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(the "Reinvestment Plan Agent") fees for the handling of the reinvestment of dividends will be paid by BGT. However, shareholders will pay a $0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. Shareholders will also be charged a $2.50 sales fee and pay a $0.15 per share fee if direct the Reinvestment Plan Agent to sell the common shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay. BGT and the Manager have entered into a fee waiver agreement (the “Fee Waiver Agreement”), pursuant to which the Manager has contractually agreed to waive the investment advisory fees with respect to any portion of BGT’s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds (“ETFs”) managed by the Manager or its affiliates that have a contractual management fee, through June 30, 2027. In addition, pursuant to the Fee Waiver Agreement, the Manager has contractually agreed to waive its investment advisory fees by the amount of investment advisory fees BGT pays to the Manager indirectly through its investment in money market funds managed by the Manager or its affiliates, through June 30, 2027. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by BGT (upon the vote of a majority of the Trustees who are not “interested persons” (as defined in the Investment Company Act) of BGT (the “Independent Trustees”) or a majority of the outstanding voting securities of BGT), upon 90 days’ written notice by BGT to the Manager. BlackRock Floating Rate Income Trust The Registrant is filing this amendment to its Form N-CSR for the period ended December 31, 2025, filed with the Securities and Exchange Commission on March 5, 2026 (Accession No. 0001193125-26-093602). The sole purpose of this amendment is to include information that was inadvertently omitted within Management’s Discussion of Fund Performance (“MDFP”) for the BlackRock Floating Rate Income Trust from the original filing. Except for such change, this amendment does not amend, update or change any other items or disclosures found in the original Form N-CSR filing. <div style="line-height:13.00pt;margin-top:0.00pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 11pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investment Objective</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">BlackRock Floating Rate Income Trust</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">’</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">s (</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">BGT</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">) (the “</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Trust</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">”)</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> primary investment objective is to provide a high level of current income. The Trust’s secondary investment </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">objective is to seek the preservation of capital to the extent consistent with its primary objective of high current income. The Trust seeks to achieve its investment objectives by </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">investing primarily, under normal market conditions, at least 80% of its assets in floating and variable rate instruments of U.S. and non-U.S. issuers, including a substantial </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">portion of its assets in global floating and variable rate securities including senior secured floating rate loans made to corporate and other business entities. Under normal </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">market conditions, the Trust expects that the average effective duration of its portfolio will be no more than 1.5 years. The Trust may invest directly in such securities or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">synthetically through the use of derivatives.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:left"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">No assurance can be given that the Trust’s investment objective will be achieved.</div></div></div> 29824720 <div><div style="clear:both;margin-top:12.00pt;position:relative;width:100%"><div style="float:left;line-height:13.50pt;text-align:left;width:13.11pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 11.5pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">10.</div></div></div></div><div style="float:left;line-height:13.50pt;margin-left:2.89pt;text-align:left;width:538.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 11.5pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">PRINCIPAL RISKS</div></div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 16.5pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">In the normal course of business, each</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trust</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">invests in securities or other instruments and may enter into certain transactions, and such activities subject each</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trust to various </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">(iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Trusts and their </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">investments.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Illiquidity Risk:</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> Each Trust may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">otherwise illiquid, including private placement securities. A Trust may not be able to readily dispose of such investments at prices that approximate those at which a Trust could </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">sell such investments if they were more widely traded and, as a result of such illiquidity, a Trust may have to sell other investments or engage in borrowing transactions if </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">necessary to raise funds to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting a Trust’s NAV and ability to make </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">dividend distributions. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">below investment grade public debt securities.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Market Risk:</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;">  </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Each</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trust may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">periods of declining interest rates, which would force each</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trust to reinvest in lower yielding securities. Each</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trust</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">may also be exposed to reinvestment risk, which is the risk </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">that income from each</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trust’s portfolio will decline if each</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trust invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">below each</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trust portfolio’s current earnings rate.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">available information on the financial condition of municipal security issuers than for issuers of other securities.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Valuation Risk: </div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">A</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trust may invest in illiquid investments. An illiquid investment is any investment that a</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trust reasonably expects cannot be sold or disposed of in current market conditions </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trust may  experience difficulty in selling illiquid </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, </div></div> </div><div style="line-height:11.00pt;margin-top:0.00pt;text-align:justify"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trust’s NAV to experience significant </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trust may lose value, regardless of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">individual results of the securities and other instruments in which a</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trust invests. A</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trust’s ability to value its investments may also be impacted by technological issues and/or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">errors by pricing services or other third-party service providers.</div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The price a Trust could receive upon the sale of any particular portfolio investment may differ from a Trust</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">’</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">s valuation of the investment, particularly for securities that trade in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">a Trust</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">’</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Trust, and a Trust could realize a greater </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">than expected loss or lesser than expected gain upon the sale of the investment. </div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Counterparty Credit Risk:</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">The Trusts may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Trusts manage counterparty credit risk by </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">those counterparties. Financial assets, which potentially expose the Trusts to market, issuer and counterparty credit risks, consist principally of financial instruments and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">receivables due from counterparties. The extent of the Trusts</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">’</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Trusts.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">instrument. Losses can also occur if the counterparty does not perform under the contract.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">For OTC options purchased, each</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trust bears the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral held by the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Trusts should the counterparty fail to perform under the contracts. Options written by the Trusts do not typically give rise to counterparty credit risk, as options written generally </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">obligate the Trusts, and not the counterparty, to perform. The Trusts may be exposed to counterparty credit risk with respect to options written to the extent each</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trust</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">deposits </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">collateral with its counterparty to a written option.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">With exchange-traded options purchased and exchange-traded futures and centrally cleared swaps, there is less counterparty credit risk to the Trusts since the exchange or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Trust does not have a contractual right of offset against a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">in losses to the Trusts.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Geographic/Asset Class Risk:</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">investment will have a material impact on the NAV of a fund. The investment concentrations within each</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trust’s portfolio are disclosed in its Schedule of Investments.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trusts invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">features.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trusts invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">as interest rates rise and increase as interest rates fall. The Trusts may be subject to a greater risk of rising interest rates during a period of historically low interest </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Trusts</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">’</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> performance.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trusts invest a significant portion of their assets in securities of issuers located in the United States.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">A decrease in imports or exports, changes in trade regulations, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">continue, they may have an adverse impact on the U.S. economy and the issuers in which the Trusts invest.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Certain</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trusts</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">invest</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">a significant portion of  their</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"> securities. When a fund concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. Changes in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">percentages in these securities are presented in the Schedules of <div style="display:inline;">Investments</div>.</div></div></div> <div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Illiquidity Risk:</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> Each Trust may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">otherwise illiquid, including private placement securities. A Trust may not be able to readily dispose of such investments at prices that approximate those at which a Trust could </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">sell such investments if they were more widely traded and, as a result of such illiquidity, a Trust may have to sell other investments or engage in borrowing transactions if </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">necessary to raise funds to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting a Trust’s NAV and ability to make </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">dividend distributions. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">below investment grade public debt securities.</div></div> <div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Market Risk:</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;">  </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Each</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trust may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">periods of declining interest rates, which would force each</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trust to reinvest in lower yielding securities. Each</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trust</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">may also be exposed to reinvestment risk, which is the risk </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">that income from each</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trust’s portfolio will decline if each</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trust invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">below each</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trust portfolio’s current earnings rate.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">available information on the financial condition of municipal security issuers than for issuers of other securities.</div></div></div> <div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Valuation Risk: </div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">A</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trust may invest in illiquid investments. An illiquid investment is any investment that a</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trust reasonably expects cannot be sold or disposed of in current market conditions </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trust may  experience difficulty in selling illiquid </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, </div></div><div style="line-height:11.00pt;margin-top:0.00pt;text-align:justify"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trust’s NAV to experience significant </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trust may lose value, regardless of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">individual results of the securities and other instruments in which a</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trust invests. A</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trust’s ability to value its investments may also be impacted by technological issues and/or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">errors by pricing services or other third-party service providers.</div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The price a Trust could receive upon the sale of any particular portfolio investment may differ from a Trust</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">’</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">s valuation of the investment, particularly for securities that trade in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">a Trust</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">’</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Trust, and a Trust could realize a greater </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">than expected loss or lesser than expected gain upon the sale of the investment. </div></div></div> <div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Counterparty Credit Risk:</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">The Trusts may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Trusts manage counterparty credit risk by </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">those counterparties. Financial assets, which potentially expose the Trusts to market, issuer and counterparty credit risks, consist principally of financial instruments and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">receivables due from counterparties. The extent of the Trusts</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">’</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Trusts.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">instrument. Losses can also occur if the counterparty does not perform under the contract.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">For OTC options purchased, each</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trust bears the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral held by the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Trusts should the counterparty fail to perform under the contracts. Options written by the Trusts do not typically give rise to counterparty credit risk, as options written generally </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">obligate the Trusts, and not the counterparty, to perform. The Trusts may be exposed to counterparty credit risk with respect to options written to the extent each</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trust</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">deposits </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">collateral with its counterparty to a written option.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">With exchange-traded options purchased and exchange-traded futures and centrally cleared swaps, there is less counterparty credit risk to the Trusts since the exchange or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Trust does not have a contractual right of offset against a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">in losses to the Trusts.</div></div></div> <div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Geographic/Asset Class Risk:</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">investment will have a material impact on the NAV of a fund. The investment concentrations within each</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trust’s portfolio are disclosed in its Schedule of Investments.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trusts invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">features.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trusts invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">as interest rates rise and increase as interest rates fall. The Trusts may be subject to a greater risk of rising interest rates during a period of historically low interest </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Trusts</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">’</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> performance.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trusts invest a significant portion of their assets in securities of issuers located in the United States.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">A decrease in imports or exports, changes in trade regulations, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">continue, they may have an adverse impact on the U.S. economy and the issuers in which the Trusts invest.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Certain</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trusts</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">invest</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">a significant portion of  their</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"> securities. When a fund concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. Changes in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">percentages in these securities are presented in the Schedules of <div style="display:inline;">Investments</div>.</div></div></div> <div><div style="clear:both;margin-top:0.0pt;position:relative;width:100%"><div style="float:left;line-height:13.50pt;text-align:left;width:12.48pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 11.5pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">11.</div></div></div></div><div style="float:left;line-height:13.50pt;margin-left:3.52pt;text-align:left;width:538.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 11.5pt; font-style: normal; line-height: 16.5pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 11.5pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">CAPITAL SHARE TRANSACTIONS </div></div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 16.5pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">BHK, BTZ and BGT are authorized to issue an unlimited number of shares, par value $0.001, all of which were initially classified as Common Shares. HYT is authorized to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">issue 250 million shares, par value $0.10, all of which were initially classified as Common Shares. The Board is authorized, however, to reclassify any unissued Common </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Shares to Preferred Shares without the approval of Common Shareholders.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:left"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Common Shares</div></div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">As of the close of business on May 27, 2025, BHK issued transferrable rights to its Common Shareholders of record, entitling the holders of those rights to subscribe for </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">shares of BHK’s common stock (the “Offer”). Shareholders received one right for each outstanding Common Share owned on the record date. The rights entitled their holders </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">to purchase one new Common Share for every three rights held (1-for-3). The Offer expired on June 18, 2025. BHK received from the Offer gross proceeds of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">$166,476,836 for the issuance of 18,056,056 Common Shares. The rights offering resulted in $(0.14) or (1.41)% NAV dilution since the Common Shares were issued below </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">BHK’s NAV. BHK received the entire proceeds from the shares issued under the Offer since the Manager agreed to pay for all expenses (including sales commissions) related </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">to the Offer.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:left"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">For the periods shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 0.1pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:0.1pt;margin-top:-0.1pt;text-align:left"> </div><div style="margin-top:6pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;empty-cells:show;margin-left:12pt;width:535pt"> <tr style="height:13.13pt"> <td style="vertical-align:Bottom;width:460.28pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-right: 6pt; text-align: left; white-space: nowrap; font-size: 9pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td colspan="2" style="vertical-align:Bottom;width:74.71pt"><div style="line-height:11.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:8.03%;margin-right:0%;padding-bottom:1pt"><div style="text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Year Ended</div></div></div></div></td></tr> <tr style="height:13.25pt"> <td style="background-color:azure;border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:460.28pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; font-style: normal; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Trust Name</div></div></div></div></td> <td style="background-color:azure;border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:38.53pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:4pt;margin-right:5pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">12/31/25</div></div></div></div></td> <td style="background-color:azure;border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:36.18pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:5pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">12/31/24</div></div></div></div></td></tr> <tr style="height:11.63pt"> <td style="vertical-align:Bottom;width:460.28pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">BHK</div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:38.53pt"><div style="line-height:10pt;margin-left:6pt;margin-right:7pt;text-align:right;width:25.53pt"><div style="display:flex;margin-left:auto;width:25.53pt"><div style="display:flex;white-space:nowrap;width:25.53pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 25.53pt; letter-spacing: 0px; top: 0px;display:inline;">47,771</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:36.18pt"><div style="line-height:10pt;margin-left:7pt;text-align:right;width:29.18pt"><div style="display:flex;margin-left:auto;width:29.18pt"><div style="display:flex;white-space:nowrap;width:29.18pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 29.18pt; letter-spacing: 0px; top: 0px;display:inline;">109,695</div></div></div></div></td></tr> <tr style="height:10pt"> <td style="background-color:azure;vertical-align:Bottom;width:460.28pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">HYT</div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:38.53pt"><div style="line-height:10pt;margin-left:6pt;margin-right:7pt;text-align:right;width:25.53pt"><div style="display:flex;margin-left:auto;width:25.53pt"><div style="display:flex;white-space:nowrap;width:25.53pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 25.53pt; letter-spacing: 0px; top: 0px;display:inline;">682,619</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:36.18pt"><div style="line-height:10pt;margin-left:7pt;text-align:right;width:29.18pt"><div style="display:flex;margin-left:auto;width:29.18pt"><div style="display:flex;white-space:nowrap;width:29.18pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 29.18pt; letter-spacing: 0px; top: 0px;display:inline;">1,085,559</div></div></div></div></td></tr> <tr style="height:10.5pt"> <td style="vertical-align:Bottom;width:460.28pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">BGT</div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:38.53pt"><div style="line-height:10pt;margin-left:6pt;margin-right:7pt;text-align:right;width:25.53pt"><div style="display:flex;margin-left:auto;width:25.53pt"><div style="display:flex;white-space:nowrap;width:25.53pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 25.53pt; letter-spacing: 0px; top: 0px;display:inline;">70,399</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:36.18pt"><div style="line-height:10pt;margin-left:7pt;text-align:right;width:29.18pt"><div style="display:flex;margin-left:auto;width:29.18pt"><div style="display:flex;white-space:nowrap;width:29.18pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 29.18pt; letter-spacing: 0px; top: 0px;display:inline;">65,437</div></div></div></div></td></tr></table></div><div style="line-height:11.00pt;margin-top:8pt;text-align:left"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">For the year ended December 31, 2025, and the year ended December 31, 2024, shares issued and outstanding remained constant for BTZ. </div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">BHK, HYT and BGT have filed a prospectus with the SEC allowing them to issue an additional 25,000,000, 55,000,000 and 17,000,000 Common Shares, respectively, through </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">an equity shelf program (a “Shelf Offering”). Under the Shelf Offering, BHK, HYT and BGT, subject to market conditions, may raise additional equity capital from time to time </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">in varying amounts and utilizing various offering methods at a net price at or above each Trust’s NAV per Common Share (calculated within 48 hours of pricing).  As of period </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">end December 31, 2025, 25,000,000, 36,420,118 and 9,626,753 Common Shares, respectively, remain available for issuance under the Shelf Offering. During the year ended </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">December 31, 2025, BHK, HYT and BGT issued 0, 8,782,159 and 4,232,842 shares, respectively, under the Shelf Offering. See Additional Information - Shelf Offering Program </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">for additional information.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Initial costs incurred by BHK, HYT and BGT in connection with their Shelf Offerings are recorded as “Deferred offering costs” in the Statements of Assets and Liabilities. As </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">shares are sold, a portion of the costs attributable to the shares sold will be charged against paid-in-capital. Any remaining deferred charges at the end of the Shelf Offering </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">period will be charged to expense.</div></div></div> BHK, BTZ and BGT are authorized to issue an unlimited number of shares, par value $0.001, all of which were initially classified as Common Shares. <div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 11pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investment Objectives and Policies</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:left"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">BlackRock Floating Rate Income Trust (BGT)</div></div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The Trust’s investment objective is to provide a high level of current income. The Trust, as a secondary objective, also seeks the preservation of capital to the extent consistent </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">with its primary objective of high current income. The Trust will pursue its objectives by investing in a global portfolio of floating rate securities, including investing a significant </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">amount in U.S. and non-U.S. senior secured floating rate loans (“Senior Loans”). Senior Loans are made to corporations, partnerships and other business entities which </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">operate in various industries and geographical regions. Senior Loans pay interest at rates which are redetermined periodically by reference to a base lending rate, primarily </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">LIBOR, plus a premium. It is anticipated that the proceeds of the Senior Loans in which the Trust will acquire interests primarily will be used to finance leveraged buyouts, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">recapitalizations, mergers, acquisitions, stock repurchases, refinancing and internal growth and for other corporate purposes of borrowers.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in floating and variable rate instruments of U.S. and non-U.S. issuers, including a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">substantial portion of its assets in senior, secured loans made to corporate and other business entities. Floating and variable rate instruments may include, but are not limited </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">to, any combination of the following securities: (i) senior secured floating rate loans or debt; (ii) second lien or other subordinated or unsecured floating rate loans or debt; (iii) </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">participations or assignments in senior floating rate loans or second lien floating rate loans; and (iv) fixed-rate loans or debt with respect to which the Fund has entered into </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">derivative instruments to effectively convert the fixed-rate interest payments into floating rate interest payments. The Trust’s investments in derivatives will be counted toward </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the Trust’s 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">securities. The 80% policy noted above is a non-fundamental policy of the Trust and may not be changed without 60 days’ prior notice to shareholders. “Managed Assets” </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">means the total assets of the Trust (including any assets attributable to money borrowed for investment purposes) minus the sum of the Trust’s accrued liabilities (other than </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">money borrowed for investment purposes).</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The Trust may also invest up to 20% of its Managed Assets in fixed rate instruments of U.S. and non-U.S. issuers, including developed and emerging markets debt, investment </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">grade and high yield corporate debt, sovereign debt, and mortgage-related and asset-backed securities. The Trust may invest directly in such securities or synthetically </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">through the use of derivatives.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Under normal market conditions, the Trust expects its portfolio to have a duration of no more than 1.5 years (including the effect of anticipated leverage). In comparison to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">maturity (which is the date on which the issuer of a debt instrument is obligated to repay the principal amount), duration is a measure of the price volatility of a debt instrument </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">as a result in changes in market rates of interest, based on the weighted average timing of the instrument’s expected principal and interest payments. Duration differs from </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">maturity in that it takes into account a security’s yield, coupon payments and its principal payments in addition to the amount of time until the security finally matures. As the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">value of a security changes over time, so will its duration. Prices of securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">durations. In general, a portfolio of securities with a longer duration can be expected to be more sensitive to interest rate changes than a portfolio with a shorter duration. For </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">example, a hypothetical portfolio with a duration of 1.5 years means that a 1% decrease in interest rates will increase the net asset value of the portfolio by approximately 1.5%; </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">if interest rates increase by 1%, the net asset value will decrease by 1.5%. If this portfolio were leveraged, its net asset value, in the example, may fall more than 1.5% because </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">changes in the net asset value of the Trust are borne entirely by the common shareholders.</div></div></div><div style="line-height:11.00pt;margin-top:0.00pt;text-align:justify"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Under current market conditions, the Trust expects that <div style="display:inline;">substantially </div>all of its portfolio will consist of below investment grade debt securities, commonly referred to as “junk </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">bonds,” rated as such at the time of investment, meaning that such bonds are rated by national rating agencies below the four highest grades or are unrated but judged to be </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">of comparable quality by BlackRock Advisors, LLC (the “Manager”) or BlackRock International Limited (“BIL” and together with the Manager, the “Advisors’), the Trust’s </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">sub-advisor. S&amp;P Global Ratings (“S&amp;P”) and Fitch Ratings, Inc. ( “Fitch”) consider securities rated below BBB- to be below investment grade and Moody’s Investors Service, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Inc. (“Moody’s”) considers securities rated below Baa3 to be below investment grade. Securities of below investment grade quality are regarded as having predominantly </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">speculative characteristics with respect to issuers’ capacity to pay interest and repay principal. The remainder of the Trust’s assets will be invested in investment grade debt </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">securities. The Trust may invest in individual securities of any credit quality.</div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The Trust will generally invest in U.S. dollar-denominated securities or in non U.S. dollar-denominated securities for which currency exchange exposure versus the U.S. dollar </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">has been hedged. However, the Trust may invest up to 10% of its Managed Assets in non-U.S. dollar-denominated securities whose currency exchange exposure versus the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">U.S. dollar remains unhedged. The Trust will not invest 25% or more of its Managed Assets in securities issued or guaranteed by any non-U.S. government, its agencies, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">instrumentalities or corporations. “Managed Assets” means the total assets of the Trust (including any assets attributable to money borrowed for investment purposes) minus </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">the sum of the Trust’s accrued liabilities (other than money borrowed for investment purposes).</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The Trust may engage in foreign currency transactions, including foreign currency forward contracts, options, swaps and other strategic transactions in connection with its </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">investments in non-U.S. securities.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The Trust may invest in illiquid securities and securities for which prices are not readily available without limit. The Trust may implement various temporary “defensive” </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">strategies at times when the Advisor determine that conditions in the markets make pursuing the Trust’s basic investment strategy inconsistent with the best interests of its </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">shareholders. These strategies may include investing all or a portion of the Trust’s assets in U.S. Government obligations and high-quality, short-term debt securities.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Leverage:</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 11pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">The Trust currently utilizes leverage for investment purposes in the form of a bank credit facility. The Trust may borrow through reverse repurchase agreements, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">dollar rolls and other investment techniques. The Trust also has the ability to utilize leverage through the issuance of preferred shares.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:left"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">The Trust may enter into derivative securities transactions that have leverage embedded in them.</div></div></div> <div style="line-height:13.00pt;margin-top:12.00pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 11pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Risk Factors</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 13pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">This section contains a discussion of the general risks of investing in each Trust. The net asset value and market price of, and dividends paid on, the common shares will </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">fluctuate with and be affected by, among other things, the risks more fully described below. As with any fund, there can be no guarantee that a Trust will meet its investment </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">objective or that the Trust’s performance will be positive for any period of time. Each risk noted below is applicable to each Trust unless the specific Trust or Trusts are noted </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">in a parenthetical. The order of the below risk factors does not indicate the significance of any particular risk factor.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investment and Market Discount Risk:</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> An investment in the Trust’s common shares is subject to investment risk, including the possible loss of the entire amount that you </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">invest. As with any stock, the price of the Trust’s common shares will fluctuate with market conditions and other factors. If shares are sold, the price received may be more or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">less than the original investment. Common shares are designed for long-term investors and the Trust should not be treated as a trading vehicle. Shares of closed-end </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">management investment companies frequently trade at a discount from their net asset value. This risk is separate and distinct from the risk that the Trust’s net asset value </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">could decrease as a result of its investment activities. At any point in time an investment in the Trust’s common shares may be worth less than the original amount invested, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">even after taking into account distributions paid by the Trust. During periods in which the Trust may use leverage, the Trust’s investment, market discount and certain other risks </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">will be magnified.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Debt Securities Risk:</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk, extension risk, and prepayment risk, each of which are described in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">further detail below:</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: -2.41%; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">Credit Risk</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> — </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be able to make payments of interest and principal when </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Trust’s investment in that issuer. The </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: -2.41%; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">Interest Rate Risk</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> — </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">The market value of bonds and other fixed-income securities changes in response to interest rate changes and other factors. Interest rate risk is </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The Trust may be subject to a greater risk of rising interest rates during a period of historically low interest rates. For example, if interest rates increase by 1%, assuming </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">a current portfolio duration of ten years, and all other factors being equal, the value of the Trust’s investments would be expected to decrease by 10%. (Duration is a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">measure of the price sensitivity of a debt security or portfolio of debt securities to relative changes in interest rates.) The magnitude of these fluctuations in the market </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">price of bonds and other fixed-income securities is generally greater for those securities with longer maturities. Fluctuations in the market price of the Trust’s </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">investments will not affect interest income derived from instruments already owned by the Trust, but will be reflected in the Trust’s net asset value. The Trust may lose </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">money if short-term or long-term interest rates rise sharply in a manner not anticipated by Trust management.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">To the extent the Trust invests in debt securities that may be prepaid at the option of the obligor (such as mortgage-backed securities), the sensitivity of such securities </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">to changes in interest rates may increase (to the detriment of the Trust) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the net </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">asset value of the Trust to the extent that it invests in floating rate debt securities.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:0.00pt;text-align:justify"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">These basic principles of bond prices also apply to U.S. Government securities. A security backed by the “full faith and credit” of the U.S. Government is guaranteed only </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">as to its stated interest rate and face value at maturity, not its current market price. Just like other fixed-income securities, government-guaranteed securities will </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">fluctuate in value when interest rates change.</div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from funds </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">that hold large amounts of fixed-income securities. Heavy redemptions could cause the Trust to sell assets at inopportune times or at a loss or depressed value and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">could hurt the Trust’s performance.</div></div></div><div style="line-height:11.00pt;margin-left:10pt;margin-top:9.00pt;text-align:left"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">Extension Risk</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> — </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these obligations to fall.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: -2.41%; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">Prepayment Risk</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> — </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and the Trust may have to invest </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">the proceeds in securities with lower yields.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Mortgage- and Asset-Backed Securities Risks (BHK, BTZ and BGT):</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> Mortgage- and asset-backed securities represent interests in “pools” of mortgages or other assets, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">including consumer loans or receivables held in trust. Mortgage- and asset-backed securities are subject to credit, interest rate, prepayment and extension risks. These </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn. Small movements in interest rates (both </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">U.S. Government Mortgage-Related Securities Risk (BTZ):</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> There are a number of important differences among the agencies and instrumentalities of the U.S. Government </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">that issue mortgage-related securities and among the securities that they issue. Mortgage-related securities guaranteed by the Government National Mortgage Association </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">(“GNMA” or “Ginnie Mae”) are guaranteed as to the timely payment of principal and interest by GNMA and such guarantee is backed by the full faith and credit of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">United States. GNMA securities also are supported by the right of GNMA to borrow funds from the U.S. Treasury to make payments under its guarantee. Mortgage-related </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">securities issued by Fannie Mae or Freddie Mac are solely the obligations of Fannie Mae or Freddie Mac, as the case may be, and are not backed by or entitled to the full faith </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">and credit of the United States but are supported by the right of the issuer to borrow from the Treasury.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">U.S. Government Obligations Risk (BHK, BTZ and BGT):</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> Certain securities in which the Trust may invest, including securities issued by certain U.S. Government agencies </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">and U.S. Government sponsored enterprises, are not guaranteed by the U.S. Government or supported by the full faith and credit of the United States. In addition, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">circumstances could arise that could prevent the timely payment of interest or principal on U.S. Government obligations, such as reaching the legislative “debt ceiling.” Such </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">non-payment could result in losses to the Trust and substantial negative consequences for the U.S. economy and the global financial system.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Senior Loans Risk (BGT):</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> There is less readily available, reliable information about most senior loans than is the case for many other types of securities. An economic </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">downturn generally leads to a higher non-payment rate, and a senior loan may lose significant value before a default occurs. Moreover, any specific collateral used to secure </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">a senior loan may decline in value or become illiquid, which would adversely affect the senior loan’s value. No active trading market may exist for certain senior loans, which </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">may impair the ability of the Trust to realize full value in the event of the need to sell a senior loan and which may make it difficult to value senior loans. Although senior loans </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">in which the Trust will invest generally will be secured by specific collateral, there can be no assurance that liquidation of such collateral would satisfy the borrower’s obligation </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">in the event of non-payment of scheduled interest or principal or that such collateral could be readily liquidated. To the extent that a senior loan is collateralized by stock in the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">borrower or its subsidiaries, such stock may lose all of its value in the event of the bankruptcy of the borrower. Uncollateralized senior loans involve a greater risk of loss.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Risks of Loan Assignments and Participations (BHK):</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> As the purchaser of an assignment, the Trust typically succeeds to all the rights and obligations of the assigning </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">institution and becomes a lender under the credit agreement with respect to the debt obligation; however, the Trust may not be able unilaterally to enforce all rights and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">remedies under the loan and with regard to any associated collateral. Because assignments may be arranged through private negotiations between potential assignees and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">potential assignors, the rights and obligations acquired by the Trust as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">lender. In addition, if the loan is foreclosed, the Trust could become part owner of any collateral and could bear the costs and liabilities of owning and disposing of the collateral. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The Trust may be required to pass along to a purchaser that buys a loan from the Trust by way of assignment a portion of any fees to which the Trust is entitled under the loan. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">In connection with purchasing participations, the Trust generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">loan, nor any rights of set-off against the borrower, and the Trust may not directly benefit from any collateral supporting the loan in which it has purchased the participation. As </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">a result, the Trust will be subject to the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">participation, the Trust may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Corporate Loans Risk (HYT and BTZ):</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> Commercial banks and other financial institutions or institutional investors make corporate loans to companies that need capital to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">grow or restructure. Borrowers generally pay interest on corporate loans at rates that change in response to changes in market interest rates such as the Secured Overnight </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Financing Rate (‘SOFR”) or the prime rates of U.S. banks. As a result, the value of corporate loan investments is generally less exposed to the adverse effects of shifts in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">market interest rates than investments that pay a fixed rate of interest. The market for corporate loans may be subject to irregular trading activity and wide bid/ask spreads. In </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">addition, transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of corporate loans may not be readily available to make </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">additional investments or to meet the Trust’s redemption obligations. To the extent the extended settlement process gives rise to short-term liquidity needs, the Trust may hold </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">additional cash, sell investments or temporarily borrow from banks and other lenders. The corporate loans in which the Trust invests are usually rated below investment grade.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Variable and Floating Rate Instrument Risk (BGT):</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> Variable and floating rate securities provide for periodic adjustment in the interest rate paid on the securities. Securities </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">with floating or variable interest rates can be less sensitive to interest rate changes than securities with fixed interest rates, but may decline in value if their coupon rates do not </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">reset as high, or as quickly, as comparable market interest rates, and generally carry lower yields than fixed securities of the same maturity. These securities will not generally </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">increase in value if interest rates decline. A decline in interest rates may result in a reduction in income received from variable and floating rate securities held by the Trust and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">may adversely affect the value of the Trust’s shares.  These securities may be subject to greater illiquidity risk than other fixed-income securities, meaning the absence of an </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">active market for these securities could make it difficult for the Trust to dispose of them at any given time. Floating rate securities generally are subject to legal or contractual </div></div> </div><div style="line-height:11.00pt;margin-top:0.00pt;text-align:justify"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">restrictions on resale, may trade infrequently, and their <div style="display:inline;">value </div>may be impaired when the Trust needs to liquidate such loans. Benchmark interest rates may not accurately track </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">market interest rates. Although floating rate securities are less sensitive to interest rate risk than fixed-rate securities, they are subject to credit risk and default risk, which could </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">impair their value.</div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">High Yield Bonds Risk:</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> Although junk bonds generally pay higher rates of interest than investment grade bonds, junk bonds are high risk investments that are considered </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">speculative and may cause income and principal losses for the Trust.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Distressed Securities Risk (HYT):</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> Distressed securities are speculative and involve substantial risks in addition to the risks of investing in junk bonds. The Trust will generally </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">not receive interest payments on the distressed securities and may incur costs to protect its investment. In addition, distressed securities involve the substantial risk that </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">principal will not be repaid. These securities may present a substantial risk of default or may be in default at the time of investment. The Trust may incur additional expenses </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">to the extent it is required to seek recovery upon a default in the payment of principal of or interest on its portfolio holdings. In any reorganization or liquidation proceeding </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">relating to a portfolio company, the Trust may lose its entire investment or may be required to accept cash or securities with a value less than its original investment.  Distressed </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">securities and any securities received in an exchange for such securities may be subject to restrictions on resale.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Collateralized Bond Obligations Risk (BTZ):</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> The pool of high yield securities underlying collateralized bond obligations is typically separated into groupings called tranches </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">representing different degrees of credit quality. The higher quality tranches have greater degrees of protection and pay lower interest rates. The lower tranches, with greater </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">risk, pay higher interest rates.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Collateralized Debt Obligations Risk (BTZ):</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> In addition to the typical risks associated with fixed-income securities and asset-backed securities, collateralized debt </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">obligations (“CDOs”), including collateralized loan obligations, carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">not be adequate to make interest or other payments; (ii) the risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">statistical rating organization; (iii) the Trust may invest in tranches of CDOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">legal documents could lead to disputes among investors regarding the characterization of proceeds; (v) the investment return achieved by the Trust could be significantly </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs; (vii) the risk of forced “fire sale” liquidation due to technical </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">defaults such as coverage test failures; and (viii) the CDO’s manager may perform poorly.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Zero Coupon Securities Risk (BTZ):</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> While interest payments are not made on such securities, holders of such securities are deemed to have received income (“phantom </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">income”) annually, notwithstanding that cash may not be received currently. The effect of owning instruments that do not make current interest payments is that a fixed yield is </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">earned not only on the original investment but also, in effect, on all discount accretion during the life of the obligations. This implicit reinvestment of earnings at a fixed rate </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">eliminates the risk of being unable to invest distributions at a rate as high as the implicit yield on the zero coupon bond, but at the same time eliminates the holder’s ability to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">reinvest at higher rates in the future. For this reason, some of these securities may be subject to substantially greater price fluctuations during periods of changing market </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">interest rates than are comparable securities that pay interest currently. Longer term zero coupon bonds are more exposed to interest rate risk than shorter term zero coupon </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">bonds. These investments benefit the issuer by mitigating its need for cash to meet debt service, but also require a higher rate of return to attract investors who are willing to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">defer receipt of cash.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:left"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Capital Trusts Risk (BTZ):</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> These securities are subject to interest rate risk and credit risk.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Foreign Securities Risk: </div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Trust will lose money. These </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">risks include:</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: -2.41%; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">The Trust generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">business and may be subject to only limited or no regulatory oversight.</div></div></div><div style="line-height:11.00pt;margin-left:10pt;margin-top:9.00pt;text-align:left"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">Changes in foreign currency exchange rates can affect the value of the Trust’s portfolio.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: -2.41%; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">product, reinvestment of capital, resources and balance of payments position.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: -2.41%; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or impose substantial restrictions through capital controls </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">and/or sanctions on foreign investments in the capital markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">currency, securities, derivatives or other assets. </div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: -2.41%; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">have laws to protect investors that are comparable to U.S. securities laws.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: -2.41%; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">clearance of U.S. investments.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: -2.41%; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">The Trust’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of foreign withholding taxes materially decreases, due </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">to, for example, a change in tax regulation or approach in the foreign country, accruals in the Trust’s net asset value for such refunds may be written down partially or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">in full, which will adversely affect the Trust’s net asset value.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Emerging Markets Risk (BTZ and BGT): </div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">affect returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less liquidity than developed markets.</div></div></div><div style="line-height:11.00pt;margin-top:0.00pt;text-align:justify"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Sovereign Debt Risk (BGT):</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies.</div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Equity Securities Risk (HYT):</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">economic conditions.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Preferred Securities Risk (BHK, HYT and BTZ):</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> Preferred securities may pay fixed or adjustable rates of return. Preferred securities are subject to issuer-specific and market </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">risks applicable generally to equity securities. In addition, a company’s preferred securities generally pay dividends only after the company makes required payments to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">holders of its bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">in the company’s financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than preferred securities of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">larger companies.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Convertible Securities Risk (BHK, HYT and BTZ):</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> The market value of a convertible security performs like that of a regular debt security; that is, if market interest rates rise, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">due, and their market value may change based on changes in the issuer’s credit rating or the market’s perception of the issuer’s creditworthiness. Since it derives a portion of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">its value from the common stock into which it may be converted, a convertible security is also subject to the same types of market and issuer risks that apply to the underlying </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">common stock, including the potential for increased volatility in the price of the convertible security.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Warrants Risk (BHK and HYT):</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> If the price of the underlying stock does not rise above the exercise price before the warrant expires, the warrant generally expires without any </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">value and the Trust will lose any amount it paid for the warrant. Thus, investments in warrants may involve substantially more risk than investments in common stock. Warrants </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:left"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Derivatives Risk:</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> The Trust’s use of derivatives may increase its costs, reduce the Trust’s returns and/or increase volatility.  Derivatives involve significant risks, including:</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: -2.41%; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">Leverage Risk</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> — </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">The Trust’s use of derivatives can magnify the Trust’s gains and losses. Relatively small market movements may result in large changes in the value </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">of a derivatives position and can result in losses that greatly exceed the amount originally invested.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: -2.41%; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">Market Risk</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> — </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Some derivatives are more sensitive to interest rate changes and market price fluctuations than other securities. The Trust could also suffer losses </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">related to its derivatives positions as a result of unanticipated market movements, which losses are potentially unlimited. Finally, the Manager may not be able to predict </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">correctly the direction of securities prices, interest rates and other economic factors, which could cause the Trust’s derivatives positions to lose value.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: -2.41%; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">Counterparty Risk</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> — </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will be unable or unwilling to fulfill its </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">contractual obligation, and the related risks of having concentrated exposure to such a counterparty.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: -2.41%; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">Illiquidity Risk</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> — </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">The possible lack of a liquid secondary market for derivatives and the resulting inability of the Trust to sell or otherwise close a derivatives position </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">could expose the Trust to losses and could make derivatives more difficult for the Trust to value accurately.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: -2.41%; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">Operational Risk</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> — </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">The use of derivatives includes the risk of potential operational issues, including documentation issues, settlement issues, systems failures, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">inadequate controls and human error.</div></div></div><div style="line-height:11.00pt;margin-left:10pt;margin-top:9.00pt;text-align:left"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">Legal Risk</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> — </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: -2.41%; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">Volatility and Correlation Risk</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> — </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">A risk of the Trust’s use of derivatives is that the fluctuations in their values may not correlate with the overall securities markets.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: -2.41%; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">Valuation Risk</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> — </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Valuation for derivatives may not be readily available in the market. Valuation may be more difficult in times of market turmoil since many investors and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">market makers may be reluctant to purchase complex instruments or quote prices for them.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: -2.41%; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">Hedging Risk</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> — </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Hedges are sometimes subject to imperfect matching between the derivative and the underlying security, and there can be no assurance that the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trust’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: -2.41%; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">Tax Risk</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> — </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Certain aspects of the tax treatment of derivative instruments, including swap agreements and commodity-linked derivative instruments, are currently </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">unclear and may be affected by changes in legislation, regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">investment in an underlying asset and may adversely affect the timing, character and amount of income the Trust realizes from its investments.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Structured Notes Risk (HYT):</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> Structured notes and other related instruments purchased by the Trust are generally privately negotiated debt obligations where the principal </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">and/or interest is determined by reference to the performance of a specific asset, benchmark asset, market or interest rate (“reference measure”). The purchase of structured </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">notes exposes the Trust to the credit risk of the issuer of the structured product. Structured notes may be leveraged, increasing the volatility of each structured note’s value </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">relative to the change in the reference measure. Structured notes may also be less liquid and more difficult to price accurately than less complex securities and instruments or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">more traditional debt securities.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:left"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Leverage Risk:</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> The Trust’s use of leverage may increase or decrease from time to time in its discretion and the Trust may, in the future, determine not to use leverage.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The use of leverage creates an opportunity for increased common share net investment income dividends, but also creates risks for the holders of common shares. The Trust </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">cannot assure you that the use of leverage will result in a higher yield on the common shares. Any leveraging strategy the Trust employs may not be successful.</div></div></div><div style="line-height:11.00pt;margin-top:0.00pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Leverage involves risks and special considerations for common shareholders, including:</div></div><div style="line-height:11.00pt;margin-left:10pt;margin-top:9.00pt;text-align:left"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">the likelihood of greater volatility of net asset value, market price and dividend rate of the common shares than a comparable portfolio without leverage;</div></div></div><div style="line-height:11.00pt;margin-left:10pt;margin-top:9.00pt;text-align:left"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">the risk that fluctuations in interest rates or dividend rates on any leverage that the Trust must pay will reduce the return to the common shareholders;</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: -2.41%; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">the effect of leverage in a declining market, which is likely to cause a greater decline in the net asset value of the common shares than if the Trust were not leveraged, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">which may result in a greater decline in the market price of the common shares;</div></div></div><div style="line-height:11.00pt;margin-left:10pt;margin-top:9.00pt;text-align:left"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">leverage may increase operating costs, which may reduce total return.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Any decline in the net asset value of the Trust’s investments will be borne entirely by the holders of common shares. Therefore, if the market value of the Trust’s portfolio </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">declines, leverage will result in a greater decrease in net asset value to the holders of common shares than if the Trust were not leveraged. This greater net asset value </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">decrease will also tend to cause a greater decline in the market price for the common shares.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Reverse Repurchase Agreements Risk:</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> Reverse repurchase agreements involve the sale of securities held by the Trust with an agreement to repurchase the securities at </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">an agreed-upon price, date and interest payment. Reverse repurchase agreements involve the risk that the other party may fail to return the securities in a timely manner or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">at all. The Trust could lose money if it is unable to recover the securities and the value of the collateral held by the Trust, including the value of the investments made with cash </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">collateral, is less than the value of the securities. These events could also trigger adverse tax consequences for the Trust. In addition, reverse repurchase agreements involve </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">the risk that the interest income earned in the investment of the proceeds will be less than the interest expense.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Dollar Rolls Risk (BHK, BTZ and BGT):</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> Dollar rolls involve the risk that the market value of the securities that the Trust is committed to buy may decline below the price of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">the securities the Trust has sold. These transactions may involve leverage.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Short Sales Risk (HYT and BTZ):</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> Because making short sales in securities that it does not own exposes the Trust to the risks associated with those securities, such short </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">sales involve speculative exposure risk. The Trust will incur a loss as a result of a short sale if the price of the security increases between the date of the short sale and the date </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">on which the Trust replaces the security sold short.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Illiquid Investments Risk</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">: The Trust may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">are otherwise illiquid, including private placement securities. The Trust may not be able to readily dispose of such investments at prices that approximate those at which the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Trust could sell such investments if they were more widely traded and, as a result of such illiquidity, the Trust may have to sell other investments or engage in borrowing </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">transactions if necessary to raise cash to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting the Trust’s net asset </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">value and ability to make dividend distributions. The financial markets in general, and certain segments of the mortgage-related securities markets in particular, have in recent </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">years experienced periods of extreme secondary market supply and demand imbalance, resulting in a loss of liquidity during which market prices were suddenly and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">substantially below traditional measures of intrinsic value. During such periods, some investments could be sold only at arbitrary prices and with substantial losses. Periods of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">such market dislocation may occur again at any time. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">the same risks as investing in below investment grade public debt securities.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Securities Lending Risk (BTZ):</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> The Trust may engage in securities lending. Securities lending involves the risk that the Trust may lose money because the borrower of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">loaned securities fails to return the securities in a timely manner or at all. The Trust could also lose money in the event of a decline in the value of collateral provided for loaned </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Trust.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investment Companies and ETFs Risk (BHK and HYT): </div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Subject to the limitations set forth in the Investment Company Act and the rules thereunder, the Trust may acquire </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">shares in other investment companies and in exchange-traded funds (“ETFs”), some of which may be affiliated investment companies. The market value of the shares of other </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">investment companies and ETFs may differ from their net asset value. As an investor in investment companies and ETFs, the Trust would bear its ratable share of that entity’s </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">expenses, including its investment advisory and administration fees, while continuing to pay its own advisory and administration fees and other expenses (to the extent not </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">offset by the Manager through waivers). As a result, shareholders will be absorbing duplicate levels of fees with respect to investments in other investment companies and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">ETFs (to the extent not offset by the Manager through waivers).</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The securities of other investment companies and ETFs in which the Trust may invest may be leveraged. As a result, the Trust may be indirectly exposed to leverage through </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">an investment in such securities. An investment in securities of other investment companies and ETFs that use leverage may expose the Trust to higher volatility in the market </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">value of such securities and the possibility that the Trust’s long-term returns on such securities (and, indirectly, the long-term returns of shares of the Trust) will be diminished.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">As with other investments, investments in other investment companies, including ETFs, are subject to market and selection risk. To the extent the Trust is held by an affiliated </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">fund, the ability of the Trust itself to hold other investment companies may be limited.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Risk of Investing in the United States:</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> Certain changes in the U.S. economy, such as when the U.S. economy weakens or when its financial markets decline, may have an </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">adverse effect on the securities to which the Trust has exposure.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Market Risk and Selection Risk:</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> Market risk is the risk that one or more markets in which the Trust invests will go down in value, including the possibility that the markets will </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues like </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">pandemics or epidemics, recessions, or other events could have a significant impact on the Trust and its investments. Selection risk is the risk that the securities selected by </div></div> </div><div style="line-height:11.00pt;margin-top:0.00pt;text-align:justify"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Trust management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">This means you may lose money.</div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Shareholder Activism Risk:</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> Shareholder activism involving closed-end funds has recently been increasing. Shareholder activism can take many forms, including engaging </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">in public campaigns to demand that the Trust consider significant transactions such as a tender offer, merger or liquidation or to attempt to influence the Trust’s corporate </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">governance and/or management, commencing proxy contests to attempt to elect the activists’ representatives or others to the Trust’s Board of Trustees, or to seek other </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">actions such as a termination of the Trust’s investment advisory contract with its current investment manager or commencing litigation. If the Trust becomes the subject of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">shareholder activism, then management and the Board may be required to divert significant resources and attention to respond to the activist and the Trust may incur </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">substantial costs defending against such activism if management and the Board determine that the activist’s demands are not in the best interest of the Trust. Further, the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trust’s share price could be subject to significant fluctuation or otherwise be adversely affected by the events, risks and uncertainties of any shareholder activism.</div></div></div> <div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investment and Market Discount Risk:</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> An investment in the Trust’s common shares is subject to investment risk, including the possible loss of the entire amount that you </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">invest. As with any stock, the price of the Trust’s common shares will fluctuate with market conditions and other factors. If shares are sold, the price received may be more or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">less than the original investment. Common shares are designed for long-term investors and the Trust should not be treated as a trading vehicle. Shares of closed-end </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">management investment companies frequently trade at a discount from their net asset value. This risk is separate and distinct from the risk that the Trust’s net asset value </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">could decrease as a result of its investment activities. At any point in time an investment in the Trust’s common shares may be worth less than the original amount invested, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">even after taking into account distributions paid by the Trust. During periods in which the Trust may use leverage, the Trust’s investment, market discount and certain other risks </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">will be magnified.</div></div> <div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Debt Securities Risk:</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk, extension risk, and prepayment risk, each of which are described in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">further detail below:</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: -2.41%; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">Credit Risk</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> — </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be able to make payments of interest and principal when </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Trust’s investment in that issuer. The </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: -2.41%; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">Interest Rate Risk</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> — </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">The market value of bonds and other fixed-income securities changes in response to interest rate changes and other factors. Interest rate risk is </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The Trust may be subject to a greater risk of rising interest rates during a period of historically low interest rates. For example, if interest rates increase by 1%, assuming </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">a current portfolio duration of ten years, and all other factors being equal, the value of the Trust’s investments would be expected to decrease by 10%. (Duration is a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">measure of the price sensitivity of a debt security or portfolio of debt securities to relative changes in interest rates.) The magnitude of these fluctuations in the market </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">price of bonds and other fixed-income securities is generally greater for those securities with longer maturities. Fluctuations in the market price of the Trust’s </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">investments will not affect interest income derived from instruments already owned by the Trust, but will be reflected in the Trust’s net asset value. The Trust may lose </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">money if short-term or long-term interest rates rise sharply in a manner not anticipated by Trust management.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">To the extent the Trust invests in debt securities that may be prepaid at the option of the obligor (such as mortgage-backed securities), the sensitivity of such securities </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">to changes in interest rates may increase (to the detriment of the Trust) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the net </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">asset value of the Trust to the extent that it invests in floating rate debt securities.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:0.00pt;text-align:justify"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">These basic principles of bond prices also apply to U.S. Government securities. A security backed by the “full faith and credit” of the U.S. Government is guaranteed only </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">as to its stated interest rate and face value at maturity, not its current market price. Just like other fixed-income securities, government-guaranteed securities will </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">fluctuate in value when interest rates change.</div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from funds </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">that hold large amounts of fixed-income securities. Heavy redemptions could cause the Trust to sell assets at inopportune times or at a loss or depressed value and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">could hurt the Trust’s performance.</div></div></div><div style="line-height:11.00pt;margin-left:10pt;margin-top:9.00pt;text-align:left"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">Extension Risk</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> — </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these obligations to fall.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: -2.41%; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">Prepayment Risk</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> — </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and the Trust may have to invest </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">the proceeds in securities with lower yields.</div></div></div> <div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Mortgage- and Asset-Backed Securities Risks (BHK, BTZ and BGT):</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> Mortgage- and asset-backed securities represent interests in “pools” of mortgages or other assets, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">including consumer loans or receivables held in trust. Mortgage- and asset-backed securities are subject to credit, interest rate, prepayment and extension risks. These </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn. Small movements in interest rates (both </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities.</div></div> <div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">U.S. Government Obligations Risk (BHK, BTZ and BGT):</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> Certain securities in which the Trust may invest, including securities issued by certain U.S. Government agencies </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">and U.S. Government sponsored enterprises, are not guaranteed by the U.S. Government or supported by the full faith and credit of the United States. In addition, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">circumstances could arise that could prevent the timely payment of interest or principal on U.S. Government obligations, such as reaching the legislative “debt ceiling.” Such </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">non-payment could result in losses to the Trust and substantial negative consequences for the U.S. economy and the global financial system.</div></div> <div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Senior Loans Risk (BGT):</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> There is less readily available, reliable information about most senior loans than is the case for many other types of securities. An economic </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">downturn generally leads to a higher non-payment rate, and a senior loan may lose significant value before a default occurs. Moreover, any specific collateral used to secure </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">a senior loan may decline in value or become illiquid, which would adversely affect the senior loan’s value. No active trading market may exist for certain senior loans, which </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">may impair the ability of the Trust to realize full value in the event of the need to sell a senior loan and which may make it difficult to value senior loans. Although senior loans </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">in which the Trust will invest generally will be secured by specific collateral, there can be no assurance that liquidation of such collateral would satisfy the borrower’s obligation </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">in the event of non-payment of scheduled interest or principal or that such collateral could be readily liquidated. To the extent that a senior loan is collateralized by stock in the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">borrower or its subsidiaries, such stock may lose all of its value in the event of the bankruptcy of the borrower. Uncollateralized senior loans involve a greater risk of loss.</div></div> <div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Variable and Floating Rate Instrument Risk (BGT):</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> Variable and floating rate securities provide for periodic adjustment in the interest rate paid on the securities. Securities </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">with floating or variable interest rates can be less sensitive to interest rate changes than securities with fixed interest rates, but may decline in value if their coupon rates do not </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">reset as high, or as quickly, as comparable market interest rates, and generally carry lower yields than fixed securities of the same maturity. These securities will not generally </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">increase in value if interest rates decline. A decline in interest rates may result in a reduction in income received from variable and floating rate securities held by the Trust and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">may adversely affect the value of the Trust’s shares.  These securities may be subject to greater illiquidity risk than other fixed-income securities, meaning the absence of an </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">active market for these securities could make it difficult for the Trust to dispose of them at any given time. Floating rate securities generally are subject to legal or contractual </div></div><div style="line-height:11.00pt;margin-top:0.00pt;text-align:justify"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">restrictions on resale, may trade infrequently, and their <div style="display:inline;">value </div>may be impaired when the Trust needs to liquidate such loans. Benchmark interest rates may not accurately track </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">market interest rates. Although floating rate securities are less sensitive to interest rate risk than fixed-rate securities, they are subject to credit risk and default risk, which could </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">impair their value.</div></div> <div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">High Yield Bonds Risk:</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> Although junk bonds generally pay higher rates of interest than investment grade bonds, junk bonds are high risk investments that are considered </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">speculative and may cause income and principal losses for the Trust.</div></div> <div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Foreign Securities Risk: </div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Trust will lose money. These </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">risks include:</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: -2.41%; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">The Trust generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">business and may be subject to only limited or no regulatory oversight.</div></div></div><div style="line-height:11.00pt;margin-left:10pt;margin-top:9.00pt;text-align:left"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">Changes in foreign currency exchange rates can affect the value of the Trust’s portfolio.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: -2.41%; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">product, reinvestment of capital, resources and balance of payments position.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: -2.41%; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or impose substantial restrictions through capital controls </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">and/or sanctions on foreign investments in the capital markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">currency, securities, derivatives or other assets. </div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: -2.41%; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">have laws to protect investors that are comparable to U.S. securities laws.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: -2.41%; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">clearance of U.S. investments.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: -2.41%; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">The Trust’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of foreign withholding taxes materially decreases, due </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">to, for example, a change in tax regulation or approach in the foreign country, accruals in the Trust’s net asset value for such refunds may be written down partially or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">in full, which will adversely affect the Trust’s net asset value.</div></div></div> <div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Emerging Markets Risk (BTZ and BGT): </div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">affect returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less liquidity than developed markets.</div></div> <div style="line-height:11.00pt;margin-top:0.00pt;text-align:justify"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Sovereign Debt Risk (BGT):</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies.</div></div> <div style="line-height:11.00pt;margin-top:8.00pt;text-align:left"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Derivatives Risk:</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> The Trust’s use of derivatives may increase its costs, reduce the Trust’s returns and/or increase volatility.  Derivatives involve significant risks, including:</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: -2.41%; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">Leverage Risk</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> — </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">The Trust’s use of derivatives can magnify the Trust’s gains and losses. Relatively small market movements may result in large changes in the value </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">of a derivatives position and can result in losses that greatly exceed the amount originally invested.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: -2.41%; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">Market Risk</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> — </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Some derivatives are more sensitive to interest rate changes and market price fluctuations than other securities. The Trust could also suffer losses </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">related to its derivatives positions as a result of unanticipated market movements, which losses are potentially unlimited. Finally, the Manager may not be able to predict </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">correctly the direction of securities prices, interest rates and other economic factors, which could cause the Trust’s derivatives positions to lose value.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: -2.41%; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">Counterparty Risk</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> — </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will be unable or unwilling to fulfill its </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">contractual obligation, and the related risks of having concentrated exposure to such a counterparty.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: -2.41%; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">Illiquidity Risk</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> — </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">The possible lack of a liquid secondary market for derivatives and the resulting inability of the Trust to sell or otherwise close a derivatives position </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">could expose the Trust to losses and could make derivatives more difficult for the Trust to value accurately.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: -2.41%; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">Operational Risk</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> — </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">The use of derivatives includes the risk of potential operational issues, including documentation issues, settlement issues, systems failures, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">inadequate controls and human error.</div></div></div><div style="line-height:11.00pt;margin-left:10pt;margin-top:9.00pt;text-align:left"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">Legal Risk</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> — </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: -2.41%; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">Volatility and Correlation Risk</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> — </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">A risk of the Trust’s use of derivatives is that the fluctuations in their values may not correlate with the overall securities markets.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: -2.41%; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">Valuation Risk</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> — </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Valuation for derivatives may not be readily available in the market. Valuation may be more difficult in times of market turmoil since many investors and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">market makers may be reluctant to purchase complex instruments or quote prices for them.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: -2.41%; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">Hedging Risk</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> — </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Hedges are sometimes subject to imperfect matching between the derivative and the underlying security, and there can be no assurance that the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trust’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences.</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: -2.41%; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">Tax Risk</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> — </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Certain aspects of the tax treatment of derivative instruments, including swap agreements and commodity-linked derivative instruments, are currently </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">unclear and may be affected by changes in legislation, regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">investment in an underlying asset and may adversely affect the timing, character and amount of income the Trust realizes from its investments.</div></div></div> <div style="line-height:11.00pt;margin-top:8.00pt;text-align:left"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Leverage Risk:</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> The Trust’s use of leverage may increase or decrease from time to time in its discretion and the Trust may, in the future, determine not to use leverage.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The use of leverage creates an opportunity for increased common share net investment income dividends, but also creates risks for the holders of common shares. The Trust </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">cannot assure you that the use of leverage will result in a higher yield on the common shares. Any leveraging strategy the Trust employs may not be successful.</div></div></div><div style="line-height:11.00pt;margin-top:0.00pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Leverage involves risks and special considerations for common shareholders, including:</div></div><div style="line-height:11.00pt;margin-left:10pt;margin-top:9.00pt;text-align:left"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">the likelihood of greater volatility of net asset value, market price and dividend rate of the common shares than a comparable portfolio without leverage;</div></div></div><div style="line-height:11.00pt;margin-left:10pt;margin-top:9.00pt;text-align:left"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">the risk that fluctuations in interest rates or dividend rates on any leverage that the Trust must pay will reduce the return to the common shareholders;</div></div></div><div style="line-height:11.00pt;margin-left:23.5pt;margin-top:9.00pt;text-align:justify"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: -2.41%; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">the effect of leverage in a declining market, which is likely to cause a greater decline in the net asset value of the common shares than if the Trust were not leveraged, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">which may result in a greater decline in the market price of the common shares;</div></div></div><div style="line-height:11.00pt;margin-left:10pt;margin-top:9.00pt;text-align:left"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">•</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 11pt; letter-spacing: 0px; top: 0px;display:inline;">leverage may increase operating costs, which may reduce total return.</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Any decline in the net asset value of the Trust’s investments will be borne entirely by the holders of common shares. Therefore, if the market value of the Trust’s portfolio </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">declines, leverage will result in a greater decrease in net asset value to the holders of common shares than if the Trust were not leveraged. This greater net asset value </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">decrease will also tend to cause a greater decline in the market price for the common shares.</div></div></div> <div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Reverse Repurchase Agreements Risk:</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> Reverse repurchase agreements involve the sale of securities held by the Trust with an agreement to repurchase the securities at </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">an agreed-upon price, date and interest payment. Reverse repurchase agreements involve the risk that the other party may fail to return the securities in a timely manner or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">at all. The Trust could lose money if it is unable to recover the securities and the value of the collateral held by the Trust, including the value of the investments made with cash </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">collateral, is less than the value of the securities. These events could also trigger adverse tax consequences for the Trust. In addition, reverse repurchase agreements involve </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">the risk that the interest income earned in the investment of the proceeds will be less than the interest expense.</div></div> <div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Dollar Rolls Risk (BHK, BTZ and BGT):</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> Dollar rolls involve the risk that the market value of the securities that the Trust is committed to buy may decline below the price of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">the securities the Trust has sold. These transactions may involve leverage.</div></div> <div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Illiquid Investments Risk</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">: The Trust may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">are otherwise illiquid, including private placement securities. The Trust may not be able to readily dispose of such investments at prices that approximate those at which the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Trust could sell such investments if they were more widely traded and, as a result of such illiquidity, the Trust may have to sell other investments or engage in borrowing </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">transactions if necessary to raise cash to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting the Trust’s net asset </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">value and ability to make dividend distributions. The financial markets in general, and certain segments of the mortgage-related securities markets in particular, have in recent </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">years experienced periods of extreme secondary market supply and demand imbalance, resulting in a loss of liquidity during which market prices were suddenly and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">substantially below traditional measures of intrinsic value. During such periods, some investments could be sold only at arbitrary prices and with substantial losses. Periods of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">such market dislocation may occur again at any time. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">the same risks as investing in below investment grade public debt securities.</div></div> <div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Risk of Investing in the United States:</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> Certain changes in the U.S. economy, such as when the U.S. economy weakens or when its financial markets decline, may have an </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">adverse effect on the securities to which the Trust has exposure.</div></div> <div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Market Risk and Selection Risk:</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> Market risk is the risk that one or more markets in which the Trust invests will go down in value, including the possibility that the markets will </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues like </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">pandemics or epidemics, recessions, or other events could have a significant impact on the Trust and its investments. Selection risk is the risk that the securities selected by </div></div><div style="line-height:11.00pt;margin-top:0.00pt;text-align:justify"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Trust management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">This means you may lose money.</div></div> <div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Shareholder Activism Risk:</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> Shareholder activism involving closed-end funds has recently been increasing. Shareholder activism can take many forms, including engaging </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">in public campaigns to demand that the Trust consider significant transactions such as a tender offer, merger or liquidation or to attempt to influence the Trust’s corporate </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">governance and/or management, commencing proxy contests to attempt to elect the activists’ representatives or others to the Trust’s Board of Trustees, or to seek other </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">actions such as a termination of the Trust’s investment advisory contract with its current investment manager or commencing litigation. If the Trust becomes the subject of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">shareholder activism, then management and the Board may be required to divert significant resources and attention to respond to the activist and the Trust may incur </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">substantial costs defending against such activism if management and the Board determine that the activist’s demands are not in the best interest of the Trust. Further, the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">Trust’s share price could be subject to significant fluctuation or otherwise be adversely affected by the events, risks and uncertainties of any shareholder activism.</div></div> <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">The following table and example are intended to assist shareholders in understanding the various costs and expenses directly or indirectly associated with investing in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">BGT</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">’</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">s common shares.</div> <table cellpadding="0" cellspacing="0" style="text-align:start; border-top:0.5pt solid #000000;empty-cells:show;margin-left:12pt;width:535pt"> <tr style="height:13pt"> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:469.36pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-right: 5pt; text-align: center; white-space: nowrap; font-size: 9pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:65.64pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:3pt;margin-right:6pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">BGT</div></div></div></div></td></tr> <tr style="height:11.5pt"> <td style="background-color:azure;vertical-align:Bottom;width:469.36pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:5pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Shareholder Transaction Expenses</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:65.64pt"><div style="line-height:0.5pt;margin-left:5pt;margin-right:4pt;text-align:right;width:52.64pt"><div style="display:flex;margin:auto;width:52.64pt"> </div></div></td></tr> <tr style="height:10pt"> <td style="vertical-align:Bottom;width:469.36pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:5pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Maximum sales load (<div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;">as a percentage of offering price</div></div>)</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(a)</div></div></div></td> <td style="vertical-align:Bottom;width:65.64pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:3pt;margin-right:6pt;text-align:Center;white-space:nowrap;width:52.64pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 33.88pt; letter-spacing: 0px; top: 0px;display:inline;">1.00%</div></div></div></td></tr> <tr style="height:10pt"> <td style="background-color:azure;vertical-align:Bottom;width:469.36pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:5pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Offering expenses borne by the Trust (as a percentage of offering price)</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(a)</div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;width:65.64pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:3pt;margin-right:6pt;text-align:Center;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 33.88pt; letter-spacing: 0px; top: 0px;display:inline;">0.03%</div></div></div></td></tr> <tr style="height:40pt"> <td style="vertical-align:Bottom;width:469.36pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:5pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Dividend reinvestment plan fees</div></div></div></td> <td style="vertical-align:Bottom;width:65.64pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:3pt;margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3pt; letter-spacing: 0px; top: 0px;display:inline;">$0.02</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">per</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">share</div> <br/></div><div style="margin-left:3pt;margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3pt; letter-spacing: 0px; top: 0px;display:inline;">for</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">open</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">market</div> <br/></div><div style="margin-left:3pt;margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3pt; letter-spacing: 0px; top: 0px;display:inline;">purchases</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">of</div> <br/></div><div style="margin-left:3pt;margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 3pt; letter-spacing: 0px; top: 0px;display:inline;">common</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">shares</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(b)</div> </div></div></td></tr> <tr style="height:10pt"> <td style="background-color:azure;vertical-align:Bottom;width:469.36pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:5pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Dividend reinvestment plan sale transaction fee</div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;width:65.64pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:3pt;margin-right:6pt;text-align:Center;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 30.23pt; letter-spacing: 0px; top: 0px;display:inline;">$2.50</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(b)</div> </div></div></td></tr></table><div style="clear:both;margin-top:0.0pt;position:relative;width:100%"><div style="float:left;line-height:7pt;margin-left:12pt;text-align:left;width:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(a)</div></div><div style="float:left;line-height:10.0pt;margin-left:3.7pt;text-align:justify;width:532.3pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">If the common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses. Trust shareholders </div></div></div><div style="clear:both;position:relative;width:100%"><div style="float:left;line-height:10.0pt;margin-left:28.25pt;text-align:left;width:525.75pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">will pay all offering expenses involved with an offering.</div></div></div><div style="clear:both;margin-top:0.00pt;position:relative;width:100%"><div style="float:left;line-height:7pt;margin-left:12pt;text-align:left;width:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(b)</div></div><div style="float:left;line-height:10.0pt;margin-left:3.7pt;text-align:justify;width:532.3pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:hidden170068387;display:inline;">Computershare Trust Company, N.A. (the "Reinvestment</div> Plan Agent") fees for the handling of the reinvestment of dividends will be paid by BGT. However, shareholders will pay a </div></div></div><div style="clear:both;position:relative;width:100%"><div style="float:left;line-height:10.0pt;margin-left:28.25pt;text-align:justify;width:525.75pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">$0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. Shareholders will also be charged a $2.50 sales fee and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">pay a $0.15 per share fee if direct the Reinvestment Plan Agent to sell the common shares held in a dividend reinvestment account. Per share fees include any applicable brokerage </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">commissions the Reinvestment Plan Agent is required to pay.</div></div></div> as a percentage of offering price 0.01 as a percentage of offering price 0.0003 2.5 <table style="text-align:start; /* border-top:0.5pt solid #000000; */empty-cells:show;margin-left:12pt;width:535pt"> <tr style="height:13pt"> <td style="vertical-align:Bottom;width:469.36pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:5pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Estimated Annual Expenses</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> (as a percentage of net assets attributable to common shares)</div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:65.64pt"><div style="line-height:0.5pt;margin-left:5pt;margin-right:4pt;text-align:right;width:52.64pt"><div style="display:flex;margin:auto;width:52.64pt"> </div></div></td></tr> <tr style="height:10pt"> <td style="background-color:azure;vertical-align:Bottom;width:469.36pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:5pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Investment advisory fees</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(c)(d)</div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;width:65.64pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:3pt;margin-right:6pt;text-align:Center;white-space:nowrap;width:52.64pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 33.88pt; letter-spacing: 0px; top: 0px;display:inline;">0.90</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">% </div></div></div></td></tr> <tr style="height:10pt"> <td style="vertical-align:Bottom;width:469.36pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:5pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Other expenses</div></div></div></td> <td style="vertical-align:Bottom;width:65.64pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:3pt;margin-right:6pt;text-align:Center;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 33.88pt; letter-spacing: 0px; top: 0px;display:inline;">1.19</div></div></div></td></tr> <tr style="height:10pt"> <td style="background-color:azure;vertical-align:Bottom;width:469.36pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:5pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Miscellaneous</div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;width:65.64pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:3pt;margin-right:6pt;text-align:Center;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 25.5pt; letter-spacing: 0px; top: 0px;display:inline;">0.10</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td></tr> <tr style="height:10pt"> <td style="vertical-align:Bottom;width:469.36pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:5pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Interest expense</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(e)</div></div></div></td> <td style="vertical-align:Bottom;width:65.64pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:3pt;margin-right:6pt;text-align:Center;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 25.5pt; letter-spacing: 0px; top: 0px;display:inline;">1.09</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td></tr> <tr style="height:10pt"> <td style="background-color:azure;vertical-align:Bottom;width:469.36pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:5pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Acquired fund fees and expenses</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(f)</div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;width:65.64pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:3pt;margin-right:6pt;text-align:Center;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 33.88pt; letter-spacing: 0px; top: 0px;display:inline;">0.04</div></div></div></td></tr> <tr style="height:10pt"> <td style="vertical-align:Bottom;width:469.36pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:5pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total annual expenses</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(f)</div></div></div></td> <td style="vertical-align:Bottom;width:65.64pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:3pt;margin-right:6pt;text-align:Center;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 33.88pt; letter-spacing: 0px; top: 0px;display:inline;">2.13</div></div></div></td></tr> <tr style="height:10pt"> <td style="background-color:azure;vertical-align:Bottom;width:469.36pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:5pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fee waivers</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(d)</div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;width:65.64pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:3pt;margin-right:6pt;text-align:Center;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 31.7pt; letter-spacing: 0px; top: 0px;display:inline;">(0.03)</div></div></div></td></tr> <tr style="height:13pt"> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:469.36pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-right:5pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total annual Trust operating expenses after fee waivers</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(d)</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:65.64pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:3pt;margin-right:6pt;text-align:Center;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 33.88pt; letter-spacing: 0px; top: 0px;display:inline;">2.10</div></div></div></td></tr></table><div><div style="clear:both;margin-top:0.00pt;position:relative;width:100%"><div style="float:left;line-height:7pt;margin-left:12pt;text-align:left;width:5.72pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(c)</div></div><div style="float:left;line-height:10.0pt;margin-left:3.98pt;text-align:justify;width:532.30pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">BGT currently pays the Manager a monthly fee at an annual contractual investment advisory fee rate of 0.75% of the average weekly value of BGT’s Managed Assets. “Managed </div></div></div><div style="clear:both;position:relative;width:100%"><div style="float:left;line-height:10.0pt;margin-left:28.25pt;text-align:justify;width:525.75pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Assets” means the total assets of BGT (including any assets attributable to money borrowed for investment purposes) minus the sum of BGT’s accrued liabilities (other than money </div></div></div><div style="clear:both;position:relative;width:100%"><div style="float:left;line-height:10.0pt;margin-left:28.25pt;text-align:left;width:525.75pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">borrowed for investment purposes).</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:0.00pt;position:relative;width:100%"><div style="float:left;line-height:7pt;margin-left:12pt;text-align:left;width:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(d)</div></div><div style="float:left;line-height:10.0pt;margin-left:3.7pt;text-align:justify;width:532.3pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:hidden170068388;display:inline;">BGT and the Manager have entered into a fee waiver agreement (the “Fee Waiver Agreement”), pursuant to which the Manager has contractually agreed to waive the investment</div> </div></div></div><div style="clear:both;position:relative;width:100%"><div style="float:left;line-height:10.0pt;margin-left:28.25pt;text-align:justify;width:525.75pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">advisory fees with respect to any portion of BGT’s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds (“ETFs”) managed by </div></div></div><div style="clear:both;position:relative;width:100%"><div style="float:left;line-height:10.0pt;margin-left:28.25pt;text-align:justify;width:525.75pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">the Manager or its affiliates that have a contractual management fee, through June 30, 2027. In addition, pursuant to the Fee Waiver Agreement, the Manager has contractually agreed </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">to waive its investment advisory fees by the amount of investment advisory fees BGT pays to the Manager indirectly through its investment in money market funds managed by the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Manager or its affiliates, through June 30, 2027. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by BGT (upon the vote of a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">majority of the Trustees who are not “interested persons” (as defined in the Investment Company Act) of BGT (the “Independent Trustees”) or a majority of the outstanding voting </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">securities of BGT), upon 90 days’ written notice by BGT to the Manager.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:0.00pt;position:relative;width:100%"><div style="float:left;line-height:7pt;margin-left:12pt;text-align:left;width:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(e)</div></div><div style="float:left;line-height:10.0pt;margin-left:3.7pt;text-align:justify;width:532.3pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">BGT uses leverage in the form of a credit facility in an amount equal to approximately 16.7% of BGT’s Managed Assets as of December 31, 2025. The interest expense borne by BGT </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">will vary over time in accordance with the level of BGT’s use of leverage and variations in market interest rates. Interest expense is required to be treated as an expense of BGT for </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">accounting purposes.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:0.00pt;position:relative;width:100%"><div style="float:left;line-height:7pt;margin-left:12pt;text-align:left;width:4.63pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(f)</div></div><div style="float:left;line-height:10.0pt;margin-left:5.07pt;text-align:justify;width:532.30pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">The total annual expenses do not correlate to the ratios to average net assets shown in BGT’s Financial Highlights for the year ended December 31, 2025, which do not include </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">acquired fund fees and expenses.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div> as a percentage of net assets attributable to common shares 0.009 0.0119 0.001 0.0109 0.0004 0.0213 -0.0003 0.021 <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">The total annual expenses do not correlate to the ratios to average net assets shown in BGT’s Financial Highlights for the year ended December 31, 2025, which do not include </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">acquired fund fees and expenses.</div> <div style="line-height:11.00pt;margin-top:9.00pt;text-align:left"><div style="margin-top:9pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">The following example illustrates BGT</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">’</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">s expenses (including the sales load of $10.00 and offering costs of $0.35) that shareholders would pay on a $1,000 investment in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">common shares, assuming (i) total net annual expenses of 2.10% of net assets attributable to common shares and (ii) a 5% annual return:</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 0.1pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:0.1pt;margin-top:-0.1pt;text-align:left"> </div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; border-bottom:0.5pt solid #000000;empty-cells:show;margin-left:7.07pt;width:544.87pt"> <tr style="height:8.75pt"> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:416pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-right: 3pt; text-align: left; white-space: nowrap; font-size: 9pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:24.6pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:1pt;margin-right:1pt;text-align-last:Justify;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1 Year</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:27.88pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:1pt;margin-right:1pt;text-align-last:Justify;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3 Years</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:27.88pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:1pt;margin-right:1pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">5 Years</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:31.52pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:1pt;margin-right:1pt;text-align-last:Justify;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">10 Years</div></div></div></td> <td style="vertical-align: bottom; width: 6pt; padding-bottom: 0.5pt;"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 3pt; text-align: center; white-space: nowrap; font-size: 8pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="vertical-align: bottom; width: 11pt; padding-bottom: 0.5pt;"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 8pt; text-align: center; white-space: nowrap; font-size: 8pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td></tr> <tr style="height:11.25pt"> <td style="background-color:azure;vertical-align:Bottom;width:416pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:3pt;text-align:Left;white-space:nowrap;width:auto"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total expenses incurred</div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:24.6pt"><div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:18.6pt"><div style="display:flex;margin-left:auto;width:18.6pt"><div style="display:flex;white-space:nowrap;width:18.6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 18.6pt; letter-spacing: 0px; top: 0px;display:inline;">$ </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 18.6pt; letter-spacing: 0px; top: 0px;display:inline;">31</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:27.88pt"><div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:21.88pt"><div style="display:flex;margin-left:auto;width:21.88pt"><div style="display:flex;white-space:nowrap;width:21.88pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.88pt; letter-spacing: 0px; top: 0px;display:inline;">$ </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.88pt; letter-spacing: 0px; top: 0px;display:inline;">76</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:27.88pt"><div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:21.88pt"><div style="display:flex;margin-left:auto;width:21.88pt"><div style="display:flex;white-space:nowrap;width:21.88pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.88pt; letter-spacing: 0px; top: 0px;display:inline;">$ </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.88pt; letter-spacing: 0px; top: 0px;display:inline;">123</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:31.52pt"><div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:25.52pt"><div style="display:flex;margin-left:auto;width:25.52pt"><div style="display:flex;white-space:nowrap;width:25.52pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 25.52pt; letter-spacing: 0px; top: 0px;display:inline;">$ </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 25.52pt; letter-spacing: 0px; top: 0px;display:inline;">254</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:6pt"><div style="line-height:0.5pt;margin-left:3pt;margin-right:3pt;text-align:right"><div style="display:flex;margin-left:auto;width:auto"> </div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:11pt"><div style="line-height:0.5pt;margin-left:3pt;margin-right:4pt;text-align:right"><div style="display:flex;margin-left:auto;width:auto"> </div></div></td></tr></table></div> 31 76 123 254 <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The example should not b<div style="display:inline;">e</div> considered a representation of future expenses. The example assumes that the estimated “Other expenses” set forth in the Estimated Annual </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">Expenses table are accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. BGT’s actual rate of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">return may be greater or less than the hypothetical 5% return shown in the example.</div> <div style="line-height:13.00pt;margin-top:0.00pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 11pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Share Price Data</div></div></div><div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The following tables summarize each Trust</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">’</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">s highest and lowest daily closing market prices on the NYSE per common share, the NAV per common share, and the premium to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">or discount from NAV, on the date of each of the high and low market prices.  The trading volume indicates the number of common shares traded on the NYSE during the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">respective quarters.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 0.1pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; border-bottom:0.5pt solid #000000;empty-cells:show;margin-left:12pt;width:535pt"> <tr style="height:46.5pt"> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:240.78pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-right: 6pt; text-align: right; white-space: nowrap; font-size: 8pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td colspan="2" style="vertical-align: bottom; width: 79.3pt; padding-bottom: 0.5pt;"><div style="line-height:11.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:7.57%;margin-right:12.61%;padding-bottom:1pt"><div style="text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">NYSE Market Price</div></div> <br/></div><div style="text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Per Common Share</div></div></div></div></div></td> <td colspan="2" style="vertical-align: bottom; width: 82.82pt; padding-bottom: 0.5pt;"><div style="line-height:11.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:12.07%;margin-right:12.07%;padding-bottom:1pt"><div style="text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">NAV per Common</div></div> <br/></div><div style="text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Share on Date of</div></div> <br/></div><div style="text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Market Price</div></div></div></div></div></td> <td colspan="2" style="vertical-align: bottom; width: 68.42pt; padding-bottom: 0.5pt;"><div style="line-height:11.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:14.62%;margin-right:14.62%;padding-bottom:1pt"><div style="text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Premium/</div></div> <br/></div><div style="text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">(Discount)</div></div> <br/></div><div style="text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">on Date of</div></div> <br/></div><div style="text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Market Price</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div></td> <td style="vertical-align: bottom; width: 63.69pt; padding-bottom: 0.5pt;"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 8pt; margin-right: 6pt; text-align: right; white-space: nowrap; font-size: 8pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td></tr> <tr style="height:13pt"> <td style="background-color:azure;border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:240.78pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">BGT — During Quarter Ended</div></div></div></td> <td style="background-color:azure;border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:37.89pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:4pt;margin-right:8pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">High</div></div></div></td> <td style="background-color:azure;border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:41.41pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:8pt;margin-right:8pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Low</div></div></div></td> <td style="background-color:azure;border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:41.41pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:8pt;margin-right:8pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">High</div></div></div></td> <td style="background-color:azure;border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:41.41pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:8pt;margin-right:8pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Low</div></div></div></td> <td style="background-color:azure;border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:33.48pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:8pt;margin-right:8pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">High</div></div></div></td> <td style="background-color:azure;border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:34.94pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:8pt;margin-right:8pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Low</div></div></div></td> <td style="background-color:azure;border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:63.69pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:8pt;margin-right:6pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Trading Volume</div></div></div></td></tr> <tr style="height:11.5pt"> <td style="vertical-align:Bottom;width:240.78pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">December 31, 2025</div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:37.89pt"><div style="line-height:10pt;margin-left:6pt;margin-right:10pt;text-align:right;width:21.89pt"><div style="display:flex;margin-left:auto;width:21.89pt"><div style="display:flex;white-space:nowrap;width:21.89pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.89pt; letter-spacing: 0px; top: 0px;display:inline;">$ </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.89pt; letter-spacing: 0px; top: 0px;display:inline;">12.21</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:41.41pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.41pt"><div style="display:flex;margin-left:auto;width:21.41pt"><div style="display:flex;white-space:nowrap;width:21.41pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.41pt; letter-spacing: 0px; top: 0px;display:inline;">$ </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.41pt; letter-spacing: 0px; top: 0px;display:inline;">11.03</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:41.41pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.41pt"><div style="display:flex;margin-left:auto;width:21.41pt"><div style="display:flex;white-space:nowrap;width:21.41pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.41pt; letter-spacing: 0px; top: 0px;display:inline;">$ </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.41pt; letter-spacing: 0px; top: 0px;display:inline;">11.97</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:41.41pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.41pt"><div style="display:flex;margin-left:auto;width:21.41pt"><div style="display:flex;white-space:nowrap;width:21.41pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.41pt; letter-spacing: 0px; top: 0px;display:inline;">$ </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.41pt; letter-spacing: 0px; top: 0px;display:inline;">11.84</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:33.48pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:13.48pt"><div style="display:flex;margin-left:auto;width:13.48pt"><div style="display:flex;white-space:nowrap;width:13.48pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 13.48pt; letter-spacing: 0px; top: 0px;display:inline;">2.01</div></div><div style="display:flex;width:13.48pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">% </div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:34.94pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:14.94pt"><div style="display:flex;margin-left:auto;width:14.94pt"><div style="display:flex;white-space:nowrap;width:14.94pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 14.94pt; letter-spacing: 0px; top: 0px;display:inline;">(6.84</div></div><div style="display:flex;width:14.94pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">)</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">% </div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:63.69pt"><div style="line-height:10pt;margin-left:10pt;margin-right:4pt;text-align:right;width:45.69pt"><div style="display:flex;margin-left:auto;width:45.69pt"><div style="display:flex;white-space:nowrap;width:45.69pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 45.69pt; letter-spacing: 0px; top: 0px;display:inline;">11,701,108</div></div></div></div></td></tr> <tr style="height:10pt"> <td style="background-color:azure;vertical-align:Bottom;width:240.78pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">September 30, 2025</div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:37.89pt"><div style="line-height:10pt;margin-left:6pt;margin-right:10pt;text-align:right;width:21.89pt"><div style="display:flex;margin-left:auto;width:21.89pt"><div style="display:flex;white-space:nowrap;width:21.89pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.89pt; letter-spacing: 0px; top: 0px;display:inline;">12.75</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:41.41pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.41pt"><div style="display:flex;margin-left:auto;width:21.41pt"><div style="display:flex;white-space:nowrap;width:21.41pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.41pt; letter-spacing: 0px; top: 0px;display:inline;">12.07</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:41.41pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.41pt"><div style="display:flex;margin-left:auto;width:21.41pt"><div style="display:flex;white-space:nowrap;width:21.41pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.41pt; letter-spacing: 0px; top: 0px;display:inline;">12.20</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:41.41pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.41pt"><div style="display:flex;margin-left:auto;width:21.41pt"><div style="display:flex;white-space:nowrap;width:21.41pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.41pt; letter-spacing: 0px; top: 0px;display:inline;">12.02</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:33.48pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:13.48pt"><div style="display:flex;margin-left:auto;width:13.48pt"><div style="display:flex;white-space:nowrap;width:13.48pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 13.48pt; letter-spacing: 0px; top: 0px;display:inline;">4.51</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:34.94pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:14.94pt"><div style="display:flex;margin-left:auto;width:14.94pt"><div style="display:flex;white-space:nowrap;width:14.94pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 14.94pt; letter-spacing: 0px; top: 0px;display:inline;">0.42</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:63.69pt"><div style="line-height:10pt;margin-left:10pt;margin-right:4pt;text-align:right;width:45.69pt"><div style="display:flex;margin-left:auto;width:45.69pt"><div style="display:flex;white-space:nowrap;width:45.69pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 45.69pt; letter-spacing: 0px; top: 0px;display:inline;">10,007,276</div></div></div></div></td></tr> <tr style="height:10pt"> <td style="vertical-align:Bottom;width:240.78pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">June 30, 2025</div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:37.89pt"><div style="line-height:10pt;margin-left:6pt;margin-right:10pt;text-align:right;width:21.89pt"><div style="display:flex;margin-left:auto;width:21.89pt"><div style="display:flex;white-space:nowrap;width:21.89pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.89pt; letter-spacing: 0px; top: 0px;display:inline;">12.62</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:41.41pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.41pt"><div style="display:flex;margin-left:auto;width:21.41pt"><div style="display:flex;white-space:nowrap;width:21.41pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.41pt; letter-spacing: 0px; top: 0px;display:inline;">10.95</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:41.41pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.41pt"><div style="display:flex;margin-left:auto;width:21.41pt"><div style="display:flex;white-space:nowrap;width:21.41pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.41pt; letter-spacing: 0px; top: 0px;display:inline;">12.06</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:41.41pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.41pt"><div style="display:flex;margin-left:auto;width:21.41pt"><div style="display:flex;white-space:nowrap;width:21.41pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.41pt; letter-spacing: 0px; top: 0px;display:inline;">11.88</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:33.48pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:13.48pt"><div style="display:flex;margin-left:auto;width:13.48pt"><div style="display:flex;white-space:nowrap;width:13.48pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 13.48pt; letter-spacing: 0px; top: 0px;display:inline;">4.64</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:34.94pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:14.94pt"><div style="display:flex;margin-left:auto;width:14.94pt"><div style="display:flex;white-space:nowrap;width:14.94pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 14.94pt; letter-spacing: 0px; top: 0px;display:inline;">(7.83</div></div><div style="display:flex;width:14.94pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">)</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:63.69pt"><div style="line-height:10pt;margin-left:10pt;margin-right:4pt;text-align:right;width:45.69pt"><div style="display:flex;margin-left:auto;width:45.69pt"><div style="display:flex;white-space:nowrap;width:45.69pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 45.69pt; letter-spacing: 0px; top: 0px;display:inline;">8,079,245</div></div></div></div></td></tr> <tr style="height:10pt"> <td style="background-color:azure;vertical-align:Bottom;width:240.78pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">March 31, 2025</div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:37.89pt"><div style="line-height:10pt;margin-left:6pt;margin-right:10pt;text-align:right;width:21.89pt"><div style="display:flex;margin-left:auto;width:21.89pt"><div style="display:flex;white-space:nowrap;width:21.89pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.89pt; letter-spacing: 0px; top: 0px;display:inline;">12.93</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:41.41pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.41pt"><div style="display:flex;margin-left:auto;width:21.41pt"><div style="display:flex;white-space:nowrap;width:21.41pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.41pt; letter-spacing: 0px; top: 0px;display:inline;">12.34</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:41.41pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.41pt"><div style="display:flex;margin-left:auto;width:21.41pt"><div style="display:flex;white-space:nowrap;width:21.41pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.41pt; letter-spacing: 0px; top: 0px;display:inline;">12.58</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:41.41pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.41pt"><div style="display:flex;margin-left:auto;width:21.41pt"><div style="display:flex;white-space:nowrap;width:21.41pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.41pt; letter-spacing: 0px; top: 0px;display:inline;">12.22</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:33.48pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:13.48pt"><div style="display:flex;margin-left:auto;width:13.48pt"><div style="display:flex;white-space:nowrap;width:13.48pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 13.48pt; letter-spacing: 0px; top: 0px;display:inline;">2.78</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:34.94pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:14.94pt"><div style="display:flex;margin-left:auto;width:14.94pt"><div style="display:flex;white-space:nowrap;width:14.94pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 14.94pt; letter-spacing: 0px; top: 0px;display:inline;">0.98</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:63.69pt"><div style="line-height:10pt;margin-left:10pt;margin-right:4pt;text-align:right;width:45.69pt"><div style="display:flex;margin-left:auto;width:45.69pt"><div style="display:flex;white-space:nowrap;width:45.69pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 45.69pt; letter-spacing: 0px; top: 0px;display:inline;">9,161,297</div></div></div></div></td></tr> <tr style="height:10pt"> <td style="vertical-align:Bottom;width:240.78pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">December 31, 2024</div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:37.89pt"><div style="line-height:10pt;margin-left:6pt;margin-right:10pt;text-align:right;width:21.89pt"><div style="display:flex;margin-left:auto;width:21.89pt"><div style="display:flex;white-space:nowrap;width:21.89pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.89pt; letter-spacing: 0px; top: 0px;display:inline;">13.40</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:41.41pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.41pt"><div style="display:flex;margin-left:auto;width:21.41pt"><div style="display:flex;white-space:nowrap;width:21.41pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.41pt; letter-spacing: 0px; top: 0px;display:inline;">12.69</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:41.41pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.41pt"><div style="display:flex;margin-left:auto;width:21.41pt"><div style="display:flex;white-space:nowrap;width:21.41pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.41pt; letter-spacing: 0px; top: 0px;display:inline;">12.57</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:41.41pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.41pt"><div style="display:flex;margin-left:auto;width:21.41pt"><div style="display:flex;white-space:nowrap;width:21.41pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.41pt; letter-spacing: 0px; top: 0px;display:inline;">12.54</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:33.48pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:13.48pt"><div style="display:flex;margin-left:auto;width:13.48pt"><div style="display:flex;white-space:nowrap;width:13.48pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 13.48pt; letter-spacing: 0px; top: 0px;display:inline;">6.60</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:34.94pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:14.94pt"><div style="display:flex;margin-left:auto;width:14.94pt"><div style="display:flex;white-space:nowrap;width:14.94pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 14.94pt; letter-spacing: 0px; top: 0px;display:inline;">1.20</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:63.69pt"><div style="line-height:10pt;margin-left:10pt;margin-right:4pt;text-align:right;width:45.69pt"><div style="display:flex;margin-left:auto;width:45.69pt"><div style="display:flex;white-space:nowrap;width:45.69pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 45.69pt; letter-spacing: 0px; top: 0px;display:inline;">7,387,718</div></div></div></div></td></tr> <tr style="height:10pt"> <td style="background-color:azure;vertical-align:Bottom;width:240.78pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">September 30, 2024</div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:37.89pt"><div style="line-height:10pt;margin-left:6pt;margin-right:10pt;text-align:right;width:21.89pt"><div style="display:flex;margin-left:auto;width:21.89pt"><div style="display:flex;white-space:nowrap;width:21.89pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.89pt; letter-spacing: 0px; top: 0px;display:inline;">13.20</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:41.41pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.41pt"><div style="display:flex;margin-left:auto;width:21.41pt"><div style="display:flex;white-space:nowrap;width:21.41pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.41pt; letter-spacing: 0px; top: 0px;display:inline;">12.37</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:41.41pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.41pt"><div style="display:flex;margin-left:auto;width:21.41pt"><div style="display:flex;white-space:nowrap;width:21.41pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.41pt; letter-spacing: 0px; top: 0px;display:inline;">12.72</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:41.41pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.41pt"><div style="display:flex;margin-left:auto;width:21.41pt"><div style="display:flex;white-space:nowrap;width:21.41pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.41pt; letter-spacing: 0px; top: 0px;display:inline;">12.59</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:33.48pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:13.48pt"><div style="display:flex;margin-left:auto;width:13.48pt"><div style="display:flex;white-space:nowrap;width:13.48pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 13.48pt; letter-spacing: 0px; top: 0px;display:inline;">3.77</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:34.94pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:14.94pt"><div style="display:flex;margin-left:auto;width:14.94pt"><div style="display:flex;white-space:nowrap;width:14.94pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 14.94pt; letter-spacing: 0px; top: 0px;display:inline;">(1.75</div></div><div style="display:flex;width:14.94pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">)</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:63.69pt"><div style="line-height:10pt;margin-left:10pt;margin-right:4pt;text-align:right;width:45.69pt"><div style="display:flex;margin-left:auto;width:45.69pt"><div style="display:flex;white-space:nowrap;width:45.69pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 45.69pt; letter-spacing: 0px; top: 0px;display:inline;">6,972,629</div></div></div></div></td></tr> <tr style="height:10pt"> <td style="vertical-align:Bottom;width:240.78pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">June 30, 2024</div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:37.89pt"><div style="line-height:10pt;margin-left:6pt;margin-right:10pt;text-align:right;width:21.89pt"><div style="display:flex;margin-left:auto;width:21.89pt"><div style="display:flex;white-space:nowrap;width:21.89pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.89pt; letter-spacing: 0px; top: 0px;display:inline;">13.74</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:41.41pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.41pt"><div style="display:flex;margin-left:auto;width:21.41pt"><div style="display:flex;white-space:nowrap;width:21.41pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.41pt; letter-spacing: 0px; top: 0px;display:inline;">12.69</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:41.41pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.41pt"><div style="display:flex;margin-left:auto;width:21.41pt"><div style="display:flex;white-space:nowrap;width:21.41pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.41pt; letter-spacing: 0px; top: 0px;display:inline;">12.80</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:41.41pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.41pt"><div style="display:flex;margin-left:auto;width:21.41pt"><div style="display:flex;white-space:nowrap;width:21.41pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.41pt; letter-spacing: 0px; top: 0px;display:inline;">12.78</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:33.48pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:13.48pt"><div style="display:flex;margin-left:auto;width:13.48pt"><div style="display:flex;white-space:nowrap;width:13.48pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 13.48pt; letter-spacing: 0px; top: 0px;display:inline;">7.34</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:34.94pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:14.94pt"><div style="display:flex;margin-left:auto;width:14.94pt"><div style="display:flex;white-space:nowrap;width:14.94pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 14.94pt; letter-spacing: 0px; top: 0px;display:inline;">(0.70</div></div><div style="display:flex;width:14.94pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">)</div></div></div></div></td> <td style="vertical-align:Bottom;white-space:nowrap;width:63.69pt"><div style="line-height:10pt;margin-left:10pt;margin-right:4pt;text-align:right;width:45.69pt"><div style="display:flex;margin-left:auto;width:45.69pt"><div style="display:flex;white-space:nowrap;width:45.69pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 45.69pt; letter-spacing: 0px; top: 0px;display:inline;">5,730,756</div></div></div></div></td></tr> <tr style="height:10.5pt"> <td style="background-color:azure;vertical-align:Bottom;width:240.78pt"><div style="line-height:10pt;text-align:left"><div style="margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">March 31, 2024</div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:37.89pt"><div style="line-height:10pt;margin-left:6pt;margin-right:10pt;text-align:right;width:21.89pt"><div style="display:flex;margin-left:auto;width:21.89pt"><div style="display:flex;white-space:nowrap;width:21.89pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.89pt; letter-spacing: 0px; top: 0px;display:inline;">13.40</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:41.41pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.41pt"><div style="display:flex;margin-left:auto;width:21.41pt"><div style="display:flex;white-space:nowrap;width:21.41pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.41pt; letter-spacing: 0px; top: 0px;display:inline;">12.04</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:41.41pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.41pt"><div style="display:flex;margin-left:auto;width:21.41pt"><div style="display:flex;white-space:nowrap;width:21.41pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.41pt; letter-spacing: 0px; top: 0px;display:inline;">12.95</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:41.41pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.41pt"><div style="display:flex;margin-left:auto;width:21.41pt"><div style="display:flex;white-space:nowrap;width:21.41pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 21.41pt; letter-spacing: 0px; top: 0px;display:inline;">12.82</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:33.48pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:13.48pt"><div style="display:flex;margin-left:auto;width:13.48pt"><div style="display:flex;white-space:nowrap;width:13.48pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 13.48pt; letter-spacing: 0px; top: 0px;display:inline;">3.47</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:34.94pt"><div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:14.94pt"><div style="display:flex;margin-left:auto;width:14.94pt"><div style="display:flex;white-space:nowrap;width:14.94pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 14.94pt; letter-spacing: 0px; top: 0px;display:inline;">(6.08</div></div><div style="display:flex;width:14.94pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: auto; letter-spacing: 0px; top: 0px;display:inline;">)</div></div></div></div></td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:63.69pt"><div style="line-height:10pt;margin-left:10pt;margin-right:4pt;text-align:right;width:45.69pt"><div style="display:flex;margin-left:auto;width:45.69pt"><div style="display:flex;white-space:nowrap;width:45.69pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 45.69pt; letter-spacing: 0px; top: 0px;display:inline;">6,655,848</div></div></div></div></td></tr></table><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">As of December <div style="display:inline;">31</div>, 2025, BGT</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">’</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">s market price, NAV per Common Share, and premium/(discount) to NAV per Common Share were $11.33, $11.84, and (4.31)%, respectively.</div></div> 12.21 11.03 11.97 11.84 0.0201 -0.0684 12.75 12.07 12.2 12.02 0.0451 0.0042 12.62 10.95 12.06 11.88 0.0464 -0.0783 12.93 12.34 12.58 12.22 0.0278 0.0098 13.4 12.69 12.57 12.54 0.066 0.012 13.2 12.37 12.72 12.59 0.0377 -0.0175 13.74 12.69 12.8 12.78 0.0734 -0.007 13.4 12.04 12.95 12.82 0.0347 -0.0608 11.33 11.84 -0.0431 <div style="line-height:13.00pt;margin-top:0.00pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 11pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Senior <div style="letter-spacing: 0px; top: 0px;display:inline;">Securities</div></div></div></div> <div style="line-height:11.00pt;margin-top:8.00pt;text-align:justify"><div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The following tables set forth information regarding HYT</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">’</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">s and BGT</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">’</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">s outstanding senior securities as of the end of each Trust</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">’</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">s last ten fiscal years, as applicable.  Each of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">HYT</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">’</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">s and BGT</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">’</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">s audited financial statements, including Deloitte &amp; Touche LLP</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">’</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">s Report of Independent Registered Public Accounting Firm, and accompanying notes to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">financial statements, are included in this annual report.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 0.1pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; border-bottom:0.5pt solid #000000;empty-cells:show;margin-left:12pt;width:535pt"> <tr style="height:36.5pt"> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:254.93pt"> <div style="line-height:11.0pt;text-align:left"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">BGT — Fiscal Year Ended</div></div> </div> </td> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:53.93pt"> <div style="line-height:11.0pt;text-align:left"> <div style="margin-left:4pt;margin-right:8pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Total Amount</div> </div> <div style="margin-left:4pt;margin-right:8pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Outstanding</div> </div> <div style="margin-left:4pt;margin-right:8pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">(000)</div></div> </div> </td> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:48.42pt"> <div style="line-height:11.0pt;text-align:left"> <div style="margin-left:8pt;margin-right:8pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Asset</div> </div> <div style="margin-left:8pt;margin-right:8pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Coverage</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; margin-right: -8pt; letter-spacing: 0px;display:inline;">(a)</div></div> </div> </td> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:52.05pt"> <div style="line-height:11.0pt;text-align:left"> <div style="margin-left:8pt;margin-right:8pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Liquidation</div> </div> <div style="margin-left:8pt;margin-right:8pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Preference</div></div> </div> </td> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:58.14pt"> <div style="line-height:11.0pt;text-align:left"> <div style="margin-left:8pt;margin-right:8pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Average</div> </div> <div style="margin-left:8pt;margin-right:8pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Market Value</div> </div> <div style="margin-left:8pt;margin-right:8pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">(000)</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; margin-right: -8pt; letter-spacing: 0px;display:inline;">(b)</div></div> </div> </td> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:67.53pt"> <div style="line-height:11.0pt;text-align:left"> <div style="margin-left:10pt;margin-right:8pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Type of</div> </div> <div style="margin-left:10pt;margin-right:8pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Senior Security</div></div> </div> </td> </tr> <tr style="height:11.5pt"> <td style="background-color:azure;vertical-align:Bottom;width:254.93pt"> <div style="line-height:10pt;text-align:left"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">December 31, 2025</div></div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:53.93pt"> <div style="line-height:10pt;margin-left:6pt;margin-right:10pt;text-align:right;width:37.93pt"> <div style="display:flex;margin-left:auto;width:37.93pt"> <div style="display:flex;white-space:nowrap;width:37.93pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 37.93pt; letter-spacing: 0px; top: 0px;display:inline;">$ </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 37.93pt; letter-spacing: 0px; top: 0px;display:inline;">71,000</div></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:48.42pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:28.42pt"> <div style="display:flex;margin-left:auto;width:28.42pt"> <div style="display:flex;white-space:nowrap;width:28.42pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 28.42pt; letter-spacing: 0px; top: 0px;display:inline;">$ </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 28.42pt; letter-spacing: 0px; top: 0px;display:inline;">5,973</div></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:52.05pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:32.05pt"> <div style="display:flex;margin-left:auto;width:32.05pt"> <div style="display:flex;white-space:nowrap;width:32.05pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 32.05pt; letter-spacing: 0px; top: 0px;display:inline;">$ </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 32.05pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</div></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:58.14pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:38.14pt"> <div style="display:flex;margin-left:auto;width:38.14pt"> <div style="display:flex;white-space:nowrap;width:38.14pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 38.14pt; letter-spacing: 0px; top: 0px;display:inline;">$ </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 38.14pt; letter-spacing: 0px; top: 0px;display:inline;">69,877</div></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;width:67.53pt"> <div style="line-height:10pt;text-align:left"> <div style="margin-left:10pt;margin-right:8pt;text-align:Right;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Bank</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Borrowings</div></div> </div> </td> </tr> <tr style="height:10pt"> <td style="vertical-align:Bottom;width:254.93pt"> <div style="line-height:10pt;text-align:left"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">December 31, 2024</div></div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:53.93pt"> <div style="line-height:10pt;margin-left:6pt;margin-right:10pt;text-align:right;width:37.93pt"> <div style="display:flex;margin-left:auto;width:37.93pt"> <div style="display:flex;white-space:nowrap;width:37.93pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 37.93pt; letter-spacing: 0px; top: 0px;display:inline;">62,000</div></div> </div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:48.42pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:28.42pt"> <div style="display:flex;margin-left:auto;width:28.42pt"> <div style="display:flex;white-space:nowrap;width:28.42pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 28.42pt; letter-spacing: 0px; top: 0px;display:inline;">6,174</div></div> </div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:52.05pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:32.05pt"> <div style="display:flex;margin-left:auto;width:32.05pt"> <div style="display:flex;white-space:nowrap;width:32.05pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 32.05pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</div></div> </div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:58.14pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:38.14pt"> <div style="display:flex;margin-left:auto;width:38.14pt"> <div style="display:flex;white-space:nowrap;width:38.14pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 38.14pt; letter-spacing: 0px; top: 0px;display:inline;">83,713</div></div> </div> </div> </td> <td style="vertical-align:Bottom;width:67.53pt"> <div style="line-height:10pt;text-align:left"> <div style="margin-left:10pt;margin-right:8pt;text-align:Right;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Bank</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Borrowings</div></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:azure;vertical-align:Bottom;width:254.93pt"> <div style="line-height:10pt;text-align:left"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">December 31, 2023</div></div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:53.93pt"> <div style="line-height:10pt;margin-left:6pt;margin-right:10pt;text-align:right;width:37.93pt"> <div style="display:flex;margin-left:auto;width:37.93pt"> <div style="display:flex;white-space:nowrap;width:37.93pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 37.93pt; letter-spacing: 0px; top: 0px;display:inline;">97,000</div></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:48.42pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:28.42pt"> <div style="display:flex;margin-left:auto;width:28.42pt"> <div style="display:flex;white-space:nowrap;width:28.42pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 28.42pt; letter-spacing: 0px; top: 0px;display:inline;">3,967</div></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:52.05pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:32.05pt"> <div style="display:flex;margin-left:auto;width:32.05pt"> <div style="display:flex;white-space:nowrap;width:32.05pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 32.05pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</div></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:58.14pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:38.14pt"> <div style="display:flex;margin-left:auto;width:38.14pt"> <div style="display:flex;white-space:nowrap;width:38.14pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 38.14pt; letter-spacing: 0px; top: 0px;display:inline;">90,578</div></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;width:67.53pt"> <div style="line-height:10pt;text-align:left"> <div style="margin-left:10pt;margin-right:8pt;text-align:Right;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Bank</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Borrowings</div></div> </div> </td> </tr> <tr style="height:10pt"> <td style="vertical-align:Bottom;width:254.93pt"> <div style="line-height:10pt;text-align:left"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">December 31, 2022</div></div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:53.93pt"> <div style="line-height:10pt;margin-left:6pt;margin-right:10pt;text-align:right;width:37.93pt"> <div style="display:flex;margin-left:auto;width:37.93pt"> <div style="display:flex;white-space:nowrap;width:37.93pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 37.93pt; letter-spacing: 0px; top: 0px;display:inline;">91,000</div></div> </div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:48.42pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:28.42pt"> <div style="display:flex;margin-left:auto;width:28.42pt"> <div style="display:flex;white-space:nowrap;width:28.42pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 28.42pt; letter-spacing: 0px; top: 0px;display:inline;">4,055</div></div> </div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:52.05pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:32.05pt"> <div style="display:flex;margin-left:auto;width:32.05pt"> <div style="display:flex;white-space:nowrap;width:32.05pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 32.05pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</div></div> </div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:58.14pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:38.14pt"> <div style="display:flex;margin-left:auto;width:38.14pt"> <div style="display:flex;white-space:nowrap;width:38.14pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 38.14pt; letter-spacing: 0px; top: 0px;display:inline;">121,677</div></div> </div> </div> </td> <td style="vertical-align:Bottom;width:67.53pt"> <div style="line-height:10pt;text-align:left"> <div style="margin-left:10pt;margin-right:8pt;text-align:Right;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Bank</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Borrowings</div></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:azure;vertical-align:Bottom;width:254.93pt"> <div style="line-height:10pt;text-align:left"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">December 31, 2021</div></div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:53.93pt"> <div style="line-height:10pt;margin-left:6pt;margin-right:10pt;text-align:right;width:37.93pt"> <div style="display:flex;margin-left:auto;width:37.93pt"> <div style="display:flex;white-space:nowrap;width:37.93pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 37.93pt; letter-spacing: 0px; top: 0px;display:inline;">143,000</div></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:48.42pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:28.42pt"> <div style="display:flex;margin-left:auto;width:28.42pt"> <div style="display:flex;white-space:nowrap;width:28.42pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 28.42pt; letter-spacing: 0px; top: 0px;display:inline;">3,103</div></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:52.05pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:32.05pt"> <div style="display:flex;margin-left:auto;width:32.05pt"> <div style="display:flex;white-space:nowrap;width:32.05pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 32.05pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</div></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:58.14pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:38.14pt"> <div style="display:flex;margin-left:auto;width:38.14pt"> <div style="display:flex;white-space:nowrap;width:38.14pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 38.14pt; letter-spacing: 0px; top: 0px;display:inline;">134,068</div></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;width:67.53pt"> <div style="line-height:10pt;text-align:left"> <div style="margin-left:10pt;margin-right:8pt;text-align:Right;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Bank</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Borrowings</div></div> </div> </td> </tr> <tr style="height:10pt"> <td style="vertical-align:Bottom;width:254.93pt"> <div style="line-height:10pt;text-align:left"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">December 31, 2020</div></div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:53.93pt"> <div style="line-height:10pt;margin-left:6pt;margin-right:10pt;text-align:right;width:37.93pt"> <div style="display:flex;margin-left:auto;width:37.93pt"> <div style="display:flex;white-space:nowrap;width:37.93pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 37.93pt; letter-spacing: 0px; top: 0px;display:inline;">129,000</div></div> </div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:48.42pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:28.42pt"> <div style="display:flex;margin-left:auto;width:28.42pt"> <div style="display:flex;white-space:nowrap;width:28.42pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 28.42pt; letter-spacing: 0px; top: 0px;display:inline;">3,327</div></div> </div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:52.05pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:32.05pt"> <div style="display:flex;margin-left:auto;width:32.05pt"> <div style="display:flex;white-space:nowrap;width:32.05pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 32.05pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</div></div> </div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:58.14pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:38.14pt"> <div style="display:flex;margin-left:auto;width:38.14pt"> <div style="display:flex;white-space:nowrap;width:38.14pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 38.14pt; letter-spacing: 0px; top: 0px;display:inline;">122,934</div></div> </div> </div> </td> <td style="vertical-align:Bottom;width:67.53pt"> <div style="line-height:10pt;text-align:left"> <div style="margin-left:10pt;margin-right:8pt;text-align:Right;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Bank</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Borrowings</div></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:azure;vertical-align:Bottom;width:254.93pt"> <div style="line-height:10pt;text-align:left"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">December 31, 2019</div></div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:53.93pt"> <div style="line-height:10pt;margin-left:6pt;margin-right:10pt;text-align:right;width:37.93pt"> <div style="display:flex;margin-left:auto;width:37.93pt"> <div style="display:flex;white-space:nowrap;width:37.93pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 37.93pt; letter-spacing: 0px; top: 0px;display:inline;">130,000</div></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:48.42pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:28.42pt"> <div style="display:flex;margin-left:auto;width:28.42pt"> <div style="display:flex;white-space:nowrap;width:28.42pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 28.42pt; letter-spacing: 0px; top: 0px;display:inline;">3,490</div></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:52.05pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:32.05pt"> <div style="display:flex;margin-left:auto;width:32.05pt"> <div style="display:flex;white-space:nowrap;width:32.05pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 32.05pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</div></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:58.14pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:38.14pt"> <div style="display:flex;margin-left:auto;width:38.14pt"> <div style="display:flex;white-space:nowrap;width:38.14pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 38.14pt; letter-spacing: 0px; top: 0px;display:inline;">122,426</div></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;width:67.53pt"> <div style="line-height:10pt;text-align:left"> <div style="margin-left:10pt;margin-right:8pt;text-align:Right;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Bank</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Borrowings</div></div> </div> </td> </tr> <tr style="height:10pt"> <td style="vertical-align:Bottom;width:254.93pt"> <div style="line-height:10pt;text-align:left"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">October 31, 2019</div></div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:53.93pt"> <div style="line-height:10pt;margin-left:6pt;margin-right:10pt;text-align:right;width:37.93pt"> <div style="display:flex;margin-left:auto;width:37.93pt"> <div style="display:flex;white-space:nowrap;width:37.93pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 37.93pt; letter-spacing: 0px; top: 0px;display:inline;">123,000</div></div> </div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:48.42pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:28.42pt"> <div style="display:flex;margin-left:auto;width:28.42pt"> <div style="display:flex;white-space:nowrap;width:28.42pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 28.42pt; letter-spacing: 0px; top: 0px;display:inline;">3,610</div></div> </div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:52.05pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:32.05pt"> <div style="display:flex;margin-left:auto;width:32.05pt"> <div style="display:flex;white-space:nowrap;width:32.05pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 32.05pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</div></div> </div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:58.14pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:38.14pt"> <div style="display:flex;margin-left:auto;width:38.14pt"> <div style="display:flex;white-space:nowrap;width:38.14pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 38.14pt; letter-spacing: 0px; top: 0px;display:inline;">128,378</div></div> </div> </div> </td> <td style="vertical-align:Bottom;width:67.53pt"> <div style="line-height:10pt;text-align:left"> <div style="margin-left:10pt;margin-right:8pt;text-align:Right;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Bank</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Borrowings</div></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:azure;vertical-align:Bottom;width:254.93pt"> <div style="line-height:10pt;text-align:left"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">October 31, 2018</div></div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:53.93pt"> <div style="line-height:10pt;margin-left:6pt;margin-right:10pt;text-align:right;width:37.93pt"> <div style="display:flex;margin-left:auto;width:37.93pt"> <div style="display:flex;white-space:nowrap;width:37.93pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 37.93pt; letter-spacing: 0px; top: 0px;display:inline;">142,000</div></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:48.42pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:28.42pt"> <div style="display:flex;margin-left:auto;width:28.42pt"> <div style="display:flex;white-space:nowrap;width:28.42pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 28.42pt; letter-spacing: 0px; top: 0px;display:inline;">3,389</div></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:52.05pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:32.05pt"> <div style="display:flex;margin-left:auto;width:32.05pt"> <div style="display:flex;white-space:nowrap;width:32.05pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 32.05pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</div></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:58.14pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:38.14pt"> <div style="display:flex;margin-left:auto;width:38.14pt"> <div style="display:flex;white-space:nowrap;width:38.14pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 38.14pt; letter-spacing: 0px; top: 0px;display:inline;">144,490</div></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;width:67.53pt"> <div style="line-height:10pt;text-align:left"> <div style="margin-left:10pt;margin-right:8pt;text-align:Right;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Bank</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Borrowings</div></div> </div> </td> </tr> <tr style="height:10.5pt"> <td style="vertical-align:Bottom;width:254.93pt"> <div style="line-height:10pt;text-align:left"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">October 31, 2017</div></div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:53.93pt"> <div style="line-height:10pt;margin-left:6pt;margin-right:10pt;text-align:right;width:37.93pt"> <div style="display:flex;margin-left:auto;width:37.93pt"> <div style="display:flex;white-space:nowrap;width:37.93pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 37.93pt; letter-spacing: 0px; top: 0px;display:inline;">150,000</div></div> </div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:48.42pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:28.42pt"> <div style="display:flex;margin-left:auto;width:28.42pt"> <div style="display:flex;white-space:nowrap;width:28.42pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 28.42pt; letter-spacing: 0px; top: 0px;display:inline;">3,287</div></div> </div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:52.05pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:32.05pt"> <div style="display:flex;margin-left:auto;width:32.05pt"> <div style="display:flex;white-space:nowrap;width:32.05pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 32.05pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</div></div> </div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:58.14pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:38.14pt"> <div style="display:flex;margin-left:auto;width:38.14pt"> <div style="display:flex;white-space:nowrap;width:38.14pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 38.14pt; letter-spacing: 0px; top: 0px;display:inline;">138,255</div></div> </div> </div> </td> <td style="vertical-align:Bottom;width:67.53pt"> <div style="line-height:10pt;text-align:left"> <div style="margin-left:10pt;margin-right:8pt;text-align:Right;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Bank</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Borrowings</div></div> </div> </td> </tr> </table> </div> <div style="line-height: 0.1pt; margin-top: 3pt; text-align: right; font-size: 9pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 0.1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="margin-top:6pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;margin-left:12pt;width:535pt"> <tr> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:8pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-right:2pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(a)</div> </div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:527pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:2pt;text-align-last:Justify;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Calculated by subtracting the Trust</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">’</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">s total liabilities (not including bank borrowings) from the Trust</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">’</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">s total assets and dividing this by the amount of bank borrowings, and by multiplying </div></div> <div style="margin-left:2pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">the results by 1,000.</div></div> </div> </td> </tr> <tr> <td style="padding-top:2pt;vertical-align:Top;width:8pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-right:2pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(b)</div> </div> </div> </td> <td style="padding-top:2pt;vertical-align:Top;width:527pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:2pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Represents the average daily amount outstanding for loans under the revolving credit agreements.</div></div> </div> </td> </tr> </table> </div> <div style="margin-top:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">The following tables set forth information regarding HYT</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">’</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">s and BGT</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">’</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">s outstanding senior securities as of the end of each Trust</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">’</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">s last ten fiscal years, as applicable.  Each of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; margin-left: 0%; letter-spacing: 0px; top: 0px;display:inline;">HYT</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">’</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">s and BGT</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">’</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">s audited financial statements, including Deloitte &amp; Touche LLP</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">’</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">s Report of Independent Registered Public Accounting Firm, and accompanying notes to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">financial statements, are included in this annual report.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 0.1pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; border-bottom:0.5pt solid #000000;empty-cells:show;margin-left:12pt;width:535pt"> <tr style="height:36.5pt"> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:254.93pt"> <div style="line-height:11.0pt;text-align:left"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">BGT — Fiscal Year Ended</div></div> </div> </td> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:53.93pt"> <div style="line-height:11.0pt;text-align:left"> <div style="margin-left:4pt;margin-right:8pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Total Amount</div> </div> <div style="margin-left:4pt;margin-right:8pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Outstanding</div> </div> <div style="margin-left:4pt;margin-right:8pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">(000)</div></div> </div> </td> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:48.42pt"> <div style="line-height:11.0pt;text-align:left"> <div style="margin-left:8pt;margin-right:8pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Asset</div> </div> <div style="margin-left:8pt;margin-right:8pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Coverage</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; margin-right: -8pt; letter-spacing: 0px;display:inline;">(a)</div></div> </div> </td> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:52.05pt"> <div style="line-height:11.0pt;text-align:left"> <div style="margin-left:8pt;margin-right:8pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Liquidation</div> </div> <div style="margin-left:8pt;margin-right:8pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Preference</div></div> </div> </td> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:58.14pt"> <div style="line-height:11.0pt;text-align:left"> <div style="margin-left:8pt;margin-right:8pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Average</div> </div> <div style="margin-left:8pt;margin-right:8pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Market Value</div> </div> <div style="margin-left:8pt;margin-right:8pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">(000)</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; margin-right: -8pt; letter-spacing: 0px;display:inline;">(b)</div></div> </div> </td> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:67.53pt"> <div style="line-height:11.0pt;text-align:left"> <div style="margin-left:10pt;margin-right:8pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Type of</div> </div> <div style="margin-left:10pt;margin-right:8pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Senior Security</div></div> </div> </td> </tr> <tr style="height:11.5pt"> <td style="background-color:azure;vertical-align:Bottom;width:254.93pt"> <div style="line-height:10pt;text-align:left"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">December 31, 2025</div></div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:53.93pt"> <div style="line-height:10pt;margin-left:6pt;margin-right:10pt;text-align:right;width:37.93pt"> <div style="display:flex;margin-left:auto;width:37.93pt"> <div style="display:flex;white-space:nowrap;width:37.93pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 37.93pt; letter-spacing: 0px; top: 0px;display:inline;">$ </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 37.93pt; letter-spacing: 0px; top: 0px;display:inline;">71,000</div></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:48.42pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:28.42pt"> <div style="display:flex;margin-left:auto;width:28.42pt"> <div style="display:flex;white-space:nowrap;width:28.42pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 28.42pt; letter-spacing: 0px; top: 0px;display:inline;">$ </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 28.42pt; letter-spacing: 0px; top: 0px;display:inline;">5,973</div></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:52.05pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:32.05pt"> <div style="display:flex;margin-left:auto;width:32.05pt"> <div style="display:flex;white-space:nowrap;width:32.05pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 32.05pt; letter-spacing: 0px; top: 0px;display:inline;">$ </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 32.05pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</div></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:58.14pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:38.14pt"> <div style="display:flex;margin-left:auto;width:38.14pt"> <div style="display:flex;white-space:nowrap;width:38.14pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 38.14pt; letter-spacing: 0px; top: 0px;display:inline;">$ </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 38.14pt; letter-spacing: 0px; top: 0px;display:inline;">69,877</div></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;width:67.53pt"> <div style="line-height:10pt;text-align:left"> <div style="margin-left:10pt;margin-right:8pt;text-align:Right;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Bank</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Borrowings</div></div> </div> </td> </tr> <tr style="height:10pt"> <td style="vertical-align:Bottom;width:254.93pt"> <div style="line-height:10pt;text-align:left"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">December 31, 2024</div></div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:53.93pt"> <div style="line-height:10pt;margin-left:6pt;margin-right:10pt;text-align:right;width:37.93pt"> <div style="display:flex;margin-left:auto;width:37.93pt"> <div style="display:flex;white-space:nowrap;width:37.93pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 37.93pt; letter-spacing: 0px; top: 0px;display:inline;">62,000</div></div> </div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:48.42pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:28.42pt"> <div style="display:flex;margin-left:auto;width:28.42pt"> <div style="display:flex;white-space:nowrap;width:28.42pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 28.42pt; letter-spacing: 0px; top: 0px;display:inline;">6,174</div></div> </div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:52.05pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:32.05pt"> <div style="display:flex;margin-left:auto;width:32.05pt"> <div style="display:flex;white-space:nowrap;width:32.05pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 32.05pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</div></div> </div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:58.14pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:38.14pt"> <div style="display:flex;margin-left:auto;width:38.14pt"> <div style="display:flex;white-space:nowrap;width:38.14pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 38.14pt; letter-spacing: 0px; top: 0px;display:inline;">83,713</div></div> </div> </div> </td> <td style="vertical-align:Bottom;width:67.53pt"> <div style="line-height:10pt;text-align:left"> <div style="margin-left:10pt;margin-right:8pt;text-align:Right;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Bank</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Borrowings</div></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:azure;vertical-align:Bottom;width:254.93pt"> <div style="line-height:10pt;text-align:left"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">December 31, 2023</div></div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:53.93pt"> <div style="line-height:10pt;margin-left:6pt;margin-right:10pt;text-align:right;width:37.93pt"> <div style="display:flex;margin-left:auto;width:37.93pt"> <div style="display:flex;white-space:nowrap;width:37.93pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 37.93pt; letter-spacing: 0px; top: 0px;display:inline;">97,000</div></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:48.42pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:28.42pt"> <div style="display:flex;margin-left:auto;width:28.42pt"> <div style="display:flex;white-space:nowrap;width:28.42pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 28.42pt; letter-spacing: 0px; top: 0px;display:inline;">3,967</div></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:52.05pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:32.05pt"> <div style="display:flex;margin-left:auto;width:32.05pt"> <div style="display:flex;white-space:nowrap;width:32.05pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 32.05pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</div></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:58.14pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:38.14pt"> <div style="display:flex;margin-left:auto;width:38.14pt"> <div style="display:flex;white-space:nowrap;width:38.14pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 38.14pt; letter-spacing: 0px; top: 0px;display:inline;">90,578</div></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;width:67.53pt"> <div style="line-height:10pt;text-align:left"> <div style="margin-left:10pt;margin-right:8pt;text-align:Right;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Bank</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Borrowings</div></div> </div> </td> </tr> <tr style="height:10pt"> <td style="vertical-align:Bottom;width:254.93pt"> <div style="line-height:10pt;text-align:left"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">December 31, 2022</div></div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:53.93pt"> <div style="line-height:10pt;margin-left:6pt;margin-right:10pt;text-align:right;width:37.93pt"> <div style="display:flex;margin-left:auto;width:37.93pt"> <div style="display:flex;white-space:nowrap;width:37.93pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 37.93pt; letter-spacing: 0px; top: 0px;display:inline;">91,000</div></div> </div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:48.42pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:28.42pt"> <div style="display:flex;margin-left:auto;width:28.42pt"> <div style="display:flex;white-space:nowrap;width:28.42pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 28.42pt; letter-spacing: 0px; top: 0px;display:inline;">4,055</div></div> </div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:52.05pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:32.05pt"> <div style="display:flex;margin-left:auto;width:32.05pt"> <div style="display:flex;white-space:nowrap;width:32.05pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 32.05pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</div></div> </div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:58.14pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:38.14pt"> <div style="display:flex;margin-left:auto;width:38.14pt"> <div style="display:flex;white-space:nowrap;width:38.14pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 38.14pt; letter-spacing: 0px; top: 0px;display:inline;">121,677</div></div> </div> </div> </td> <td style="vertical-align:Bottom;width:67.53pt"> <div style="line-height:10pt;text-align:left"> <div style="margin-left:10pt;margin-right:8pt;text-align:Right;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Bank</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Borrowings</div></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:azure;vertical-align:Bottom;width:254.93pt"> <div style="line-height:10pt;text-align:left"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">December 31, 2021</div></div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:53.93pt"> <div style="line-height:10pt;margin-left:6pt;margin-right:10pt;text-align:right;width:37.93pt"> <div style="display:flex;margin-left:auto;width:37.93pt"> <div style="display:flex;white-space:nowrap;width:37.93pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 37.93pt; letter-spacing: 0px; top: 0px;display:inline;">143,000</div></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:48.42pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:28.42pt"> <div style="display:flex;margin-left:auto;width:28.42pt"> <div style="display:flex;white-space:nowrap;width:28.42pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 28.42pt; letter-spacing: 0px; top: 0px;display:inline;">3,103</div></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:52.05pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:32.05pt"> <div style="display:flex;margin-left:auto;width:32.05pt"> <div style="display:flex;white-space:nowrap;width:32.05pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 32.05pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</div></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:58.14pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:38.14pt"> <div style="display:flex;margin-left:auto;width:38.14pt"> <div style="display:flex;white-space:nowrap;width:38.14pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 38.14pt; letter-spacing: 0px; top: 0px;display:inline;">134,068</div></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;width:67.53pt"> <div style="line-height:10pt;text-align:left"> <div style="margin-left:10pt;margin-right:8pt;text-align:Right;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Bank</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Borrowings</div></div> </div> </td> </tr> <tr style="height:10pt"> <td style="vertical-align:Bottom;width:254.93pt"> <div style="line-height:10pt;text-align:left"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">December 31, 2020</div></div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:53.93pt"> <div style="line-height:10pt;margin-left:6pt;margin-right:10pt;text-align:right;width:37.93pt"> <div style="display:flex;margin-left:auto;width:37.93pt"> <div style="display:flex;white-space:nowrap;width:37.93pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 37.93pt; letter-spacing: 0px; top: 0px;display:inline;">129,000</div></div> </div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:48.42pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:28.42pt"> <div style="display:flex;margin-left:auto;width:28.42pt"> <div style="display:flex;white-space:nowrap;width:28.42pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 28.42pt; letter-spacing: 0px; top: 0px;display:inline;">3,327</div></div> </div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:52.05pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:32.05pt"> <div style="display:flex;margin-left:auto;width:32.05pt"> <div style="display:flex;white-space:nowrap;width:32.05pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 32.05pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</div></div> </div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:58.14pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:38.14pt"> <div style="display:flex;margin-left:auto;width:38.14pt"> <div style="display:flex;white-space:nowrap;width:38.14pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 38.14pt; letter-spacing: 0px; top: 0px;display:inline;">122,934</div></div> </div> </div> </td> <td style="vertical-align:Bottom;width:67.53pt"> <div style="line-height:10pt;text-align:left"> <div style="margin-left:10pt;margin-right:8pt;text-align:Right;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Bank</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Borrowings</div></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:azure;vertical-align:Bottom;width:254.93pt"> <div style="line-height:10pt;text-align:left"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">December 31, 2019</div></div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:53.93pt"> <div style="line-height:10pt;margin-left:6pt;margin-right:10pt;text-align:right;width:37.93pt"> <div style="display:flex;margin-left:auto;width:37.93pt"> <div style="display:flex;white-space:nowrap;width:37.93pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 37.93pt; letter-spacing: 0px; top: 0px;display:inline;">130,000</div></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:48.42pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:28.42pt"> <div style="display:flex;margin-left:auto;width:28.42pt"> <div style="display:flex;white-space:nowrap;width:28.42pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 28.42pt; letter-spacing: 0px; top: 0px;display:inline;">3,490</div></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:52.05pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:32.05pt"> <div style="display:flex;margin-left:auto;width:32.05pt"> <div style="display:flex;white-space:nowrap;width:32.05pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 32.05pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</div></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:58.14pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:38.14pt"> <div style="display:flex;margin-left:auto;width:38.14pt"> <div style="display:flex;white-space:nowrap;width:38.14pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 38.14pt; letter-spacing: 0px; top: 0px;display:inline;">122,426</div></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;width:67.53pt"> <div style="line-height:10pt;text-align:left"> <div style="margin-left:10pt;margin-right:8pt;text-align:Right;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Bank</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Borrowings</div></div> </div> </td> </tr> <tr style="height:10pt"> <td style="vertical-align:Bottom;width:254.93pt"> <div style="line-height:10pt;text-align:left"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">October 31, 2019</div></div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:53.93pt"> <div style="line-height:10pt;margin-left:6pt;margin-right:10pt;text-align:right;width:37.93pt"> <div style="display:flex;margin-left:auto;width:37.93pt"> <div style="display:flex;white-space:nowrap;width:37.93pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 37.93pt; letter-spacing: 0px; top: 0px;display:inline;">123,000</div></div> </div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:48.42pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:28.42pt"> <div style="display:flex;margin-left:auto;width:28.42pt"> <div style="display:flex;white-space:nowrap;width:28.42pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 28.42pt; letter-spacing: 0px; top: 0px;display:inline;">3,610</div></div> </div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:52.05pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:32.05pt"> <div style="display:flex;margin-left:auto;width:32.05pt"> <div style="display:flex;white-space:nowrap;width:32.05pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 32.05pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</div></div> </div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:58.14pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:38.14pt"> <div style="display:flex;margin-left:auto;width:38.14pt"> <div style="display:flex;white-space:nowrap;width:38.14pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 38.14pt; letter-spacing: 0px; top: 0px;display:inline;">128,378</div></div> </div> </div> </td> <td style="vertical-align:Bottom;width:67.53pt"> <div style="line-height:10pt;text-align:left"> <div style="margin-left:10pt;margin-right:8pt;text-align:Right;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Bank</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Borrowings</div></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:azure;vertical-align:Bottom;width:254.93pt"> <div style="line-height:10pt;text-align:left"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">October 31, 2018</div></div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:53.93pt"> <div style="line-height:10pt;margin-left:6pt;margin-right:10pt;text-align:right;width:37.93pt"> <div style="display:flex;margin-left:auto;width:37.93pt"> <div style="display:flex;white-space:nowrap;width:37.93pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 37.93pt; letter-spacing: 0px; top: 0px;display:inline;">142,000</div></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:48.42pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:28.42pt"> <div style="display:flex;margin-left:auto;width:28.42pt"> <div style="display:flex;white-space:nowrap;width:28.42pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 28.42pt; letter-spacing: 0px; top: 0px;display:inline;">3,389</div></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:52.05pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:32.05pt"> <div style="display:flex;margin-left:auto;width:32.05pt"> <div style="display:flex;white-space:nowrap;width:32.05pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 32.05pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</div></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:58.14pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:38.14pt"> <div style="display:flex;margin-left:auto;width:38.14pt"> <div style="display:flex;white-space:nowrap;width:38.14pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 38.14pt; letter-spacing: 0px; top: 0px;display:inline;">144,490</div></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;width:67.53pt"> <div style="line-height:10pt;text-align:left"> <div style="margin-left:10pt;margin-right:8pt;text-align:Right;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Bank</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Borrowings</div></div> </div> </td> </tr> <tr style="height:10.5pt"> <td style="vertical-align:Bottom;width:254.93pt"> <div style="line-height:10pt;text-align:left"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">October 31, 2017</div></div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:53.93pt"> <div style="line-height:10pt;margin-left:6pt;margin-right:10pt;text-align:right;width:37.93pt"> <div style="display:flex;margin-left:auto;width:37.93pt"> <div style="display:flex;white-space:nowrap;width:37.93pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 37.93pt; letter-spacing: 0px; top: 0px;display:inline;">150,000</div></div> </div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:48.42pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:28.42pt"> <div style="display:flex;margin-left:auto;width:28.42pt"> <div style="display:flex;white-space:nowrap;width:28.42pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 28.42pt; letter-spacing: 0px; top: 0px;display:inline;">3,287</div></div> </div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:52.05pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:32.05pt"> <div style="display:flex;margin-left:auto;width:32.05pt"> <div style="display:flex;white-space:nowrap;width:32.05pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 32.05pt; letter-spacing: 0px; top: 0px;display:inline;">N/A</div></div> </div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:58.14pt"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:38.14pt"> <div style="display:flex;margin-left:auto;width:38.14pt"> <div style="display:flex;white-space:nowrap;width:38.14pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; width: 38.14pt; letter-spacing: 0px; top: 0px;display:inline;">138,255</div></div> </div> </div> </td> <td style="vertical-align:Bottom;width:67.53pt"> <div style="line-height:10pt;text-align:left"> <div style="margin-left:10pt;margin-right:8pt;text-align:Right;white-space:nowrap;width:"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Bank</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Borrowings</div></div> </div> </td> </tr> </table> </div> <div style="line-height: 0.1pt; margin-top: 3pt; text-align: right; font-size: 9pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 9pt; line-height: 0.1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="margin-top:6pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;margin-left:12pt;width:535pt"> <tr> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:8pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-right:2pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(a)</div> </div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:527pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:2pt;text-align-last:Justify;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Calculated by subtracting the Trust</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">’</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">s total liabilities (not including bank borrowings) from the Trust</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">’</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">s total assets and dividing this by the amount of bank borrowings, and by multiplying </div></div> <div style="margin-left:2pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">the results by 1,000.</div></div> </div> </td> </tr> <tr> <td style="padding-top:2pt;vertical-align:Top;width:8pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-right:2pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(b)</div> </div> </div> </td> <td style="padding-top:2pt;vertical-align:Top;width:527pt"> <div style="line-height:9pt;text-align:left"> <div style="margin-left:2pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Represents the average daily amount outstanding for loans under the revolving credit agreements.</div></div> </div> </td> </tr> </table> </div> 71000 5973 69877 62000 6174 83713 97000 3967 90578 91000 4055 121677 143000 3103 134068 129000 3327 122934 130000 3490 122426 123000 3610 128378 142000 3389 144490 150000 3287 138255 BGT currently pays the Manager a monthly fee at an annual contractual investment advisory fee rate of 0.75% of the average weekly value of BGT’s Managed Assets. “Managed Assets” means the total assets of BGT (including any assets attributable to money borrowed for investment purposes) minus the sum of BGT’s accrued liabilities (other than money borrowed for investment purposes). BGT and the Manager have entered into a fee waiver agreement (the “Fee Waiver Agreement”), pursuant to which the Manager has contractually agreed to waive the investment advisory fees with respect to any portion of BGT’s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds (“ETFs”) managed by the Manager or its affiliates that have a contractual management fee, through June 30, 2027. In addition, pursuant to the Fee Waiver Agreement, the Manager has contractually agreed to waive its investment advisory fees by the amount of investment advisory fees BGT pays to the Manager indirectly through its investment in money market funds managed by the Manager or its affiliates, through June 30, 2027. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by BGT (upon the vote of a majority of the Trustees who are not “interested persons” (as defined in the Investment Company Act) of BGT (the “Independent Trustees”) or a majority of the outstanding voting securities of BGT), upon 90 days’ written notice by BGT to the Manager. BGT uses leverage in the form of a credit facility in an amount equal to approximately 16.7% of BGT’s Managed Assets as of December 31, 2025. The interest expense borne by BGT will vary over time in accordance with the level of BGT’s use of leverage and variations in market interest rates. Interest expense is required to be treated as an expense of BGT for accounting purposes. The total annual expenses do not correlate to the ratios to average net assets shown in BGT’s Financial Highlights for the year ended December 31, 2025, which do not include acquired fund fees and expenses. Calculated by subtracting the Trust’s total liabilities (not including bank borrowings) from the Trust’s total assets and dividing this by the amount of bank borrowings, and by multiplying the results by 1,000. Represents the average daily amount outstanding for loans under the revolving credit agreements. If the common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses. Trust shareholders will pay all offering expenses involved with an offering. Computershare Trust Company, N.A. (the "Reinvestment Plan Agent") fees for the handling of the reinvestment of dividends will be paid by BGT. However, shareholders will pay a $0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. Shareholders will also be charged a $2.50 sales fee and pay a $0.15 per share fee if direct the Reinvestment Plan Agent to sell the common shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay.