for investment or other purposes, which may increase the volatility of the vehicle. A pooled investment vehicle manager may invest without limitation in restricted and illiquid securities.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Pooled investment vehicles might not be publicly traded and therefore would not be liquid investments. Please see “Liquidity Risk” for a description of risks associated with illiquid securities. As a result, the Fund may consider information provided by the pooled investment vehicle manager to determine the value of the Fund’s investment in the vehicle. The valuation provided by the pooled investment vehicle manager as of a specific date may vary from the actual sale price that may be obtained if such investment were sold to a third party. The Adviser will use reasonable due diligence to value securities and may also consider information provided by the pooled investment vehicles, including any quarterly unaudited financial statements, which if inaccurate could adversely affect the Adviser’s ability to value accurately the Fund’s shares.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">In addition to valuation risk, an investor in a privately offered pooled investment vehicle is not entitled to the protections of the 1940 Act. For example, privately offered pooled investment vehicles need not have independent boards, may not require shareholder approval of advisory contracts, may leverage to an unlimited extent, and may engage in joint transactions with affiliates. As a result, privately offered pooled investment vehicles may make significant use of leverage, which has the potential to magnify losses versus funds that do not employ leverage. Please see “Leverage Risk” above for a description of risks associated with the use of leverage. Additionally, pooled investment vehicle managers may have limited operating histories upon which to evaluate their performance, and some pooled investment vehicle managers may not be registered under the Advisers Act. Further, some offered pooled investment vehicle managers may charge investors (such as the Fund) asset-based fees and incentive allocations or fees of as much as 20% of net profits (or more in certain limited circumstances), which may create incentives for these managers to make investments that are riskier or more speculative than in the absence of these fees. These characteristics present additional risks, including the possibility of total risk of loss, for shareholders.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Certain pooled investment vehicles are subject to asset-specific risks. <p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Public Funds Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">When the Fund invests in public funds, it will indirectly bear its proportionate share of the fees and expenses incurred by those funds in addition to the advisory fees and other expenses paid by the Fund in connection with its own operations. As a result, Fund shareholders will bear two layers of fees and expenses. The Fund is also subject to the risks associated with the securities or other investments in which a public fund invests.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Although money market funds are designed to hold instruments with short maturities and high credit quality, increases in interest rates and deteriorations in the credit quality of such instruments may reduce the money market fund’s yield and can cause the price of a money market security to decrease. Conversely, a low or negative interest rate environment may prevent a money market fund from providing a positive yield and could negatively impact a money market fund’s ability to maintain a stable $1.00 net asset value per share. <p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Real Estate Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The main risk of real estate related investments is that the value of the underlying real estate may go down. Many factors may affect real estate values. These factors include both the general and local economies, the amount of new construction in a particular area, the laws and regulations (including zoning and tax laws) affecting real estate and the costs of owning, maintaining and improving real estate. The availability of mortgages and changes in interest rates may also affect real estate values. If the Fund’s real estate-related investments are concentrated in one geographic area or in one property type, the Fund will be particularly subject to the risks associated with that area or property type. Real estate historically has experienced significant fluctuation and cycles in value, and specific market conditions may result in a permanent reduction in value. The value of the real estate will depend on many factors beyond the control of the general partner, including, without limitation: changes in general economic or local conditions; changes in supply of or demand for competing properties in an area (as a result, for instance, of over-building); changes in interest rates; the promulgation and enforcement of governmental regulations relating to land use and zoning restrictions, environmental protection and occupational safety; unavailability of mortgage funds which may render the construction, leasing, sale or refinancing of a property difficult; the financial condition of borrowers and of tenants, buyers and sellers of property; changes in real estate tax rates and other operating expenses; the imposition of rent controls; energy and supply shortages; various uninsured or uninsurable risks; and natural disasters. <p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">REIT Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Investments (directly or indirectly) in Private REITs and Public REITs (together, “REITs”) will subject the Fund to various risks. REIT share prices may decline because of adverse developments affecting the real estate industry and real property values. In general, real estate values can be affected by a variety of factors, including supply and demand for properties, the economic health of the country or of different regions, and the strength of specific industries that rent properties. REITs often invest in highly leveraged properties. Returns from REITs, which typically are small or medium capitalization stocks, may trail returns from the overall stock market. In addition, changes in interest rates may hurt real estate values or make REIT shares less attractive than other income-producing investments. REITs are also subject to heavy cash flow dependency, defaults by borrowers and self-liquidation.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Qualification as a REIT under the Code in any particular year is a complex analysis that depends on a number of factors. There can be no assurance that an entity in which the Fund invests with the expectation that it will be taxed as a REIT will, in fact, qualify as a REIT. An entity that fails to qualify as a REIT would be subject to a corporate-level tax, would not be entitled to a deduction for dividends paid to its shareholders and would not pass through to its shareholders the character of income earned by the entity. If the Fund were to invest in an entity that failed to qualify as a REIT, such failure could significantly reduce the Fund’s yield on that investment. REITs can be classified as equity REITs, mortgage REITs and hybrid REITs. Equity REITs invest primarily in real property and earn rental income from leasing those properties. They may also realize gains or losses from the sale of properties. Equity REITs will be affected by conditions in the real estate rental market and by changes in the value of the properties they own. Mortgage REITs invest primarily in mortgages and similar real estate interests and receive interest payments from the owners of the mortgaged properties. Mortgage REITs will be affected by changes in creditworthiness of borrowers and changes in interest rates. Hybrid REITs invest both in real property and in mortgages. Equity and mortgage REITs are dependent upon management skills, may not be diversified and are subject to the risks of financing projects.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Dividends paid by REITs will not generally qualify for the reduced U.S. federal income tax rates applicable to qualified dividends under the Code. See “U.S. Federal Income Tax Matters.” The Fund’s investments in REITs may include an additional risk to shareholders. Some or all of a REIT’s annual distributions to its investors may constitute a non-taxable return of capital. Any such return of capital will generally reduce the Fund’s basis in the REIT investment, but not below zero. To the extent the distributions from a particular REIT exceed the Fund’s basis in such REIT, the Fund will generally recognize gain. In part because REIT distributions often include a nontaxable return of capital, Fund distributions to shareholders may also include a nontaxable return of capital. Shareholders that receive such a distribution will also reduce their tax basis in their shares of the Fund, but not below zero. To the extent the distribution exceeds a shareholder’s basis in the Fund’s shares, such shareholder will generally recognize a capital gain. The Fund does not have any investment restrictions with respect to investments in REITs. <p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Repurchase Policy Risks<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Quarterly repurchases by the Fund of its shares typically will be funded from borrowing proceeds, available cash or sales of portfolio securities. However, payment for repurchased shares may require the Fund to liquidate portfolio holdings earlier than the Adviser otherwise would liquidate such holdings, potentially resulting in losses, and may increase the Fund’s portfolio turnover. The Adviser may take measures to attempt to avoid or minimize such potential losses and turnover, and instead of liquidating portfolio holdings, may borrow money to finance repurchases of shares. If the Fund borrows to finance repurchases, interest on any such borrowing will negatively affect shareholders who do not tender their shares in a repurchase offer by increasing the Fund’s expenses and reducing any net investment income. To the extent the Fund finances repurchase proceeds by selling investments, the Fund may hold a larger proportion of its gross assets in less liquid securities. Also, the sale of securities to fund repurchases could reduce the market price of those securities, which in turn would reduce the Fund’s NAV.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Repurchases of shares will tend to reduce the amount of outstanding shares and, depending upon the Fund’s investment performance, its net assets. A reduction in the Fund’s net assets may increase the Fund’s expense ratio to the extent that additional shares are not sold. In addition, the repurchase of shares by the Fund may be a taxable event to shareholders. <p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Senior Loans Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Senior loans generally hold the most senior position in the capital structure of a borrower and in most circumstances are fully collateralized by the borrower’s assets. Thus, they are generally repaid before unsecured bank loans, corporate bonds, subordinated debt, trade creditors, and preferred or common stockholders. Substantial increases in interest rates may cause an increase in loan defaults as borrowers may lack resources to meet higher debt service requirements. The value of the Fund’s assets may also be affected by other uncertainties such as economic developments affecting the market for senior secured term loans or affecting borrowers generally. Moreover, the security for the Fund’s investments in secured debt may not be recognized for a variety of reasons, including the failure to make required filings by lenders, trustees or other responsible parties and, as a result, the Fund may not have priority over other creditors as anticipated. First lien loans may also include unitranche loans. Unitranche loans combine characteristics of traditional first lien senior secured loans as well as second lien and subordinated loans. Unitranche loans would expose the Fund to the risks associated with second lien and subordinated loans to the extent it invests in the “last out” tranche.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Senior loans usually include restrictive covenants, which must be maintained by a borrower. The Fund may have an obligation with respect to certain senior secured term loan investments to make additional loans upon demand by a borrower. Such instruments, unlike certain bonds, usually do not have call protection. This means that such interests, while having a stated term, may be prepaid, often without penalty. The rate <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">of such prepayments may be affected by, among other things, general business and economic conditions, as well as the financial status of the borrower. Prepayment would cause the actual duration of a senior loan to be shorter than its stated maturity.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Senior loans typically will be secured by tangible and intangible assets of a borrower. In some instances, the Fund may invest in senior loans that are secured only by stock of the borrower or its subsidiaries or affiliates. The value of such collateral may decline below the principal amount of the senior secured term loans subsequent to an investment by the Fund.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Senior loans generally are not registered with the SEC, or any state securities commission, and are not listed on any national securities exchange. There is less readily available or reliable information about most senior loans than is the case for many other investments, including securities issued in transactions registered under the Securities Act of 1933, as amended, or registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). No active trading market may exist for some senior loans, and some senior loans may be subject to restrictions on resale. A secondary market may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods, which may impair the Fund’s ability to realize full value and thus cause a material decline in the Fund’s NAV. In addition, the Fund may not be able to readily dispose of its senior loans at prices that approximate those at which the Fund could sell such loans if they were more widely traded and, as a result of such illiquidity, the Fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. During periods of limited supply and liquidity of senior loans, the Fund’s yield may be lower. See “Below Investment Grade Instruments Risk.”<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">If legislation or government regulations impose additional requirements or restrictions on the ability of financial institutions to make loans, the availability of senior loans for investment by the Fund may be adversely affected. In addition, such requirements or restrictions could reduce or eliminate sources of financing for certain borrowers. This would increase the risk of default.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">If legislation or government regulations require financial institutions to increase their capital requirements, this may cause financial institutions to dispose of senior loans that are considered highly levered transactions. Such sales could result in prices that, in the opinion of the Adviser, do not represent fair value. If the Fund attempts to sell a senior loan at a time when a financial institution is engaging in such a sale, the price the Fund could get for the senior loan may be adversely affected.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund may acquire senior loans through assignments or participations, in addition to direct origination or investments through other funds. The Fund may acquire senior loans through assignment and may elevate a participation interest into an assignment as soon as practicably possible. The purchaser of an assignment typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, the purchaser’s rights can be more restricted than those of the assigning institution, and the Fund may not be able to unilaterally enforce all rights and remedies under the loan and with regard to any associated collateral. A participation typically results in a contractual relationship only with the institution offering the participation, not with the borrower. Sellers of participations typically include banks, broker-dealers, other financial institutions and lending institutions.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">When the Fund acquires a senior loan through a participation, the Fund faces credit risk and counterparty risk. In purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement against the borrower, and the Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Fund will be exposed to the credit risk of both the borrower and the institution selling the participation. Further, in purchasing participations in lending syndicates, the Fund will not be able to conduct the due diligence on the borrower or the quality of the senior loan with respect to which it is buying a participation that the <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Fund would otherwise conduct if it were investing directly in the senior loan, which may result in the Fund being exposed to greater credit or fraud risk with respect to the borrower or the senior loan than the Fund expected when initially purchasing the participation. <p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Special Situations and Distressed Investments<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund seeks to invest in securities and other obligations of companies that are in special situations involving significant financial or business distress, including companies involved in bankruptcy or other reorganization and liquidation proceedings. Although such investments may result in significant returns for the Fund, they involve a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful investment in distressed assets is unusually high. There is no assurance that the Fund will correctly evaluate the value of the assets collateralizing the Fund’s investments or the prospects for a successful reorganization or similar action in respect of any company. In any reorganization or liquidation proceeding relating to a company in which the Fund invests, the Fund may lose its entire investment, may be required to accept cash or securities with a value less than the Fund’s original investment and/or may be required to accept payment over an extended period of time. Troubled company investments and other distressed asset-based investments require active monitoring. <p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Specialty Finance<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund may arrange credit facilities with other lenders, fund managers and originators of risk assets. The Fund may also invest in other funds that focus on similar specialty finance transactions. Specialty finance investments can take form in a wide variety of forms, structures and terms. In general, the debt financing is typically arranged in the form of a senior secured credit facility and provided on the basis of pre-defined parameters and limitations on the types of loans or investments it can be used to fund. In certain cases, the Fund will be directly exposed to the credit risk of the borrower’s balance sheet, however this risk is typically mitigated by the senior position of the facility and therefore any losses are first borne by the borrower. In addition, the facility is typically secured by the borrower’s underlying assets, which are typically diversified pools of assets. In the event of default, the Fund may incur additional expenses and will rely on the collection efforts of the Adviser. Terms of a facility will vary but are typically commitments of a few years in duration or less. There is no reliable secondary market to liquidate the exposures in advance of the maturity date. <p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Structured Products Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Holders of structured products bear risks of the underlying investments, index or reference obligation and are subject to counterparty risk.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund may have the right to receive payments only from the structured product, and generally does not have direct rights against the issuer or the entity that sold the assets to be securitized. Although certain structured products enable the investor to acquire interests in a pool of securities without the brokerage and other expenses associated with directly holding the same securities, investors in structured products generally pay their share of the structured product’s administrative and other expenses. Although it is difficult to predict whether the prices of indices and securities underlying structured products will rise or fall, these prices (and, therefore, the prices of structured products) will be influenced by the same types of political and economic events that affect issuers of securities and capital markets generally. If the issuer of a structured product uses shorter term financing to purchase longer term securities, the issuer may be forced to sell its securities at below market prices if it experiences difficulty in obtaining short-term financing, which may adversely affect the value of the structured products owned by the Fund. Certain structured products may be thinly traded or have a limited trading market. <p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Subordinated and Unsecured or Partially Secured Loans Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund may invest in unsecured loans and secured subordinated loans, including second and lower lien loans. Second lien loans are generally second in line in terms of repayment priority. A second lien loan may have a claim on the same collateral pool as the first lien or it may be secured by a separate set of assets. Second lien loans generally give investors priority over general unsecured creditors in the event of an asset sale. The priority of the collateral claims of third or lower lien loans ranks below holders of second lien loans and so on. Such junior loans are subject to the same general risks inherent to any loan investment, including credit risk, market and liquidity risk, and interest rate risk. Due to their lower place in the borrower’s capital structure and possible unsecured or partially secured status, such loans involve a higher degree of overall risk than senior loans of the same borrower. <p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Taxation Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">By investing in certain litigation and specialty financing arrangements, the Fund will obtain exposure to these arrangements within the federal tax requirements that apply to the Fund. Typically, any gains or losses from trading in Section 1256 futures contracts, such as exchange-traded commodity futures contracts, are taxed 60% as long-term capital gains/losses and 40% short term capital gains/losses. <p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Trade Finance<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Trade finance as an asset class typically consists of the financing of goods or materials during the time it takes to transport the goods from one geographic location to another. The Fund may invest in trade finance, structured trade finance, export finance, and project finance, or related obligations of companies or other entities with potential for exposure to emerging markets, all through a variety of forms, structures, and terms. Investing in trade finance may present emerging market risk, where the Fund considers risks tied to political and economic factors (different and often more complex than those faced domestically), ranging from but not limited to: expropriation, confiscation, nationalization, election, or war. Emerging market risk can also produce risk associated with loan market health, additional costs, regulatory practices, accounting standards, credit systems, taxation, and currency risk. Additionally, trade finance may entail transportation and warehousing risk, legal risk, collateral value risk, liquidity risk, and global market risk. Counterparty risk exists in default and fraud, as well as custody risks of theft and natural disaster. Finally, if an underlying buyer does not follow through on its contractual purchase, the Fund bears the price risk of reselling the goods to a new buyer. <p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Uncertain Tax Treatment<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund may invest a portion of its net assets in “below investment grade” or “high yield” or “junk” instruments. Investments in these types of instruments may present special tax issues for the Fund. U.S. federal income tax rules are not entirely clear about issues such as when the Fund may cease to accrue interest, original issue discount (“OID”) or market discount, when and to what extent deductions may be taken for bad debts or worthless instruments, how payments received on obligations in default should be allocated between principal and income and whether exchanges of debt obligations in a bankruptcy or workout context are taxable. These and other issues will be addressed by the Fund, to the extent necessary, in order to seek to ensure that it distributes sufficient income to ensure that it does not become subject to U.S. federal income or excise tax. <p class="H4" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:11pt;font-style:italic;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Risks Relating to the Fund’s RIC Status<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">To qualify and remain eligible for the special tax treatment accorded to RICs and their shareholders under the Code, the Fund must meet certain source-of-income, asset diversification and annual distribution requirements. Very generally, in order to qualify as a RIC, the Fund must derive at least 90% of its gross <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">income for each taxable year from dividends, interest, payments with respect to certain securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, net income derived from an interest in a qualified publicly traded partnership or other income derived with respect to its business of investing in stock or other securities and currencies. The Fund must also meet certain asset diversification requirements at the end of each quarter of each of its taxable years. Failure to meet these diversification requirements on the last day of a quarter may result in the Fund having to dispose of certain investments quickly in order to prevent the loss of RIC status. Any such dispositions could be made at disadvantageous prices or times, and may result in substantial losses to the Fund. In addition, in order to be eligible for the special tax treatment accorded to RICs, the Fund must meet the annual distribution requirement, requiring it to distribute with respect to each taxable year at least 90% of the sum of its “investment company taxable income” (generally its taxable ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any) and its net tax-exempt income (if any), to its shareholders. If the Fund fails to qualify as a RIC for any reason and becomes subject to corporate tax, the resulting corporate taxes could substantially reduce its net assets, the amount of income available for distribution and the amount of its distributions. Such a failure would have a material adverse effect on the Fund and its shareholders. In addition, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest and make substantial distributions in order to re-qualify as a RIC. <p class="H4" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:11pt;font-style:italic;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">RIC-Related Risks of Investments Generating Non-Cash Taxable Income<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Certain of the Fund’s investments will require the Fund to recognize taxable income in a taxable year in excess of the cash generated on those investments during that year. In particular, the Fund may invest in loans and other debt obligations that will be treated as having “market discount,” PIK interest or income, and/or OID for U.S. federal income tax purposes. Because the Fund may be required to recognize income in respect of these investments before, or without receiving, cash representing such income, the Fund may have difficulty satisfying the annual distribution requirements applicable to RICs and avoiding Fund-level U.S. federal income and/or excise taxes. Accordingly, the Fund may be required to sell assets, including at potentially disadvantageous times or prices, borrow, raise additional equity capital, make taxable distributions of its shares or debt securities, or reduce new investments, to obtain the cash needed to make these income distributions. If the Fund liquidates assets to raise cash, the Fund may realize gain or loss on such liquidations; in the event the Fund realizes net capital gains from such liquidation transactions, its shareholders may receive larger capital gain distributions than they would in the absence of such transactions. <p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Valuation Risk<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Unlike the national exchanges for publicly traded common stock, there is no central place or exchange for credit-related instruments, such as loans or other debt instruments to trade. Loans and other debt instruments generally trade on an OTC market, which may be anywhere in the world where a buyer and seller can settle on a price. Due to the lack of centralized information and trading, the valuation of debt instruments may carry more risk than that of common stock. Uncertainties in the conditions of the financial market, unreliable reference data, lack of transparency and inconsistency of valuation models and processes may lead to inaccurate asset pricing. Although fair value estimates provided by the Adviser integrate observable inputs, to the extent the Adviser relies on unobservable inputs and subjective judgements, fair value estimates will be subject to heightened risk of inaccuracy. In addition, other market participants may value securities and other instruments differently than the Fund. As a result, the Fund may be subject to the risk that when a loan or other debt instrument is sold in the market, the amount received by the Fund is less than the value of such loans or other debt instruments carried on the Fund’s books. <p class="H2" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:15pt;">Warehousing Facilities<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund may provide warehousing credit facilities to a variety of lenders, funds, platforms, companies and/or other entities. These facilities are typically secured by a borrower’s investment activities, acquisitions and lending assets. The intent of such facilities is to provide the borrower with short-term financing to support their ongoing investment activities in an anticipation of redistribution of the same assets to another capital provider, such as a fund, a platform or public offering. The facilities may also be used to season certain investment assets, as required by tax, legal or regulatory requirements, before passing from one legal entity to another. Although such facilities are intended to be short-term in nature, there can be no assurance that the borrower will be successful in redistributing the assets as intended to the long-term providers of capital. In such cases, the length of the exposure to such assets may extend considerably, and in certain circumstances, may lead to the Fund owning such assets outright which may further lengthen the term of exposure. In certain situations, the value of the assets may decline considerably over the life of the exposure resulting in adverse results for the Fund. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:14pt;margin-top:14pt;">The Fund is an unincorporated statutory trust established under the laws of the State of Delaware upon the filing of a Certificate of Trust with the Secretary of State of Delaware on July 27, 2023. The Fund’s Agreement and Declaration of Trust (the “Declaration of Trust”) provides that the Board of Trustees of the Fund may authorize an unlimited number of shares. The Fund does not intend to hold annual meetings of its shareholders.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:14pt;margin-top:14pt;">The Declaration of Trust, which has been filed with the SEC, permits the Fund to issue an unlimited number of full and fractional shares of beneficial interest, no par value. The Fund offers one share class.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:14pt;margin-top:14pt;">Holders of shares will be entitled to the payment of Distributions when, as and if declared by the Board of Trustees. The Fund currently intends to make dividend distributions to its shareholders after payment of Fund operating expenses including interest on outstanding borrowings, if any, no less frequently than quarterly. Unless the registered owner of shares elects to receive cash, all dividends declared on shares will be automatically reinvested for shareholders in additional shares of the Fund. See “Dividend Reinvestment Policy.” The 1940 Act may limit the payment of distributions to the holders of shares.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:14pt;margin-top:14pt;">Each whole share shall be entitled to one vote as to matters on which it is entitled to vote pursuant to the terms of the Declaration of Trust on file with the SEC. Upon liquidation of the Fund, after paying or adequately providing for the payment of all liabilities of the Fund, and upon receipt of such releases, indemnities and refunding agreements as they deem necessary for their protection, the Trustees may distribute the remaining assets of the Fund among its shareholders. The shares are not liable to further calls or to assessment by the Fund. There are no pre-emptive rights associated with the shares. The Declaration of Trust provides that the Fund’s shareholders are not liable for any liabilities of the Fund. Although shareholders of an unincorporated statutory trust established under Delaware law, in certain limited circumstances, may be held personally liable for the obligations of the Fund as though they were general partners, the provisions of the Declaration of Trust described in the foregoing sentence make the likelihood of such personal liability remote.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:14pt;margin-top:14pt;">The Fund generally will not issue share certificates. However, upon written request to the Transfer Agent, a share certificate may be issued at the Fund’s discretion for any or all of the full shares credited to an investor’s account. Share certificates that have been issued to an investor may be returned at any time. The Transfer Agent will maintain an account for each shareholder upon which the registration of shares are recorded, and transfers, permitted only in rare circumstances, such as death or bona fide gift, will be <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:14pt;margin-top:14pt;">reflected by bookkeeping entry, without physical delivery. The Transfer Agent will require that a shareholder provide requests in writing, accompanied by a valid signature guarantee form, when changing certain information in an account such as wiring instructions or telephone privileges. The Fund currently intends to make dividend distributions to its shareholders after payment of Fund operating expenses including interest on outstanding borrowings, if any, no less frequently than quarterly. Unless the registered owner of shares elects to receive cash, all dividends declared on shares will be automatically reinvested for shareholders in additional shares of the Fund. See “Dividend Reinvestment Policy.” Each whole share shall be entitled to one vote as to matters on which it is entitled to vote pursuant to the terms of the Declaration of Trust on file with the SEC. Upon liquidation of the Fund, after paying or adequately providing for the payment of all liabilities of the Fund, and upon receipt of such releases, indemnities and refunding agreements as they deem necessary for their protection, the Trustees may distribute the remaining assets of the Fund among its shareholders. The shares are not liable to further calls or to assessment by the Fund. There are no pre-emptive rights associated with the shares. The Declaration of Trust provides that the Fund’s shareholders are not liable for any liabilities of the Fund. Although shareholders of an unincorporated statutory trust established under Delaware law, in certain limited circumstances, may be held personally liable for the obligations of the Fund as though they were general partners, the provisions of the Declaration of Trust described in the foregoing sentence make the likelihood of such personal liability remote. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The following table shows the amounts of shares of the Fund that have been authorized and are outstanding as of July 1, 2026, of which none were owned by the Fund:<table class="NOGUTTER TableOverride-1" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="NOGUTTER _idGenTableRowColumn-2"> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-color:#000000;border-bottom-width:1pt;border-left-color:#000000;border-left-width:1pt;border-right-color:#000000;border-right-width:1pt;border-top-color:#000000;border-top-width:1pt;padding-left:0pt;width: 33.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-left: windowtext 1pt none; border-left-style: solid;border-right: windowtext 1pt none; border-right-style: solid;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">Title of Class </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-color:#000000;border-bottom-width:1pt;border-left-color:#000000;border-left-width:1pt;border-right-color:#000000;border-right-width:1pt;border-top-color:#000000;border-top-width:1pt;width: 33.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-left: windowtext 1pt none; border-left-style: solid;border-right: windowtext 1pt none; border-right-style: solid;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">Amount Authorized </td> <td class="TCH" style="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-color:#000000;border-bottom-width:1pt;border-left-color:#000000;border-left-width:1pt;border-right-color:#000000;border-right-width:1pt;border-top-color:#000000;border-top-width:1pt;width: 33.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-left: windowtext 1pt none; border-left-style: solid;border-right: windowtext 1pt none; border-right-style: solid;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">Amount Outstanding </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-3"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-color:#000000;border-left-width:1pt;border-right-color:#000000;border-right-width:1pt;border-top-color:#000000;border-top-width:1pt;padding-left:0pt;width: 33.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-left: windowtext 1pt none; border-left-style: solid;border-right: windowtext 1pt none; border-right-style: solid;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="Texttable" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;text-align:center;">Shares of Beneficial Interest </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-color:#000000;border-left-width:1pt;border-right-color:#000000;border-right-width:1pt;border-top-color:#000000;border-top-width:1pt;width: 33.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-left: windowtext 1pt none; border-left-style: solid;border-right: windowtext 1pt none; border-right-style: solid;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="Texttable" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;text-align:center;">Unlimited </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:4pt;vertical-align:bottom;border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-color:#000000;border-left-width:1pt;border-right-color:#000000;border-right-width:1pt;border-top-color:#000000;border-top-width:1pt;width: 33.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-left: windowtext 1pt none; border-left-style: solid;border-right: windowtext 1pt none; border-right-style: solid;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="Texttable" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;text-align:center;">16,680,680 shares </td> </tr> </table> Shares of Beneficial Interest 16680680 <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Equity Securities. In addition to common stocks, the Fund may invest in other types of equity securities, including preferred stocks, convertible securities, warrants and depository receipts.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Preferred Stock. Preferred stock has a preference over common stock in liquidation (and generally dividends as well) but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to credit securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">stock than in a more senior credit security with similar stated yield characteristics. Unlike interest payments on credit securities, preferred stock dividends are payable only if declared by the issuer’s board of directors or equivalent body. Preferred stock also may be subject to optional or mandatory redemption provisions.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Convertible Securities. A convertible security is a bond, debenture, note, preferred stock or other security that may be converted into or exchanged for a prescribed amount of common stock or other equity security of the same or a different issuer within a particular period of time at a specified price or formula. A convertible security entitles the holder to receive interest paid or accrued on debt or the dividend paid on preferred stock until the convertible security matures or is redeemed, converted or exchanged. Before conversion, convertible securities have characteristics similar to nonconvertible income securities in that they ordinarily provide a stable stream of income with generally higher yields than those of common stocks of the same or similar issuers, but lower yields than comparable nonconvertible securities. The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors also may affect the convertible security’s investment value. Convertible securities rank senior to common stock in a corporation’s capital structure but are usually subordinated to comparable nonconvertible securities. Convertible securities may be subject to redemption at the option of the issuer at a price established in the convertible security’s governing instrument. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Equity Securities. In addition to common stocks, the Fund may invest in other types of equity securities, including preferred stocks, convertible securities, warrants and depository receipts.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Preferred Stock. Preferred stock has a preference over common stock in liquidation (and generally dividends as well) but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to credit securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">stock than in a more senior credit security with similar stated yield characteristics. Unlike interest payments on credit securities, preferred stock dividends are payable only if declared by the issuer’s board of directors or equivalent body. Preferred stock also may be subject to optional or mandatory redemption provisions.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Convertible Securities. A convertible security is a bond, debenture, note, preferred stock or other security that may be converted into or exchanged for a prescribed amount of common stock or other equity security of the same or a different issuer within a particular period of time at a specified price or formula. A convertible security entitles the holder to receive interest paid or accrued on debt or the dividend paid on preferred stock until the convertible security matures or is redeemed, converted or exchanged. Before conversion, convertible securities have characteristics similar to nonconvertible income securities in that they ordinarily provide a stable stream of income with generally higher yields than those of common stocks of the same or similar issuers, but lower yields than comparable nonconvertible securities. The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors also may affect the convertible security’s investment value. Convertible securities rank senior to common stock in a corporation’s capital structure but are usually subordinated to comparable nonconvertible securities. Convertible securities may be subject to redemption at the option of the issuer at a price established in the convertible security’s governing instrument.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Fixed Income/Debt/Bond Securities. Yields on fixed income securities, are dependent on a variety of factors, including the general conditions of the money market and other fixed income securities markets, the size of a particular offering, the maturity of the obligation and the rating of the issue. An investment in the Fund will be subjected to risk even if all fixed income securities in the Fund’s portfolio are paid in full at maturity. All fixed income securities, including U.S. government securities, can change in value when there is a change in interest rates or the issuer’s actual or perceived creditworthiness or ability to meet its obligations.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">There is normally an inverse relationship between the market value of securities sensitive to prevailing interest rates and actual changes in interest rates. In other words, an increase in interest rates produces a decrease in the market value of fixed-income securities. The longer the remaining maturity (and duration) of a security, the more interest rate changes will affect the market value of that security. Changes in the ability of an issuer to make payments of interest and principal and in the market’s perception of an issuer’s creditworthiness will also affect the market value of the debt securities of that issuer. Obligations of issuers of fixed income securities (including municipal securities) are subject to the provisions of bankruptcy, insolvency, and other laws affecting the rights and remedies of creditors, such as the U.S. Bankruptcy Code. In addition, the obligations of municipal issuers may become subject to laws enacted in the future by Congress, state legislatures, or referenda extending the time for payment of principal and/or interest or imposing other constraints on enforcement of such obligations or on the ability of municipalities to levy taxes. Changes in the ability of an issuer to make payments of interest and principal and in the market’s perception of an issuer’s creditworthiness will also affect the market value of the debt securities of that issuer. The possibility exists, therefore, that the ability of any issuer to pay, when due, the principal of and interest on its debt securities may become impaired.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The corporate debt securities in which the Fund may invest include corporate bonds and notes and short-term investments such as commercial paper and variable rate demand notes. Commercial paper (short-term promissory notes) is issued by companies to finance their or their affiliate’s current obligations and is frequently unsecured. Variable and floating rate demand notes are unsecured obligations redeemable upon not more than 30 days’ notice. These obligations include master demand notes that permit investment of fluctuating amounts at varying rates of interest pursuant to a direct arrangement with the issuer of the instrument. The issuer of these obligations often has the right, after a given period, to prepay the outstanding principal amount of the obligations upon a specified number of days’ notice. These obligations generally are not traded, nor generally is there an established secondary market for these obligations. To the extent a demand note does not have a seven-day or shorter demand feature and there is no readily available market for the obligation, it is treated as an illiquid security.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund may also invest in municipal or other equipment finance bonds or lease obligations. Such bonds or lease obligations may be issued by state and local governments and authorities to acquire equipment and facilities, such as vehicles, telecommunications and computer equipment and other capital assets. States have different requirements for issuing municipal debt and issuing municipal leases. Municipal leases are generally subject to greater risks than general obligation or revenue bonds because they usually contain a “non-appropriation” clause, which provides that the issuer is not obligated to make payments on the obligation in future years unless funds have been appropriated for this purpose each year. Such non-appropriation clauses are required to avoid the municipal lease obligations from being treated as debt for state debt restriction purposes. Accordingly, such obligations are subject to “non-appropriation” risk. A municipal lease may be secured by the underlying capital asset, and it may be difficult to dispose of any such asset in the event of non-appropriation or other default.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The following describes some of the risks associated with fixed-income debt securities:<p class="Text_ind" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:10pt;widows:3;text-align:justify;text-indent:36pt;margin-top:15pt;">Interest Rate Risk. Debt securities have varying levels of sensitivity to changes in interest rates. In general, the price of a debt security can fall when interest rates rise and can rise when interest rates fall. Securities with longer maturities and mortgage securities can be more sensitive to interest rate changes, although they usually offer higher yields to compensate investors for the greater risks. The longer the maturity of the security, the greater the impact a change in interest rates could have on the security’s price. In addition, short-term and long-term interest rates do not necessarily move in the same amount or the same direction. Short-term securities tend to react to changes in short-term interest rates and long-term securities tend to react to changes in long-term interest rates.<p class="Text_ind" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:10pt;widows:3;text-align:justify;text-indent:36pt;margin-top:15pt;">Credit Risk. Fixed income securities have speculative characteristics and changes in economic conditions or other circumstances are more likely to lead to a weakened capacity of their issuers to make principal or interest payments, as compared to issuers of more highly rated securities.<p class="Text_ind" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:10pt;widows:3;text-align:justify;text-indent:36pt;margin-top:15pt;">Extension Risk. The Fund is subject to the risk that an issuer will exercise its right to pay principal on an obligation held by the Fund (such as mortgage-backed securities) later than expected. This may happen when there is a rise in interest rates. These events may lengthen the duration (i.e., interest-rate sensitivity) and potentially reduce the value of these securities.<p class="Text_ind" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:10pt;widows:3;text-align:justify;text-indent:36pt;margin-top:15pt;">Prepayment Risk. Certain types of debt securities, such as mortgage-backed securities, have yield and maturity characteristics corresponding to underlying assets. Unlike traditional debt securities, which may pay a fixed rate of interest until maturity when the entire principal amount comes due, payments on certain mortgage-backed securities may include both interest and a partial payment of principal. Besides the scheduled repayment of principal, payments of principal may result from the voluntary prepayment, refinancing, or foreclosure of the underlying mortgage loans.<p class="Text_ind" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:10pt;widows:3;text-align:justify;text-indent:36pt;margin-top:15pt;">Securities subject to prepayment are less effective than other types of securities as a means of “locking in” attractive long-term interest rates. One reason is the need to reinvest prepayments of principal; another is the possibility of significant unscheduled prepayments to take advantage of declines in interest rates. These prepayments would have to be reinvested at lower rates. As a result, these securities may have less potential for capital appreciation during periods of declining interest rates than other securities of comparable maturities, although they may have a similar risk of decline in market value during periods of rising interest rates. Prepayments may also significantly shorten the effective maturities of these securities, especially during periods of declining interest rates. Conversely, during periods of rising interest rates, a reduction in prepayments may increase the effective maturities of these securities, subjecting them to a greater risk of decline in market value in response to rising interest rates than traditional debt securities, and, therefore, potentially increasing the volatility of the Fund.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Collateralized Loan Obligation (“CLO”) Risk. In addition to the general risks associated with investments in debt instruments and securities discussed herein, CLOs carry additional risks, including but not limited to: (i) distributions from collateral may not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Fund’s investments in CLOs may be subordinate to other classes or tranches thereof; and (iv) the complex structure of the CLO investment may not be fully understood at the time of investment and may produce disputes with the issuer, holders of senior tranches or other unexpected investment results.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">In addition, CLOs and other structured products are often governed by a complex series of legal documents and contracts, which define the class or tranche of each investment, and may also increase the risk of dispute over the interpretation and enforceability of such documents relative to other types of investments. In a typical CLO, the capital structure would include approximately 90% debt, of which over 85% is generally investment grade, with the remainder comprising the junior-most CLO securities, typically referred to as the CLO’s junior debt tranche and equity tranche. The Fund may acquire CLO investments that include such equity and junior debt securities, which are subordinate to more senior tranches of the CLO. Such CLO equity and junior debt securities are therefore subject to increased risk of default relative to the holders of more senior tranches of the CLO. The Fund’s investment in equity tranches of CLO securities will be in the first-loss position, and junior debt tranches typically will be subordinate to more senior positions. The Fund may recognize “phantom” taxable income (due to allocations of profits or cancellation of debt, which results in recognition of taxable income regardless of whether a corresponding amount of cash is actually received) from its investments in these subordinated tranches of CLOs and structured notes.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">In connection with a primary issuance of a CLO, the structure of the CLO allows the CLO manager to purchase additional collateral (loans) for the CLO after the closing date of the Fund’s investment, during which the price and availability of additional collateral may be adversely affected by a number of market factors, including price volatility and availability of investments suitable for the CLO, which could hamper the ability of the collateral manager to acquire additional collateral that will satisfy specified concentration limitations and allow the CLO to reach the initial par amount of collateral prior to its effective date. An inability or delay in reaching the target initial par amount of collateral may adversely affect the timing and amount of interest or principal payments received by the holders of the CLO debt securities and distributions of the CLO on equity securities and could result in early redemptions which may cause CLO debt and equity investors to receive less than face value of their investment, resulting in a loss.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Generally, there may be less information available to the Fund regarding the underlying debt investments held by CLOs than if the Fund had invested directly in the debt of the underlying companies. As a result, the Adviser will not know the details of the underlying loans of the CLOs in which the Fund will invest. Investing in CLOs and/or such underlying loans involves potential losses from material misrepresentations or omissions by counterparties. Such inaccuracy or incompleteness may adversely affect the valuation of the Fund investments or may adversely affect the ability of the relevant investment to perfect or effectuate a lien on the collateral securing the loan. Any CLO in which the Fund may invest will rely on the accuracy and completeness of representations made by the underlying counterparties to the extent reasonable, but cannot guarantee such accuracy or completeness.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund will have limited control of the administration and amendment of loans owned by any CLO in which the Fund invests. The Fund will not be able to directly enforce any rights and remedies in the event of a default of a loan held by a CLO vehicle. In addition, the terms and conditions of such loans in the equity and junior debt tranches of CLOs may be amended, modified or waived only by the agreement of the underlying lenders. Consequently, the terms and conditions of the payment obligations arising from such loans could be modified, amended or waived in a manner contrary to the Adviser’s preferences. In addition, the Fund will not be responsible for, and will have no influence over, management of any CLO portfolio in which it invests. As a result, the value of any CLO portfolio could decrease as a result of decisions made by its third-party managers.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Legislation commonly referred to as the Foreign Account Tax Compliance Act, or FATCA, imposes a withholding tax of 30% on payments of U.S. source interest and distributions, and gross proceeds from the disposition of an instrument that produces U.S. source interest or distributions paid after December 31, 2018, to certain non-U.S. entities, including certain non-U.S. financial institutions and investment funds, unless such non-U.S. entity complies with certain reporting requirements regarding its U.S. account holders and its U.S. owners. Most CLO vehicles in which the Fund may invest would be treated as non-U.S. financial entities for this purpose, and therefore would be required to comply with these reporting requirements to avoid the 30% withholding. If a CLO vehicle in which the Fund invests fails to properly comply with these reporting requirements, such 30% withholding could reduce the amounts available to distribute to equity and junior debt holders in the CLO vehicle, which could materially and adversely affect the Fund.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The failure by a CLO in which the Fund invests to satisfy financial covenants, including with respect to adequate collateralization and/or interest coverage tests, could lead to a reduction in the CLO’s payments to the Fund. In the event that a CLO fails certain tests, holders of CLO senior debt may be entitled to additional payments that would, in turn, reduce the payments the holders of the junior debt tranche and the equity tranche would otherwise be entitled to receive. Separately, the Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms, which may include the waiver of certain financial covenants, in connection with a defaulting CLO or any other investment the Fund may make. If any of these occurs, it could adversely affect the Fund’s operating results and cash flows.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Any Fund CLO investment would be exposed to leveraged credit risk. If certain minimum collateral value ratios and/or interest coverage ratios are not met by a CLO, primarily due to defaults under the loans in which the CLO has invested, then cash flow that otherwise would have been available to pay distributions to the Fund on its CLO investments may instead be used to redeem senior tranches or to purchase additional collateral for all tranches, until the ratios again exceed the minimum required levels or senior tranches of CLO debt are repaid in full. Any Fund investment in CLOs (or their underlying loans) may prepay more quickly than expected, which could have an adverse impact on the Fund’s net assets and/or returns.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">CLOs in which the Fund may invest may constitute “passive foreign investment companies” (“PFICs”). If the Fund acquires shares in a PFIC (including in CLOs that are PFICs), the Fund may be subject to U.S. federal income tax on a portion of any “excess distribution,” or gain from the disposition of such shares, even if such income is distributed as a taxable dividend by the Fund to its shareholders. Certain elections may be available to mitigate or eliminate such tax on excess distributions, but such elections (if available) will generally require the Fund to recognize its share of the PFIC’s income for each year regardless of whether it receives any distributions from such PFICs. The Fund must nonetheless distribute such income to maintain its status as a RIC.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Asset-Backed Securities. Asset-backed securities represent participations in, or are secured by and payable from, assets such as motor vehicle installment sales, installment loan contracts, leases of various types of real and personal property, receivables from revolving credit (credit card) agreements and other categories of receivables. Such assets are securitized using trusts and special purpose corporations. Payments or distributions of principal and interest may be guaranteed up to certain amounts and for a certain time period by a letter of credit or a pool insurance policy issued by a financial institution unaffiliated with the trust or corporation, or other credit enhancements may be present.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Asset-backed securities are often subject to more rapid repayment than their stated maturity date would indicate as a result of the pass-through of prepayments of principal on the underlying loans. During periods of declining interest rates, prepayment of loans underlying asset-backed securities can be expected to accelerate. Accordingly, the Fund’s ability to maintain positions in such securities will be affected by reductions in the principal amount of such securities resulting from prepayments, and the Fund’s ability to reinvest the returns of principal at comparable yields is subject to generally prevailing interest rates at that time. To the extent that the Fund invests in asset-backed securities, the values of the Fund’s portfolio securities will vary with changes in market interest rates generally and the differentials in yields among various kinds of asset-backed securities.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Asset-backed securities present certain additional risks because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Credit card receivables are generally unsecured and the debtors on such receivables are entitled to the protection of a number of state and federal consumer credit laws, many of which give such debtors the right to set-off certain amounts owed on the credit cards, thereby reducing the balance due. Automobile receivables generally are secured, but by automobiles rather than residential real property. Most issuers of automobile receivables permit the loan servicers to retain possession of the underlying obligations. If the servicer were to sell these obligations to another party, there is a risk that the purchaser would acquire an interest superior to that of the holders of the asset-backed securities. In addition, because of the large number of vehicles involved in a typical issuance and technical requirements under state laws, the trustee for the holders of the automobile receivables may not have a proper security interest in the underlying automobiles. Therefore, if the issuer of an asset-backed security defaults on its payment obligations, it is possible that the Fund may be unable to possess and sell the underlying assets and that the Fund’s recoveries on repossessed collateral may not be available to support payments on these securities.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Mortgage-Backed Securities. The Fund may invest in a variety of mortgage-related and other asset-backed securities issued by government agencies or other governmental entities or by private originators or issuers.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Mortgage-related securities include mortgage pass-through securities, collateralized mortgage obligations (“CMO”), commercial mortgage-backed securities (“CMBS”), mortgage dollar rolls, CMO residuals, adjustable-rate mortgage-backed securities (“ARMBS”), stripped mortgage-backed securities (“SMBS”) and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Mortgage Pass-Through Securities. Interests in pools of mortgage-related securities differ from other debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at maturity or specified call dates. Instead, these securities provide a monthly payment which consists of both interest and principal payments. In effect, these payments are a “pass through” of the monthly payments made by the individual counterparties on their residential or commercial mortgage loans, net of any fees paid to the issuer or guarantor of such securities. Additional payments are caused by repayments of principal resulting from the sale of the underlying property, refinancing or foreclosure, net of fees or costs that may be incurred. Some mortgage-related securities (such as securities issued by the Government National Mortgage Association (“GNMA”)) are described as “modified pass-through.” These securities entitle the holder to receive all interest and principal payments owed on the mortgage pool, net of certain fees, at the scheduled payment dates regardless of whether the mortgagor actually makes the payment.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The rate of prepayment on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. To the extent that unanticipated rates of prepayment on underlying mortgages increase the effective duration of a mortgage-related security, the volatility of such security can be expected to increase. The mortgage market in the United States has experienced heightened difficulties that may adversely affect the performance and market value of mortgage-related investments. Delinquencies and losses on residential and commercial mortgage loans (especially subprime and second-lien residential mortgage loans) and a decline in or flattening of property values (as has recently been experienced and may continue to be experienced in many markets) may exacerbate such delinquencies and losses. Borrowers with adjustable-rate mortgage loans are more sensitive to changes in interest rates, which affect their monthly mortgage payments, and may be unable to secure replacement mortgages at comparably low interest rates.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:14pt;margin-top:14pt;">The principal U.S. governmental guarantor of mortgage-related securities is GNMA. GNMA is a wholly owned U.S. government corporation within the Department of Housing and Urban Development. GNMA is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA (such as savings and loan <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:14pt;margin-top:14pt;">institutions, commercial banks and mortgage bankers) and backed by pools of mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include Fannie Mae and Freddie Mac. Fannie Mae is a government-sponsored corporation the common stock of which is owned entirely by private stockholders. Fannie Mae purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by Fannie Mae are guaranteed as to timely payment of principal and interest by Fannie Mae, but are not backed by the full faith and credit of the U.S. Government. Freddie Mac was created by Congress in 1970 to increasing the availability of mortgage credit for residential housing. It is a government-sponsored corporation formerly owned by the twelve Federal Home Loan Banks but the common stock of which is now owned entirely by private stockholders. Freddie Mac issues Participation Certificates (“PCs”), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. Freddie Mac guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:14pt;margin-top:14pt;">Commercial banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary market issuers also create pass-through pools of conventional residential mortgage loans. Such issuers may be the originators and/or servicers of the underlying mortgage loans as well as the guarantors of the mortgage-related securities. Pools created by such non-governmental issuers generally offer a higher rate of interest than government and government-related pools because there are no direct or indirect government or agency guarantees of payments in the former pools. However, timely payment of interest and principal of these pools may be supported by various forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit, which may be issued by governmental entities or private insurers. Such insurance and guarantees and the creditworthiness of the issuers thereof will be considered in determining whether a mortgage-related security meets the Fund’s investment quality standards. There can be no assurance that the private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. The Fund may buy mortgage-related securities without insurance or guarantees if, through an examination of the loan experience and practices of the originators/servicers and poolers, the Adviser determines that the securities meet the Fund’s quality standards. Securities issued by certain private organizations may not be readily marketable.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:14pt;margin-top:14pt;">Collateralized Mortgage Obligations. A CMO is a debt obligation of a legal entity that is collateralized by mortgages and divided into classes. Similar to a bond, interest and prepaid principal is paid, in most cases, on a monthly basis. CMO may be collateralized by whole mortgage loans or private mortgage bonds, but are more typically collateralized by portfolios of mortgage pass-through securities guaranteed by GNMA, Freddie Mac or Fannie Mae and their income streams. CMO are structured into multiple classes, often referred to as “tranches,” with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. Actual maturity and average life will depend upon the pre-payment experience of the collateral. In the case of certain CMO (known as “sequential pay” CMO), payments of principal received from the pool of underlying mortgages, including prepayments, are applied to the classes of CMO in the order of their respective final distribution dates. Thus, no payment of principal will be made to any class of sequential pay CMO until all other classes having an earlier final distribution date have been paid in full. CMO may be less liquid and may exhibit greater price volatility than other types of mortgage- or asset-backed securities.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Commercial Mortgage-Backed Securities. CMBS include securities that reflect an interest in, and are secured by, mortgage loans on commercial real property. Many of the risks of investing in commercial mortgage-backed securities reflect the risks of investing in the real estate securing the underlying mortgage loans. These risks include the effects of local and other economic conditions on real estate markets, the ability of tenants to make loan payments and the ability of a property to attract and retain tenants. Commercial mortgage-backed securities may be less liquid and exhibit greater price volatility than other types of mortgage- or asset-backed securities.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">CMO Residuals. CMO residuals are mortgage securities issued by agencies or instrumentalities of the U.S. Government or by private originators of, or investors in, mortgage loans, including savings and loan associations, homebuilders, mortgage banks, commercial banks, investment banks and special purpose entities of the foregoing. The cash flow generated by the mortgage assets underlying a series of a CMO is applied first to make required payments of principal and interest on the CMO and second to pay the related administrative expenses and any management fee of the issuer. The residual in a CMO structure generally represents the interest in any excess cash flow remaining after making the foregoing payments. Each payment of such excess cash flow to a holder of the related CMO residual represents income and/or a return of capital. The amount of residual cash flow resulting from a CMO will depend on, among other things, the characteristics of the mortgage assets, the coupon rate of each class of CMO, prevailing interest rates, the amount of administrative expenses and the prepayment experience on the mortgage assets. In particular, the yield to maturity on CMO residuals is extremely sensitive to prepayments on the related underlying mortgage assets, in the same manner as an interest-only (“IO”) class of stripped mortgage-backed securities (described below). In addition, if a series of a CMO includes a class that bears interest at an adjustable rate, the yield to maturity on the related CMO residual will also be extremely sensitive to changes in the level of the index upon which interest rate adjustments are based. As described below with respect to stripped mortgage-backed securities, in certain circumstances the Fund may fail to recoup fully its initial investment in a CMO residual. CMO residuals are generally purchased and sold by institutional investors through several investment banking firms acting as brokers or dealers. CMO residuals may, or pursuant to an exemption therefrom, may not have been registered under the Securities Act. Irrespective, CMO residuals may be subject to certain restrictions on transferability.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Adjustable Rate Mortgage-Backed Securities. ARMBS have interest rates that reset at periodic intervals. Acquiring ARMBS permits the Fund to participate in increases in prevailing current interest rates through periodic adjustments in the coupons of mortgages underlying the pool on which ARMBS are based. ARMBS generally have higher current yield and lower price fluctuations than is the case with more traditional fixed-income instruments of comparable rating and maturity. In addition, when prepayments of principal are made on the underlying mortgages during periods of rising interest rates, the Fund can reinvest the proceeds of such prepayments at rates higher than those at which they were previously invested. Mortgages underlying most ARMBS, however, have limits on the allowable annual or lifetime increases that can be made in the interest rate that the mortgagor pays. Therefore, if current interest rates rise above such limits over the period of the limitation, the Fund, when holding an ARMBS, does not benefit from further increases in interest rates. Moreover, when interest rates are in excess of coupon rates (i.e., the rates being paid by mortgagors) of the mortgages, ARMBS behave more like fixed-income instruments and less like adjustable-rate securities and are subject to the risks associated with fixed-income instruments. In addition, during periods of rising interest rates, increases in the coupon rate of adjustable-rate mortgages generally lag current market interest rates slightly, thereby creating the potential for capital depreciation on such securities.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">When-Issued and Forward Commitment Securities. The Fund may purchase securities on a “when-issued” basis and may purchase or sell securities on a “forward commitment” basis in order to acquire the security or to hedge against anticipated changes in interest rates and prices. When such transactions are negotiated, the price, which is generally expressed in yield terms, is fixed at the time the commitment is made, but delivery and payment for the securities take place at a later date. When-issued securities and forward commitments may be sold prior to the settlement date, but the Fund will enter into when-issued and forward commitments only with the intention of actually receiving or delivering 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 disposes of its right to deliver or receive against a forward commitment, it might incur a gain or loss. At the time the Fund enters into a transaction on a when-issued or forward commitment basis, it will designate on its books and records cash or liquid credit securities equal to at least the value of the when-issued or forward commitment securities. The value of these assets will be monitored daily to ensure that their marked-to-market value will at all times equal or exceed the corresponding obligations of the Fund. There is always a risk that the <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">securities may not be delivered and that the Fund may incur a loss. Settlements in the ordinary course, which may take substantially more than five business days, are not treated by the Fund as when-issued or forward commitment transactions and accordingly are not subject to the foregoing restrictions.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Securities purchased on a forward commitment or when-issued basis are subject to changes in value (generally changing in the same way, i.e., appreciating when interest rates decline and depreciating when interest rates rise) based upon the public’s perception of the creditworthiness of the issuer and changes, actual or anticipated, in the level of interest rates. Securities purchased with a forward commitment or when-issued basis may expose the Fund to risks because they may experience such fluctuations prior to their actual delivery. Purchasing securities on a when-issued basis can involve the additional risks that the yield available in the market when the delivery takes place actually may be higher than that obtained in the transaction itself. Purchasing securities on a forward commitment or when-issued basis when the Fund is fully invested may result in greater potential fluctuation in the value of the Fund’s net assets and its net asset value per share.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The risks and effect of settlements in the ordinary course on the Fund’s NAV are not the same as the risks and effect of when-issued and forward commitment securities.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The purchase price of when-issued and forward commitment securities are expressed in yield terms, which reference a floating rate of interest, and is therefore subject to fluctuations of the security’s value in the market from the date of the Fund’s commitment (the “Commitment Date”) to the date of the actual delivery and payment for such securities (the “Settlement Date”). There is a risk that, on the Settlement Date, the Fund’s payment of the final purchase price, which is calculated on the yield negotiated on the Commitment Date, will be higher than the market’s valuation of the security on the Settlement Date. This same risk is also borne if the Fund disposes of its right to acquire a when-issued security, or its right to deliver or receive a forward commitment security, and there is a downward market movement in the value of the security from the Commitment Date to the Settlement Date. No income accrues to the Fund during the period from the Commitment Date to the Settlement Date. On the other hand, the Fund may incur a gain if the Fund invests in when-issued and forward commitment securities and correctly anticipates the rise in interest rates and prices in the market.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The settlements of secondary market purchases of senior loans in the ordinary course, on a settlement date beyond the period expected by loan market participants (i.e., generally T+7 for par loans and T+20 for distressed loans, in other words more than seven or twenty business days beyond the trade date, respectively) are subject to the delayed compensation mechanics prescribed by the Loan Syndications and Trading Association (“LSTA”). For par loans, income accrues to the buyer of the senior loan (the “Buyer”) during the period beginning on the last date by which the senior loan purchase should have settled (T+7) to and including the actual settlement date. Should settlement of a par senior loan purchase in the secondary market be delayed beyond the T+7 period prescribed by the LSTA, the Buyer is typically compensated for such delay through a payment from the seller of the senior loan (this payment may be netted from the wire released on settlement date for the purchase price of the senior loan paid by the Buyer). In brief, the adjustment is typically calculated by multiplying the notional amount of the trade by the applicable margin in the applicable loan agreement pro-rated for the number of business days (calculated using a year of 360 days) beyond the settlement period prescribed by the LSTA, plus any amendment or consent fees that the Buyer should have received. Furthermore, the purchase of a senior loan in the secondary market is typically negotiated and finalized pursuant to a binding trade confirmation, and therefore, the risk of non-delivery of the security to the Fund is reduced or eliminated when compared with such risk when investing in when-issued or forward commitment securities. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Fixed Income/Debt/Bond Securities. Yields on fixed income securities, are dependent on a variety of factors, including the general conditions of the money market and other fixed income securities markets, the size of a particular offering, the maturity of the obligation and the rating of the issue. An investment in the Fund will be subjected to risk even if all fixed income securities in the Fund’s portfolio are paid in full at maturity. All fixed income securities, including U.S. government securities, can change in value when there is a change in interest rates or the issuer’s actual or perceived creditworthiness or ability to meet its obligations.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">There is normally an inverse relationship between the market value of securities sensitive to prevailing interest rates and actual changes in interest rates. In other words, an increase in interest rates produces a decrease in the market value of fixed-income securities. The longer the remaining maturity (and duration) of a security, the more interest rate changes will affect the market value of that security. Changes in the ability of an issuer to make payments of interest and principal and in the market’s perception of an issuer’s creditworthiness will also affect the market value of the debt securities of that issuer. Obligations of issuers of fixed income securities (including municipal securities) are subject to the provisions of bankruptcy, insolvency, and other laws affecting the rights and remedies of creditors, such as the U.S. Bankruptcy Code. In addition, the obligations of municipal issuers may become subject to laws enacted in the future by Congress, state legislatures, or referenda extending the time for payment of principal and/or interest or imposing other constraints on enforcement of such obligations or on the ability of municipalities to levy taxes. Changes in the ability of an issuer to make payments of interest and principal and in the market’s perception of an issuer’s creditworthiness will also affect the market value of the debt securities of that issuer. The possibility exists, therefore, that the ability of any issuer to pay, when due, the principal of and interest on its debt securities may become impaired.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The corporate debt securities in which the Fund may invest include corporate bonds and notes and short-term investments such as commercial paper and variable rate demand notes. Commercial paper (short-term promissory notes) is issued by companies to finance their or their affiliate’s current obligations and is frequently unsecured. Variable and floating rate demand notes are unsecured obligations redeemable upon not more than 30 days’ notice. These obligations include master demand notes that permit investment of fluctuating amounts at varying rates of interest pursuant to a direct arrangement with the issuer of the instrument. The issuer of these obligations often has the right, after a given period, to prepay the outstanding principal amount of the obligations upon a specified number of days’ notice. These obligations generally are not traded, nor generally is there an established secondary market for these obligations. To the extent a demand note does not have a seven-day or shorter demand feature and there is no readily available market for the obligation, it is treated as an illiquid security.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The Fund may also invest in municipal or other equipment finance bonds or lease obligations. Such bonds or lease obligations may be issued by state and local governments and authorities to acquire equipment and facilities, such as vehicles, telecommunications and computer equipment and other capital assets. States have different requirements for issuing municipal debt and issuing municipal leases. Municipal leases are generally subject to greater risks than general obligation or revenue bonds because they usually contain a “non-appropriation” clause, which provides that the issuer is not obligated to make payments on the obligation in future years unless funds have been appropriated for this purpose each year. Such non-appropriation clauses are required to avoid the municipal lease obligations from being treated as debt for state debt restriction purposes. Accordingly, such obligations are subject to “non-appropriation” risk. A municipal lease may be secured by the underlying capital asset, and it may be difficult to dispose of any such asset in the event of non-appropriation or other default.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The following describes some of the risks associated with fixed-income debt securities:<p class="Text_ind" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:10pt;widows:3;text-align:justify;text-indent:36pt;margin-top:15pt;">Interest Rate Risk. Debt securities have varying levels of sensitivity to changes in interest rates. In general, the price of a debt security can fall when interest rates rise and can rise when interest rates fall. Securities with longer maturities and mortgage securities can be more sensitive to interest rate changes, although they usually offer higher yields to compensate investors for the greater risks. The longer the maturity of the security, the greater the impact a change in interest rates could have on the security’s price. In addition, short-term and long-term interest rates do not necessarily move in the same amount or the same direction. Short-term securities tend to react to changes in short-term interest rates and long-term securities tend to react to changes in long-term interest rates.<p class="Text_ind" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:10pt;widows:3;text-align:justify;text-indent:36pt;margin-top:15pt;">Credit Risk. Fixed income securities have speculative characteristics and changes in economic conditions or other circumstances are more likely to lead to a weakened capacity of their issuers to make principal or interest payments, as compared to issuers of more highly rated securities.<p class="Text_ind" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:10pt;widows:3;text-align:justify;text-indent:36pt;margin-top:15pt;">Extension Risk. The Fund is subject to the risk that an issuer will exercise its right to pay principal on an obligation held by the Fund (such as mortgage-backed securities) later than expected. This may happen when there is a rise in interest rates. These events may lengthen the duration (i.e., interest-rate sensitivity) and potentially reduce the value of these securities.<p class="Text_ind" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:10pt;widows:3;text-align:justify;text-indent:36pt;margin-top:15pt;">Prepayment Risk. Certain types of debt securities, such as mortgage-backed securities, have yield and maturity characteristics corresponding to underlying assets. Unlike traditional debt securities, which may pay a fixed rate of interest until maturity when the entire principal amount comes due, payments on certain mortgage-backed securities may include both interest and a partial payment of principal. Besides the scheduled repayment of principal, payments of principal may result from the voluntary prepayment, refinancing, or foreclosure of the underlying mortgage loans.<p class="Text_ind" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:10pt;widows:3;text-align:justify;text-indent:36pt;margin-top:15pt;">Securities subject to prepayment are less effective than other types of securities as a means of “locking in” attractive long-term interest rates. One reason is the need to reinvest prepayments of principal; another is the possibility of significant unscheduled prepayments to take advantage of declines in interest rates. These prepayments would have to be reinvested at lower rates. As a result, these securities may have less potential for capital appreciation during periods of declining interest rates than other securities of comparable maturities, although they may have a similar risk of decline in market value during periods of rising interest rates. Prepayments may also significantly shorten the effective maturities of these securities, especially during periods of declining interest rates. Conversely, during periods of rising interest rates, a reduction in prepayments may increase the effective maturities of these securities, subjecting them to a greater risk of decline in market value in response to rising interest rates than traditional debt securities, and, therefore, potentially increasing the volatility of the Fund. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Asset-Backed Securities. Asset-backed securities represent participations in, or are secured by and payable from, assets such as motor vehicle installment sales, installment loan contracts, leases of various types of real and personal property, receivables from revolving credit (credit card) agreements and other categories of receivables. Such assets are securitized using trusts and special purpose corporations. Payments or distributions of principal and interest may be guaranteed up to certain amounts and for a certain time period by a letter of credit or a pool insurance policy issued by a financial institution unaffiliated with the trust or corporation, or other credit enhancements may be present.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Asset-backed securities are often subject to more rapid repayment than their stated maturity date would indicate as a result of the pass-through of prepayments of principal on the underlying loans. During periods of declining interest rates, prepayment of loans underlying asset-backed securities can be expected to accelerate. Accordingly, the Fund’s ability to maintain positions in such securities will be affected by reductions in the principal amount of such securities resulting from prepayments, and the Fund’s ability to reinvest the returns of principal at comparable yields is subject to generally prevailing interest rates at that time. To the extent that the Fund invests in asset-backed securities, the values of the Fund’s portfolio securities will vary with changes in market interest rates generally and the differentials in yields among various kinds of asset-backed securities.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Asset-backed securities present certain additional risks because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Credit card receivables are generally unsecured and the debtors on such receivables are entitled to the protection of a number of state and federal consumer credit laws, many of which give such debtors the right to set-off certain amounts owed on the credit cards, thereby reducing the balance due. Automobile receivables generally are secured, but by automobiles rather than residential real property. Most issuers of automobile receivables permit the loan servicers to retain possession of the underlying obligations. If the servicer were to sell these obligations to another party, there is a risk that the purchaser would acquire an interest superior to that of the holders of the asset-backed securities. In addition, because of the large number of vehicles involved in a typical issuance and technical requirements under state laws, the trustee for the holders of the automobile receivables may not have a proper security interest in the underlying automobiles. Therefore, if the issuer of an asset-backed security defaults on its payment obligations, it is possible that the Fund may be unable to possess and sell the underlying assets and that the Fund’s recoveries on repossessed collateral may not be available to support payments on these securities. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Mortgage-Backed Securities. The Fund may invest in a variety of mortgage-related and other asset-backed securities issued by government agencies or other governmental entities or by private originators or issuers.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Mortgage-related securities include mortgage pass-through securities, collateralized mortgage obligations (“CMO”), commercial mortgage-backed securities (“CMBS”), mortgage dollar rolls, CMO residuals, adjustable-rate mortgage-backed securities (“ARMBS”), stripped mortgage-backed securities (“SMBS”) and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Mortgage Pass-Through Securities. Interests in pools of mortgage-related securities differ from other debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at maturity or specified call dates. Instead, these securities provide a monthly payment which consists of both interest and principal payments. In effect, these payments are a “pass through” of the monthly payments made by the individual counterparties on their residential or commercial mortgage loans, net of any fees paid to the issuer or guarantor of such securities. Additional payments are caused by repayments of principal resulting from the sale of the underlying property, refinancing or foreclosure, net of fees or costs that may be incurred. Some mortgage-related securities (such as securities issued by the Government National Mortgage Association (“GNMA”)) are described as “modified pass-through.” These securities entitle the holder to receive all interest and principal payments owed on the mortgage pool, net of certain fees, at the scheduled payment dates regardless of whether the mortgagor actually makes the payment.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The rate of prepayment on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. To the extent that unanticipated rates of prepayment on underlying mortgages increase the effective duration of a mortgage-related security, the volatility of such security can be expected to increase. The mortgage market in the United States has experienced heightened difficulties that may adversely affect the performance and market value of mortgage-related investments. Delinquencies and losses on residential and commercial mortgage loans (especially subprime and second-lien residential mortgage loans) and a decline in or flattening of property values (as has recently been experienced and may continue to be experienced in many markets) may exacerbate such delinquencies and losses. Borrowers with adjustable-rate mortgage loans are more sensitive to changes in interest rates, which affect their monthly mortgage payments, and may be unable to secure replacement mortgages at comparably low interest rates.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:14pt;margin-top:14pt;">The principal U.S. governmental guarantor of mortgage-related securities is GNMA. GNMA is a wholly owned U.S. government corporation within the Department of Housing and Urban Development. GNMA is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA (such as savings and loan <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:14pt;margin-top:14pt;">institutions, commercial banks and mortgage bankers) and backed by pools of mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include Fannie Mae and Freddie Mac. Fannie Mae is a government-sponsored corporation the common stock of which is owned entirely by private stockholders. Fannie Mae purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by Fannie Mae are guaranteed as to timely payment of principal and interest by Fannie Mae, but are not backed by the full faith and credit of the U.S. Government. Freddie Mac was created by Congress in 1970 to increasing the availability of mortgage credit for residential housing. It is a government-sponsored corporation formerly owned by the twelve Federal Home Loan Banks but the common stock of which is now owned entirely by private stockholders. Freddie Mac issues Participation Certificates (“PCs”), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. Freddie Mac guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:14pt;margin-top:14pt;">Commercial banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary market issuers also create pass-through pools of conventional residential mortgage loans. Such issuers may be the originators and/or servicers of the underlying mortgage loans as well as the guarantors of the mortgage-related securities. Pools created by such non-governmental issuers generally offer a higher rate of interest than government and government-related pools because there are no direct or indirect government or agency guarantees of payments in the former pools. However, timely payment of interest and principal of these pools may be supported by various forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit, which may be issued by governmental entities or private insurers. Such insurance and guarantees and the creditworthiness of the issuers thereof will be considered in determining whether a mortgage-related security meets the Fund’s investment quality standards. There can be no assurance that the private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. The Fund may buy mortgage-related securities without insurance or guarantees if, through an examination of the loan experience and practices of the originators/servicers and poolers, the Adviser determines that the securities meet the Fund’s quality standards. Securities issued by certain private organizations may not be readily marketable.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:14pt;margin-top:14pt;">Collateralized Mortgage Obligations. A CMO is a debt obligation of a legal entity that is collateralized by mortgages and divided into classes. Similar to a bond, interest and prepaid principal is paid, in most cases, on a monthly basis. CMO may be collateralized by whole mortgage loans or private mortgage bonds, but are more typically collateralized by portfolios of mortgage pass-through securities guaranteed by GNMA, Freddie Mac or Fannie Mae and their income streams. CMO are structured into multiple classes, often referred to as “tranches,” with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. Actual maturity and average life will depend upon the pre-payment experience of the collateral. In the case of certain CMO (known as “sequential pay” CMO), payments of principal received from the pool of underlying mortgages, including prepayments, are applied to the classes of CMO in the order of their respective final distribution dates. Thus, no payment of principal will be made to any class of sequential pay CMO until all other classes having an earlier final distribution date have been paid in full. CMO may be less liquid and may exhibit greater price volatility than other types of mortgage- or asset-backed securities.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Commercial Mortgage-Backed Securities. CMBS include securities that reflect an interest in, and are secured by, mortgage loans on commercial real property. Many of the risks of investing in commercial mortgage-backed securities reflect the risks of investing in the real estate securing the underlying mortgage loans. These risks include the effects of local and other economic conditions on real estate markets, the ability of tenants to make loan payments and the ability of a property to attract and retain tenants. Commercial mortgage-backed securities may be less liquid and exhibit greater price volatility than other types of mortgage- or asset-backed securities.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">CMO Residuals. CMO residuals are mortgage securities issued by agencies or instrumentalities of the U.S. Government or by private originators of, or investors in, mortgage loans, including savings and loan associations, homebuilders, mortgage banks, commercial banks, investment banks and special purpose entities of the foregoing. The cash flow generated by the mortgage assets underlying a series of a CMO is applied first to make required payments of principal and interest on the CMO and second to pay the related administrative expenses and any management fee of the issuer. The residual in a CMO structure generally represents the interest in any excess cash flow remaining after making the foregoing payments. Each payment of such excess cash flow to a holder of the related CMO residual represents income and/or a return of capital. The amount of residual cash flow resulting from a CMO will depend on, among other things, the characteristics of the mortgage assets, the coupon rate of each class of CMO, prevailing interest rates, the amount of administrative expenses and the prepayment experience on the mortgage assets. In particular, the yield to maturity on CMO residuals is extremely sensitive to prepayments on the related underlying mortgage assets, in the same manner as an interest-only (“IO”) class of stripped mortgage-backed securities (described below). In addition, if a series of a CMO includes a class that bears interest at an adjustable rate, the yield to maturity on the related CMO residual will also be extremely sensitive to changes in the level of the index upon which interest rate adjustments are based. As described below with respect to stripped mortgage-backed securities, in certain circumstances the Fund may fail to recoup fully its initial investment in a CMO residual. CMO residuals are generally purchased and sold by institutional investors through several investment banking firms acting as brokers or dealers. CMO residuals may, or pursuant to an exemption therefrom, may not have been registered under the Securities Act. Irrespective, CMO residuals may be subject to certain restrictions on transferability.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Adjustable Rate Mortgage-Backed Securities. ARMBS have interest rates that reset at periodic intervals. Acquiring ARMBS permits the Fund to participate in increases in prevailing current interest rates through periodic adjustments in the coupons of mortgages underlying the pool on which ARMBS are based. ARMBS generally have higher current yield and lower price fluctuations than is the case with more traditional fixed-income instruments of comparable rating and maturity. In addition, when prepayments of principal are made on the underlying mortgages during periods of rising interest rates, the Fund can reinvest the proceeds of such prepayments at rates higher than those at which they were previously invested. Mortgages underlying most ARMBS, however, have limits on the allowable annual or lifetime increases that can be made in the interest rate that the mortgagor pays. Therefore, if current interest rates rise above such limits over the period of the limitation, the Fund, when holding an ARMBS, does not benefit from further increases in interest rates. Moreover, when interest rates are in excess of coupon rates (i.e., the rates being paid by mortgagors) of the mortgages, ARMBS behave more like fixed-income instruments and less like adjustable-rate securities and are subject to the risks associated with fixed-income instruments. In addition, during periods of rising interest rates, increases in the coupon rate of adjustable-rate mortgages generally lag current market interest rates slightly, thereby creating the potential for capital depreciation on such securities. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">When-Issued and Forward Commitment Securities. The Fund may purchase securities on a “when-issued” basis and may purchase or sell securities on a “forward commitment” basis in order to acquire the security or to hedge against anticipated changes in interest rates and prices. When such transactions are negotiated, the price, which is generally expressed in yield terms, is fixed at the time the commitment is made, but delivery and payment for the securities take place at a later date. When-issued securities and forward commitments may be sold prior to the settlement date, but the Fund will enter into when-issued and forward commitments only with the intention of actually receiving or delivering 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 disposes of its right to deliver or receive against a forward commitment, it might incur a gain or loss. At the time the Fund enters into a transaction on a when-issued or forward commitment basis, it will designate on its books and records cash or liquid credit securities equal to at least the value of the when-issued or forward commitment securities. The value of these assets will be monitored daily to ensure that their marked-to-market value will at all times equal or exceed the corresponding obligations of the Fund. There is always a risk that the <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">securities may not be delivered and that the Fund may incur a loss. Settlements in the ordinary course, which may take substantially more than five business days, are not treated by the Fund as when-issued or forward commitment transactions and accordingly are not subject to the foregoing restrictions.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">Securities purchased on a forward commitment or when-issued basis are subject to changes in value (generally changing in the same way, i.e., appreciating when interest rates decline and depreciating when interest rates rise) based upon the public’s perception of the creditworthiness of the issuer and changes, actual or anticipated, in the level of interest rates. Securities purchased with a forward commitment or when-issued basis may expose the Fund to risks because they may experience such fluctuations prior to their actual delivery. Purchasing securities on a when-issued basis can involve the additional risks that the yield available in the market when the delivery takes place actually may be higher than that obtained in the transaction itself. Purchasing securities on a forward commitment or when-issued basis when the Fund is fully invested may result in greater potential fluctuation in the value of the Fund’s net assets and its net asset value per share.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The risks and effect of settlements in the ordinary course on the Fund’s NAV are not the same as the risks and effect of when-issued and forward commitment securities.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The purchase price of when-issued and forward commitment securities are expressed in yield terms, which reference a floating rate of interest, and is therefore subject to fluctuations of the security’s value in the market from the date of the Fund’s commitment (the “Commitment Date”) to the date of the actual delivery and payment for such securities (the “Settlement Date”). There is a risk that, on the Settlement Date, the Fund’s payment of the final purchase price, which is calculated on the yield negotiated on the Commitment Date, will be higher than the market’s valuation of the security on the Settlement Date. This same risk is also borne if the Fund disposes of its right to acquire a when-issued security, or its right to deliver or receive a forward commitment security, and there is a downward market movement in the value of the security from the Commitment Date to the Settlement Date. No income accrues to the Fund during the period from the Commitment Date to the Settlement Date. On the other hand, the Fund may incur a gain if the Fund invests in when-issued and forward commitment securities and correctly anticipates the rise in interest rates and prices in the market.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Arial MT Std, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:15pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:15pt;">The settlements of secondary market purchases of senior loans in the ordinary course, on a settlement date beyond the period expected by loan market participants (i.e., generally T+7 for par loans and T+20 for distressed loans, in other words more than seven or twenty business days beyond the trade date, respectively) are subject to the delayed compensation mechanics prescribed by the Loan Syndications and Trading Association (“LSTA”). For par loans, income accrues to the buyer of the senior loan (the “Buyer”) during the period beginning on the last date by which the senior loan purchase should have settled (T+7) to and including the actual settlement date. Should settlement of a par senior loan purchase in the secondary market be delayed beyond the T+7 period prescribed by the LSTA, the Buyer is typically compensated for such delay through a payment from the seller of the senior loan (this payment may be netted from the wire released on settlement date for the purchase price of the senior loan paid by the Buyer). In brief, the adjustment is typically calculated by multiplying the notional amount of the trade by the applicable margin in the applicable loan agreement pro-rated for the number of business days (calculated using a year of 360 days) beyond the settlement period prescribed by the LSTA, plus any amendment or consent fees that the Buyer should have received. Furthermore, the purchase of a senior loan in the secondary market is typically negotiated and finalized pursuant to a binding trade confirmation, and therefore, the risk of non-delivery of the security to the Fund is reduced or eliminated when compared with such risk when investing in when-issued or forward commitment securities. No 0001990685 false The Adviser and the Fund have entered into an Expense Limitation Agreement under which the Adviser has agreed to waive its management fees and to pay or absorb the ordinary operating expenses of the Fund (excluding interest, dividends, amortization/accretion and interest on securities sold short, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses), to the extent that its management fees plus the Fund’s ordinary annual operating expenses exceed 1.99% per annum of the Fund’s average daily net assets. Such Expense Limitation Agreement will expire on November 21, 2027, and may not be terminated by the Adviser, but it may be terminated by the Board of Trustees, upon 60 days written notice to the Adviser. Any waiver and reimbursement by the Adviser is subject to repayment by the Fund within the three years from the date the Adviser waived such payment, if the Fund is able to make the repayment without exceeding the lesser of the expense limitation in place at the time of the waiver and reimbursement or the current expense limitation and the repayment is approved by the Board of Trustees. See “Management of the Fund.” Other expenses include accounting, legal and auditing fees of the Fund, compliance services expenses and fees payable to the Trustees who do not also serve in an executive officer capacity for the Fund or the Adviser. Other expenses are based on estimated amounts for the current fiscal year. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights, because the financial statements, include only the direct operating expenses incurred by the Fund. Acquired Fund Fees and Expenses are based on estimated amounts for the current fiscal year.