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The Company is a series limited liability company with series established pursuant to Sections 18-215 or 18-218 of the Delaware Limited Liability Company Act (the “LLC Act”). On March 13, 2025, the Company established two registered series of limited liability company interests, ISQ Open Infrastructure Company LLC - Series I (“Series I”) and ISQ Open Infrastructure Company LLC - Series II (“Series II” and together with Series I, “Series”). The purchase of shares of a Series of the Company is an investment only in that particular Series and not an investment in the Company as a whole. In accordance with the LLC Act, each Series is a separate series of segregated assets and liabilities and corresponding limited liability company interests of the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Series I and Series II are intended to be treated as separate entities for U.S. federal income tax purposes with segregated assets and liabilities. Sections 18-215(c) and 18-218(c)(1) of the LLC Act provide that a Series established in accordance with Section 18-215(b) or 18-218 of the LLC Act, respectively, may carry on any lawful business, purpose or activity, other than the business of banking, and has the power and capacity to, in its own name, contract, hold title to assets (including real, personal and intangible property), grant liens and security interests, and sue and be sued. The Company intends for each Series to conduct its business and enter into contracts in its own name to the extent such activities are undertaken with respect to a particular Series and assets associated with a Series may be held, directly or indirectly, including in the name of such Series, in the name of the Company, through a nominee or otherwise. Under Delaware law, to the extent the records maintained for a Series account for the assets associated with such Series separately from the other assets of the Company or any other Series, the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to such Series are segregated and enforceable only against the assets of such Series and not against the assets of the Company generally or any other Series.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each of Series I and Series II will remain in existence until its certificate of registered series has been cancelled in the manner required by the LLC Act following Series I’s or Series II’s, as applicable, dissolution and the completion of the winding up of such Series in accordance with the Fourth Amended and Restated Limited Liability Company Agreement of the Company (the “LLC Agreement”), the applicable series agreement and Delaware law. On August 11, 2026, the LLC Agreement was amended and restated. See “<i>—Subsequent Events</i>” for additional information.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company conducts its operations so that neither Series I nor Series II is required to register as an “investment company” under the Investment Company Act of 1940, as amended (the “Investment Company Act”). The Company primarily seeks to manage joint ventures that own and control private companies, infrastructure assets and infrastructure-related assets located globally but with a focus on North America, Europe and selected growth economies in Asia and Latin America (the “Infrastructure Assets”) with the objective of generating attractive risk-adjusted returns consisting of both current income and long-term capital appreciation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is conducting a continuous private offering of the shares to (i) accredited investors (as defined in Regulation D under the U.S. Securities Act of 1933 (the “Securities Act”)) and (ii) in the case of shares sold outside the United States, to persons that are not “U.S. persons” (as defined in Regulation S under the Securities Act) in reliance on exemptions from the registration requirements of the Securities Act, including under Regulation D and Regulation S.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is sponsored by I Squared Capital Advisors (US) LLC (together with its subsidiaries and affiliated entities, “I Squared”) and benefits from I Squared’s infrastructure sourcing and portfolio management platform pursuant to a management agreement (the “Management Agreement”), entered into with ISQ OpenInfra Registered Advisor LLC (the “Manager”), an affiliate of I Squared, on September 2, 2025, to support the Company in managing its portfolio of Infrastructure Assets. On August 11, 2026, the Company entered into the Amended and Restated Management Agreement with the Manager. See “<i>—Subsequent Events</i>” for additional information.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In pursuing its investment objective, Series I invests substantially all of its assets in Series II. The portfolio of Series I typically consists solely of Series II shares. Therefore, Series I’s investment results correspond directly to the investment results of Series II. Series II has the same business objective and strategy as Series I. For convenience of the reader, references to Series II’s investments also refer to Series I’s investments (and vice versa), and references to the risks of investing in Series II also refer to the risks of investing in Series I (and vice versa), except as otherwise provided. Series I and Series II are part of a master-feeder fund structure. The feeder fund, Series I, invests substantially all of its assets in the master fund, Series II, through the Blocker (as defined below).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 28, 2025 (the “Funding Date”), I Squared contributed $2,000 to Series I. Series I contributed $1,000 to Series II through a blocker, ISQ Open Infrastructure Holdings, L.P. (the “Blocker”), domiciled in the Cayman Islands and Series I and Series II commenced operations. The Blocker is wholly-owned by Series I and has therefore been consolidated. I Squared’s initial contribution to Series I was subsequently converted into Class E<sub>TE</sub> shares on September 30, 2025.</p> 2000 1000 <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><b>2.</b></td> <td style="text-align: justify"><b>SIGNIFICANT ACCOUNTING POLICIES</b></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Basis of Accounting</i></b>— The unaudited consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and are presented in United States dollars. The Company’s fiscal year end is December 31. In the opinion of management, the accompanying interim financial statements include all adjustments, consisting of normal recurring items, necessary for their fair statement in conformity with U.S. GAAP.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Series I’s unaudited consolidated financial statements are prepared using the accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services—Investment Companies. Series I and Series II qualify as investment companies solely for accounting purposes and not for any other purpose. Series I and Series II are not registered, and are not required to be registered, as investment companies under the Investment Company Act. Series I and Series II follow the significant accounting policies described below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Basis of Presentation</i></b>— Series I and Series II are treated as distinct entities under the LLC Act and for U.S. federal income tax purposes, each with its own segregated assets, liabilities, and expenses. If any expenses are incurred on behalf of or for the benefit of either Series, the Manager allocates those expenses among Series based on the relative size of each Series’ investment in the relevant activity or entity, the net asset value of each Series, or another method the Manager, in good faith, deems fair and reasonable.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Basis of Consolidation</i></b>— As provided under Regulation S-X and ASC 946, the Company generally does not consolidate its investments in a company other than a wholly-owned investment company or controlled operating company whose business consists of providing services to Series I. Accordingly, Series I consolidated the financial position and results of operations of its wholly-owned subsidiary, the Blocker. All significant intercompany transactions and balances have been eliminated in consolidation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Use of Estimate</i>s</b>— The preparation of the unaudited consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions, in particular the fair value of investments, that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements and the amounts of income and expenses during the reporting period. Management believes that the estimates utilized in preparing the unaudited consolidated financial statements are reasonable and prudent; however, actual results could differ from those estimates, and such differences could be material to Series I.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cash and Cash Equivalents</i></b>— Cash and cash equivalents include cash on hand, cash held in banks and money market funds with financial institutions with maturities of three months or fewer at the time of acquisition. As of June 30, 2026 and December 31, 2025, Series I held cash of $6,743 and $7,000, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Organizational and Offering Expenses</i></b>— Organizational expenses are expensed as incurred. Organizational expenses consist of costs incurred to establish Series I and enable it legally to do business. Organizational expenses are paid by the Manager, subject to potential recoupment as described in Note 3.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Offering expenses include registration fees and legal fees regarding the preparation of the general form of registration of securities. Offering expenses are accounted for as deferred costs until operations begin. Offering expenses are then amortized over the first twelve months of operations on a straight-line basis.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Distribution Fees and Servicing Fees</i></b>— Series I invests in Series II. As a result, holders of any class of Series I Shares indirectly bear their proportional share of the Distribution and Servicing fees that are charged at the Series II level. These fees are not charged again at the Series I level, but Series I’s share of such fees is allocated to it through its investment in Series II, as further described in the LLC Agreement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Investments, At Fair Value</i></b>— The investment valuation policy of Series I is to value its financial instruments at fair value. Series I records its investment in Series II at fair value based on its proportionate interest in the net assets of Series II. Valuation of assets held by Series II is discussed in Note 2 of the notes to Series II unaudited consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>Investment in Series II—</i></b> On a monthly basis Series I records its proportionate share of the income, expenses, realized gains and losses and change in unrealized gains and losses of Series II. In addition, Series I accrues its own income and expenses. As of June 30, 2026 and December 31, 2025, Series I owned 25.1% and 22.5% of the net assets of Series II, respectively. The performance of Series I is directly impacted by the performance of Series II. The notes to Series II unaudited consolidated financial statements are attached to Series I unaudited consolidated financial statements and are an integral part of these unaudited consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Income Taxes</i></b>— Series I operates so that it qualifies to be treated as a partnership for U.S. federal income tax purposes under the Internal Revenue Code. An entity that is treated as a partnership for U.S. federal tax purposes generally incurs no U.S. federal income tax liability. Instead, each partner is generally required to take into account its allocable share of items of income, gain, loss, deduction, or credit of the entity in computing its U.S. federal income tax liability, regardless of whether cash distributions are made. A partnership, such as each Series, may nonetheless be taxed as a corporation if it is a publicly traded partnership, unless it meets the qualifying income exception. The qualifying income exception applies with respect to a publicly traded partnership if (i) at least 90% of such partnership’s gross income for each taxable year consists of “qualifying income” and (ii) the partnership would not be required to register under the Investment Company Act if it were a U.S. corporation. Qualifying income includes certain interest income, dividends, real property rents, gains from the sale or other disposition of real property, and any gain from the sale or disposition of a capital asset or other property held for the production of income that otherwise constitutes qualifying income. Each Series is managed such that it meets the qualifying income exception in each taxable year. If either Series were recharacterized as a corporation for federal income tax purposes by not meeting the qualifying income exception, the holders of interest in that Series would then be treated as stockholders in a corporation, and the Series would become taxable as a corporation for U.S. federal income tax purposes. Further, each Series would be subject to U.S. corporate income tax on its net taxable income. In addition, each Series operates, in part, through subsidiaries that may be treated as corporations for U.S. and non-U.S. tax purposes and therefore may be subject to current and deferred U.S. federal, state and/or local income taxes at the subsidiary level.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Calculation of Net Asset Value</i></b>— Net asset value (“NAV”) under U.S. GAAP by share class is calculated by subtracting total liabilities for each class from the total carrying amount of all assets for that class, which includes the fair value of investments. At the end of each month, any change in our NAV (whether an increase or decrease) is allocated among each share class based on the relative percentage of the previous aggregate NAV for each share class, adjusted for issuances of shares that were effective on the first calendar day of such month and redemptions that were effective on the last calendar day of such month. NAV per share for each class is calculated by dividing the NAV for that class by the total number of outstanding shares of that class on the reporting date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Manager is ultimately responsible for the Company’s NAV calculations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>Due to/Due from Manager—</i></b> Balances due to or due from the Manager represent amounts payable or receivable arising from reimbursable expenses, fee waivers, expense support arrangements, or other related-party transactions. These amounts are recorded at their contractual amount and are settled in the normal course of business. Amounts due to the Manager are classified as liabilities, and amounts due from the Manager are classified as assets in the Unaudited Consolidated Statements of Assets and Liabilities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Segment Reporting</i></b>— The Company operates through a <span style="-sec-ix-hidden: hidden-fact-238"><span style="-sec-ix-hidden: hidden-fact-239">single</span></span> operating and reporting segment with a primary objective of generating attractive risk-adjusted returns consisting of both current income and long-term capital appreciation. The chief operating decision maker (“CODM”) is comprised of the Company’s <span style="-sec-ix-hidden: hidden-fact-237">Chief Executive Officer</span> and Chief Investment Officer (the “Principal Committee”) which assesses the performance and makes operating decisions of the Company on a consolidated basis. The CODM has concluded that the Company operates as a single operating segment because the Company has a single investment strategy against which the CODM assesses the Company’s performance. In addition to other metrics, the CODM uses net increase (decrease) in net assets resulting from operations as a key metric to assess the Company’s performance. As the Company’s investment operations comprise a single reporting segment, the segment assets are the same assets that are reported in the Unaudited Consolidated Statements of Assets and Liabilities and significant segment expenses are the same as those listed in the Unaudited Consolidated Statements of Operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "><b><i>New Accounting Standards</i></b>— In November 2024, FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - <i>Disaggregation of Income Statement Expenses</i> (“ASU 2024-03”). ASU 2024-03 will require additional disclosures about specific types of expenses commonly presented on the statement of operations as well as disclosures about selling expenses. The new guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact that this change will have on the Company’s consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Basis of Accounting</i></b>— The unaudited consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and are presented in United States dollars. The Company’s fiscal year end is December 31. In the opinion of management, the accompanying interim financial statements include all adjustments, consisting of normal recurring items, necessary for their fair statement in conformity with U.S. GAAP.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Series I’s unaudited consolidated financial statements are prepared using the accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services—Investment Companies. Series I and Series II qualify as investment companies solely for accounting purposes and not for any other purpose. Series I and Series II are not registered, and are not required to be registered, as investment companies under the Investment Company Act. Series I and Series II follow the significant accounting policies described below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Basis of Presentation</i></b>— Series I and Series II are treated as distinct entities under the LLC Act and for U.S. federal income tax purposes, each with its own segregated assets, liabilities, and expenses. If any expenses are incurred on behalf of or for the benefit of either Series, the Manager allocates those expenses among Series based on the relative size of each Series’ investment in the relevant activity or entity, the net asset value of each Series, or another method the Manager, in good faith, deems fair and reasonable.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Basis of Consolidation</i></b>— As provided under Regulation S-X and ASC 946, the Company generally does not consolidate its investments in a company other than a wholly-owned investment company or controlled operating company whose business consists of providing services to Series I. Accordingly, Series I consolidated the financial position and results of operations of its wholly-owned subsidiary, the Blocker. All significant intercompany transactions and balances have been eliminated in consolidation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Use of Estimate</i>s</b>— The preparation of the unaudited consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions, in particular the fair value of investments, that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements and the amounts of income and expenses during the reporting period. Management believes that the estimates utilized in preparing the unaudited consolidated financial statements are reasonable and prudent; however, actual results could differ from those estimates, and such differences could be material to Series I.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cash and Cash Equivalents</i></b>— Cash and cash equivalents include cash on hand, cash held in banks and money market funds with financial institutions with maturities of three months or fewer at the time of acquisition. As of June 30, 2026 and December 31, 2025, Series I held cash of $6,743 and $7,000, respectively.</p> 6743 7000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Organizational and Offering Expenses</i></b>— Organizational expenses are expensed as incurred. Organizational expenses consist of costs incurred to establish Series I and enable it legally to do business. Organizational expenses are paid by the Manager, subject to potential recoupment as described in Note 3.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Offering expenses include registration fees and legal fees regarding the preparation of the general form of registration of securities. Offering expenses are accounted for as deferred costs until operations begin. Offering expenses are then amortized over the first twelve months of operations on a straight-line basis.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Distribution Fees and Servicing Fees</i></b>— Series I invests in Series II. As a result, holders of any class of Series I Shares indirectly bear their proportional share of the Distribution and Servicing fees that are charged at the Series II level. These fees are not charged again at the Series I level, but Series I’s share of such fees is allocated to it through its investment in Series II, as further described in the LLC Agreement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Investments, At Fair Value</i></b>— The investment valuation policy of Series I is to value its financial instruments at fair value. Series I records its investment in Series II at fair value based on its proportionate interest in the net assets of Series II. Valuation of assets held by Series II is discussed in Note 2 of the notes to Series II unaudited consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>Investment in Series II—</i></b> On a monthly basis Series I records its proportionate share of the income, expenses, realized gains and losses and change in unrealized gains and losses of Series II. In addition, Series I accrues its own income and expenses. As of June 30, 2026 and December 31, 2025, Series I owned 25.1% and 22.5% of the net assets of Series II, respectively. The performance of Series I is directly impacted by the performance of Series II. The notes to Series II unaudited consolidated financial statements are attached to Series I unaudited consolidated financial statements and are an integral part of these unaudited consolidated financial statements.</p> 0.251 0.225 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Income Taxes</i></b>— Series I operates so that it qualifies to be treated as a partnership for U.S. federal income tax purposes under the Internal Revenue Code. An entity that is treated as a partnership for U.S. federal tax purposes generally incurs no U.S. federal income tax liability. Instead, each partner is generally required to take into account its allocable share of items of income, gain, loss, deduction, or credit of the entity in computing its U.S. federal income tax liability, regardless of whether cash distributions are made. A partnership, such as each Series, may nonetheless be taxed as a corporation if it is a publicly traded partnership, unless it meets the qualifying income exception. The qualifying income exception applies with respect to a publicly traded partnership if (i) at least 90% of such partnership’s gross income for each taxable year consists of “qualifying income” and (ii) the partnership would not be required to register under the Investment Company Act if it were a U.S. corporation. Qualifying income includes certain interest income, dividends, real property rents, gains from the sale or other disposition of real property, and any gain from the sale or disposition of a capital asset or other property held for the production of income that otherwise constitutes qualifying income. Each Series is managed such that it meets the qualifying income exception in each taxable year. If either Series were recharacterized as a corporation for federal income tax purposes by not meeting the qualifying income exception, the holders of interest in that Series would then be treated as stockholders in a corporation, and the Series would become taxable as a corporation for U.S. federal income tax purposes. Further, each Series would be subject to U.S. corporate income tax on its net taxable income. In addition, each Series operates, in part, through subsidiaries that may be treated as corporations for U.S. and non-U.S. tax purposes and therefore may be subject to current and deferred U.S. federal, state and/or local income taxes at the subsidiary level.</p> 0.90 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Calculation of Net Asset Value</i></b>— Net asset value (“NAV”) under U.S. GAAP by share class is calculated by subtracting total liabilities for each class from the total carrying amount of all assets for that class, which includes the fair value of investments. At the end of each month, any change in our NAV (whether an increase or decrease) is allocated among each share class based on the relative percentage of the previous aggregate NAV for each share class, adjusted for issuances of shares that were effective on the first calendar day of such month and redemptions that were effective on the last calendar day of such month. NAV per share for each class is calculated by dividing the NAV for that class by the total number of outstanding shares of that class on the reporting date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Manager is ultimately responsible for the Company’s NAV calculations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>Due to/Due from Manager—</i></b> Balances due to or due from the Manager represent amounts payable or receivable arising from reimbursable expenses, fee waivers, expense support arrangements, or other related-party transactions. These amounts are recorded at their contractual amount and are settled in the normal course of business. Amounts due to the Manager are classified as liabilities, and amounts due from the Manager are classified as assets in the Unaudited Consolidated Statements of Assets and Liabilities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Segment Reporting</i></b>— The Company operates through a <span style="-sec-ix-hidden: hidden-fact-238"><span style="-sec-ix-hidden: hidden-fact-239">single</span></span> operating and reporting segment with a primary objective of generating attractive risk-adjusted returns consisting of both current income and long-term capital appreciation. The chief operating decision maker (“CODM”) is comprised of the Company’s <span style="-sec-ix-hidden: hidden-fact-237">Chief Executive Officer</span> and Chief Investment Officer (the “Principal Committee”) which assesses the performance and makes operating decisions of the Company on a consolidated basis. The CODM has concluded that the Company operates as a single operating segment because the Company has a single investment strategy against which the CODM assesses the Company’s performance. In addition to other metrics, the CODM uses net increase (decrease) in net assets resulting from operations as a key metric to assess the Company’s performance. As the Company’s investment operations comprise a single reporting segment, the segment assets are the same assets that are reported in the Unaudited Consolidated Statements of Assets and Liabilities and significant segment expenses are the same as those listed in the Unaudited Consolidated Statements of Operations.</p> The chief operating decision maker (“CODM”) is comprised of the Company’s Chief Executive Officer and Chief Investment Officer (the “Principal Committee”) which assesses the performance and makes operating decisions of the Company on a consolidated basis. <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "><b><i>New Accounting Standards</i></b>— In November 2024, FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - <i>Disaggregation of Income Statement Expenses</i> (“ASU 2024-03”). ASU 2024-03 will require additional disclosures about specific types of expenses commonly presented on the statement of operations as well as disclosures about selling expenses. The new guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact that this change will have on the Company’s consolidated financial statements.</p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"><b>3.</b></td> <td style="text-align: justify"><b>RELATED PARTY TRANSACTIONS </b></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Management Agreement</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company on behalf of each Series entered into the Management Agreement with the Manager on September 2, 2025. Under the Management Agreement, the Manager is responsible for identifying, assessing, and overseeing the Company’s investment opportunities. The Manager also provides recommendations to the Principal Committee (or a member thereof) acting on behalf of Series II regarding the acquisition, management, financing, and sale of the Company’s assets (including the Infrastructure Assets), in alignment with the Company’s objectives, guidelines, policies, and limitations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Expense Limitation and Reimbursement Agreement</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company, on behalf of each Series, entered into an Expense Limitation and Reimbursement Agreement (the “Expense Limitation Agreement”) with the Manager on August 11, 2025, pursuant to which the Manager agreed to forgo an amount of its monthly management fee and/or pay, absorb or reimburse certain expenses of the Company (and in turn each Series), to the extent necessary through and including June 30, 2026, so that, for any fiscal year, the Company’s annual Specified Expenses (as defined below) do not exceed 0.75% of the Company’s net assets as of the end of each calendar month. The Company, on behalf of each Series, agreed to carry forward the amount of any forgone management fee and/or expenses paid, absorbed or reimbursed by the Manager, when and if requested by the Manager, within five years from the end of the month in which the Manager waived or reimbursed such fees or expenses (“Excess Expenses”) and to reimburse the Manager in the amount of such Excess Expenses as promptly as possible, on a monthly basis, but only if and to the extent that Specified Expenses plus any recoupment do not exceed 0.75% of the Company’s net assets at the end of each calendar month. The Manager is permitted to recapture a Specified Expense in the same year it is incurred. This arrangement terminated on June 30, 2026. “Specified Expenses” is defined to include all expenses incurred in the business of the Company and each Series, including organizational and offering costs and any costs associated with the transfer of a warehoused Infrastructure Asset to the Company, with the exception of (i) the management fee, (ii) the performance participation allocation, (iii) the servicing fee, (iv) Infrastructure Asset level expenses, (v) brokerage costs or other investment-related out-of-pocket expenses, including with respect to unconsummated transactions, in each case, accrued on or after the Company acquires its first Infrastructure Asset(s) (the “Initial Close”), (vi) dividend/interest payments (including any dividend payments, interest expenses, commitment fees, or other expenses related to any leverage incurred by the Company), (vii) taxes, (viii) ordinary corporate operating expenses (including costs and expenses related to hiring, retaining, and compensating employees, officers and directors of the Company) accrued on or after the Initial Close, (ix) certain insurance costs and (x) extraordinary expenses (as determined in the sole discretion of the Manager).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Manager agreed to reimburse expenses of $198,020, and $642,214 incurred by the Company for the six months ended June 30, 2026, and for the period from the Funding Date to December 31, 2025, respectively, pursuant to the Expense Limitation Agreement. The amounts are subject to recoupment within a five-year period. As of June 30, 2026 and December 31, 2025, the Company recorded $275,614 and $476,948, respectively, as Due from Manager.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Manager believes that it is not probable for Series I to be required to reimburse the expenses waived by the Manager.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold; text-align: left; border-bottom: Black 1.5pt solid">For the Period Ended:</td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Amount</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Last Expiration Date</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 71%; text-align: left">December 31, 2025</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">642,214</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 15%; text-align: center">December 31, 2030</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">March 31, 2026</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">97,847</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">March 31, 2031</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">June 30, 2026</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">100,173</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: center">June 30, 2031</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Total</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">840,234</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Excluded from the amounts above are $606,333, $1,077,526 and $1,287,838 of Expense Support from Manager for the three and six months ended June 30, 2026 and for the period from the Funding Date to December 31, 2025, respectively. These amounts represent Series I’s proportionate share of reimbursements that are allocated to it through its investment in Series II and included within the Unaudited Consolidated Statements of Operations within the net investment income and expenses allocated from Series II.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Organizational Expenses and Offering Expenses</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Organizational expenses are expensed as incurred. Organizational expenses consist of costs incurred to establish Series I and enable it legally to do business. Organizational expenses are paid by the Manager, subject to potential recoupment. For the three and six months ended June 30, 2025, Series I incurred organizational expenses of $656,241 and $1,854,336, respectively, related to legal, accounting, regulatory filings, and other out-of-pocket costs associated with the formation of Series I and its intermediate entities. The amounts for the three and six months ended June 30, 2025 were previously included in expenses on the Unaudited Consolidated Statements of Operations for the three months ended June 30, 2025 and for the period from March 28, 2025 to June 30, 2025. Certain of these organizational expenses were initially paid by the Manager on behalf of Series I. For the three and six months ended June 30, 2026, Series I did not incur organizational expenses associated with the formation of Series I and its intermediate entities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Company’s governing documents, the Company reimburses the Manager for organizational expenses incurred prior to the commencement of operations, subject to the terms of the Expense Limitation Agreement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Offering expenses include registration fees and legal fees regarding the preparation of the general form of registration of securities. Offering expenses are accounted for as deferred costs until operations begin. Offering expenses are then amortized over the first twelve months of operations on a straight-line basis. For the six months ended June 30, 2026, Series I did not incur any offering expenses. For the period from the Funding Date to June 30, 2025, Series I incurred $196,119 in offering expenses. For the three and six months ended June 30, 2026, Series I amortized $57,732 and $115,465 of deferred offering expenses, respectively.</p> 0.0075 0.0075 198020 642214 275614 476948 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Manager believes that it is not probable for Series I to be required to reimburse the expenses waived by the Manager.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold; text-align: left; border-bottom: Black 1.5pt solid">For the Period Ended:</td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Amount</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Last Expiration Date</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 71%; text-align: left">December 31, 2025</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">642,214</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 15%; text-align: center">December 31, 2030</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">March 31, 2026</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">97,847</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">March 31, 2031</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">June 30, 2026</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">100,173</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: center">June 30, 2031</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Total</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">840,234</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td><td style="text-align: left"> </td></tr> </table> 642214 December 31, 2030 97847 March 31, 2031 100173 June 30, 2031 840234 606333 1077526 1287838 656241 1854336 196119 57732 115465 <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"><b>4.</b></td> <td style="text-align: justify"><b>SHAREHOLDERS’ EQUITY</b></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Unregistered Sales of Equity Securities</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">The following tables show a summary of the Shares issued and redeemed for the three and six months ended June 30, 2026:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Outstanding as of<br/> March 31, 2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Issued<br/> During the<br/> Period</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Redeemed<br/> During the<br/> Period</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Reinvested<br/> under DRIP<br/> During the<br/> Period</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Transfers<br/> In</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Transfers<br/> Out</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Outstanding as of<br/> June 30, 2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 30%">F-S<sub>TE</sub> Shares</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">517,755</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">704,968</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-240">  -</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">3,130</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-241">   -</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-242">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">1,225,853</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-D<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">401,563</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-243">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-244">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,246</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-245">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-246">  -</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">405,809</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>F-I<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">72,324</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">81,232</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-247">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">718</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-248">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-249">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">154,274</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-J<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">708,472</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">33,609</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-250">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,062</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-251">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-252">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">749,143</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>S<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">110</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-253">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-254">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-255">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-256">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-257">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">110</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>D<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">110</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-258">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-259">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-260">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-261">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-262">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">110</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>I<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">110</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-263">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-264">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-265">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-266">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-267">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">110</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>J<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">110</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">86,343</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-268">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-269">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-270">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-271">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">86,453</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>E<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">80</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-272">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-273">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-274">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-275">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">81</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Outstanding as of<br/> December 31, <br/> 2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Issued<br/> During the<br/> Period</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Redeemed<br/> During the<br/> Period</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Reinvested<br/> under DRIP<br/> During the<br/> Period</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Transfers<br/> In</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Transfers<br/> Out</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Outstanding as of<br/> June 30, 2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 30%">F-S<sub>TE</sub> Shares</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">           107,654</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">1,114,640</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-276">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">3,559</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-277">   -</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-278">   -</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">1,225,853</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-D<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">400,110</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-279">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-280">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,699</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-281">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-282">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">405,809</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>F-I<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">41,020</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">112,355</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-283">  -</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">899</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-284">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-285">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">154,274</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-J<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">578,956</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">160,929</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-286">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,258</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-287">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-288">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">749,143</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>S<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">110</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-289">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-290">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-291">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-292">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-293">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">110</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>D<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">110</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-294">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-295">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-296">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-297">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-298">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">110</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>I<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">110</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-299">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-300">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-301">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-302">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-303">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">110</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>J<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">110</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">86,343</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-304">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-305">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-306">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-307">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">86,453</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>E<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">80</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-308">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-309">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-310">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-311">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">81</td><td style="text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">For the six months ended June 30, 2026, Series I issued such Shares for an aggregate consideration of $46,806,433. The offer and sale of the Shares were exempt from the registration provisions of the Securities Act of 1933, as amended, by virtue of Section 4(a)(2), including Regulation D (for sales to accredited investors) and/or Regulation S (for sales to non-U.S. investors outside of the United States) thereunder.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">The following tables show a summary of the Shares issued and redeemed for the three months ended June 30, 2025, and during the period from the Funding Date to June 30, 2025:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Outstanding as of<br/> March 31, 2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Issued<br/> During the<br/> Period</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Redeemed<br/> During the<br/> Period</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Reinvested<br/> under DRIP<br/> During the<br/> Period</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Transfers<br/> In</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Transfers<br/> Out</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Outstanding as of<br/> June 30, 2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">F-S<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-312">  -</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-313">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-314">  -</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-315">  -</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-316">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-317">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-318">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-family: Times New Roman, Times, Serif">F-D<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-319">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-320">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-321">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-322">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-323">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-324">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-325">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">F-I<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-326">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-327">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-328">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-329">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-330">  -</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-331">  -</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-332">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-family: Times New Roman, Times, Serif">F-J<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-333">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-334">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-335">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-336">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-337">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-338">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-339">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">S<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-340">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-341">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-342">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-343">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-344">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-345">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-346">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-family: Times New Roman, Times, Serif">D<sub>TE </sub>Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-347">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-348">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-349">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-350">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-351">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-352">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-353">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">I<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-354">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-355">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-356">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-357">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-358">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-359">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-360">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-family: Times New Roman, Times, Serif">J<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-361">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-362">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-363">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-364">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-365">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-366">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-367">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 30%"><span style="font-family: Times New Roman, Times, Serif">E<sub>TE</sub> Shares</span></td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">80</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-368">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-369">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-370">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-371">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-372">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">80</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Outstanding at<br/> Formation</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Issued<br/> During the<br/> Period</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Redeemed<br/> During the<br/> Period</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Reinvested<br/> under DRIP<br/> During the<br/> Period</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Transfers<br/> In</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Transfers<br/> Out</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Outstanding as of<br/> June 30, 2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">F-S<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-373">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-374">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-375">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-376">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-377">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-378">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-379">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-family: Times New Roman, Times, Serif">F-D<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-380">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-381">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-382">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-383">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-384">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-385">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-386">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">F-I<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-387">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-388">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-389">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-390">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-391">  -</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-392">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-393">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-family: Times New Roman, Times, Serif">F-J<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-394">  -</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-395">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-396">  -</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-397">  -</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-398">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-399">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-400">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">S<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-401">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-402">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-403">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-404">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-405">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-406"> -</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-407">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-family: Times New Roman, Times, Serif">D<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-408">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-409">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-410">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-411">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-412">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-413">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-414">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">I<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-415">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-416">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-417">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-418">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-419">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-420">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-421">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-family: Times New Roman, Times, Serif">J<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-422">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-423">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-424">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-425">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-426">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-427">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-428">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 30%"><span style="font-family: Times New Roman, Times, Serif">E<sub>TE</sub> Shares</span></td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-429">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">80</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-430">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-431">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-432">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-433">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">80</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; "> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">For the period from the Funding Date to June 30, 2025, Series I issued such Shares for an aggregate consideration of $2,000. The offer and sale of the Shares were exempt from the registration provisions of the Securities Act of 1933, as amended, by virtue of Section 4(a)(2), including Regulation D (for sales to accredited investors) and/or Regulation S (for sales to non-U.S. investors outside of the United States) thereunder.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Distributions</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Beginning with the end of the first full calendar quarter in which the Shares were sold to non-affiliates of I Squared, Series I seeks to declare, accrue and pay quarterly distributions. However, there is no guarantee that Series I will pay quarterly distributions consistently and at a specific rate, or at all. No distributions were declared for the period from the Funding Date to June 30, 2025. For the six months ended June 30, 2026, Series I made the following distributions:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">January 30, 2026</p> <p style="margin: 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Class</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Net Distribution<br/> Per Share</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%">F-S<sub>TE </sub>Shares</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">0.1100</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-D<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.1100</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>F-I<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.1100</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-J<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.1100</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>S<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.1100</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>D<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.1100</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>I<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.1100</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>J<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.1100</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>E<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.1100</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">March 31, 2026</p> <p style="margin: 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Class</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Net Distribution<br/> Per Share</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%">F-S<sub>TE </sub>Shares</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">0.3399</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-D<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.3399</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>F-I<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.3399</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-J<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.3399</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>S<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.3399</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>D<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.3399</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>I<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.3399</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>J<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.3399</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>E<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.3399</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">June 30, 2026</p> <p style="margin: 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Class</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Net Distribution<br/> Per Share</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%">F-S<sub>TE </sub>Shares</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">0.3424</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-D<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.3424</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>F-I<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.3424</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-J<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.3424</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>S<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.3424</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>D<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.3424</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>I<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.3424</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>J<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.3424</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>E<sub>TE </sub>Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.3424</td><td style="text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Distribution Reinvestment Plan</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">The Company adopted a distribution reinvestment plan (the “DRIP”), in which cash distributions to shareholders are automatically reinvested in additional whole and fractional shares attributable to the type of Shares that a shareholder owns unless and until an election is made on behalf of such participating shareholder to withdraw from the DRIP and receive distributions in cash. The number of Shares to be received when distributions are reinvested is determined by dividing the amount of the distribution, net of any applicable withholding taxes, by the Company’s or a Series’ NAV per share as of the end of the prior month. Shares are distributed in proportion to Series and types of Shares held by the shareholder under the DRIP. There is no sales load charge on Shares issued to a shareholder under the DRIP.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the three and six months ended June 30, 2026, Series I issued the below Shares under the DRIP. For the three and six months ended June 30, 2025, Series I did not issue any Shares under the DRIP.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Class</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Reinvested</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Dollars<br/> Reinvested</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">F-S<sub>TE </sub>Shares</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">3,130</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">100,791</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-D<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,246</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">136,454</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>F-I<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">718</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">23,176</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-J<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,062</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">227,303</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>S<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-434">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-435">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>D<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-436">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-437">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>I<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-438">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-439">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>J<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-440">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-441">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">E<sub>TE</sub> Shares</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">27</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; padding-bottom: 1.5pt">Total</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">15,157</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">487,751</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Class</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Reinvested</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Dollars<br/> Reinvested</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">F-S<sub>TE </sub>Shares</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">3,559</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">113,791</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-D<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,699</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">180,454</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>F-I<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">899</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">28,661</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-J<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,258</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">293,926</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>S<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-442">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-443">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>D<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-444">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-445">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>I<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-446">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-447">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>J<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-448">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-449">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">E<sub>TE</sub> Shares</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">36</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; padding-bottom: 1.5pt">Total</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">19,416</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">616,868</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Share Redemption Program</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Series I offers a share redemption program pursuant to which, on a quarterly basis, shareholders may request that the Company redeem all or any portion of their Shares. Series I may redeem fewer Shares than have been requested in any particular quarter to be redeemed under Series I’s share redemption program, or none at all, in the discretion of the board of directors (the “Board”) at any time. The Company expects that Series I will conduct quarterly Share redemptions (each, a “Share Redemption”) for up to 5.0% of the Company’s aggregate NAV per calendar quarter (measured using the average aggregate NAV attributable to shareholders as of the end of the immediately preceding calendar quarter), without duplication. Per our share redemption program, requests for redemption are subject to an early redemption fee (the “Early Redemption Fee”) of 5% of the NAV of the Shares redeemed from a Shareholder if Shares are redeemed within 24 months of the original issue date of such Shares. Any Early Redemption Fee benefits Series I. Aggregate NAV is reflective of Series I NAV which consists of all the underlying assets of Series II. For both the six months ended June 30, 2026 and for the period from the Funding Date to June 30, 2025, Series I did not redeem any Shares under the share redemption program.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">The following tables show a summary of the Shares issued and redeemed for the three and six months ended June 30, 2026:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Outstanding as of<br/> March 31, 2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Issued<br/> During the<br/> Period</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Redeemed<br/> During the<br/> Period</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Reinvested<br/> under DRIP<br/> During the<br/> Period</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Transfers<br/> In</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Transfers<br/> Out</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Outstanding as of<br/> June 30, 2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 30%">F-S<sub>TE</sub> Shares</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">517,755</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">704,968</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-240">  -</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">3,130</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-241">   -</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-242">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">1,225,853</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-D<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">401,563</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-243">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-244">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,246</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-245">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-246">  -</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">405,809</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>F-I<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">72,324</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">81,232</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-247">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">718</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-248">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-249">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">154,274</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-J<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">708,472</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">33,609</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-250">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,062</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-251">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-252">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">749,143</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>S<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">110</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-253">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-254">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-255">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-256">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-257">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">110</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>D<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">110</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-258">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-259">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-260">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-261">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-262">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">110</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>I<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">110</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-263">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-264">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-265">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-266">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-267">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">110</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>J<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">110</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">86,343</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-268">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-269">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-270">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-271">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">86,453</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>E<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">80</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-272">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-273">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-274">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-275">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">81</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Outstanding as of<br/> December 31, <br/> 2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Issued<br/> During the<br/> Period</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Redeemed<br/> During the<br/> Period</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Reinvested<br/> under DRIP<br/> During the<br/> Period</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Transfers<br/> In</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Transfers<br/> Out</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Outstanding as of<br/> June 30, 2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 30%">F-S<sub>TE</sub> Shares</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">           107,654</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">1,114,640</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-276">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">3,559</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-277">   -</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-278">   -</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">1,225,853</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-D<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">400,110</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-279">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-280">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,699</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-281">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-282">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">405,809</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>F-I<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">41,020</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">112,355</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-283">  -</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">899</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-284">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-285">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">154,274</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-J<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">578,956</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">160,929</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-286">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,258</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-287">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-288">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">749,143</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>S<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">110</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-289">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-290">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-291">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-292">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-293">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">110</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>D<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">110</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-294">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-295">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-296">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-297">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-298">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">110</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>I<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">110</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-299">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-300">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-301">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-302">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-303">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">110</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>J<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">110</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">86,343</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-304">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-305">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-306">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-307">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">86,453</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>E<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">80</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-308">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-309">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-310">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-311">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">81</td><td style="text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">The following tables show a summary of the Shares issued and redeemed for the three months ended June 30, 2025, and during the period from the Funding Date to June 30, 2025:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Outstanding as of<br/> March 31, 2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Issued<br/> During the<br/> Period</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Redeemed<br/> During the<br/> Period</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Reinvested<br/> under DRIP<br/> During the<br/> Period</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Transfers<br/> In</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Transfers<br/> Out</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Outstanding as of<br/> June 30, 2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">F-S<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-312">  -</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-313">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-314">  -</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-315">  -</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-316">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-317">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-318">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-family: Times New Roman, Times, Serif">F-D<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-319">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-320">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-321">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-322">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-323">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-324">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-325">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">F-I<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-326">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-327">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-328">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-329">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-330">  -</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-331">  -</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-332">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-family: Times New Roman, Times, Serif">F-J<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-333">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-334">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-335">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-336">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-337">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-338">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-339">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">S<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-340">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-341">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-342">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-343">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-344">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-345">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-346">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-family: Times New Roman, Times, Serif">D<sub>TE </sub>Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-347">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-348">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-349">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-350">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-351">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-352">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-353">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">I<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-354">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-355">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-356">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-357">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-358">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-359">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-360">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-family: Times New Roman, Times, Serif">J<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-361">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-362">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-363">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-364">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-365">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-366">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-367">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 30%"><span style="font-family: Times New Roman, Times, Serif">E<sub>TE</sub> Shares</span></td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">80</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-368">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-369">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-370">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-371">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-372">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">80</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Outstanding at<br/> Formation</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Issued<br/> During the<br/> Period</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Redeemed<br/> During the<br/> Period</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Reinvested<br/> under DRIP<br/> During the<br/> Period</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Transfers<br/> In</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Transfers<br/> Out</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Outstanding as of<br/> June 30, 2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">F-S<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-373">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-374">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-375">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-376">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-377">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-378">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-379">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-family: Times New Roman, Times, Serif">F-D<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-380">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-381">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-382">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-383">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-384">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-385">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-386">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">F-I<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-387">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-388">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-389">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-390">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-391">  -</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-392">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-393">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-family: Times New Roman, Times, Serif">F-J<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-394">  -</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-395">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-396">  -</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-397">  -</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-398">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-399">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-400">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">S<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-401">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-402">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-403">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-404">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-405">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-406"> -</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-407">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-family: Times New Roman, Times, Serif">D<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-408">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-409">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-410">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-411">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-412">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-413">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-414">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">I<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-415">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-416">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-417">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-418">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-419">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-420">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-421">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-family: Times New Roman, Times, Serif">J<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-422">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-423">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-424">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-425">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-426">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-427">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-428">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 30%"><span style="font-family: Times New Roman, Times, Serif">E<sub>TE</sub> Shares</span></td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-429">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">80</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-430">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-431">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-432">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-433">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">80</td><td style="width: 1%; text-align: left"> </td></tr> </table> 517755 704968 3130 1225853 401563 4246 405809 72324 81232 718 154274 708472 33609 7062 749143 110 110 110 110 110 110 110 86343 86453 80 1 81 107654 1114640 3559 1225853 400110 5699 405809 41020 112355 899 154274 578956 160929 9258 749143 110 110 110 110 110 110 110 86343 86453 80 1 81 46806433 80 80 80 80 2000 For the six months ended June 30, 2026, Series I made the following distributions:<table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Class</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Net Distribution<br/> Per Share</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%">F-S<sub>TE </sub>Shares</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">0.1100</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-D<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.1100</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>F-I<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.1100</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-J<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.1100</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>S<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.1100</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>D<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.1100</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>I<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.1100</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>J<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.1100</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>E<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.1100</td><td style="text-align: left"> </td></tr> </table><table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Class</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Net Distribution<br/> Per Share</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%">F-S<sub>TE </sub>Shares</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">0.3399</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-D<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.3399</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>F-I<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.3399</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-J<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.3399</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>S<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.3399</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>D<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.3399</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>I<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.3399</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>J<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.3399</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>E<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.3399</td><td style="text-align: left"> </td></tr> </table><table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Class</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Net Distribution<br/> Per Share</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%">F-S<sub>TE </sub>Shares</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">0.3424</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-D<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.3424</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>F-I<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.3424</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-J<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.3424</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>S<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.3424</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>D<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.3424</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>I<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.3424</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>J<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.3424</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>E<sub>TE </sub>Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.3424</td><td style="text-align: left"> </td></tr> </table> 0.11 0.11 0.11 0.11 0.11 0.11 0.11 0.11 0.11 0.3399 0.3399 0.3399 0.3399 0.3399 0.3399 0.3399 0.3399 0.3399 0.3424 0.3424 0.3424 0.3424 0.3424 0.3424 0.3424 0.3424 0.3424 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the three and six months ended June 30, 2026, Series I issued the below Shares under the DRIP. For the three and six months ended June 30, 2025, Series I did not issue any Shares under the DRIP.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Class</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Reinvested</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Dollars<br/> Reinvested</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">F-S<sub>TE </sub>Shares</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">3,130</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">100,791</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-D<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,246</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">136,454</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>F-I<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">718</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">23,176</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-J<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,062</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">227,303</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>S<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-434">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-435">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>D<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-436">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-437">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>I<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-438">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-439">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>J<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-440">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-441">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">E<sub>TE</sub> Shares</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">27</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; padding-bottom: 1.5pt">Total</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">15,157</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">487,751</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Class</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Reinvested</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Dollars<br/> Reinvested</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">F-S<sub>TE </sub>Shares</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">3,559</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">113,791</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-D<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,699</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">180,454</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>F-I<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">899</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">28,661</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-J<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,258</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">293,926</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>S<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-442">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-443">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>D<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-444">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-445">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>I<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-446">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-447">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>J<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-448">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-449">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">E<sub>TE</sub> Shares</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">36</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; padding-bottom: 1.5pt">Total</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">19,416</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">616,868</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 3130 100791 4246 136454 718 23176 7062 227303 1 27 15157 487751 3559 113791 5699 180454 899 28661 9258 293926 1 36 19416 616868 0.05 0.05 <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"><b>5.</b></td> <td style="text-align: justify"><b>COMMITMENTS AND CONTINGENCIES</b></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company and Series were not subject to any litigation nor were the Company and Series aware of any material litigation threatened against them.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Indemnifications</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the LLC Agreement and organizational documents, members of each Series’ Board, the Manager, I Squared, and their respective affiliates, directors, officers, representatives, agents and employees are indemnified against all liabilities unless these persons’ actions constitute actual fraud or willful misconduct. In the normal course of business, the Company (on behalf of each Series) enters into contracts that contain a variety of representations and that provide general indemnifications. Each Series’ maximum liability exposure under these arrangements is unknown, as future claims that have not yet occurred may be made against either Series.</p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><b>6.</b></td> <td style="text-align: justify"><b>FINANCIAL HIGHLIGHTS</b></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">The following are the financial highlights for the six months ended June 30, 2026:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "> </p> <table cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="font-size: 8pt; vertical-align: bottom"> <td style="font-size: 8pt; text-indent: -0.125in; padding-left: 0.125in; text-align: center"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 8pt"><b>F-S<sub>TE</sub><br/> Shares</b></span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 8pt"><b>F-D<sub>TE</sub> <br/> Shares</b></span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 8pt"><b>F-I<sub>TE</sub> <br/> Shares</b></span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 8pt"><b>F-J<sub>TE</sub> <br/> Shares</b></span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 8pt"><b>S<sub>TE</sub> <br/> Shares</b></span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 8pt"><b>D<sub>TE</sub> <br/> Shares</b></span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 8pt"><b>I<sub>TE</sub> <br/> Shares</b></span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 8pt"><b>J<sub>TE</sub> <br/> Shares</b></span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 8pt"><b>E<sub>TE</sub> <br/> Shares</b></span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td></tr> <tr style="font-size: 8pt; vertical-align: bottom"> <td style="font-size: 8pt; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold"><span style="font-size: 8pt">Per Share Data:</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr> <tr style="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 8pt; text-indent: -0.125in; padding-left: 0.125in; width: 32%"><span style="font-size: 8pt">Net asset value at beginning of period</span></td><td style="font-size: 8pt; width: 0.5%"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; width: 0.5%; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; width: 6%; text-align: right"><span style="font-size: 8pt">30.05</span></td><td style="font-size: 8pt; width: 0.5%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; width: 0.5%"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; width: 0.5%; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; width: 6%; text-align: right"><span style="font-size: 8pt">32.12</span></td><td style="font-size: 8pt; width: 0.5%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; width: 0.5%"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; width: 0.5%; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; width: 6%; text-align: right"><span style="font-size: 8pt">32.16</span></td><td style="font-size: 8pt; width: 0.5%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; width: 0.5%"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; width: 0.5%; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; width: 6%; text-align: right"><span style="font-size: 8pt">31.38</span></td><td style="font-size: 8pt; width: 0.5%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; width: 0.5%"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; width: 0.5%; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; width: 6%; text-align: right"><span style="font-size: 8pt">31.47</span></td><td style="font-size: 8pt; width: 0.5%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; width: 0.5%"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; width: 0.5%; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; width: 6%; text-align: right"><span style="font-size: 8pt">32.15</span></td><td style="font-size: 8pt; width: 0.5%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; width: 0.5%"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; width: 0.5%; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; width: 6%; text-align: right"><span style="font-size: 8pt">32.44</span></td><td style="font-size: 8pt; width: 0.5%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; width: 0.5%"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; width: 0.5%; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; width: 6%; text-align: right"><span style="font-size: 8pt">31.87</span></td><td style="font-size: 8pt; width: 0.5%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; width: 0.5%"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; width: 0.5%; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; width: 6%; text-align: right"><span style="font-size: 8pt">33.36</span></td><td style="font-size: 8pt; width: 1%; text-align: left"><span style="font-size: 8pt"> </span></td></tr> <tr style="font-size: 8pt; vertical-align: bottom; "> <td style="font-size: 8pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr> <tr style="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 8pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Premium/(Discount) on issuance of shares</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">1.84</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">0.00</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(0.24</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(0.03</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">0.00</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(0.01</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(0.01</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">3.34</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">0.05</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr> <tr style="font-size: 8pt; vertical-align: bottom; "> <td style="font-size: 8pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-size: 8pt">Distributions declared (1)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(0.79</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(0.79</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(0.79</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(0.79</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(0.79</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(0.79</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(0.79</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(0.79</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(0.79</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td></tr> <tr style="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 8pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-size: 8pt">Service fees</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(1.51</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">0.01</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-450; font-size: 8pt">-</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(0.10</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">0.06</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">0.02</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-451; font-size: 8pt">-</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(3.01</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-452; font-size: 8pt">-</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr> <tr style="font-size: 8pt; vertical-align: bottom; "> <td style="font-size: 8pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr> <tr style="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 8pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-size: 8pt">Net investment income (2)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(0.30</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(0.65</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(0.18</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(0.59</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(0.72</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(0.67</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(0.65</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(0.32</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(0.11</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td></tr> <tr style="font-size: 8pt; vertical-align: bottom; "> <td style="font-size: 8pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-size: 8pt">Net realized and unrealized gain/(loss) (3)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">1.26</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">1.63</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">1.29</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">1.58</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">1.48</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">1.48</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">1.49</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">0.34</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">0.83</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr> <tr style="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 8pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-size: 8pt">Reallocation of unrealized gain/(loss)</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">0.46</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">(0.79</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">(0.04</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">(0.12</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">(0.73</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">(0.73</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">(0.73</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-453; font-size: 8pt">-</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">(0.39</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">)</span></td></tr> <tr style="font-size: 8pt; vertical-align: bottom; "> <td style="font-size: 8pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-size: 8pt">Net increase (decrease) in net assets resulting from operations</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">1.42</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">0.19</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">1.07</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">0.87</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">0.03</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">0.08</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">0.11</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">0.02</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">0.33</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr> <tr style="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 8pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr> <tr style="font-size: 8pt; vertical-align: bottom; "> <td style="font-size: 8pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Net asset value at end of period</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">31.01</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">31.53</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">32.20</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">31.33</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">30.77</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">31.45</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">31.75</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">31.43</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">32.95</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr> <tr style="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 8pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Shares outstanding at end of period</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">1,225,853</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">405,809</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">154,274</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">749,143</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">110</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">110</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">110</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">86,453</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">81</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr> <tr style="font-size: 8pt; vertical-align: bottom; "> <td style="font-size: 8pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Weighted average shares outstanding</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">766,822</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">402,745</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">89,811</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">709,456</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">110</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">110</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">110</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">17,884</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">80</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr> <tr style="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 8pt; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"><span style="font-size: 8pt">Ratio/Supplemental Data:</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr> <tr style="font-size: 8pt; vertical-align: bottom; "> <td style="font-size: 8pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-size: 8pt">Net assets at end of period</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">38,019,759</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">12,795,774</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">4,967,794</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">23,473,964</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">3,385</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">3,460</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">3,492</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">2,717,147</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">2,669</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr> <tr style="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 8pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-size: 8pt">Ratio to average net assets (4)(5)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr> <tr style="font-size: 8pt; vertical-align: bottom; "> <td style="font-size: 8pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-size: 8pt">Total expenses before expense support</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">8.27</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">10.79</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">7.76</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">10.43</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">10.87</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">10.33</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">10.12</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">10.14</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">3.93</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td></tr> <tr style="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 8pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-size: 8pt">Total expenses after expense support</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">4.22</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">6.64</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">3.65</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">6.25</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">7.01</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">6.56</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">6.38</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">5.75</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">1.89</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td></tr> <tr style="font-size: 8pt; vertical-align: bottom; "> <td style="font-size: 8pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-size: 8pt">Net investment loss (5)</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">-1.90</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">-4.16</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">-1.15</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">-3.78</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">-4.69</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">-4.30</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">-4.14</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">-2.05</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">-0.68</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">%</span></td></tr> <tr style="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 8pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-size: 8pt">Total return (6)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">5.83</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">0.63</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">2.59</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">2.37</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">0.29</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">0.29</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">0.32</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">1.11</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">1.15</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td></tr> </table> <p style="margin: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-size: 10pt">The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transaction (refer to Note 4).</span></td> </tr></table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(2)</span></td><td style="text-align: justify"><span style="font-size: 10pt">The per share data was derived by using the weighted average shares outstanding during the applicable period.</span></td> </tr></table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(3)</span></td><td style="text-align: justify"><span style="font-size: 10pt">The amount shown at this caption is the balancing amount derived from the other figures in the table. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in investments for the period because of the timing of sales of Series I shares in relation to fluctuating market value for the portfolio.</span></td> </tr></table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(4)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Actual results may not be indicative of future results. Additionally, an individual shareholder's ratio may vary from the ratios presented for a share class as a whole.</span></td> </tr></table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(5)</span></td><td style="text-align: justify"><span style="font-size: 10pt">The ratios were derived using the simple average net assets during the applicable period.</span></td> </tr></table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(6)</span></td><td style="text-align: justify"><span style="font-size: 10pt">The total return is calculated for each share class as the change in the net asset value for such share class during the period plus any distributions per share declared in the period, and assumes any distributions are reinvested in accordance with our distribution reinvestment plan. The Series I performance changes over time and currently may be different than that shown above. Past performance is no guarantee of future results. Investment performance is presented without regard to sales load that may be incurred by Shareholders in the purchase of the Series I shares.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">The financial highlights for the period from the Funding Date to June 30, 2025 are not shown as Series I had not yet commenced investment operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">The following are the financial highlights for the six months ended June 30, 2026:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "> </p> <table cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="font-size: 8pt; vertical-align: bottom"> <td style="font-size: 8pt; text-indent: -0.125in; padding-left: 0.125in; text-align: center"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 8pt"><b>F-S<sub>TE</sub><br/> Shares</b></span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 8pt"><b>F-D<sub>TE</sub> <br/> Shares</b></span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 8pt"><b>F-I<sub>TE</sub> <br/> Shares</b></span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 8pt"><b>F-J<sub>TE</sub> <br/> Shares</b></span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 8pt"><b>S<sub>TE</sub> <br/> Shares</b></span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 8pt"><b>D<sub>TE</sub> <br/> Shares</b></span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 8pt"><b>I<sub>TE</sub> <br/> Shares</b></span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 8pt"><b>J<sub>TE</sub> <br/> Shares</b></span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 8pt"><b>E<sub>TE</sub> <br/> Shares</b></span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 8pt"> </span></td></tr> <tr style="font-size: 8pt; vertical-align: bottom"> <td style="font-size: 8pt; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold"><span style="font-size: 8pt">Per Share Data:</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr> <tr style="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 8pt; text-indent: -0.125in; padding-left: 0.125in; width: 32%"><span style="font-size: 8pt">Net asset value at beginning of period</span></td><td style="font-size: 8pt; width: 0.5%"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; width: 0.5%; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; width: 6%; text-align: right"><span style="font-size: 8pt">30.05</span></td><td style="font-size: 8pt; width: 0.5%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; width: 0.5%"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; width: 0.5%; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; width: 6%; text-align: right"><span style="font-size: 8pt">32.12</span></td><td style="font-size: 8pt; width: 0.5%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; width: 0.5%"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; width: 0.5%; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; width: 6%; text-align: right"><span style="font-size: 8pt">32.16</span></td><td style="font-size: 8pt; width: 0.5%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; width: 0.5%"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; width: 0.5%; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; width: 6%; text-align: right"><span style="font-size: 8pt">31.38</span></td><td style="font-size: 8pt; width: 0.5%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; width: 0.5%"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; width: 0.5%; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; width: 6%; text-align: right"><span style="font-size: 8pt">31.47</span></td><td style="font-size: 8pt; width: 0.5%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; width: 0.5%"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; width: 0.5%; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; width: 6%; text-align: right"><span style="font-size: 8pt">32.15</span></td><td style="font-size: 8pt; width: 0.5%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; width: 0.5%"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; width: 0.5%; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; width: 6%; text-align: right"><span style="font-size: 8pt">32.44</span></td><td style="font-size: 8pt; width: 0.5%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; width: 0.5%"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; width: 0.5%; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; width: 6%; text-align: right"><span style="font-size: 8pt">31.87</span></td><td style="font-size: 8pt; width: 0.5%; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; width: 0.5%"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; width: 0.5%; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; width: 6%; text-align: right"><span style="font-size: 8pt">33.36</span></td><td style="font-size: 8pt; width: 1%; text-align: left"><span style="font-size: 8pt"> </span></td></tr> <tr style="font-size: 8pt; vertical-align: bottom; "> <td style="font-size: 8pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr> <tr style="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 8pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Premium/(Discount) on issuance of shares</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">1.84</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">0.00</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(0.24</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(0.03</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">0.00</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(0.01</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(0.01</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">3.34</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">0.05</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr> <tr style="font-size: 8pt; vertical-align: bottom; "> <td style="font-size: 8pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-size: 8pt">Distributions declared (1)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(0.79</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(0.79</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(0.79</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(0.79</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(0.79</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(0.79</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(0.79</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(0.79</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(0.79</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td></tr> <tr style="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 8pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-size: 8pt">Service fees</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(1.51</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">0.01</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-450; font-size: 8pt">-</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(0.10</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">0.06</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">0.02</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-451; font-size: 8pt">-</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(3.01</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-452; font-size: 8pt">-</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr> <tr style="font-size: 8pt; vertical-align: bottom; "> <td style="font-size: 8pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr> <tr style="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 8pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-size: 8pt">Net investment income (2)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(0.30</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(0.65</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(0.18</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(0.59</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(0.72</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(0.67</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(0.65</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(0.32</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">(0.11</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">)</span></td></tr> <tr style="font-size: 8pt; vertical-align: bottom; "> <td style="font-size: 8pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-size: 8pt">Net realized and unrealized gain/(loss) (3)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">1.26</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">1.63</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">1.29</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">1.58</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">1.48</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">1.48</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">1.49</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">0.34</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">0.83</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr> <tr style="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 8pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-size: 8pt">Reallocation of unrealized gain/(loss)</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">0.46</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">(0.79</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">(0.04</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">(0.12</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">(0.73</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">(0.73</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">(0.73</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">)</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-453; font-size: 8pt">-</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">(0.39</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">)</span></td></tr> <tr style="font-size: 8pt; vertical-align: bottom; "> <td style="font-size: 8pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-size: 8pt">Net increase (decrease) in net assets resulting from operations</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">1.42</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">0.19</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">1.07</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">0.87</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">0.03</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">0.08</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">0.11</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">0.02</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">0.33</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr> <tr style="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 8pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr> <tr style="font-size: 8pt; vertical-align: bottom; "> <td style="font-size: 8pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Net asset value at end of period</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">31.01</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">31.53</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">32.20</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">31.33</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">30.77</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">31.45</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">31.75</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">31.43</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">32.95</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr> <tr style="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 8pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Shares outstanding at end of period</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">1,225,853</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">405,809</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">154,274</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">749,143</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">110</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">110</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">110</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">86,453</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">81</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr> <tr style="font-size: 8pt; vertical-align: bottom; "> <td style="font-size: 8pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">Weighted average shares outstanding</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">766,822</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">402,745</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">89,811</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">709,456</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">110</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">110</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">110</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">17,884</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">80</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr> <tr style="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 8pt; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"><span style="font-size: 8pt">Ratio/Supplemental Data:</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr> <tr style="font-size: 8pt; vertical-align: bottom; "> <td style="font-size: 8pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-size: 8pt">Net assets at end of period</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">38,019,759</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">12,795,774</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">4,967,794</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">23,473,964</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">3,385</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">3,460</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">3,492</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">2,717,147</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">2,669</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr> <tr style="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 8pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-size: 8pt">Ratio to average net assets (4)(5)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td></tr> <tr style="font-size: 8pt; vertical-align: bottom; "> <td style="font-size: 8pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-size: 8pt">Total expenses before expense support</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">8.27</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">10.79</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">7.76</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">10.43</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">10.87</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">10.33</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">10.12</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">10.14</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">3.93</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td></tr> <tr style="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 8pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-size: 8pt">Total expenses after expense support</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">4.22</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">6.64</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">3.65</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">6.25</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">7.01</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">6.56</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">6.38</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">5.75</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">1.89</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td></tr> <tr style="font-size: 8pt; vertical-align: bottom; "> <td style="font-size: 8pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-size: 8pt">Net investment loss (5)</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">-1.90</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">-4.16</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">-1.15</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">-3.78</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">-4.69</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">-4.30</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">-4.14</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">-2.05</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt">-0.68</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">%</span></td></tr> <tr style="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 8pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-size: 8pt">Total return (6)</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">5.83</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">0.63</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">2.59</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">2.37</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">0.29</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">0.29</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">0.32</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">1.11</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td><td style="font-size: 8pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt"> </span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">1.15</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">%</span></td></tr> </table> <p style="margin: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-size: 10pt">The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transaction (refer to Note 4).</span></td> </tr></table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(2)</span></td><td style="text-align: justify"><span style="font-size: 10pt">The per share data was derived by using the weighted average shares outstanding during the applicable period.</span></td> </tr></table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(3)</span></td><td style="text-align: justify"><span style="font-size: 10pt">The amount shown at this caption is the balancing amount derived from the other figures in the table. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in investments for the period because of the timing of sales of Series I shares in relation to fluctuating market value for the portfolio.</span></td> </tr></table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(4)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Actual results may not be indicative of future results. Additionally, an individual shareholder's ratio may vary from the ratios presented for a share class as a whole.</span></td> </tr></table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(5)</span></td><td style="text-align: justify"><span style="font-size: 10pt">The ratios were derived using the simple average net assets during the applicable period.</span></td> </tr></table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(6)</span></td><td style="text-align: justify"><span style="font-size: 10pt">The total return is calculated for each share class as the change in the net asset value for such share class during the period plus any distributions per share declared in the period, and assumes any distributions are reinvested in accordance with our distribution reinvestment plan. The Series I performance changes over time and currently may be different than that shown above. Past performance is no guarantee of future results. Investment performance is presented without regard to sales load that may be incurred by Shareholders in the purchase of the Series I shares.</span></td> </tr></table> 30.05 32.12 32.16 31.38 31.47 32.15 32.44 31.87 33.36 1.84 0 -0.24 -0.03 0 -0.01 -0.01 3.34 0.05 0.79 0.79 0.79 0.79 0.79 0.79 0.79 0.79 0.79 -1.51 0.01 -0.1 0.06 0.02 -3.01 -0.3 -0.65 -0.18 -0.59 -0.72 -0.67 -0.65 -0.32 -0.11 1.26 1.63 1.29 1.58 1.48 1.48 1.49 0.34 0.83 0.46 -0.79 -0.04 -0.12 -0.73 -0.73 -0.73 -0.39 1.42 0.19 1.07 0.87 0.03 0.08 0.11 0.02 0.33 31.01 31.53 32.2 31.33 30.77 31.45 31.75 31.43 32.95 1225853 405809 154274 749143 110 110 110 86453 81 766822 402745 89811 709456 110 110 110 17884 80 38019759 12795774 4967794 23473964 3385 3460 3492 2717147 2669 0.0827 0.1079 0.0776 0.1043 0.1087 0.1033 0.1012 0.1014 0.0393 0.0422 0.0664 0.0365 0.0625 0.0701 0.0656 0.0638 0.0575 0.0189 -1.9 -4.16 -1.15 -3.78 -4.69 -4.3 -4.14 -2.05 -0.68 0.0583 0.0063 0.0259 0.0237 0.0029 0.0029 0.0032 0.0111 0.0115 <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 3%"><b>7.</b></td> <td style="width: 96%; text-align: justify"><b>SUBSEQUENT EVENTS</b></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q and determined to disclose the following subsequent events and transactions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Unregistered Sales of Equity Securities</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In July 2026, Series I issued 105,273 Shares for total aggregate net consideration of $3,372,000. The offer and sale of such Shares were exempt from the registration provisions of the Securities Act of 1933, as amended, by virtue of Section 4(a)(2), including Regulation D (for sales to accredited investors) and/or Regulation S (for sales to non-U.S. investors outside of the United States) thereunder.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Fifth Amended and Restated Limited Liability Company Agreement</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 11, 2026, by a written consent, ISQ Holdings, LLC, as Series I controlling shareholder, and the Blocker, as the Series II controlling shareholder, approved the Fifth Amended and Restated Limited Liability Company Agreement (the “Fifth A&amp;R LLCA”). On August 11, 2026, the Fifth A&amp;R LLCA was executed, which amended and restated the Company’s Fourth Amended and Restated Limited Liability Company Agreement, dated as of August 11, 2025.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The amendment and restatement effects certain changes, including, among other things (i) modifying the indemnification provisions, (ii) revising the conflicts of interest provisions, (iii) replacing the subjective good faith standard of conduct with an objective standard of reasonableness, and (iv) requiring the approval of a majority of shareholders to approve certain amendments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Management Agreement</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 11, 2026, the Company entered into the Amended and Restated Management Agreement (the “A&amp;R Management Agreement”) with the Manager. The Manager is an affiliate of I Squared and the Company. On August 11, 2026, the A&amp;R Management Agreement was executed, which amended and restated the Company’s Management Agreement, dated as of September 2, 2025.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The amendment and restatement effects certain changes, including, among other things, expanding the definition of “Cause Event” to broaden the scenarios under which the Company may terminate the A&amp;R Management Agreement without payment of a termination fee to the Manager.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There are no other events that require disclosure or adjustment to the unaudited consolidated financial statements.</p> 105273 3372000 274061878 139937414 331896186 183179945 23747560 2277971 1667568 4360335 826837 441226 1323678 184827 158043 6769 358770973 191299972 11288835 8733421 6472261 2961570 5127824 3415609 3565634 2805758 164062 790379 2559348 136150 167226 721850 690774 556484 212689 478177 1734837 288591 465045 190821 1694183 39016 24605 10510000 32350235 33141538 326420738 158158434 38018838 3231299 1191472 105792 31.91 30.54 12817846 12878001 405755 400100 31.59 32.19 4963116 1319688 152528 40677 32.54 32.44 23462815 18158680 738981 572307 31.75 31.73 3060 3136 100 100 30.6 31.36 3136 3212 100 100 31.36 32.12 3168 3243 100 100 31.68 32.43 2717390 3180 86651 100 31.36 31.8 1350 1344 41 40 32.93 33.6 63342664 13513460 2036534 448694 31.1 30.12 26926148 6660049 834780 207668 32.26 32.07 133569315 89697782 4252997 2862789 31.41 31.33 320702 13000 24.67 4555475 187442 24.3 15715715 12685360 466420 377933 33.69 33.57 944193 736470 1680663 2195458 104486 694558 556484 441226 412002 395791 120794 68228 44204 590533 4928745 695019 2392865 695019 2535880 -855217 1083315 0 99309 0 5095016 -123622 639 4972033 4116816 1888386 1210635 3099021 4016110 104486 1712216 1597024 929209 882452 553255 401842 295782 145164 1657772 10533054 1762258 4409942 1762258 6123112 -3024091 11847346 -24605 -2997 11819744 8795653 16004763 12669163 2309661 22149653 3062 3140 3173 3108 1329 23504962 12850624 124405216 15176348 229084202 22581250 2626375 1071625 2797000 40975057 13908896 8023000 325000 4696750 306500 97311453 100791 136454 23177 227302 27 136805 71888 1005293 144586 1846323 444345 148523 55092 274207 40 40 40 29604 29 697309 285829 1456226 4451 64180 159706 3619621 22237696 -12069 2594460 1024720 -40 -40 -40 2767396 -2 40414553 13694955 7572067 320549 4632570 291380 95538155 -75625 -60238 3643 -103665 -20 -19 -19 -5135 -1 29173 -21896 -605349 8 -3871 -12203 -855217 588321 217712 55352 402355 54 54 54 5939 24 730235 402465 2291867 145 17266 260190 4972033 512696 157474 58995 298690 34 35 35 804 23 759408 380569 1686518 153 13395 247987 4116816 -736317 3278 -10248 4 1 -53918 -1336259 -94486 -90490 -2318435 38018838 12817846 4963116 23462815 3060 3136 3168 2717390 1350 63342664 26926148 133569315 320702 4555475 15715715 326420738 3231299 12878001 1319688 18158680 3136 3212 3243 3180 1344 13513460 6660049 89697782 12685360 158158434 35361933 3606375 5041125 2797000 50768526 20007206 42282058 325000 4696750 2744000 167629973 113791 180454 28661 293926 36 168998 86810 1286220 186660 2345556 658611 340341 92112 602472 92 92 92 29656 66 1012393 450688 3176584 4451 64180 357252 6789082 34817113 -159887 3542924 4732579 -92 -92 -92 2767344 -30 49925131 19643328 40391694 320549 4632570 2573408 163186447 -195817 -244000 -12531 -385664 -74 -68 -66 -5187 -172561 -87350 -1911198 8 -3871 -5712 -3024091 966873 658149 116226 1118163 163 162 163 6050 67 1380922 707669 6129220 145 17266 718506 11819744 356072 -319548 -3191 -87792 -80 -80 -80 -80 -31 333797 2452 -25592 -255847 1127128 94601 100504 644707 9 14 17 783 36 1542158 622771 4192430 153 13395 456947 8795653 -1156702 5131 -73151 7 2 -53917 -1638085 -712591 -90490 -3719796 38018838 12817846 4963116 23462815 3060 3136 3168 2717390 1350 63342664 26926148 133569315 320702 4555475 15715715 326420738 1000 1000 1000 1000 1000 8795653 142091323 -8151373 144803 39711 14591778 -24605 882452 295782 31077 23291 -2692767 1762258 26784 6769 2641696 104486 -2555414 1712215 343795 39016 -176454 1256660 -1503362 -1768969 1657772 -133417477 167629973 1000 877892 22420955 32930955 504887 850128 154887066 1000 21469589 1000 2277971 23747560 1000 156772 318218 2345556 0.0475 2028-08-15 Delayed Draw Term Loan Data Center 6039317 5911867 6039317 0.019 0.055 2030-08-29 Term Loan Utilities 7753333 7753333 7779995 0.024 13665200 13819312 0.043 0.08 0.04 2030-04-20 Delayed Draw Term Loan Telecommunications 4574143 6119441 6071031 0.019 6119441 6071031 0.019 19784641 19890343 0.062 Equity Interest Held Through ISQ Liberty Aggregator, L.P. Common Stock Conventional Energy 0.0766 32224579 35142418 0.108 Equity Interest Held Through ISQGIF III U.S. AIV Telecom Aggregator, L.P. Common Stock Telecommunications 0.0135 23500000 25910570 0.079 Equity Interest Held Through ISQ Eagle Aggregator L.P. Common Stock Environmental Infrastructure 0.039 40195508 42488212 0.13 Equity Interest Held Through ISQ Spyder Aggregator, L.P. Common Stock Energy Transportation 0.0692 34031465 47692703 0.146 Equity Interest Held Through ISQ Bus Aggregator, L.P. Common Stock Transportation 0.0816 19345247 25957442 0.08 Equity Interest Held Through Transportation Equipment Network (TEN), LLC Common Stock Transportation 0.0629 57500000 87329928 0.267 Equity Interest Held Through Mercury Data Center Fund III Aggregator, LLC Common Stock Data Center 0.0055 10000000 10341481 0.031 Equity Interest Held Through Cube Safety Aggregator, L.P. Common Stock Traffic Control & Monitoring 0.0133 19480438 19143089 0.059 Equity Interest Held Through ISQ Company Holdings, LLC Common Stock Power & Utilities 0.0296 18000000 18000000 0.055 254277237 312005843 0.955 254277237 312005843 0.955 274061878 331896186 1.017 5698882 -8304 2294662 -15601 119454 -700 -24605 -24605 Cash Equivalents 22654461 22654461 22654461 0.069 22654461 22654461 0.069 296716339 354526042 1.086 0.0475 2028-08-15 Delayed Draw Term Loan Data Center 4180891 4019126 4152093 0.026 0.055 2030-08-29 Term Loan Utilities 7753333 7753333 7879852 0.05 11772459 12031945 0.076 0.08 0.04 2030-04-20 Delayed Draw Term Loan Telecommunications 3181759 4253445 4094453 0.026 4253445 4094453 0.026 16025904 16126398 0.102 Equity Interest Held Through ISQ Liberty Aggregator, L.P. Common Stock Conventional Energy 0.0158 6645179 6964870 0.044 Equity Interest Held Through ISQGIF III U.S. AIV Telecom Aggregator, L.P. Common Stock Telecommunications 0.0146 20700000 21635349 0.137 Equity Interest Held Through ISQ Spyder Aggregator, L.P. Common Stock Energy Transportation 0.0692 34031465 42162460 0.267 Equity Interest Held Through ISQ Bus Aggregator, L.P. Common Stock Transportation 0.0816 27455820 33108760 0.209 Equity Interest Held Through Transportation Equipment Network (TEN), LLC Common Stock Transportation 0.0629 35079046 63182108 0.399 123911510 167053547 1.056 123911510 167053547 1.056 139937414 183179945 1.158 Cash Equivalents 2180513 2180513 2180513 0.014 2180513 2180513 0.014 142117927 185360458 1.172 <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"><b>1.</b></td> <td><b>ORGANIZATION</b></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ISQ Open Infrastructure Company LLC (the “Company”) is a limited liability company that was formed in accordance with the laws of Delaware on January 15, 2025. The Company is a series limited liability company with series established pursuant to Sections 18-215 or 18-218 of the Delaware Limited Liability Company Act (the “LLC Act”). On March 13, 2025, the Company established two registered series of limited liability company interests, ISQ Open Infrastructure Company LLC—Series I (“Series I”) and ISQ Open Infrastructure Company LLC—Series II (“Series II” and together with Series I, “Series”). The purchase of shares of a Series of the Company is an investment only in that particular Series and not an investment in the Company as a whole. In accordance with the LLC Act, each Series is a separate series of segregated assets and liabilities and corresponding limited liability company interests of the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Series I and Series II are intended to be treated as separate entities for U.S. federal income tax purposes with segregated assets and liabilities. Sections 18-215(c) and 18-218(c)(1) of the LLC Act provide that a Series established in accordance with Section 18-215(b) or 18-218 of the LLC Act, respectively, may carry on any lawful business, purpose or activity, other than the business of banking, and has the power and capacity to, in its own name, contract, hold title to assets (including real, personal and intangible property), grant liens and security interests, and sue and be sued. The Company intends for each Series to conduct its business and enter into contracts in its own name to the extent such activities are undertaken with respect to a particular Series and assets associated with a Series may be held, directly or indirectly, including in the name of such Series, in the name of the Company, through a nominee or otherwise. Under Delaware law, to the extent the records maintained for a Series account for the assets associated with such Series separately from the other assets of the Company or any other Series, the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to such Series are segregated and enforceable only against the assets of such Series and not against the assets of the Company generally or any other Series.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each of Series I and Series II will remain in existence until its certificate of registered series has been cancelled in the manner required by the LLC Act following Series I’s or Series II’s, as applicable, dissolution and the completion of the winding up of such Series in accordance with the Fourth Amended and Restated Limited Liability Company Agreement of the Company (the “LLC Agreement”), the applicable series agreement and Delaware law. On August 11, 2026, the LLC Agreement was amended and restated. See “<i>—Subsequent Events</i>” for additional information.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company conducts its operations so that neither Series I nor Series II is required to register as an “investment company” under the Investment Company Act of 1940, as amended (the “Investment Company Act”). The Company primarily seeks to manage joint ventures that own and control private companies, infrastructure assets and infrastructure-related assets located globally but with a focus on North America, Europe and selected growth economies in Asia and Latin America (the “Infrastructure Assets”) with the objective of generating attractive risk-adjusted returns consisting of both current income and long-term capital appreciation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is conducting a continuous private offering of the shares to (i) accredited investors (as defined in Regulation D under the U.S. Securities Act of 1933 (the “Securities Act”)) and (ii) in the case of shares sold outside the United States, to persons that are not “U.S. persons” (as defined in Regulation S under the Securities Act) in reliance on exemptions from the registration requirements of the Securities Act, including under Regulation D and Regulation S.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is sponsored by I Squared Capital Advisors (US) LLC (together with its subsidiaries and affiliated entities, “I Squared”) and benefits from I Squared’s infrastructure sourcing and portfolio management platform pursuant to a management agreement (the “Management Agreement”) entered into with ISQ OpenInfra Registered Advisor LLC (the “Manager”), an affiliate of I Squared, on September 2, 2025, to support the Company in managing its portfolio of Infrastructure Assets. On August 11, 2026, the Company entered into the Amended and Restated Management Agreement with the Manager. See “<i>—Subsequent Events</i>” for additional information.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In pursuing its investment objective, Series I invests and continues to invest substantially all of its assets in Series II. The portfolio of Series I typically consists solely of Series II shares. Therefore, Series I’s investment results correspond directly to the investment results of Series II. Series II has the same business objective and strategy as Series I. For convenience of the reader, references to Series II’s investments also refer to Series I’s investments (and vice versa), and references to the risks of investing in Series II also refer to the risks of investing in Series I (and vice versa), except as otherwise provided. Series I and Series II are part of a master-feeder fund structure. The feeder fund, Series I, invests substantially all of its assets in the master fund, Series II, through the Blocker (as defined below).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 28, 2025 (the “Funding Date”), Series I contributed $1,000 to Series II through a blocker, ISQ Open Infrastructure Holdings, L.P. (the “Blocker”), domiciled in the Cayman Islands, and Series I and Series II commenced operations.</p> 1000 <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"><b>2.</b></td> <td><b>SIGNIFICANT ACCOUNTING POLICIES</b></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Basis of Accounting</i></b>— The unaudited consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and are presented in United States dollars. The Company’s fiscal year end is December 31. In the opinion of management, the accompanying interim financial statements include all adjustments, consisting of normal recurring items, necessary for their fair statement in conformity with U.S. GAAP.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Series II’s unaudited consolidated financial statements are prepared using the accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services—Investment Companies. Series I and Series II qualify as investment companies solely for accounting purposes and not for any other purpose. Series I and Series II are not registered, and are not required to be registered, as investment companies under the Investment Company Act. Series I and Series II follow the significant accounting policies described below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Basis of Presentation</i></b>— Series I and Series II are treated as distinct entities under the LLC Act and for U.S. federal income tax purposes, each with its own segregated assets, liabilities, and expenses. If any expenses are incurred on behalf of or for the benefit of either Series, the Manager allocates those expenses among Series based on the relative size of each Series’ investment in the relevant activity or entity, the net asset value of each Series, or another method the Manager, in good faith, deems fair and reasonable.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Basis of Consolidation</i></b>— As provided under Regulation S-X and ASC 946, Series II generally does not consolidate its investments in a company other than a wholly-owned investment company or controlled operating company whose business consists of providing services to Series II. Accordingly, Series II consolidated the financial position and results of operations of its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Use of Estimate</i>s</b>— The preparation of the unaudited consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions, in particular the fair value of investments, that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements and the amounts of income and expenses during the reporting period. Management believes that the estimates utilized in preparing the unaudited consolidated financial statements are reasonable and prudent; however, actual results could differ from those estimates, and such differences could be material to Series II.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Derivative Investments</i></b>— Series II recognizes derivative instruments as assets or liabilities at fair value in its Unaudited Consolidated Statements of Assets and Liabilities as Derivative Assets at Fair Value and Derivative Liabilities at Fair Value, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Series II recognizes changes in fair value of derivative instruments in current period earnings. For derivative financial positions that are closed or that mature during a reporting period, Series II recognizes realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it is closed. Realized gains and losses are presented as the Net Realized and Unrealized Gain/(Loss) on Investments and Derivative Instruments on the Unaudited Consolidated Statements of Operations. Changes in the value of contracts that remain outstanding as of period end are measured based on the difference between the unrealized balance as of the beginning of the reporting period and the unrealized balance as of the end of the reporting period, net of any reversals of previously recorded unrealized gains or losses once realized. Unrealized gains and losses are presented as the Net Change in Unrealized Gain/(Loss) on Derivative Instruments on the Unaudited Consolidated Statements of Operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cash and Cash Equivalents</i></b>— Cash and cash equivalents include cash on hand, cash held in banks and money market funds with financial institutions with maturities of three months or fewer at the time of acquisition. As of June 30, 2026 and December 31, 2025, Series II held cash and cash equivalents of $23,747,560 and $2,277,971, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Organizational and Offering Expenses</i></b>— Organizational expenses are expensed as incurred. Organizational expenses consist of costs incurred to establish Series II and enable it legally to do business. Organizational expenses are paid by the Manager, subject to potential recoupment as described in Note 6.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Offering expenses include registration fees and legal fees regarding the preparation of the general form of registration of securities. Offering expenses are accounted for as deferred costs until operations begin. Offering expenses are then amortized over the first twelve months of operations on a straight-line basis.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Distribution Fees and Servicing Fees</i></b>— Series II pays the applicable selling agents ongoing servicing fees (the “Servicing Fees”) of 0.85% of NAV per annum for Class F-S Shares, Class F-S<sub>TE</sub> Shares, and Class S<sub>TE</sub> Shares, 0.50% of NAV per annum for Class F-J Shares, Class J Shares, Class F-J<sub>TE</sub> and Class J<sub>TE</sub> Shares, and 0.25% of NAV per annum for Class F-D<sub>TE</sub> Shares, and Class D<sub>TE</sub> Shares, payable monthly in arrears, as they become contractually due.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Class I Shares, Class F-I Shares, Class F-I<sub>TE</sub> Shares, Class I<sub>TE</sub> Shares, Class E Shares, and Class E<sub>TE</sub> Shares do not incur Servicing Fees. Such Servicing Fees are calculated based on Series II’s transactional net asset value, which is the price at which Series II sells and redeems its Shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All or a portion of the Servicing Fees may be used to pay for sub-transfer agency, platform, sub-accounting and certain other administrative services.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under U.S. GAAP, Series II accrues the cost of the Servicing Fees and Distribution Fees as an offering cost at the time Series II sells the applicable classes of Shares and amortizes such costs over the estimated life of the Shares. For the six months ended June 30, 2026 and for the period from the Funding Date to June 30, 2025, Series II has incurred $3,719,797 and $0, respectively, of Servicing Fees payable to the selling agents related to the applicable classes of Shares sold.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Investments, at Fair Value</i></b>— ASC 820, Fair Value Measurement, defines fair value, establishes a framework for measuring fair value in accordance with U.S. GAAP and expands disclosures about fair value. Series II recognizes and accounts for its assets (including the Infrastructure Assets) at fair value. The fair value of the assets does not reflect transaction costs that may be incurred upon disposition of the assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity for disclosure purposes.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Assets and liabilities recorded at fair value on the Unaudited Consolidated Statements of Assets and Liabilities are categorized based upon the level of judgment associated with the inputs used to measure their value. Hierarchical levels, as defined under U.S. GAAP, are directly related to the amount of subjectivity associated with the inputs to fair valuations of these assets and liabilities, and are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.5in; text-align: left">Level 1</td><td style="text-align: justify">— inputs are observable market inputs that reflect quoted prices for identical securities in active markets that the entity has the ability to access at the measurement date.</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.5in; text-align: left">Level 2</td><td style="text-align: justify">— inputs are observable market inputs other than quoted prices for identical assets in active markets the entity has the ability to access at the measurement date.</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.5in; text-align: left">Level 3</td><td style="text-align: justify">— inputs are unobservable markets inputs, for example, inputs derived through extrapolation or interpolation that are not able to be corroborated by observable market data.</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A significant decrease in the volume and level of activity for the asset or liability is an indication that transactions or quoted prices may not be representative of fair value because in such market conditions there may be increased instances of transactions that are not orderly. In those circumstances, further analysis of transactions or quoted prices is needed, and an adjustment to the transactions or quoted prices may be necessary to estimate fair value.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board is responsible for overseeing the valuation of Series II’s investments at fair value as determined in good faith pursuant to Series II’s valuation policy. The Board has designated the Manager as Series II’s valuation designee, with day-to-day responsibility for implementing the portfolio valuation process set forth in Series II’s valuation policy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is no single standard for determining fair values of assets that do not have a readily available market price and, in many cases, such fair values may be best expressed as a range of fair values from which a single estimate may be derived in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each acquisition while employing a valuation process that is consistently followed. Determinations of fair value involve subjective judgments and estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When making fair value determinations for Infrastructure Assets that do not have readily available market prices, the Manager considers industry-accepted valuation methodologies, primarily consisting of an income approach and market approach. The income approach derives fair value based on the present value of cash flows that a business or asset is expected to generate in the future. The market approach relies upon valuations for comparable companies, transactions or assets, and includes making judgments about which companies, transactions, or assets are comparable. A blend of approaches may be relied upon in arriving at an estimate of fair value, though there may be instances where it is more appropriate to utilize one approach. It is common to use only the income approach for Infrastructure Assets. The Manager also considers a range of additional factors that it deems relevant, including a potential sale of an Infrastructure Asset, macro and local market conditions, industry information and the Infrastructure Asset’s historical and projected financial data.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Infrastructure Assets are generally valued at transaction price initially; however, to the extent the Manager does not believe an Infrastructure Asset’s transaction price reflects the current market value, the Manager may adjust such valuation. When making fair value determinations for Infrastructure Assets, the Manager updates the prior month-end valuations by incorporating the then current market comparables and discount rate inputs, any material changes to the Infrastructure Assets financial performance since the valuation date, as well as any cash flow activity related to the Infrastructure Assets during the month. The Manager values Infrastructure Assets using the valuation methodology it deems most appropriate and consistent with widely recognized valuation methodologies and market conditions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When making fair value determinations for assets that do not have a reliable readily available market price, the Manager engages one or more independent valuation firms to provide positive assurance regarding the reasonableness of such valuations as of the relevant measurement date. However, the Manager is ultimately responsible for determining the fair value of all applicable investments in good faith in accordance with Series II’s valuation policies and procedures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because assets are valued as of a specified valuation date, events occurring subsequent to that date are not reflected in Series II’s valuations. However, if information indicating a condition that existed at the valuation date becomes available subsequent to the valuation date and before financial information is publicly released, it is evaluated to determine whether it would have a material impact requiring adjustment of the final valuation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At least annually, the Manager reviews the appropriateness of Series II’s valuation policies and procedures and recommends any proposed changes to the Board. From time to time, the Board and the Manager may adopt changes to the valuation policies and procedures if they determine that such changes are likely to result in a more accurate reflection of estimated fair value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Net Realized Gains or Losses and Net Change in Unrealized Appreciation (Depreciation) on Investments and Derivatives</i></b>— Without regard to unrealized appreciation (depreciation) previously recognized, realized gains or losses are measured as the difference between the net proceeds from the sale, repayment, or disposal of an asset and the adjusted cost basis of the asset. Net change in unrealized appreciation (depreciation) reflects the change in investment values during the reporting period, including the reversal of any previously recorded unrealized appreciation (depreciation) when gains or losses are realized.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Income and Expense Recognition</i></b><i>—</i> Interest income is recognized on the accrual basis. Series II records dividend income and accrues interest income from private securities pursuant to the terms of the respective investment, unless, in the case of dividend income, Series II determines that the portfolio company does not have positive earnings in which case such distributions from infrastructure assets are treated as a return of capital. The Company records unrealized appreciation or depreciation on their investments based upon the change in fair value of investments. Realized gains and losses on the sale of investments are recorded on the trade date basis using the specific identification method. Expenses are recorded as incurred. Interest and dividend income are recorded net of any withholding taxes. Interest income is not accrued when collection appears unlikely.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Income Taxes</i></b>— Series II operates so that it qualifies to be treated as a partnership for U.S. federal income tax purposes under the Internal Revenue Code. An entity that is treated as a partnership for U.S. federal tax purposes generally incurs no U.S. federal income tax liability. Instead, each partner is generally required to take into account its allocable share of items of income, gain, loss, deduction, or credit of the entity in computing its U.S. federal income tax liability, regardless of whether cash distributions are made. A partnership, such as each Series, may nonetheless be taxed as a corporation if it is a publicly traded partnership, unless it meets the qualifying income exception. The qualifying income exception applies with respect to a publicly traded partnership if (i) at least 90% of such partnership’s gross income for each taxable year consists of “qualifying income” and (ii) the partnership would not be required to register under the Investment Company Act if it were a U.S. corporation. Qualifying income includes certain interest income, dividends, real property rents, gains from the sale or other disposition of real property, and any gain from the sale or disposition of a capital asset or other property held for the production of income that otherwise constitutes qualifying income. Each Series is managed such that it meets the qualifying income exception in each taxable year. If either Series were recharacterized as a corporation for federal income tax purposes by not meeting the qualifying income exception, the holders of interest in that Series would then be treated as stockholders in a corporation, and the Series would become taxable as a corporation for U.S. federal income tax purposes. Further, each Series would be subject to U.S. corporate income tax on its net taxable income. In addition, each Series operates, in part, through subsidiaries that may be treated as corporations for U.S. and non-U.S. tax purposes and therefore may be subject to current and deferred U.S. federal, state and/or local income taxes at the subsidiary level.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Deferred Income Taxes</i></b><i>— </i>Income taxes are accounted for using the asset and liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax basis, using tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred assets and liabilities of a change in tax rates is recognized in the Unaudited Consolidated Statements of Operations in the period when the change is enacted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred tax assets are reduced by a valuation allowance when, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. When evaluating the realizability of the deferred tax assets, all evidence, both positive and negative, is considered. Items considered when evaluating the need for a valuation allowance include the ability to carry back losses, future reversals of existing temporary differences, tax planning strategies, and expectations of future earnings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Uncertain Tax Positions</i></b><i>— </i>Series II analyzes its tax filing positions in all of the U.S. federal, state and local tax jurisdictions and foreign tax jurisdictions where it is required to file income tax returns, as well as for all open tax years in these jurisdictions. If, based on this analysis, the Company determines that uncertainties in tax positions exist, a reserve is established. The reserve for uncertain tax positions is recorded in Taxes Payable in the accompanying Unaudited Consolidated Statements of Assets and Liabilities. Series II recognizes accrued interest and penalties related to uncertain tax positions within the provision for income taxes in the Unaudited Consolidated Statements of Operations. Series II records uncertain tax positions on the basis of a two-step process: (a) determination is made whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and (b) those tax positions that meet the more-likely-than-not threshold are recognized as the largest amount of tax benefit that is greater than 50 percent likely to be realized upon ultimate settlement with the related tax authority.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Calculation of Net Asset Value</i></b>— Net asset value (“NAV”) under U.S. GAAP by share class is calculated by subtracting total liabilities for each class from the total carrying amount of all assets for that class, which includes the fair value of investments. At the end of each month, any change in our NAV (whether an increase or decrease) is allocated among each share class based on the relative percentage of the previous aggregate NAV for each share class, adjusted for issuances of shares that were effective on the first calendar day of such month and redemptions that were effective on the last calendar day of such month. NAV per share for each class is calculated by dividing the NAV for that class by the total number of outstanding shares of that class on the reporting date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Manager is ultimately responsible for the Company’s NAV calculations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>Due to/Due from Manager—</i></b> Balances due to or due from the Manager represent amounts payable or receivable arising from reimbursable expenses, fee waivers, expense support arrangements, or other related-party transactions. These amounts are recorded at their contractual amount and are settled in the normal course of business. Amounts due to the Manager are classified as liabilities, and amounts due from the Manager are classified as assets in the Unaudited Consolidated Statements of Assets and Liabilities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>Performance Participation Allocation</i>— </b>Under the LLC Agreement, so long as the Management Agreement has not been terminated, the Company is entitled to receive a Performance Participation Allocation equal to 12.5% of the Total Return attributable to Investor Shares, subject to a 5.0% Hurdle Amount and a High Water Mark, with a 100% Catch-Up (each as defined in the LLC Agreement) (the “Performance Participation Allocation”). The Performance Participation Allocation is measured and paid on an annual basis and accrued monthly; see “Note 6. RELATED PARTY TRANSACTIONS”, below for further detail. Such Performance Participation Allocation is calculated based on the Company’s transactional net asset value, which is the price at which the Company sells and redeems its Shares. The Company may elect to receive the Performance Participation Allocation in cash and/or Class E Shares. If the Performance Participation Allocation is paid in Class E Shares, such shares may be redeemed at the Company’s request and are subject to the redemption limitations of our share redemption program.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Segment Reporting</i></b>— Series II operates through a <span style="-sec-ix-hidden: hidden-fact-455"><span style="-sec-ix-hidden: hidden-fact-456">single</span></span> operating and reporting segment with a primary objective of generating attractive risk-adjusted returns consisting of both current income and long-term capital appreciation. The chief operating decision maker (“CODM”) is comprised of the Company’s <span style="-sec-ix-hidden: hidden-fact-454">Chief Executive Officer</span> and Chief Investment Officer (the “Principal Committee”) which assesses the performance and makes operating decisions of the Company on a consolidated basis. The CODM has concluded that the Company operates as a single operating segment because the Company has a single investment strategy against which the CODM assesses the Company’s performance. In addition to other metrics, the CODM uses net increase (decrease) in net assets resulting from operations as a key metric to assess Series II’s performance. As the Company’s investment operations comprise a single reporting segment, the segment assets are the same assets that are reported in the Unaudited Consolidated Statements of Assets and Liabilities and significant segment expenses are the same as those listed in the Unaudited Consolidated Statements of Operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>New Accounting Standards</i></b>— In November 2024, FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - <i>Disaggregation of Income Statement Expenses</i> (“ASU 2024-03”). ASU 2024-03 will require additional disclosures about specific types of expenses commonly presented on the statement of operations as well as disclosures about selling expenses. The new guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. Series II is currently evaluating the impact that this change will have on Series II’s consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Basis of Accounting</i></b>— The unaudited consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and are presented in United States dollars. The Company’s fiscal year end is December 31. In the opinion of management, the accompanying interim financial statements include all adjustments, consisting of normal recurring items, necessary for their fair statement in conformity with U.S. GAAP.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Series II’s unaudited consolidated financial statements are prepared using the accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services—Investment Companies. Series I and Series II qualify as investment companies solely for accounting purposes and not for any other purpose. Series I and Series II are not registered, and are not required to be registered, as investment companies under the Investment Company Act. Series I and Series II follow the significant accounting policies described below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Basis of Presentation</i></b>— Series I and Series II are treated as distinct entities under the LLC Act and for U.S. federal income tax purposes, each with its own segregated assets, liabilities, and expenses. If any expenses are incurred on behalf of or for the benefit of either Series, the Manager allocates those expenses among Series based on the relative size of each Series’ investment in the relevant activity or entity, the net asset value of each Series, or another method the Manager, in good faith, deems fair and reasonable.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Basis of Consolidation</i></b>— As provided under Regulation S-X and ASC 946, Series II generally does not consolidate its investments in a company other than a wholly-owned investment company or controlled operating company whose business consists of providing services to Series II. Accordingly, Series II consolidated the financial position and results of operations of its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Use of Estimate</i>s</b>— The preparation of the unaudited consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions, in particular the fair value of investments, that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements and the amounts of income and expenses during the reporting period. Management believes that the estimates utilized in preparing the unaudited consolidated financial statements are reasonable and prudent; however, actual results could differ from those estimates, and such differences could be material to Series II.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Derivative Investments</i></b>— Series II recognizes derivative instruments as assets or liabilities at fair value in its Unaudited Consolidated Statements of Assets and Liabilities as Derivative Assets at Fair Value and Derivative Liabilities at Fair Value, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Series II recognizes changes in fair value of derivative instruments in current period earnings. For derivative financial positions that are closed or that mature during a reporting period, Series II recognizes realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it is closed. Realized gains and losses are presented as the Net Realized and Unrealized Gain/(Loss) on Investments and Derivative Instruments on the Unaudited Consolidated Statements of Operations. Changes in the value of contracts that remain outstanding as of period end are measured based on the difference between the unrealized balance as of the beginning of the reporting period and the unrealized balance as of the end of the reporting period, net of any reversals of previously recorded unrealized gains or losses once realized. Unrealized gains and losses are presented as the Net Change in Unrealized Gain/(Loss) on Derivative Instruments on the Unaudited Consolidated Statements of Operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cash and Cash Equivalents</i></b>— Cash and cash equivalents include cash on hand, cash held in banks and money market funds with financial institutions with maturities of three months or fewer at the time of acquisition. As of June 30, 2026 and December 31, 2025, Series II held cash and cash equivalents of $23,747,560 and $2,277,971, respectively.</p> 23747560 2277971 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Organizational and Offering Expenses</i></b>— Organizational expenses are expensed as incurred. Organizational expenses consist of costs incurred to establish Series II and enable it legally to do business. Organizational expenses are paid by the Manager, subject to potential recoupment as described in Note 6.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Offering expenses include registration fees and legal fees regarding the preparation of the general form of registration of securities. Offering expenses are accounted for as deferred costs until operations begin. Offering expenses are then amortized over the first twelve months of operations on a straight-line basis.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Distribution Fees and Servicing Fees</i></b>— Series II pays the applicable selling agents ongoing servicing fees (the “Servicing Fees”) of 0.85% of NAV per annum for Class F-S Shares, Class F-S<sub>TE</sub> Shares, and Class S<sub>TE</sub> Shares, 0.50% of NAV per annum for Class F-J Shares, Class J Shares, Class F-J<sub>TE</sub> and Class J<sub>TE</sub> Shares, and 0.25% of NAV per annum for Class F-D<sub>TE</sub> Shares, and Class D<sub>TE</sub> Shares, payable monthly in arrears, as they become contractually due.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Class I Shares, Class F-I Shares, Class F-I<sub>TE</sub> Shares, Class I<sub>TE</sub> Shares, Class E Shares, and Class E<sub>TE</sub> Shares do not incur Servicing Fees. Such Servicing Fees are calculated based on Series II’s transactional net asset value, which is the price at which Series II sells and redeems its Shares.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All or a portion of the Servicing Fees may be used to pay for sub-transfer agency, platform, sub-accounting and certain other administrative services.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under U.S. GAAP, Series II accrues the cost of the Servicing Fees and Distribution Fees as an offering cost at the time Series II sells the applicable classes of Shares and amortizes such costs over the estimated life of the Shares. For the six months ended June 30, 2026 and for the period from the Funding Date to June 30, 2025, Series II has incurred $3,719,797 and $0, respectively, of Servicing Fees payable to the selling agents related to the applicable classes of Shares sold.</p> 0.0085 0.005 0.0025 3719797 0 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Investments, at Fair Value</i></b>— ASC 820, Fair Value Measurement, defines fair value, establishes a framework for measuring fair value in accordance with U.S. GAAP and expands disclosures about fair value. Series II recognizes and accounts for its assets (including the Infrastructure Assets) at fair value. The fair value of the assets does not reflect transaction costs that may be incurred upon disposition of the assets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity for disclosure purposes.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Assets and liabilities recorded at fair value on the Unaudited Consolidated Statements of Assets and Liabilities are categorized based upon the level of judgment associated with the inputs used to measure their value. Hierarchical levels, as defined under U.S. GAAP, are directly related to the amount of subjectivity associated with the inputs to fair valuations of these assets and liabilities, and are as follows:</p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.5in; text-align: left">Level 1</td><td style="text-align: justify">— inputs are observable market inputs that reflect quoted prices for identical securities in active markets that the entity has the ability to access at the measurement date.</td> </tr></table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.5in; text-align: left">Level 2</td><td style="text-align: justify">— inputs are observable market inputs other than quoted prices for identical assets in active markets the entity has the ability to access at the measurement date.</td> </tr></table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.5in; text-align: left">Level 3</td><td style="text-align: justify">— inputs are unobservable markets inputs, for example, inputs derived through extrapolation or interpolation that are not able to be corroborated by observable market data.</td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A significant decrease in the volume and level of activity for the asset or liability is an indication that transactions or quoted prices may not be representative of fair value because in such market conditions there may be increased instances of transactions that are not orderly. In those circumstances, further analysis of transactions or quoted prices is needed, and an adjustment to the transactions or quoted prices may be necessary to estimate fair value.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board is responsible for overseeing the valuation of Series II’s investments at fair value as determined in good faith pursuant to Series II’s valuation policy. The Board has designated the Manager as Series II’s valuation designee, with day-to-day responsibility for implementing the portfolio valuation process set forth in Series II’s valuation policy.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is no single standard for determining fair values of assets that do not have a readily available market price and, in many cases, such fair values may be best expressed as a range of fair values from which a single estimate may be derived in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each acquisition while employing a valuation process that is consistently followed. Determinations of fair value involve subjective judgments and estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When making fair value determinations for Infrastructure Assets that do not have readily available market prices, the Manager considers industry-accepted valuation methodologies, primarily consisting of an income approach and market approach. The income approach derives fair value based on the present value of cash flows that a business or asset is expected to generate in the future. The market approach relies upon valuations for comparable companies, transactions or assets, and includes making judgments about which companies, transactions, or assets are comparable. A blend of approaches may be relied upon in arriving at an estimate of fair value, though there may be instances where it is more appropriate to utilize one approach. It is common to use only the income approach for Infrastructure Assets. The Manager also considers a range of additional factors that it deems relevant, including a potential sale of an Infrastructure Asset, macro and local market conditions, industry information and the Infrastructure Asset’s historical and projected financial data.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Infrastructure Assets are generally valued at transaction price initially; however, to the extent the Manager does not believe an Infrastructure Asset’s transaction price reflects the current market value, the Manager may adjust such valuation. When making fair value determinations for Infrastructure Assets, the Manager updates the prior month-end valuations by incorporating the then current market comparables and discount rate inputs, any material changes to the Infrastructure Assets financial performance since the valuation date, as well as any cash flow activity related to the Infrastructure Assets during the month. The Manager values Infrastructure Assets using the valuation methodology it deems most appropriate and consistent with widely recognized valuation methodologies and market conditions.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When making fair value determinations for assets that do not have a reliable readily available market price, the Manager engages one or more independent valuation firms to provide positive assurance regarding the reasonableness of such valuations as of the relevant measurement date. However, the Manager is ultimately responsible for determining the fair value of all applicable investments in good faith in accordance with Series II’s valuation policies and procedures.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because assets are valued as of a specified valuation date, events occurring subsequent to that date are not reflected in Series II’s valuations. However, if information indicating a condition that existed at the valuation date becomes available subsequent to the valuation date and before financial information is publicly released, it is evaluated to determine whether it would have a material impact requiring adjustment of the final valuation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At least annually, the Manager reviews the appropriateness of Series II’s valuation policies and procedures and recommends any proposed changes to the Board. From time to time, the Board and the Manager may adopt changes to the valuation policies and procedures if they determine that such changes are likely to result in a more accurate reflection of estimated fair value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Net Realized Gains or Losses and Net Change in Unrealized Appreciation (Depreciation) on Investments and Derivatives</i></b>— Without regard to unrealized appreciation (depreciation) previously recognized, realized gains or losses are measured as the difference between the net proceeds from the sale, repayment, or disposal of an asset and the adjusted cost basis of the asset. Net change in unrealized appreciation (depreciation) reflects the change in investment values during the reporting period, including the reversal of any previously recorded unrealized appreciation (depreciation) when gains or losses are realized.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Income and Expense Recognition</i></b><i>—</i> Interest income is recognized on the accrual basis. Series II records dividend income and accrues interest income from private securities pursuant to the terms of the respective investment, unless, in the case of dividend income, Series II determines that the portfolio company does not have positive earnings in which case such distributions from infrastructure assets are treated as a return of capital. The Company records unrealized appreciation or depreciation on their investments based upon the change in fair value of investments. Realized gains and losses on the sale of investments are recorded on the trade date basis using the specific identification method. Expenses are recorded as incurred. Interest and dividend income are recorded net of any withholding taxes. Interest income is not accrued when collection appears unlikely.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Income Taxes</i></b>— Series II operates so that it qualifies to be treated as a partnership for U.S. federal income tax purposes under the Internal Revenue Code. An entity that is treated as a partnership for U.S. federal tax purposes generally incurs no U.S. federal income tax liability. Instead, each partner is generally required to take into account its allocable share of items of income, gain, loss, deduction, or credit of the entity in computing its U.S. federal income tax liability, regardless of whether cash distributions are made. A partnership, such as each Series, may nonetheless be taxed as a corporation if it is a publicly traded partnership, unless it meets the qualifying income exception. The qualifying income exception applies with respect to a publicly traded partnership if (i) at least 90% of such partnership’s gross income for each taxable year consists of “qualifying income” and (ii) the partnership would not be required to register under the Investment Company Act if it were a U.S. corporation. Qualifying income includes certain interest income, dividends, real property rents, gains from the sale or other disposition of real property, and any gain from the sale or disposition of a capital asset or other property held for the production of income that otherwise constitutes qualifying income. Each Series is managed such that it meets the qualifying income exception in each taxable year. If either Series were recharacterized as a corporation for federal income tax purposes by not meeting the qualifying income exception, the holders of interest in that Series would then be treated as stockholders in a corporation, and the Series would become taxable as a corporation for U.S. federal income tax purposes. Further, each Series would be subject to U.S. corporate income tax on its net taxable income. In addition, each Series operates, in part, through subsidiaries that may be treated as corporations for U.S. and non-U.S. tax purposes and therefore may be subject to current and deferred U.S. federal, state and/or local income taxes at the subsidiary level.</p> 0.90 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Deferred Income Taxes</i></b><i>— </i>Income taxes are accounted for using the asset and liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax basis, using tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred assets and liabilities of a change in tax rates is recognized in the Unaudited Consolidated Statements of Operations in the period when the change is enacted.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred tax assets are reduced by a valuation allowance when, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. When evaluating the realizability of the deferred tax assets, all evidence, both positive and negative, is considered. Items considered when evaluating the need for a valuation allowance include the ability to carry back losses, future reversals of existing temporary differences, tax planning strategies, and expectations of future earnings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Uncertain Tax Positions</i></b><i>— </i>Series II analyzes its tax filing positions in all of the U.S. federal, state and local tax jurisdictions and foreign tax jurisdictions where it is required to file income tax returns, as well as for all open tax years in these jurisdictions. If, based on this analysis, the Company determines that uncertainties in tax positions exist, a reserve is established. The reserve for uncertain tax positions is recorded in Taxes Payable in the accompanying Unaudited Consolidated Statements of Assets and Liabilities. Series II recognizes accrued interest and penalties related to uncertain tax positions within the provision for income taxes in the Unaudited Consolidated Statements of Operations. Series II records uncertain tax positions on the basis of a two-step process: (a) determination is made whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and (b) those tax positions that meet the more-likely-than-not threshold are recognized as the largest amount of tax benefit that is greater than 50 percent likely to be realized upon ultimate settlement with the related tax authority.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Calculation of Net Asset Value</i></b>— Net asset value (“NAV”) under U.S. GAAP by share class is calculated by subtracting total liabilities for each class from the total carrying amount of all assets for that class, which includes the fair value of investments. At the end of each month, any change in our NAV (whether an increase or decrease) is allocated among each share class based on the relative percentage of the previous aggregate NAV for each share class, adjusted for issuances of shares that were effective on the first calendar day of such month and redemptions that were effective on the last calendar day of such month. NAV per share for each class is calculated by dividing the NAV for that class by the total number of outstanding shares of that class on the reporting date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Manager is ultimately responsible for the Company’s NAV calculations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>Due to/Due from Manager—</i></b> Balances due to or due from the Manager represent amounts payable or receivable arising from reimbursable expenses, fee waivers, expense support arrangements, or other related-party transactions. These amounts are recorded at their contractual amount and are settled in the normal course of business. Amounts due to the Manager are classified as liabilities, and amounts due from the Manager are classified as assets in the Unaudited Consolidated Statements of Assets and Liabilities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>Performance Participation Allocation</i>— </b>Under the LLC Agreement, so long as the Management Agreement has not been terminated, the Company is entitled to receive a Performance Participation Allocation equal to 12.5% of the Total Return attributable to Investor Shares, subject to a 5.0% Hurdle Amount and a High Water Mark, with a 100% Catch-Up (each as defined in the LLC Agreement) (the “Performance Participation Allocation”). The Performance Participation Allocation is measured and paid on an annual basis and accrued monthly; see “Note 6. RELATED PARTY TRANSACTIONS”, below for further detail. Such Performance Participation Allocation is calculated based on the Company’s transactional net asset value, which is the price at which the Company sells and redeems its Shares. The Company may elect to receive the Performance Participation Allocation in cash and/or Class E Shares. If the Performance Participation Allocation is paid in Class E Shares, such shares may be redeemed at the Company’s request and are subject to the redemption limitations of our share redemption program.</p> 0.125 0.05 1 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Segment Reporting</i></b>— Series II operates through a <span style="-sec-ix-hidden: hidden-fact-455"><span style="-sec-ix-hidden: hidden-fact-456">single</span></span> operating and reporting segment with a primary objective of generating attractive risk-adjusted returns consisting of both current income and long-term capital appreciation. The chief operating decision maker (“CODM”) is comprised of the Company’s <span style="-sec-ix-hidden: hidden-fact-454">Chief Executive Officer</span> and Chief Investment Officer (the “Principal Committee”) which assesses the performance and makes operating decisions of the Company on a consolidated basis. The CODM has concluded that the Company operates as a single operating segment because the Company has a single investment strategy against which the CODM assesses the Company’s performance. In addition to other metrics, the CODM uses net increase (decrease) in net assets resulting from operations as a key metric to assess Series II’s performance. As the Company’s investment operations comprise a single reporting segment, the segment assets are the same assets that are reported in the Unaudited Consolidated Statements of Assets and Liabilities and significant segment expenses are the same as those listed in the Unaudited Consolidated Statements of Operations.</p> The chief operating decision maker (“CODM”) is comprised of the Company’s Chief Executive Officer and Chief Investment Officer (the “Principal Committee”) which assesses the performance and makes operating decisions of the Company on a consolidated basis. <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>New Accounting Standards</i></b>— In November 2024, FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - <i>Disaggregation of Income Statement Expenses</i> (“ASU 2024-03”). ASU 2024-03 will require additional disclosures about specific types of expenses commonly presented on the statement of operations as well as disclosures about selling expenses. The new guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. Series II is currently evaluating the impact that this change will have on Series II’s consolidated financial statements.</p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; "> <tr style="vertical-align: top"> <td style="width: 24px"><b>3.</b></td> <td style="text-align: justify"><b>INVESTMENTS</b></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span style="text-decoration:underline">Summarized Infrastructure Assets Financial Information</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table presents unaudited summarized operating data for the six months ended June 30, 2026 for the Infrastructure Assets listed in the Unaudited Consolidated Schedule of Investments in the aggregate in which Series II has an indirect equity interest: </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="text-decoration:underline">Summarized Operating Data:</span></p> <p style="margin: 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the <br/> six months<br/> ended June 30,<br/> 2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%">Revenues</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">544,808,892</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">Expenses</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(466,926,252</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Income (loss) before taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">77,882,640</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Income tax expense (benefit)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,990,511</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Consolidated net income (loss)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">82,873,151</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Net income (loss) attributable to non-controlling interests</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-457">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Net income (loss)</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">82,873,151</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> <p style="margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The net income above represents the aggregated net income attributable to the controlling interests in each of Series II’s Infrastructure Assets and does not represent Series II’s proportionate share of income.</p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="text-decoration:underline">Summarized Operating Data:</span></p> <p style="margin: 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the <br/> six months<br/> ended June 30,<br/> 2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%">Revenues</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">544,808,892</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">Expenses</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(466,926,252</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Income (loss) before taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">77,882,640</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Income tax expense (benefit)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,990,511</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Consolidated net income (loss)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">82,873,151</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Net income (loss) attributable to non-controlling interests</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-457">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Net income (loss)</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">82,873,151</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> 544808892 466926252 77882640 4990511 82873151 82873151 <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 24px"><b>4.</b></td> <td style="text-align: justify"><b>FAIR VALUE MEASUREMENT AND DISCLOSURES</b></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the valuation of Series II’s investments and derivatives instruments in the fair value hierarchy levels as of June 30, 2026:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Description</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level I</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level II</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level III</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">Investments and derivative instruments at fair value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Equity Investments</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-458">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-459">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">312,005,843</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">312,005,843</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Debt Investments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-460">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-461">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,890,343</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,890,343</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Derivative Liabilities</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-462">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(24,605</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-463">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(24,605</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; font-weight: bold; text-align: left">Total Investments and derivative instruments at fair value</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-464">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(24,605</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">331,896,186</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">331,871,581</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of June 30, 2026, cash and cash equivalents at Series II include a money market fund balance of $22,654,461, which is considered a Level I asset.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the valuation of Series II’s investments in the fair value hierarchy levels as of December 31, 2025:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Description</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level I</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level II</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level III</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">Investments at fair value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Equity Investments</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-465">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-466">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">167,053,547</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">167,053,547</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Debt Investments</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-467">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-468">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">16,126,398</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">16,126,398</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total Investments at fair value</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-469">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-470">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">183,179,945</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">183,179,945</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2025, cash and cash equivalents at Series II included a money market fund balance of $2,180,513, which is considered a Level I asset.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table provides a reconciliation of the beginning and ending balances for investments that use Level III inputs for the six months ended June 30, 2026.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Description</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%">Balance as of December 31, 2025</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">183,179,945</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Purchases of investments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">142,275,836</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Return of capital</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(8,151,373</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Net change in unrealized gain (loss) on investments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,591,778</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Transfers out of Level III</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-471">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Transfers into Level III</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-472">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Balance as of June 30, 2026</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">331,896,186</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Transfers of investments between levels, if any, are recorded at the end of the period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The net change in unrealized gain (loss) on investments included in the Unaudited Consolidated Statements of Operations for the six months ended June 30, 2026 attributable to Level III assets still held at June 30, 2026 for Series II was $14,591,778. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There were no investments held for the period from the Funding Date to June 30, 2025.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table provides quantitative measures used to determine the fair values of Level III assets as of June 30, 2026:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: left">Level III Assets</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; vertical-align: bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fair Value</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; vertical-align: bottom"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Valuation<br/> Methodology <br/> &amp; Inputs</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-size: 10pt"><b>Unobservable <br/> Input(s)<sup>(1)</sup></b></span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; vertical-align: bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 10pt"><b>Weighted<br/> Average<sup>(2)</sup></b></span></td> <td style="vertical-align: bottom; text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; vertical-align: bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Range</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; vertical-align: bottom"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-size: 10pt"><b>Impact to <br/> Valuation <br/> from an <br/> Increase in <br/> Input <sup>(3)</sup></b></span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 22%; text-align: left">Equity Investments</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">294,005,843</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 12%; text-align: center">Discounted Cash Flow</td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 12%; text-align: center">Discount Rate</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">12.9</td> <td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span style="font-size: 10pt">11.5% - 17.3%</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 12%; text-align: center">Decrease</td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: center">Discounted Cash Flow</td><td> </td> <td style="vertical-align: top; text-align: center">Exit Multiple</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8.5</td> <td style="text-align: left">x</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">5.0x - 16.5x</span></td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: center">Increase</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Debt Investments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,819,312</td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: center">Discounted Cash Flow</td><td> </td> <td style="vertical-align: top; text-align: center">Discount Rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10.3</td> <td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">9.5% - 10.8%</span></td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: center">Decrease</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investments with fair value of $24,071,031 are omitted from the above fair value table. Quantitative unobservable inputs were not used to determine the fair value of Substantial HoldCo Limited and ISQ Orchid Fund, L.P., as these investments have been valued based on an expected transaction and a recent purchase price, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table provides quantitative measures used to determine the fair values of Level III assets as of December 31, 2025:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: left; font-weight: bold; vertical-align: bottom">Level III Assets</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; vertical-align: bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fair Value</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; vertical-align: bottom"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Valuation<br/> Methodology<br/> &amp; Inputs</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-size: 10pt"><b>Unobservable <br/> Input(s)<sup>(1)</sup></b></span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; vertical-align: bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 10pt"><b>Weighted<br/> Average<sup>(2)</sup></b></span></td> <td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; vertical-align: bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Range</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; vertical-align: bottom"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-size: 10pt"><b>Impact to<br/> Valuation<br/> from an<br/> Increase in<br/> Input <sup>(3)</sup></b></span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 22%; text-align: left">Equity Investments</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">167,053,547</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 12%; text-align: center">Discounted Cash Flow</td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 12%; text-align: center">Discount Rate</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">12.3</td> <td style="width: 1%; text-align: right">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span style="font-size: 10pt">11.5% - 17.3%</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 12%; text-align: center">Decrease</td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: center">Discounted Cash Flow</td><td> </td> <td style="vertical-align: top; text-align: center">Exit Multiple</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.4</td> <td style="text-align: right">x</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">5.0x -15.0x</span></td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: center">Increase</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Debt Investments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,126,398</td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: center">Discounted Cash Flow</td><td> </td> <td style="vertical-align: top; text-align: center">Discount Rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10.4</td> <td style="text-align: right">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">9.0% - 13.0%</span></td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: center">Decrease</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; "> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; "> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 24px">(1)</td> <td style="text-align: justify">In determining the inputs, management evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies, and company-specific developments including exit strategies and realization opportunities. The Manager has determined that market participants would take these inputs into account when valuing the investments.</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 24px">(2)</td> <td style="text-align: justify">Inputs are weighted based on fair value of the investments included in the range.</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 24px">(3)</td> <td style="text-align: justify">Unless otherwise noted, this column represents the directional change in the fair value of Level III assets that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the valuation of Series II’s investments and derivatives instruments in the fair value hierarchy levels as of June 30, 2026:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Description</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level I</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level II</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level III</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">Investments and derivative instruments at fair value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Equity Investments</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-458">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-459">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">312,005,843</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">312,005,843</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Debt Investments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-460">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-461">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,890,343</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,890,343</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Derivative Liabilities</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-462">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(24,605</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-463">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(24,605</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; font-weight: bold; text-align: left">Total Investments and derivative instruments at fair value</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-464">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(24,605</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">331,896,186</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">331,871,581</td><td style="text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the valuation of Series II’s investments in the fair value hierarchy levels as of December 31, 2025:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Description</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level I</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level II</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level III</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">Investments at fair value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Equity Investments</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-465">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-466">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">167,053,547</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">167,053,547</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Debt Investments</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-467">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-468">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">16,126,398</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">16,126,398</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total Investments at fair value</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-469">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-470">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">183,179,945</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">183,179,945</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table> 312005843 312005843 19890343 19890343 24605 24605 -24605 331896186 331871581 22654461 167053547 167053547 16126398 16126398 183179945 183179945 2180513 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table provides a reconciliation of the beginning and ending balances for investments that use Level III inputs for the six months ended June 30, 2026.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Description</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%">Balance as of December 31, 2025</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">183,179,945</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Purchases of investments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">142,275,836</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Return of capital</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(8,151,373</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Net change in unrealized gain (loss) on investments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,591,778</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Transfers out of Level III</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-471">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Transfers into Level III</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-472">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Balance as of June 30, 2026</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">331,896,186</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 183179945 142275836 8151373 14591778 331896186 14591778 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table provides quantitative measures used to determine the fair values of Level III assets as of June 30, 2026:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: left">Level III Assets</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; vertical-align: bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fair Value</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; vertical-align: bottom"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Valuation<br/> Methodology <br/> &amp; Inputs</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-size: 10pt"><b>Unobservable <br/> Input(s)<sup>(1)</sup></b></span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; vertical-align: bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 10pt"><b>Weighted<br/> Average<sup>(2)</sup></b></span></td> <td style="vertical-align: bottom; text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; vertical-align: bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Range</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; vertical-align: bottom"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-size: 10pt"><b>Impact to <br/> Valuation <br/> from an <br/> Increase in <br/> Input <sup>(3)</sup></b></span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 22%; text-align: left">Equity Investments</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">294,005,843</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 12%; text-align: center">Discounted Cash Flow</td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 12%; text-align: center">Discount Rate</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">12.9</td> <td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span style="font-size: 10pt">11.5% - 17.3%</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 12%; text-align: center">Decrease</td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: center">Discounted Cash Flow</td><td> </td> <td style="vertical-align: top; text-align: center">Exit Multiple</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8.5</td> <td style="text-align: left">x</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">5.0x - 16.5x</span></td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: center">Increase</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Debt Investments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,819,312</td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: center">Discounted Cash Flow</td><td> </td> <td style="vertical-align: top; text-align: center">Discount Rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10.3</td> <td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">9.5% - 10.8%</span></td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: center">Decrease</td></tr> </table><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table provides quantitative measures used to determine the fair values of Level III assets as of December 31, 2025:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: left; font-weight: bold; vertical-align: bottom">Level III Assets</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; vertical-align: bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fair Value</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; vertical-align: bottom"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Valuation<br/> Methodology<br/> &amp; Inputs</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-size: 10pt"><b>Unobservable <br/> Input(s)<sup>(1)</sup></b></span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; vertical-align: bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 10pt"><b>Weighted<br/> Average<sup>(2)</sup></b></span></td> <td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; vertical-align: bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Range</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; vertical-align: bottom"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-size: 10pt"><b>Impact to<br/> Valuation<br/> from an<br/> Increase in<br/> Input <sup>(3)</sup></b></span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 22%; text-align: left">Equity Investments</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">167,053,547</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 12%; text-align: center">Discounted Cash Flow</td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 12%; text-align: center">Discount Rate</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">12.3</td> <td style="width: 1%; text-align: right">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span style="font-size: 10pt">11.5% - 17.3%</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 12%; text-align: center">Decrease</td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: center">Discounted Cash Flow</td><td> </td> <td style="vertical-align: top; text-align: center">Exit Multiple</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.4</td> <td style="text-align: right">x</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">5.0x -15.0x</span></td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: center">Increase</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Debt Investments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,126,398</td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: center">Discounted Cash Flow</td><td> </td> <td style="vertical-align: top; text-align: center">Discount Rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10.4</td> <td style="text-align: right">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">9.0% - 13.0%</span></td><td style="text-align: left"> </td><td> </td> <td style="vertical-align: top; text-align: center">Decrease</td></tr> </table> 294005843 Discounted Cash Flow Discount Rate 0.129 0.115 0.173 Decrease Discounted Cash Flow Exit Multiple 0.085 0.05 0.165 Increase 13819312 Discounted Cash Flow Discount Rate 0.103 0.095 0.108 Decrease 24071031 167053547 Discounted Cash Flow Discount Rate 0.123 0.115 0.173 Decrease Discounted Cash Flow Exit Multiple 0.074 0.05 0.15 Increase 16126398 Discounted Cash Flow Discount Rate 0.104 0.09 0.13 Decrease <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; "> <tr style="vertical-align: top"> <td style="width: 24px"><b>5.</b></td> <td style="text-align: justify"><b>DEBT</b></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Promissory Notes</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 2, 2025, Series II issued unsecured promissory notes (the “Promissory Notes”) with a cumulative principal balance of $858,000. The Promissory Notes are reported at amortized cost and are reflected on Series II’s Unaudited Consolidated Statements of Assets and Liabilities. The Promissory Notes pay interest on the principal balances at a rate of 12.4% per annum, payable semi-annually in arrears, with a legal maturity date of September 2, 2055. However, the Manager intends to repay the Promissory Notes prior to the legal maturity and is currently amortizing upfront costs associated with the Promissory Notes over a period of three years. Amortized amounts are included within interest and financing expenses on Series II’s Unaudited Consolidated Statements of Operations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Line of Credit</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 12, 2025, the Company, as well as certain wholly-owned subsidiaries which may be added and removed from time to time (the “Borrowers”), entered into an unsecured, uncommitted line of credit (the “2025 Credit Agreement”) up to a maximum aggregate principal amount of $60 million with I Squared Capital, LLC (the “Lender”), an affiliate of the Company interest rate is the then-current rate offered by a third-party lender or, if no such rate is available,  the Secured Overnight Financing Rate (“SOFR”) applicable to such loan plus 2.25%. Interest is calculated on a 360-day year. The line of credit expired on April 15, 2026.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each advance under the line of credit is repayable on or before the 10th business day after the month end following the earlier of (i) the date the Lender demands payment and (ii) the Stated Expiration Date (as defined in the 2025 Credit Agreement). To the extent Series II has not repaid all Loans and other Obligations (as defined in the 2025 Credit Agreement) under the line of credit after a repayment event has occurred, the Company shall use commercially reasonable efforts to apply excess available cash proceeds to the repayment in full of its Loans and Obligations; provided that the Borrowers will be permitted to (i) conduct the share redemption program on terms described in Series II’s private placement memorandum, as amended from time to time; (ii) close on any acquisition entered into prior to the Lender’s demand for payment; (iii) make elective distributions of an amount not to exceed amounts paid in the immediately preceding fiscal quarter; and (iv) pay any taxes when due. The line of credit also permits voluntary prepayment of principal and accrued interest without any penalty other than customary breakage costs subject to the Lender’s discretion. Each Borrower may withdraw from the line of credit at the time all such obligations held by such Borrower to the Lender under the 2025 Credit Agreement have been repaid to the Lender in full. The line of credit contains customary events of default. As is customary in such financings, if an event of default occurs under the line of credit, the Lender may accelerate the repayment of amounts outstanding under the line of credit and exercise other remedies subject, in certain instances, to the expiration of an applicable cure period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None of the Lender and its assignees shall have any recourse to any entities with interests in the Borrowers such as a general partner or investor, including Series II, or any of their respective assets for any indebtedness or other monetary obligation incurred under the 2025 Credit Agreement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon the expiration of the line of credit, Series II subsequently repaid the outstanding balance of $9,728,585 on its unsecured, uncommitted line of credit. All repayments were executed in accordance with the terms of the 2025 Credit Agreement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of June 30, 2026 and December 31, 2025, Series II had $0 and $10,510,000, respectively, outstanding under the 2025 Credit Agreement. For the three and six months ended June 30, 2026, Series II had accrued interest expenses of $17,352 and $283,761, respectively. There were no borrowings under the 2025 Credit Agreement for the period from the Funding Date to June 30, 2025.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Credit Agreement</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 11, 2026, Series II, as the initial primary borrower, as well as additional Qualified Borrowers (as defined in the 2026 Credit Agreement) from time to time, entered into a revolving credit agreement (the “2026 Credit Agreement”) up to aggregate commitments of $60 million (“Aggregate Commitments”) with Sumitomo Mitsui Banking Corporation, as the Administrative Agent and Lead Arranger (each as defined in the 2026 Credit Agreement), as well as other lenders from time to time (the “Lenders”). The 2026 Credit Agreement expires on June 9, 2028 (the “Maturity Date”), subject to extension options of up to no longer than 364 days from the existing Maturity Date, requiring the Lenders’ approval. The 2026 Credit Agreement allows for increases in Aggregate Commitments in minimum increments of $5 million up to $180 million with a maximum of six such requests prior to the Maturity Date with Administrative Agent consent and subject to certain additional conditions as defined in the 2026 Credit Agreement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the 2026 Credit Agreement, borrowings will bear interest at a rate of the (i) Base Rate (as defined in the 2026 Credit Agreement) plus 2.00% for Base Rate Loans (as defined in the 2026 Credit Agreement) or (ii) SOFR plus 3.00% for SOFR Loans (as defined in the 2026 Credit Agreement). Interest is calculated on the actual days elapsed in a year consisting of 365 or 366 for Base Rate Loans and 360 days for SOFR Loans. Interest payments are due the fifth business day following the last day of each calendar month for a Base Rate Loan or Simple SOFR Loan (as defined in the 2026 Credit Agreement), the last calendar day of each month (extending to the first business date of the next month if the last calendar day of the month is not a business day) for a Term SOFR Loan (as defined in the 2026 Credit Agreement), or at the Maturity Date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Series II shall pay an unused commitment fee of 75 basis points per annum when total borrowings are less than or equal to 50% of the Aggregate Commitment, or 50 basis points per annum when total borrowings are greater than 50% of the Aggregate Commitment. The unused commitment fee is calculated based on actual days elapsed in a year consisting of 360 days and is due the fifth business date following the last calendar day of each calendar quarter.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upfront costs associated with the 2026 Credit Agreement are deferred and amortized over the term of the 2026 Credit Agreement. As of June 30, 2026, Series II had deferred financing costs of $826,837 in the Unaudited Consolidated Statements of Assets and Liabilities. For the three and six months ended June 30, 2026, Series II had amortization of deferred financing costs of $23,291 and $23,291, respectively, in the Unaudited Consolidated Statements of Operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of June 30, 2026, Series II had no outstanding borrowings under the 2026 Credit Agreement. As of June 30, 2026, Series II had $60 million Aggregate Commitments available for borrowing under the 2026 Credit Agreement. For the three and six months ended June 30, 2026, Series II incurred interest expense of $25,000 in the Unaudited Consolidated Statements of Operations.</p> 858000 0.124 60000000 0.0225 9728585 0 10510000 17352 283761 60000000 5000000 180000000 0.02 0.03 0.50 826837 23291 23291 60000000 25000 <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"><b>6.</b></td> <td><b>RELATED PARTY TRANSACTIONS</b></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.15pt"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Management Agreement</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.15pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company on behalf of each Series entered into the Management Agreement with the Manager on September 2, 2025. Under the Management Agreement, the Manager is responsible for identifying, assessing, and overseeing the Company’s investment opportunities. The Manager also provides recommendations to the Principal Committee (or a member thereof) acting on behalf of Series II regarding the acquisition, management, financing, and sale of the Company’s assets (including the Infrastructure Assets), in alignment with the Company’s objectives, guidelines, policies, and limitations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Management Agreement, the Manager is entitled to receive a management fee (the “Management Fee”) from the Company in an amount equal to (i) 0.75% per annum of the month-end NAV attributable to Class F-S Shares, Class F-D Shares, Class F-I Shares, Class F-J Shares, Class F-S<sub>TE</sub> Shares, Class F-D<sub>TE</sub> Shares, Class F-I<sub>TE</sub> Shares and Class F-J<sub>TE</sub> Shares; and (ii) 1.25% per annum of the month-end NAV attributable to Class S Shares, Class D Shares, Class I Shares, Class J Shares, Class S<sub>TE </sub>Shares, Class D<sub>TE</sub> Shares, Class I<sub>TE</sub> Shares and Class J<sub>TE</sub> Shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Class E Shares and Class E<sub>TE </sub>Shares do not incur a Management Fee.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Management Fee is calculated based on the Company’s transactional NAV, which is the price at which the Company sells and redeems its Shares, and is computed before giving effect to any accruals for other fees and expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Manager earned a Management Fee of $556,484 and $929,209, for the three and six months ended June 30, 2026, respectively, <span style="-sec-ix-hidden: hidden-fact-473">none</span> of which has been paid to the Manager as of June 30, 2026. The Manager did not earn a Management Fee for the period from the Funding Date to June 30, 2025.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Performance Participation Allocation </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Performance Participation Allocation means the performance participation allocation to be received by the Manager equal to 12.5% of the Total Return attributable to Investor Shares, subject to a 5.0% annual Hurdle Amount and a High Water Mark with a 100% Catch-Up (each term defined in the LLC Agreement). Such allocation is measured and allocated or paid annually and accrued monthly (subject to pro-rating for partial periods).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Such Performance Participation Allocation is calculated based on transactional NAV, which is used to determine the price at which the Company sells and redeems Shares. The Class E Shares and Class E<sub>TE</sub> Shares do not bear any Performance Participation Allocation, and as a result, it is an expense specific only to Investor Shares at the rates specified herein, which results in the dilution of Investor Shares in proportion to the fees charged to different types of Investor Shares. To avoid duplication, Class I-type Shares bear their proportional share of the Performance Participation Allocation indirectly based on their proportional interest in the same class of Investor Shares directly subject to such Performance Participation Allocation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Specifically, promptly following the end of each “Reference Period” (means the applicable year beginning on October 1 and ending on September 30 of the next succeeding year; provided, that the initial Reference Period shall be the period from July 1, 2025 to September 30, 2026), the Manager is allocated a Performance Participation Allocation in an amount equal to:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">First, if the Total Return with respect to Investor Shares for the applicable period exceeds the sum, with respect to such relevant type of Shares, of (i) the Hurdle Amount for that period and (ii) the Loss Carryforward Amount (any such excess, “Excess Profits”), 100% of such Excess Profits until the total amount allocated to the Manager equals 12.5% of the sum of (x) the Hurdle Amount for that period and (y) any amount allocated to the Manager with respect to such type of Shares pursuant to this clause (any such amount, the “Catch-Up”); and</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Second, to the extent there are remaining Excess Profits, 12.5% of such remaining Excess Profits.</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Manager is allocated a Performance Participation Allocation with respect to all Investor Shares that are redeemed in connection with redemptions of Shares, in an amount calculated as described above, with the relevant period being the portion of the Reference Period for which such Shares were outstanding, and proceeds for any such Share redemptions are reduced by the amount of the applicable Performance Participation Allocation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Manager may elect to receive the Performance Participation Allocation in cash, Class E Shares, or other beneficial interests or Shares in any Intermediate Entities, or any other class of Shares in the Manager’s sole discretion. If the Performance Participation Allocation is paid in Class E Shares, such Shares may be redeemed at the Manager’s request and are subject to the redemptions limitations of the share redemption program.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Manager accrued a Performance Participation Allocation of $44,204 and $1,712,216 for the three and six months ended June 30, 2026, respectively, <span style="-sec-ix-hidden: hidden-fact-474">none</span> of which has been paid to the Manager as of June 30, 2026. The Manager did not accrue a Performance Participation Allocation for the period from the Funding Date to June 30, 2025.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Expense Limitation and Reimbursement Agreement</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company, on behalf of each Series, entered into an Expense Limitation and Reimbursement Agreement (the “Expense Limitation Agreement”) with the Manager on August 11, 2025, pursuant to which the Manager agreed to forgo an amount of its monthly management fee and/or pay, absorb or reimburse certain expenses of the Company (and in turn each Series), to the extent necessary through and including June 30, 2026, so that, for any fiscal year, the Company’s annual Specified Expenses (as defined below) do not exceed 0.75% of the Company’s net assets as of the end of each calendar month. The Company, on behalf of each Series, agreed to carry forward the amount of any forgone management fee and/or expenses paid, absorbed or reimbursed by the Manager, when and if requested by the Manager, within five years from the end of the month in which the Manager waived or reimbursed such fees or expenses (“Excess Expenses”) and to reimburse the Manager in the amount of such Excess Expenses as promptly as possible, on a monthly basis, but only if and to the extent that Specified Expenses plus any recoupment do not exceed 0.75% of the Company’s net assets at the end of each calendar month. The Manager is permitted to recapture a Specified Expense in the same year it is incurred. “Specified Expenses” is defined to include all expenses incurred in the business of the Company and each Series, including organizational and offering costs and any costs associated with the transfer of a warehoused Infrastructure Asset to the Company, with the exception of (i) the management fee, (ii) the performance participation allocation, (iii) the servicing fee, (iv) Infrastructure Asset level expenses, (v) brokerage costs or other investment-related out-of-pocket expenses, including with respect to unconsummated transactions, in each case, accrued on or after the Company acquires its first Infrastructure Asset(s) (the “Initial Close”), (vi) dividend/interest payments (including any dividend payments, interest expenses, commitment fees, or other expenses related to any leverage incurred by the Company), (vii) taxes, (viii) ordinary corporate operating expenses (including costs and expenses related to hiring, retaining, and compensating employees, officers and directors of the Company) accrued on or after the Initial Close, (ix) certain insurance costs and (x) extraordinary expenses (as determined in the sole discretion of the Manager).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Manager agreed to reimburse expenses of $4,409,942 and $6,371,865 incurred by Series II for the six months ended June 30, 2026 and for the period from the Funding Date to December 31, 2025, respectively, pursuant to the Expense Limitation Agreement. The amounts are subject to recoupment within a five-year period. As of June 30, 2026 and December 31, 2025, the Company recorded $1,667,568 and $4,360,335, respectively, as Due from Manager.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Manager believes that it is not probable for Series II to be required to reimburse the expenses waived by the Manager.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">For the Period Ended:</td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Amount</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Last Expiration Date</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; width: 70%; text-align: justify">December 31, 2025</td><td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%; text-align: left">$</td><td style="white-space: nowrap; width: 9%; text-align: right">6,371,865</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="white-space: nowrap; width: 15%; text-align: center">December 31, 2030</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="white-space: nowrap; text-align: justify">March 31, 2026</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">2,017,077</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: center">March 31, 2031</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: justify; padding-bottom: 1.5pt">June 30, 2026</td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">2,392,865</td><td style="white-space: nowrap; padding-bottom: 1.5pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td> <td style="white-space: nowrap; padding-bottom: 1.5pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1.5pt; text-align: center">June 30, 2031</td><td style="white-space: nowrap; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="white-space: nowrap; text-align: justify">Total</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left">$</td><td style="white-space: nowrap; text-align: right">10,781,807</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: center"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Investment related expenses</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the six months ended June 30, 2026, Series II accrued $278,813 representing its allocated share of deal sourcing and unconsummated transaction costs incurred by affiliated ISQ funds, including ISQ Global Infrastructure Fund III, ISQ Global Infrastructure Fund IV, and ISQ Global Infrastructure Credit Fund II (collectively, the “Affiliated Funds”). These costs relate to investment sourcing, diligence, and underwriting activities performed by the Affiliated Funds in the ordinary course of evaluating potential investments. For the period from the Funding Date to June 30, 2025, Series II did not accrue any investment related expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Series II invests alongside the Affiliated Funds and expects to have the opportunity to participate in all future investments that meet the investment criteria of the Company. As such, the Company participates in the costs associated with sourcing future investments. The expenses are recognized in the period in which the underlying costs are incurred by the Affiliated Funds.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the three and six months ended June 30, 2026, Series II recorded $412,002 and $553,255, of broken deal expenses in the Unaudited Consolidated Statements of Operations, respectively. For the period from the Funding Date to June 30, 2025, Series II did not record any amounts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Organizational Expenses and Offering Expenses</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Organizational expenses are expensed as incurred. Organizational expenses consist of costs incurred to establish Series II and enable it legally to do business. Organizational expenses are paid by the Manager, subject to potential recoupment. For the three months ended June 30, 2026 and June 30, 2025, Series II incurred organizational expenses of $0 and $590,533, respectively, related to legal, accounting, regulatory filings, and other out-of-pocket costs associated with the formation of Series II and its intermediate entities. For the six months ended June 30, 2026, and for the period from the Funding Date to June 30, 2025, Series II incurred organizational expenses of $0 and $1,657,772, respectively, associated with the formation of Series II and its intermediate entities. Certain of these organizational expenses were initially paid by the Manager on behalf of Series II.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Company’s governing documents, the Company reimburses the Manager for organizational expenses incurred prior to the commencement of operations, subject to the terms of the Expense Limitation Agreement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Offering expenses include registration fees and legal fees regarding the preparation of the general form of registration of securities. Offering expenses are accounted for as deferred costs until operations begin. Offering expenses are then amortized over the first twelve months of operations on a straight-line basis. For the six months ended June 30, 2026, Series II did not incur any offering expenses. For the period from the Funding Date to June 30, 2025, Series II incurred $1,411,303 in offering expenses. For the three and the six months ended June 30, 2026, Series II amortized $441,226 and $882,452 of deferred offering expenses, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <i>  </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Purchase of Investments </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the six months ended June 30, 2026, Series II acquired Liberty Tire Recycling LLC, Cube Safety Holdco Limited, Kio Networks, and ISQ Orchid Fund, L.P. at total costs of $40,195,508, $19,480,438, $10,000,000, and $18,000,000, respectively, from affiliates who are advised by affiliates of the Manager. Series II also acquired additional equity interests in Transport Equipment Network, Entek Technology Holdings LLC, and Ezee Fiber Texas LLC. These were acquired at total costs of $22,420,955, $25,570,193, and $2,800,000, respectively. These investments were each acquired at the affiliate’s cost, aside from Kio Networks and Transport Equipment Network, which were acquired at fair value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the three and six months ended June 30, 2026 and for the period from the Funding Date to June 30, 2025, there were $560,668, $1,151,137, and $0, respectively, of warehousing interest costs, and are included in the interest and loan related fees in the Unaudited Consolidated Statement of Operations. Warehousing interest costs are charged by the affiliate at the interest rate incurred on the underlying third-party warehouse facility used to finance the investment prior to acquisition by Series II. Such facilities bear interest at a spread over the applicable benchmark rate for the currency of the borrowing. The costs are included in the Expense Limitation Reimbursement Agreement as reimbursable expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Other Related Party Transactions</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the six months ended June 30, 2026 and for the period from the Funding Date to June 30, 2025, the Manager provided certain Manager Support Services and Operational Service Costs (as defined in the relevant Limited Partnership Agreements) to portfolio companies of Series II. In connection with the aforementioned arrangement, the Manager has the ability to charge the portfolio companies of Series II for such Manager Support Services and Operational Service Costs. Such fees exclude any board or related fees and incentives paid by portfolio companies directly to Operating Advisors.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the six months ended June 30, 2026 and for the period from the Funding Date to June 30, 2025, there were $304 and $0, respectively, of Manager Support Services and Operational Service Costs charged to Series II and its portfolio companies. As of June 30, 2026 and December 31, 2025, $304 and $849, respectively, was payable to the Manager, mainly related to Manager Support Services and Operational Service Costs. The Manager charged a pro-rata portion of such Manager Support Services and Operational Service Costs to the co-investment vehicles.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Series II investments are co-invested with other affiliated I Squared entities, as further detailed in the Unaudited Consolidated Schedule of Investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Manager and/or its affiliates may provide services to other investment funds and co-investment vehicles that may have similar strategies as the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, at times, I Squared and its portfolio companies utilize the services of the same service provider. Such services are generally invoiced separately by the service provider to each party for their allocable services. For services invoiced solely to I Squared Capital but which also benefited the portfolio companies, I Squared’s policy is to allocate based on the time and efforts associated with the services performed.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the three and six months ended June 30, 2026, the Manager incurred certain travel and entertainment expenses on behalf of Series II. These expenses were recharged to Series II as part of the normal course of operations and are reflected within the Unaudited Consolidated Statement of Operations as $395,791 and $401,842, respectively, recorded in travel and entertainment expenses. For the period from the Funding Date to June 30, 2025, the Manager did not incur any travel and entertainment expenses on behalf of Series II.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Series II incurred certain operating expenses related to services provided by personnel of the Manager and/or its affiliates. For the three and six months ended June 30, 2026, these expenses were $553,554 and $940,150 for Series II, respectively, and are included in Professional fees in the Unaudited Consolidated Statements of Operations. For the period from the Funding Date to June 30, 2025, Series II did not incur any such expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Affiliate Capital Contributions</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the six months ended June 30, 2026 and for the period from the Funding Date to June 30, 2025, affiliate investors contributed $2,744,000 and $0, respectively, to Series II in exchange for Class E shares.</p> 0.0075 0.0125 556484 929209 0.125 0.05 1 1 0.125 0.125 44204 1712216 0.0075 0.0075 4409942 6371865 1667568 4360335 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Manager believes that it is not probable for Series II to be required to reimburse the expenses waived by the Manager.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">For the Period Ended:</td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Amount</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Last Expiration Date</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; width: 70%; text-align: justify">December 31, 2025</td><td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%; text-align: left">$</td><td style="white-space: nowrap; width: 9%; text-align: right">6,371,865</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="white-space: nowrap; width: 15%; text-align: center">December 31, 2030</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="white-space: nowrap; text-align: justify">March 31, 2026</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">2,017,077</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: center">March 31, 2031</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: justify; padding-bottom: 1.5pt">June 30, 2026</td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td> <td style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">2,392,865</td><td style="white-space: nowrap; padding-bottom: 1.5pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td> <td style="white-space: nowrap; padding-bottom: 1.5pt; text-align: left"> </td><td style="white-space: nowrap; padding-bottom: 1.5pt; text-align: center">June 30, 2031</td><td style="white-space: nowrap; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="white-space: nowrap; text-align: justify">Total</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left">$</td><td style="white-space: nowrap; text-align: right">10,781,807</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: center"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> </table> 6371865 December 31, 2030 2017077 March 31, 2031 2392865 June 30, 2031 10781807 278813 412002 553255 0 590533 0 1657772 1411303 441226 882452 40195508 19480438 10000000 18000000 22420955 25570193 2800000 560668 1151137 0 304 0 $304 849 395791 401842 553554 940150 2744000 0 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>7. DERIVATIVE INSTRUMENTS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the normal course of business, ISQ OpenInfra HedgeCo, L.P. (the “HedgeCo”), a wholly-owned subsidiary of Series II, may enter into derivative contracts to achieve certain risk management objectives on behalf of Series II.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">HedgeCo may enter into derivative instruments to hedge against foreign currency exchange rate risk on a portion or all of Series II’s non-U.S. dollar denominated investments. These instruments include forward currency contracts. Series II utilizes forward currency contracts to economically hedge the currency exposure associated with certain foreign-denominated investments. These derivative contracts are not designated as hedging instruments for accounting purposes. The use of foreign exchange contracts does not eliminate fluctuations in the price of the underlying investments recognized by Series II. Additionally, HedgeCo may enter into derivative instruments to hedge against other risks in Series II’s investments, including commodity price risk and equity price risk.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of the use of derivative contracts, Series II is exposed to the risk that counterparties will fail to fulfill their contractual obligations. To mitigate such counterparty risk, HedgeCo enters into contracts with certain major financial institutions, primarily those with investment grade ratings. Counterparty credit risk is evaluated in determining the fair value of derivative instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the aggregate notional amount and fair value of the derivative instruments as of June 30, 2026. The notional amount represents the absolute value amount of the foreign exchange contracts:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Derivative Investments</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Notional<br/> Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fair Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Foreign Currency Contracts - Purchase U.S. dollar/Sell British pound</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">£</td><td style="width: 9%; text-align: right">5,698,882</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(8,304</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Foreign Currency Contracts - Purchase U.S. dollar/Sell Euro</td><td> </td> <td style="text-align: left">€</td><td style="text-align: right">2,294,662</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(15,601</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Foreign Currency Contracts - Purchase British pound/Sell  U.S. dollar</td><td> </td> <td style="text-align: left">£</td><td style="text-align: right">119,454</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(700</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold">Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">(24,605</td><td style="font-weight: bold; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table summarizes the average notional amount and gains and losses of the derivative instruments for the six months ended June 30, 2026:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Derivative Investments</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Average<br/> Notional<br/> Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Realized<br/> gain (loss)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Unrealized<br/> gain (loss)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Foreign Currency Contracts - Purchase U.S. dollar/Sell British pound</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">£</td><td style="width: 9%; text-align: right">5,031,959</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-475">      -</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(8,304</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Foreign Currency Contracts - Purchase U.S. dollar/Sell Euro</td><td> </td> <td style="text-align: left">€</td><td style="text-align: right">2,294,662</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-476">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(15,601</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Foreign Currency Contracts - Purchase British pound/Sell  U.S. dollar</td><td> </td> <td style="text-align: left">£</td><td style="text-align: right">119,454</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-477">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(700</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold">Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-478">-</div></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">(24,605</td><td style="font-weight: bold; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Series II maintains a master netting agreement with each of its counterparties. Based on the terms outlined within each master netting agreement, there are no financial instruments available for offset as of June 30, 2026. Further, there have been no financial instruments or cash pledged or received as collateral as of June 30, 2026.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the aggregate notional amount and fair value of the derivative instruments as of June 30, 2026. The notional amount represents the absolute value amount of the foreign exchange contracts:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Derivative Investments</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Notional<br/> Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fair Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Foreign Currency Contracts - Purchase U.S. dollar/Sell British pound</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">£</td><td style="width: 9%; text-align: right">5,698,882</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(8,304</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Foreign Currency Contracts - Purchase U.S. dollar/Sell Euro</td><td> </td> <td style="text-align: left">€</td><td style="text-align: right">2,294,662</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(15,601</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Foreign Currency Contracts - Purchase British pound/Sell  U.S. dollar</td><td> </td> <td style="text-align: left">£</td><td style="text-align: right">119,454</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(700</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold">Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">(24,605</td><td style="font-weight: bold; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table summarizes the average notional amount and gains and losses of the derivative instruments for the six months ended June 30, 2026:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Derivative Investments</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Average<br/> Notional<br/> Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Realized<br/> gain (loss)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Unrealized<br/> gain (loss)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Foreign Currency Contracts - Purchase U.S. dollar/Sell British pound</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">£</td><td style="width: 9%; text-align: right">5,031,959</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-475">      -</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(8,304</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Foreign Currency Contracts - Purchase U.S. dollar/Sell Euro</td><td> </td> <td style="text-align: left">€</td><td style="text-align: right">2,294,662</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-476">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(15,601</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Foreign Currency Contracts - Purchase British pound/Sell  U.S. dollar</td><td> </td> <td style="text-align: left">£</td><td style="text-align: right">119,454</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-477">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(700</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold">Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-478">-</div></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">(24,605</td><td style="font-weight: bold; text-align: left">)</td></tr> </table> 5698882 -8304 2294662 -15601 119454 -700 -24605 5031959 -8304 2294662 -15601 119454 -700 -24605 <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; "> <tr style="vertical-align: top"> <td style="width: 24px"><b>8.</b></td> <td style="text-align: justify"><b>SHAREHOLDERS’ EQUITY</b></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Unregistered Sales of Equity Securities</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">The following tables show a summary of the Shares issued and redeemed for the three and six months ended June 30, 2026:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Outstanding as of<br/> March 31, 2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Issued<br/> During the<br/> Period</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Redeemed<br/> During the<br/> Period</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Reinvested<br/> under DRIP<br/> During the<br/> Period</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Transfers<br/> In</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Transfers<br/> Out</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Outstanding as of<br/> June 30,<br/> 2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 16%"><span style="font-size: 10pt">F-S<sub>TE</sub> Shares</span></td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">503,216</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">685,213</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-479">       -</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">3,043</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-480">       -</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-481">       -</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">1,191,472</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-size: 10pt">F-D<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">401,494</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-482">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-483">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,261</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-484">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-485">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">405,755</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-size: 10pt">F-I<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">71,385</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">80,432</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-486">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">711</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-487">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-488">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">152,528</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-size: 10pt">F-J<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">698,805</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">33,180</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-489">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,996</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-490">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-491">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">738,981</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-size: 10pt">S<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-492">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-493">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-494">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-495">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-496">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-size: 10pt">D<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-497">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-498">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-499">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-500">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-501">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-size: 10pt">I<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-502">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-503">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-504">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-505">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-506">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-size: 10pt">J<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">86,551</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-507">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-508">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-509">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-510">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">86,651</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-size: 10pt">E<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">40</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-511">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-512">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-513">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-514">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">41</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-S Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">759,798</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,272,491</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-515">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,245</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-516">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-517">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,036,534</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>F-I Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">400,558</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">431,995</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-518">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,227</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-519">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-520">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">834,780</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-J Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,970,498</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">251,287</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-521">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">31,212</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-522">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-523">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,252,997</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>I Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-524">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-525">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-526">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-527">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-528">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>J Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-529">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">187,442</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-530">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-531">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-532">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-533">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">187,442</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>E Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">453,080</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,056</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-534">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,284</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-535">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-536">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">466,420</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Outstanding as of<br/> December 31, 2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Issued<br/> During the<br/> Period</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Redeemed<br/> During the<br/> Period</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Reinvested<br/> under DRIP<br/> During the<br/> Period</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Transfers<br/> In</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Transfers<br/> Out</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Outstanding as of<br/> June 30,<br/> 2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 16%"><span style="font-size: 10pt">F-S<sub>TE</sub> Shares</span></td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">105,792</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">1,082,237</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-537">     -</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">3,443</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-538">      -</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-539">       -</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">1,191,472</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-size: 10pt">F-D<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">400,100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-540">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-541">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,655</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-542">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-543">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">405,755</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-size: 10pt">F-I<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">40,677</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">110,969</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-544">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">882</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-545">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-546">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">152,528</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-size: 10pt">F-J<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">572,307</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">157,595</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-547">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,079</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-548">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-549">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">738,981</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-size: 10pt">S<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-550">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-551">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-552">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-553">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-554">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-size: 10pt">D<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-555">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-556">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-557">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-558">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-559">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-size: 10pt">I<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-560">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-561">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-562">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-563">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-564">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-size: 10pt">J<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">86,551</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-565">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-566">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-567">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-568">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">86,651</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-size: 10pt">E<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">40</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-569">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-570">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-571">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-572">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">41</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-S Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">448,694</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,582,533</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-573">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,307</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-574">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-575">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,036,534</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>F-I Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">207,668</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">624,393</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-576">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,719</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-577">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-578">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">834,780</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-J Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,862,789</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,349,728</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-579">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">40,480</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-580">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-581">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,252,997</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>I Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-582">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-583">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-584">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-585">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-586">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>J Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-587">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">187,442</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-588">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-589">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-590">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-591">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">187,442</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>E Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">377,933</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">82,862</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-592">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,625</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-593">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-594">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">466,420</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; "> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">For the six months ended June 30, 2026, Series II issued such Shares for an aggregate consideration of $167,629,973. The offer and sale of the Shares were exempt from the registration provisions of the Securities Act of 1933, as amended, by virtue of Section 4(a)(2), including Regulation D (for sales to accredited investors) and/or Regulation S (for sales to non-U.S. investors outside of the United States) thereunder.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">The following tables show a summary of the Shares issued and redeemed for the three months ended June 30, 2025 and during the period from the Funding Date to June 30, 2025:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Outstanding as of<br/> March 31, 2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Issued<br/> During the<br/> Period</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Redeemed<br/> During the<br/> Period</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Reinvested<br/> under DRIP<br/> During the<br/> Period</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Transfers<br/> In</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Transfers<br/> Out</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Outstanding as of<br/> June 30,<br/> 2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>F-STE Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-595">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-596">     -</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-597">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-598">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-599">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-600">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-601">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-DTE Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-602">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-603">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-604">      -</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-605">       -</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-606">           -</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-607">          -</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-608">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>F-ITE Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-609">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-610">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-611">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-612">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-613">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-614">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-615">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-JTE Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-616">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-617">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-618">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-619">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-620">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-621">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-622">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>STE Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-623">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-624">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-625">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-626">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-627">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-628">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-629">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>DTE Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-630">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-631">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-632">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-633">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-634">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-635">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-636">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>ITE Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-637">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-638">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-639">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-640">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-641">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-642">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-643">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>JTE Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-644">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-645">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-646">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-647">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-648">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-649">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-650">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 16%">ETE Shares</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">40</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-651">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-652">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-653">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-654">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-655">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">40</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-S Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-656">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-657">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-658">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-659">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-660">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-661">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-662">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>F-I Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-663">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-664">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-665">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-666">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-667">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-668">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-669">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-J Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-670">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-671">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-672">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-673">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-674">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-675">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-676">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>E Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-677">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-678">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-679">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-680">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-681">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-682">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-683">-</div></td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Outstanding at<br/> Formation</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Issued<br/> During the<br/> Period</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Redeemed<br/> During the<br/> Period</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Reinvested<br/> under DRIP<br/> During the<br/> Period</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Transfers<br/> In</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Transfers<br/> Out</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Outstanding as of<br/> June 30,<br/> 2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-size: 10pt">F-S<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-684">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-685">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-686">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-687">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-688">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">  </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-689">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-690">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-size: 10pt">F-D<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-691">               -</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-692">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-693">           -</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-694">          -</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-695">            -</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-696">                   -</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-697">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-size: 10pt">F-I<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-698">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-699">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-700">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-701">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-702">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-703">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-704">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-size: 10pt">F-J<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-705">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-706">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-707">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-708">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-709">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-710">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-711">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-size: 10pt">S<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-712">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-713">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-714">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-715">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-716">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-717">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-718">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-size: 10pt">D<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-719">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-720">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-721">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-722">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-723">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-724">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-725">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-size: 10pt">I<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-726">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-727">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-728">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-729">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-730">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-731">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-732">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-size: 10pt">J<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-733">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-734">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-735">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-736">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-737">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-738">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-739">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 16%"><span style="font-size: 10pt">E<sub>TE</sub> Shares</span></td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-740">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">40</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-741">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-742">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-743">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-744">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">40</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-S Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-745">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-746">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-747">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-748">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-749">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-750">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-751">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>F-I Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-752">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-753">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-754">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-755">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-756">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-757">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-758">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-J Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-759">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-760">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-761">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-762">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-763">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-764">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-765">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>E Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-766">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-767">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-768">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-769">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-770">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-771">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-772">-</div></td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; "> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">For the period from the Funding Date to June 30, 2025, Series II issued such Shares for an aggregate consideration of $1,000. The offer and sale of the Shares were exempt from the registration provisions of the Securities Act of 1933, as amended, by virtue of Section 4(a)(2), including Regulation D (for sales to accredited investors) and/or Regulation S (for sales to non-U.S. investors outside of the United States) thereunder.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Distributions</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Beginning with the end of the first full calendar quarter in which the Shares were sold to non-affiliates of I Squared, Series II seeks to declare, accrue and pay quarterly distributions. However, there is no guarantee that Series II will pay quarterly distributions consistently and at a specific rate, or at all. No distributions were declared for the period from the Funding Date to June 30, 2025. For the six months ended June 30, 2026 Series II made the following distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">January 30, 2026</p> <p style="margin: 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Class</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Net<br/> Distribution<br/> Per Share</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%">F-S Shares</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">0.1100</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-I Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.1100</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>F-J Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.1100</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>E Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.1100</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">March 31, 2026</p> <p style="margin: 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Class</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Net<br/> Distribution<br/> Per Share</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%">F-S Shares</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">0.3399</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-I Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.3399</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>F-J Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.3399</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>E Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.3399</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">June 30, 2026</p> <p style="margin: 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Class</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Net<br/> Distribution<br/> Per Share</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%">F-S Shares</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">0.3424</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-I Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.3424</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>F-J Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.3424</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>I Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.3424</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>J Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.3424</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>E Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.3424</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Distribution Reinvestment Plan </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company adopted a distribution reinvestment plan (the “DRIP”), in which cash distributions to shareholders are automatically reinvested in additional whole and fractional shares attributable to the type of Shares that a shareholder owns unless and until an election is made on behalf of such participating shareholder to withdraw from the DRIP and receive distributions in cash. The number of Shares to be received when distributions are reinvested is determined by dividing the amount of the distribution, net of any applicable withholding taxes, by the Company’s or a Series’ NAV per share as of the end of the prior month. Shares are distributed in proportion to the Series and types of Shares held by the shareholder under the DRIP. There is no sales load charge on Shares issued to a shareholder under the DRIP.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the six months ended June 30, 2026, Series II issued the below Shares under the DRIP. For the three and six months ended June 30, 2025, Series II had not issued any Shares under the DRIP.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Class</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Reinvested</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Dollars<br/> Reinvested</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">F-S<sub>TE</sub> Shares</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">3,043</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">100,791</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-D<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,261</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">136,454</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>F-I<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">711</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">23,176</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-J<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,996</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">227,303</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>E<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">36</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-S Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,245</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">136,805</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>F-I Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,227</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">71,889</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-J Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">31,212</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,005,293</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">E Shares</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,284</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">144,585</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; padding-bottom: 1.5pt">Total</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">56,980</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">1,846,332</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Class</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Reinvested</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Dollars<br/> Reinvested</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">F-S<sub>TE</sub> Shares</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">3,443</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">113,791</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-D<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,655</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">180,454</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>F-I<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">882</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">28,661</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-J<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,079</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">293,926</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>E<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">36</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-S Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,307</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">168,998</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>F-I Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,719</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">86,810</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-J Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">40,480</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,286,220</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">E Shares</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,625</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">186,660</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; padding-bottom: 1.5pt">Total</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">73,191</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2,345,556</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Share Redemption Program </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Series II offers a share redemption program pursuant to which, on a quarterly basis, shareholders may request that the Company redeem all or any portion of their Shares. Series II may redeem fewer Shares than have been requested in any particular quarter to be redeemed under Series II’s share redemption program, or none at all, in the Board’s discretion at any time. The Company expects that Series II will conduct quarterly Share redemptions (each, a “Share Redemption”) for up to 5.0% of Series II’s aggregate NAV per calendar quarter (measured using the average aggregate NAV attributable to shareholders as of the end of the immediately preceding calendar quarter), without duplication. Per our share redemption program, requests for redemption are subject to an early redemption fee (the “Early Redemption Fee”) of 5% of the NAV of the Shares redeemed from a Shareholder if Shares are redeemed within 24 months of the original issue date of such Shares. Any Early Redemption Fee benefits Series II. Aggregate NAV is reflective of Series I NAV which consists of all the underlying assets of Series II. For the six months ended June 30, 2026 and for the period from the Funding Date to June 30, 2025, Series II did not redeem any Shares under the share redemption program.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">The following tables show a summary of the Shares issued and redeemed for the three and six months ended June 30, 2026:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Outstanding as of<br/> March 31, 2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Issued<br/> During the<br/> Period</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Redeemed<br/> During the<br/> Period</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Reinvested<br/> under DRIP<br/> During the<br/> Period</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Transfers<br/> In</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Transfers<br/> Out</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Outstanding as of<br/> June 30,<br/> 2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 16%"><span style="font-size: 10pt">F-S<sub>TE</sub> Shares</span></td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">503,216</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">685,213</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-479">       -</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">3,043</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-480">       -</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-481">       -</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">1,191,472</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-size: 10pt">F-D<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">401,494</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-482">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-483">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,261</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-484">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-485">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">405,755</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-size: 10pt">F-I<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">71,385</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">80,432</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-486">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">711</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-487">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-488">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">152,528</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-size: 10pt">F-J<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">698,805</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">33,180</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-489">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,996</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-490">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-491">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">738,981</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-size: 10pt">S<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-492">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-493">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-494">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-495">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-496">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-size: 10pt">D<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-497">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-498">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-499">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-500">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-501">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-size: 10pt">I<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-502">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-503">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-504">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-505">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-506">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-size: 10pt">J<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">86,551</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-507">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-508">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-509">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-510">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">86,651</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-size: 10pt">E<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">40</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-511">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-512">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-513">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-514">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">41</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-S Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">759,798</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,272,491</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-515">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,245</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-516">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-517">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,036,534</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>F-I Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">400,558</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">431,995</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-518">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,227</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-519">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-520">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">834,780</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-J Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,970,498</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">251,287</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-521">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">31,212</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-522">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-523">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,252,997</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>I Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-524">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-525">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-526">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-527">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-528">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>J Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-529">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">187,442</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-530">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-531">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-532">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-533">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">187,442</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>E Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">453,080</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,056</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-534">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,284</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-535">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-536">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">466,420</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Outstanding as of<br/> December 31, 2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Issued<br/> During the<br/> Period</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Redeemed<br/> During the<br/> Period</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Reinvested<br/> under DRIP<br/> During the<br/> Period</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Transfers<br/> In</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Transfers<br/> Out</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Outstanding as of<br/> June 30,<br/> 2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 16%"><span style="font-size: 10pt">F-S<sub>TE</sub> Shares</span></td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">105,792</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">1,082,237</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-537">     -</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">3,443</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-538">      -</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-539">       -</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">1,191,472</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-size: 10pt">F-D<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">400,100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-540">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-541">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,655</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-542">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-543">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">405,755</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-size: 10pt">F-I<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">40,677</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">110,969</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-544">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">882</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-545">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-546">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">152,528</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-size: 10pt">F-J<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">572,307</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">157,595</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-547">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,079</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-548">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-549">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">738,981</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-size: 10pt">S<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-550">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-551">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-552">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-553">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-554">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-size: 10pt">D<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-555">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-556">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-557">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-558">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-559">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-size: 10pt">I<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-560">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-561">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-562">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-563">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-564">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-size: 10pt">J<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">86,551</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-565">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-566">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-567">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-568">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">86,651</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-size: 10pt">E<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">40</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-569">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-570">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-571">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-572">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">41</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-S Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">448,694</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,582,533</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-573">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,307</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-574">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-575">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,036,534</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>F-I Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">207,668</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">624,393</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-576">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,719</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-577">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-578">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">834,780</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-J Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,862,789</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,349,728</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-579">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">40,480</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-580">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-581">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,252,997</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>I Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-582">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-583">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-584">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-585">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-586">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>J Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-587">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">187,442</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-588">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-589">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-590">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-591">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">187,442</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>E Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">377,933</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">82,862</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-592">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,625</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-593">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-594">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">466,420</td><td style="text-align: left"> </td></tr> </table><table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Outstanding as of<br/> March 31, 2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Issued<br/> During the<br/> Period</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Redeemed<br/> During the<br/> Period</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Reinvested<br/> under DRIP<br/> During the<br/> Period</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Transfers<br/> In</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Transfers<br/> Out</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Outstanding as of<br/> June 30,<br/> 2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>F-STE Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-595">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-596">     -</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-597">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-598">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-599">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-600">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-601">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-DTE Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-602">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-603">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-604">      -</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-605">       -</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-606">           -</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-607">          -</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-608">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>F-ITE Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-609">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-610">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-611">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-612">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-613">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-614">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-615">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-JTE Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-616">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-617">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-618">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-619">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-620">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-621">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-622">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>STE Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-623">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-624">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-625">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-626">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-627">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-628">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-629">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>DTE Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-630">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-631">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-632">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-633">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-634">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-635">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-636">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>ITE Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-637">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-638">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-639">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-640">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-641">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-642">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-643">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>JTE Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-644">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-645">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-646">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-647">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-648">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-649">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-650">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 16%">ETE Shares</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">40</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-651">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-652">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-653">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-654">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-655">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">40</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-S Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-656">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-657">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-658">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-659">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-660">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-661">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-662">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>F-I Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-663">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-664">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-665">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-666">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-667">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-668">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-669">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-J Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-670">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-671">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-672">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-673">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-674">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-675">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-676">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>E Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-677">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-678">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-679">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-680">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-681">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-682">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-683">-</div></td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Outstanding at<br/> Formation</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Issued<br/> During the<br/> Period</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Redeemed<br/> During the<br/> Period</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Reinvested<br/> under DRIP<br/> During the<br/> Period</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Transfers<br/> In</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Transfers<br/> Out</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Outstanding as of<br/> June 30,<br/> 2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-size: 10pt">F-S<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-684">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-685">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-686">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-687">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-688">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">  </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-689">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-690">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-size: 10pt">F-D<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-691">               -</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-692">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-693">           -</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-694">          -</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-695">            -</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-696">                   -</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-697">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-size: 10pt">F-I<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-698">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-699">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-700">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-701">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-702">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-703">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-704">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-size: 10pt">F-J<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-705">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-706">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-707">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-708">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-709">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-710">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-711">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-size: 10pt">S<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-712">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-713">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-714">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-715">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-716">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-717">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-718">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-size: 10pt">D<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-719">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-720">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-721">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-722">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-723">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-724">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-725">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-size: 10pt">I<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-726">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-727">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-728">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-729">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-730">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-731">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-732">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-size: 10pt">J<sub>TE</sub> Shares</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-733">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-734">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-735">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-736">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-737">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-738">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-739">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 16%"><span style="font-size: 10pt">E<sub>TE</sub> Shares</span></td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-740">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">40</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-741">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-742">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-743">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-744">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">40</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-S Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-745">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-746">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-747">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-748">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-749">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-750">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-751">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>F-I Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-752">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-753">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-754">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-755">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-756">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-757">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-758">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-J Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-759">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-760">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-761">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-762">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-763">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-764">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-765">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>E Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-766">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-767">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-768">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-769">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-770">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-771">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-772">-</div></td><td style="text-align: left"> </td></tr> </table> 503216 685213 3043 1191472 401494 4261 405755 71385 80432 711 152528 698805 33180 6996 738981 100 100 100 100 100 100 100 86551 86651 40 1 41 759798 1272491 4245 2036534 400558 431995 2227 834780 3970498 251287 31212 4252997 13000 13000 187442 187442 453080 9056 4284 466420 105792 1082237 3443 1191472 400100 5655 405755 40677 110969 882 152528 572307 157595 9079 738981 100 100 100 100 100 100 100 86551 86651 40 1 41 448694 1582533 5307 2036534 207668 624393 2719 834780 2862789 1349728 40480 4252997 13000 13000 187442 187442 377933 82862 5625 466420 167629973 40 40 40 40 1000 For the six months ended June 30, 2026 Series II made the following distributions.<table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Class</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Net<br/> Distribution<br/> Per Share</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%">F-S Shares</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">0.1100</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-I Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.1100</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>F-J Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.1100</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>E Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.1100</td><td style="text-align: left"> </td></tr> </table><table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Class</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Net<br/> Distribution<br/> Per Share</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%">F-S Shares</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">0.3399</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-I Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.3399</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>F-J Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.3399</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>E Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.3399</td><td style="text-align: left"> </td></tr> </table><table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Class</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Net<br/> Distribution<br/> Per Share</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%">F-S Shares</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">0.3424</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-I Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.3424</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>F-J Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.3424</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>I Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.3424</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>J Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.3424</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>E Shares</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.3424</td><td style="text-align: left"> </td></tr> </table> 0.11 0.11 0.11 0.11 0.3399 0.3399 0.3399 0.3399 0.3424 0.3424 0.3424 0.3424 0.3424 0.3424 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the six months ended June 30, 2026, Series II issued the below Shares under the DRIP. For the three and six months ended June 30, 2025, Series II had not issued any Shares under the DRIP.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Class</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Reinvested</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Dollars<br/> Reinvested</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">F-S<sub>TE</sub> Shares</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">3,043</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">100,791</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-D<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,261</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">136,454</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>F-I<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">711</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">23,176</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-J<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,996</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">227,303</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>E<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">36</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-S Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,245</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">136,805</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>F-I Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,227</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">71,889</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-J Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">31,212</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,005,293</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">E Shares</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,284</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">144,585</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; padding-bottom: 1.5pt">Total</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">56,980</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">1,846,332</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Class</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares<br/> Reinvested</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Dollars<br/> Reinvested</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">F-S<sub>TE</sub> Shares</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">3,443</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">113,791</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-D<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,655</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">180,454</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>F-I<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">882</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">28,661</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-J<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,079</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">293,926</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>E<sub>TE</sub> Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">36</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-S Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,307</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">168,998</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>F-I Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,719</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">86,810</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>F-J Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">40,480</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,286,220</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">E Shares</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,625</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">186,660</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; padding-bottom: 1.5pt">Total</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">73,191</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2,345,556</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 3043 100791 4261 136454 711 23176 6996 227303 1 36 4245 136805 2227 71889 31212 1005293 4284 144585 56980 1846332 3443 113791 5655 180454 882 28661 9079 293926 1 36 5307 168998 2719 86810 40480 1286220 5625 186660 73191 2345556 0.05 0.05 <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"><b>9.</b></td> <td><b>COMMITMENTS AND CONTINGENCIES</b></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of June 30, 2026, the Company and Series were not subject to any litigation nor were the Company and Series aware of any material litigation threatened against them.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Delayed draw term loan - unfunded commitment</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The investment in Galaxy Helios I LLC includes a delayed draw term loan component where an additional principal of $627,350 was unfunded as of June 30, 2026. The unfunded loan commitment rate is 0.75%.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The investment in Substantial Holdco Limited includes a delayed draw term loan component where an additional principal of $1,505,918 was unfunded as of June 30, 2026. The unfunded loan commitment rate is 2.00%.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Equity – unfunded commitment</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The investment in ISQ Orchid Fund, L.P. was for a commitment amount of $18,900,000. An amount of $900,000 was unfunded as of June 30, 2026.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Indemnifications</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the LLC Agreement and organizational documents, members of each Series’ Board, the Manager, I Squared, and their respective affiliates, directors, officers, representatives, agents and employees are indemnified against all liabilities unless these persons’ actions constitute actual fraud or willful misconduct. In the normal course of business, the Company (on behalf of each Series) enters into contracts that contain a variety of representations and that provide general indemnifications. Each Series’ maximum liability exposure under these arrangements is unknown, as future claims that have not yet occurred may be made against either Series.</p> 627350 0.0075 1505918 0.02 18900000 900000 <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"><b>10.</b></td> <td><b>INCOME TAXES</b></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Series II operates so that it qualifies to be treated as a partnership for U.S. federal income tax purposes under the Internal Revenue Code of 1986, as amended, and not as a publicly traded partnership taxable as a corporation. As such, it is not subject to any U.S. federal and state income taxes.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Series II holds certain equity investments in taxable subsidiaries (the “Taxable Subsidiaries”). The Taxable Subsidiaries permit Series II to hold equity investments in Infrastructure Assets which are “pass through” entities for tax purposes. The Taxable Subsidiaries are not consolidated with Series II for income tax purposes and may generate income tax expense, or benefit, and the related tax assets and liabilities, as a result of the Taxable Subsidiaries’ ownership of certain Infrastructure Assets in the United States.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Income (loss) before tax expense (benefit) includes the following components:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the <br/> Six Months<br/> Ended <br/> June 30,<br/> 2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the <br/> period from<br/> March 28, <br/> 2025 <br/> (Funding Date) <br/> to <br/> June 30, <br/> 2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left">Income (loss) before income taxes:</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-bottom: 2.5pt">Total income (loss) before income taxes</td><td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 4pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right">11,540,085</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 4pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-773">-</div></td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Series II incurs income tax expense (benefit) related to its holdings of certain equity investments in Taxable Subsidiaries. The components of the provision for (benefit from) income taxes are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="padding-left: 0in"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the <br/> Six Months<br/> Ended <br/> June 30,<br/> 2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the <br/> period from<br/> March 28, <br/> 2025 <br/> (Funding Date)<br/> to<br/> June 30, <br/> 2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0in; font-weight: bold">Deferred:</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0in; width: 76%; text-align: left">Federal Income Tax</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,458,326</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-774">-</div></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0in; text-align: left; padding-bottom: 1.5pt">State and Local Income Tax</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">97,088</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-775">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0in; padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,555,414</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-776">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0in; font-weight: bold">Current:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0in; text-align: left">Federal Income Tax</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">144,458</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-777">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0in; text-align: left; padding-bottom: 1.5pt">State and Local Income Tax</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">44,560</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-778">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0in; padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">189,018</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-779">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0in"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total Income Tax Provision (Benefit)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">2,744,432</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-780">-</div></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table reconciles the U.S. federal statutory tax rate to the effective income tax rate:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the<br/> Six Months<br/> Ended <br/> June 30,<br/> 2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">U.S. Partnership Federal Statutory Tax Rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-781">-</div></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="width: 88%; text-align: left">Income taxes at federal corporate tax rate</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">22.55</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">State and Local Income Taxes (net of federal tax)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.23</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Effective Income Tax Rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23.78</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table represents significant components of Series II’s deferred tax assets and liabilities:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the<br/> Six Months<br/> Ended <br/> June 30,<br/> 2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the <br/> period from<br/> March 28, <br/> 2025 <br/> (Funding Date)<br/> to <br/> June 30, <br/> 2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Deferred Tax Asset</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: left">$</td> <td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-782">    -</div></td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td> <td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-783">               -</div></td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Unrealized Appreciation (Depreciation)</td><td> </td> <td style="vertical-align: bottom; text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-784">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-785">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="vertical-align: bottom; text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-bottom: 1.5pt">Deferred Tax Liability</td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">11,288,835</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-786">-</div></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Current Tax Payable</td><td style="padding-bottom: 1.5pt"> </td> <td style="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">39,016</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-787">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Unrealized Appreciation (Depreciation)</td><td> </td> <td style="vertical-align: bottom; text-align: left">$</td><td style="text-align: right">11,327,851</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-788">-</div></td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In evaluating the appropriateness of accruing tax assets, Series II assesses whether it is more likely than not that some portion, or all, of the deferred tax assets, will be realized. Series II considers, among other things, the generation of future taxable income (including reversals of deferred tax assets) during the periods in which the related temporary differences will become deductible.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Tax Contingencies</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Series II files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, Series II is subject to examination by U.S. federal and certain state, local and foreign tax regulators. As of June 30, 2026 and December 31, 2025, tax years including and after 2025 are subject to examinations by the tax authorities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Income (loss) before tax expense (benefit) includes the following components:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the <br/> Six Months<br/> Ended <br/> June 30,<br/> 2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the <br/> period from<br/> March 28, <br/> 2025 <br/> (Funding Date) <br/> to <br/> June 30, <br/> 2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left">Income (loss) before income taxes:</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-bottom: 2.5pt">Total income (loss) before income taxes</td><td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 4pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right">11,540,085</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 4pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-773">-</div></td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 11540085 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Series II incurs income tax expense (benefit) related to its holdings of certain equity investments in Taxable Subsidiaries. The components of the provision for (benefit from) income taxes are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="padding-left: 0in"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the <br/> Six Months<br/> Ended <br/> June 30,<br/> 2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the <br/> period from<br/> March 28, <br/> 2025 <br/> (Funding Date)<br/> to<br/> June 30, <br/> 2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0in; font-weight: bold">Deferred:</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0in; width: 76%; text-align: left">Federal Income Tax</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,458,326</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-774">-</div></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0in; text-align: left; padding-bottom: 1.5pt">State and Local Income Tax</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">97,088</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-775">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0in; padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,555,414</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-776">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0in; font-weight: bold">Current:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0in; text-align: left">Federal Income Tax</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">144,458</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-777">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0in; text-align: left; padding-bottom: 1.5pt">State and Local Income Tax</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">44,560</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-778">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0in; padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">189,018</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-779">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0in"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total Income Tax Provision (Benefit)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">2,744,432</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-780">-</div></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 2458326 97088 2555414 144458 44560 189018 2744432 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table reconciles the U.S. federal statutory tax rate to the effective income tax rate:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the<br/> Six Months<br/> Ended <br/> June 30,<br/> 2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">U.S. Partnership Federal Statutory Tax Rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-781">-</div></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="width: 88%; text-align: left">Income taxes at federal corporate tax rate</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">22.55</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">State and Local Income Taxes (net of federal tax)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.23</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Effective Income Tax Rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23.78</td><td style="text-align: left">%</td></tr> </table> 0.2255 0.0123 0.2378 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table represents significant components of Series II’s deferred tax assets and liabilities:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the<br/> Six Months<br/> Ended <br/> June 30,<br/> 2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the <br/> period from<br/> March 28, <br/> 2025 <br/> (Funding Date)<br/> to <br/> June 30, <br/> 2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Deferred Tax Asset</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: left">$</td> <td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-782">    -</div></td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td> <td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-783">               -</div></td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Unrealized Appreciation (Depreciation)</td><td> </td> <td style="vertical-align: bottom; text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-784">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-785">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="vertical-align: bottom; text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-bottom: 1.5pt">Deferred Tax Liability</td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">11,288,835</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-786">-</div></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Current Tax Payable</td><td style="padding-bottom: 1.5pt"> </td> <td style="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">39,016</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-787">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Unrealized Appreciation (Depreciation)</td><td> </td> <td style="vertical-align: bottom; text-align: left">$</td><td style="text-align: right">11,327,851</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-788">-</div></td><td style="text-align: left"> </td></tr> </table> 11288835 39016 11327851 <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"><b>11.</b></td> <td><b>FINANCIAL HIGHLIGHTS</b></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">The following are the financial highlights for the six months ended June 30, 2026:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"><span style="font-size: 7pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 7pt"><b>F-S<sub>TE</sub> Shares</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 7pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 7pt"><b>F-D<sub>TE</sub> Shares</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 7pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 7pt"><b>F-I<sub>TE</sub> Shares</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 7pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 7pt"><b>F-J<sub>TE</sub> Shares</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 7pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 7pt"><b>S<sub>TE</sub> Shares</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 7pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 7pt"><b>D<sub>TE</sub> Shares</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 7pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 7pt"><b>I<sub>TE</sub> Shares</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 7pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 7pt"><b>J<sub>TE</sub> Shares</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 7pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 7pt"><b>E<sub>TE</sub> Shares</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 7pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 7pt">F-S Shares</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 7pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td colspan="2" style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-size: 7pt">F-I Shares</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 7pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td colspan="2" style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-size: 7pt">F-J Shares</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 7pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 7pt"><b>I Shares <sup>(7)</sup></b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 7pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 7pt"><b>J Shares <sup>(7)</sup></b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 7pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 7pt">E Shares</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 7pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold"><span style="font-size: 7pt">Per Share Data:</span></td><td><span style="font-size: 7pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td colspan="2"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td colspan="2"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td colspan="2"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td colspan="2"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td colspan="2"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td colspan="2"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td colspan="2"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td colspan="2"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td colspan="2"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td colspan="2"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 17.5%"><span style="font-size: 7pt">Net asset value at beginning of period</span></td><td style="width: 0.5%"><span style="font-size: 7pt"> </span></td> <td style="width: 0.5%; text-align: left"><span style="font-size: 7pt">$</span></td><td style="width: 4%; text-align: right"><span style="font-size: 7pt">30.54</span></td><td style="width: 0.5%; text-align: left"><span style="font-size: 7pt"> </span></td><td style="width: 0.5%"><span style="font-size: 7pt"> </span></td> <td style="width: 0.5%; text-align: left"><span style="font-size: 7pt">$</span></td><td style="width: 4%; text-align: right"><span style="font-size: 7pt">32.19</span></td><td style="width: 0.5%; text-align: left"><span style="font-size: 7pt"> </span></td><td style="width: 0.5%"><span style="font-size: 7pt"> </span></td> <td style="width: 0.5%; text-align: left"><span style="font-size: 7pt">$</span></td><td style="width: 4%; text-align: right"><span style="font-size: 7pt">32.44</span></td><td style="width: 0.5%; text-align: left"><span style="font-size: 7pt"> </span></td><td style="width: 0.5%"><span style="font-size: 7pt"> </span></td> <td style="width: 0.5%; text-align: left"><span style="font-size: 7pt">$</span></td><td style="width: 4%; text-align: right"><span style="font-size: 7pt">31.73</span></td><td style="width: 0.5%; text-align: left"><span style="font-size: 7pt"> </span></td><td style="width: 0.5%"><span style="font-size: 7pt"> </span></td> <td style="width: 0.5%; text-align: left"><span style="font-size: 7pt">$</span></td><td style="width: 4%; text-align: right"><span style="font-size: 7pt">31.36</span></td><td style="width: 0.5%; text-align: left"><span style="font-size: 7pt"> </span></td><td style="width: 0.5%"><span style="font-size: 7pt"> </span></td> <td style="width: 0.5%; text-align: left"><span style="font-size: 7pt">$</span></td><td style="width: 4%; text-align: right"><span style="font-size: 7pt">32.12</span></td><td style="width: 0.5%; text-align: left"><span style="font-size: 7pt"> </span></td><td style="width: 0.5%"><span style="font-size: 7pt"> </span></td> <td style="width: 0.5%; text-align: left"><span style="font-size: 7pt">$</span></td><td style="width: 4%; text-align: right"><span style="font-size: 7pt">32.43</span></td><td style="width: 0.5%; text-align: left"><span style="font-size: 7pt"> </span></td><td style="width: 0.5%"><span style="font-size: 7pt"> </span></td> <td style="width: 0.5%; text-align: left"><span style="font-size: 7pt">$</span></td><td style="width: 4%; text-align: right"><span style="font-size: 7pt">31.80</span></td><td style="width: 0.5%; text-align: left"><span style="font-size: 7pt"> </span></td><td style="width: 0.5%"><span style="font-size: 7pt"> </span></td> <td style="width: 0.5%; text-align: left"><span style="font-size: 7pt">$</span></td><td style="width: 4%; text-align: right"><span style="font-size: 7pt">33.60</span></td><td style="width: 0.5%; text-align: left"><span style="font-size: 7pt"> </span></td><td style="width: 0.5%"><span style="font-size: 7pt"> </span></td> <td style="width: 0.5%; text-align: left"><span style="font-size: 7pt">$</span></td><td style="width: 4%; text-align: right"><span style="font-size: 7pt">30.12</span></td><td style="width: 0.5%; text-align: left"><span style="font-size: 7pt"> </span></td><td style="width: 0.5%"><span style="font-size: 7pt"> </span></td> <td style="width: 0.5%; text-align: left"><span style="font-size: 7pt">$</span></td><td style="width: 4%; text-align: right"><span style="font-size: 7pt">32.07</span></td><td style="width: 0.5%; text-align: left"><span style="font-size: 7pt"> </span></td><td style="width: 0.5%"><span style="font-size: 7pt"> </span></td> <td style="width: 0.5%; text-align: left"><span style="font-size: 7pt">$</span></td><td style="width: 4%; text-align: right"><span style="font-size: 7pt">31.33</span></td><td style="width: 0.5%; text-align: left"><span style="font-size: 7pt"> </span></td><td style="width: 0.5%"><span style="font-size: 7pt"> </span></td> <td style="width: 0.5%; text-align: left"><span style="font-size: 7pt">$</span></td><td style="width: 4%; text-align: right"><span style="-sec-ix-hidden: hidden-fact-789; font-size: 7pt">-</span></td><td style="width: 0.5%; text-align: left"><span style="font-size: 7pt"> </span></td><td style="width: 0.5%"><span style="font-size: 7pt"> </span></td> <td style="width: 0.5%; text-align: left"><span style="font-size: 7pt">$</span></td><td style="width: 4%; text-align: right"><span style="-sec-ix-hidden: hidden-fact-790; font-size: 7pt">-</span></td><td style="width: 0.5%; text-align: left"><span style="font-size: 7pt"> </span></td><td style="width: 0.5%"><span style="font-size: 7pt"> </span></td> <td style="width: 0.5%; text-align: left"><span style="font-size: 7pt">$</span></td><td style="width: 4%; text-align: right"><span style="font-size: 7pt">33.57</span></td><td style="width: 0.5%; text-align: left"><span style="font-size: 7pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 7pt">Proceeds from issuance of shares</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-791; font-size: 7pt">-</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-792; font-size: 7pt">-</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-793; font-size: 7pt">-</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-794; font-size: 7pt">-</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-795; font-size: 7pt">-</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-796; font-size: 7pt">-</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-797; font-size: 7pt">-</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-798; font-size: 7pt">-</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-799; font-size: 7pt">-</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-800; font-size: 7pt">-</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-801; font-size: 7pt">-</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-802; font-size: 7pt">-</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">25.00</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">25.00</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-803; font-size: 7pt">-</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 7pt">Premium/(Discount) on issuance of shares</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">2.23</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">0.00</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.14</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">0.04</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.08</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.09</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.09</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">3.31</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.72</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">1.86</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.16</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.01</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.06</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">1.34</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.13</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-size: 7pt">Distributions declared (1)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.83</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.84</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.89</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.84</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.84</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.84</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.84</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.79</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.84</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.79</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.79</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.79</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.34</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.34</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.79</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-size: 7pt">Service fees</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(1.55</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">0.01</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-804; font-size: 7pt">-</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.10</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">0.07</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">0.02</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-805; font-size: 7pt">-</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(3.01</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-806; font-size: 7pt">-</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(1.48</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-807; font-size: 7pt">-</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.18</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-808; font-size: 7pt">-</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(1.99</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-809; font-size: 7pt">-</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-size: 7pt">Net investment income/(loss) (2)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.26</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.61</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.14</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.55</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.74</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.68</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.66</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.29</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-810; font-size: 7pt">-</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.16</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.16</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.48</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-811; font-size: 7pt">-</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.09</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.01</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-size: 7pt">Net realized and unrealized gain/(loss) (3)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">1.30</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">1.63</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">1.31</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">1.60</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">1.63</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">1.63</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">1.64</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">0.34</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">1.66</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">1.25</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">1.30</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">1.55</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">0.07</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">0.38</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">1.63</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-size: 7pt">Reallocation of unrealized gain/(loss)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">0.48</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">(0.79</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">(0.04</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">(0.13</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">(0.80</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">(0.80</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">(0.80</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-812; font-size: 7pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">(0.77</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">0.30</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-813; font-size: 7pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">(0.01</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-814; font-size: 7pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-815; font-size: 7pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">(0.58</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-size: 7pt">Net increase/(decrease) in net assets resulting from operations</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">1.52</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">0.23</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">1.13</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">0.92</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">0.09</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">0.15</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">0.18</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">0.05</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">0.89</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">1.39</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">1.14</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">1.06</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">0.07</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">0.29</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">1.04</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 7pt">Net asset value at end of period</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">31.91</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">31.59</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">32.54</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">31.75</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">30.60</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">31.36</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">31.68</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">31.36</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">32.93</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">31.10</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">32.26</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">31.41</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">24.67</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">24.30</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">33.69</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 7pt">Shares outstanding at end of period</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">1,191,472</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">405,755</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">152,528</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">738,981</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">100</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">100</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">100</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">86,651</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">41</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">2,036,534</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">834,780</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">4,252,997</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">13,000</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">187,442</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">466,420</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 7pt">Weighted average shares outstanding</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">745,285</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">402,691</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">88,699</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">699,793</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">100</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">100</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">100</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">17,917</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">40</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">1,103,699</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">543,936</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">3,952,424</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">2,155</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">45,535</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">440,904</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"><span style="font-size: 7pt">Ratio/Supplemental Data:</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-size: 7pt">Net assets at end of period</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">38,018,838</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">12,817,846</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">4,963,116</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">23,462,815</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">3,060</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">3,136</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">3,168</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">2,717,390</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">1,350</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">63,342,664</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">26,926,148</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">133,569,315</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">320,702</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">4,555,475</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">15,715,715</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-size: 7pt">Ratio to average net assets (4)(5)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-size: 7pt">Total expenses before expense support and after performance participation allocation</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">7.41</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">9.82</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">6.89</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">9.48</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">10.98</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">10.31</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">10.08</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">9.42</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">5.85</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">7.14</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">6.67</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">9.06</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">8.62</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">7.49</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">5.92</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-size: 7pt">Total expenses after expense support and after performance participation allocation</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">3.97</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">6.34</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">3.38</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">5.96</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">7.43</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">6.85</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">6.65</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">5.55</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">2.40</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">3.59</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">3.30</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">5.56</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">4.23</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">4.00</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">2.49</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-size: 7pt">Total expenses after expense support and before performance participation allocation</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">3.61</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">3.45</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">3.29</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">3.61</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">4.47</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">3.97</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">3.80</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">4.12</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">2.40</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">3.67</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">3.23</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">3.56</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">4.23</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">4.00</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">2.49</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-size: 7pt">Net investment loss (5)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">-1.65</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">-3.86</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">-0.88</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">-3.50</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">-4.86</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">-4.36</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">-4.18</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">-1.85</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">0.00</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">-1.01</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">-1.01</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">-3.10</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">0.03</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">-0.70</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">-0.08</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-size: 7pt">Total return (6)(7)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">7.20</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">0.76</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">3.06</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">2.72</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">0.26</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">0.26</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">0.29</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">1.11</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">0.52</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">5.88</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">3.06</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">2.78</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">0.05</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">-1.43</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">2.72</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td></tr> </table> <p style="margin: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-size: 10pt">The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transaction (refer to Note 8).</span></td> </tr></table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(2)</span></td><td style="text-align: justify"><span style="font-size: 10pt">The per share data was derived by using the weighted average shares outstanding during the applicable period.</span></td> </tr></table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(3)</span></td><td style="text-align: justify"><span style="font-size: 10pt">The amount shown at this caption is the balancing amount derived from the other figures in the table. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in investments for the period because of the timing of sales of Series II shares in relation to fluctuating market value for the portfolio.</span></td> </tr></table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(4)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Actual results may not be indicative of future results. Additionally, an individual shareholder's ratio may vary from the ratios presented for a share class as a whole.</span></td> </tr></table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(5)</span></td><td style="text-align: justify"><span style="font-size: 10pt">The ratios were derived using the simple average net assets during the applicable period.</span></td> </tr></table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(6)</span></td><td style="text-align: justify"><span style="font-size: 10pt">The total return is calculated for each share class as the change in the net asset value for such share class during the period plus any distributions per share declared in the period. Amounts are not representative of total return as calculated for purposes of the Performance Participation Allocation as described in Note 6. The Series II performance changes over time and currently may be different than that shown above. Past performance is no guarantee of future results. Investment performance is presented without regard to sales load that may be incurred by Shareholders in the purchase of the Series II shares.</span></td> </tr></table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(7)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Class I shares and Class J shares were first issued on June 1, 2026 and May 1, 2026, respectively. Amounts presented are for the period from issuance date through June 30, 2026. The ratios of expense and net investment income (loss) and the total return for these share classes have not been annualized.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">The following are the financial highlights for the six months ended June 30, 2026:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"><span style="font-size: 7pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 7pt"><b>F-S<sub>TE</sub> Shares</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 7pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 7pt"><b>F-D<sub>TE</sub> Shares</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 7pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 7pt"><b>F-I<sub>TE</sub> Shares</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 7pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 7pt"><b>F-J<sub>TE</sub> Shares</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 7pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 7pt"><b>S<sub>TE</sub> Shares</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 7pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 7pt"><b>D<sub>TE</sub> Shares</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 7pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 7pt"><b>I<sub>TE</sub> Shares</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 7pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 7pt"><b>J<sub>TE</sub> Shares</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 7pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 7pt"><b>E<sub>TE</sub> Shares</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 7pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 7pt">F-S Shares</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 7pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td colspan="2" style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-size: 7pt">F-I Shares</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 7pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td colspan="2" style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-size: 7pt">F-J Shares</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 7pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 7pt"><b>I Shares <sup>(7)</sup></b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 7pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 7pt"><b>J Shares <sup>(7)</sup></b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 7pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 7pt">E Shares</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 7pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold"><span style="font-size: 7pt">Per Share Data:</span></td><td><span style="font-size: 7pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td colspan="2"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td colspan="2"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td colspan="2"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td colspan="2"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td colspan="2"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td colspan="2"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td colspan="2"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td colspan="2"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td colspan="2"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td colspan="2"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 17.5%"><span style="font-size: 7pt">Net asset value at beginning of period</span></td><td style="width: 0.5%"><span style="font-size: 7pt"> </span></td> <td style="width: 0.5%; text-align: left"><span style="font-size: 7pt">$</span></td><td style="width: 4%; text-align: right"><span style="font-size: 7pt">30.54</span></td><td style="width: 0.5%; text-align: left"><span style="font-size: 7pt"> </span></td><td style="width: 0.5%"><span style="font-size: 7pt"> </span></td> <td style="width: 0.5%; text-align: left"><span style="font-size: 7pt">$</span></td><td style="width: 4%; text-align: right"><span style="font-size: 7pt">32.19</span></td><td style="width: 0.5%; text-align: left"><span style="font-size: 7pt"> </span></td><td style="width: 0.5%"><span style="font-size: 7pt"> </span></td> <td style="width: 0.5%; text-align: left"><span style="font-size: 7pt">$</span></td><td style="width: 4%; text-align: right"><span style="font-size: 7pt">32.44</span></td><td style="width: 0.5%; text-align: left"><span style="font-size: 7pt"> </span></td><td style="width: 0.5%"><span style="font-size: 7pt"> </span></td> <td style="width: 0.5%; text-align: left"><span style="font-size: 7pt">$</span></td><td style="width: 4%; text-align: right"><span style="font-size: 7pt">31.73</span></td><td style="width: 0.5%; text-align: left"><span style="font-size: 7pt"> </span></td><td style="width: 0.5%"><span style="font-size: 7pt"> </span></td> <td style="width: 0.5%; text-align: left"><span style="font-size: 7pt">$</span></td><td style="width: 4%; text-align: right"><span style="font-size: 7pt">31.36</span></td><td style="width: 0.5%; text-align: left"><span style="font-size: 7pt"> </span></td><td style="width: 0.5%"><span style="font-size: 7pt"> </span></td> <td style="width: 0.5%; text-align: left"><span style="font-size: 7pt">$</span></td><td style="width: 4%; text-align: right"><span style="font-size: 7pt">32.12</span></td><td style="width: 0.5%; text-align: left"><span style="font-size: 7pt"> </span></td><td style="width: 0.5%"><span style="font-size: 7pt"> </span></td> <td style="width: 0.5%; text-align: left"><span style="font-size: 7pt">$</span></td><td style="width: 4%; text-align: right"><span style="font-size: 7pt">32.43</span></td><td style="width: 0.5%; text-align: left"><span style="font-size: 7pt"> </span></td><td style="width: 0.5%"><span style="font-size: 7pt"> </span></td> <td style="width: 0.5%; text-align: left"><span style="font-size: 7pt">$</span></td><td style="width: 4%; text-align: right"><span style="font-size: 7pt">31.80</span></td><td style="width: 0.5%; text-align: left"><span style="font-size: 7pt"> </span></td><td style="width: 0.5%"><span style="font-size: 7pt"> </span></td> <td style="width: 0.5%; text-align: left"><span style="font-size: 7pt">$</span></td><td style="width: 4%; text-align: right"><span style="font-size: 7pt">33.60</span></td><td style="width: 0.5%; text-align: left"><span style="font-size: 7pt"> </span></td><td style="width: 0.5%"><span style="font-size: 7pt"> </span></td> <td style="width: 0.5%; text-align: left"><span style="font-size: 7pt">$</span></td><td style="width: 4%; text-align: right"><span style="font-size: 7pt">30.12</span></td><td style="width: 0.5%; text-align: left"><span style="font-size: 7pt"> </span></td><td style="width: 0.5%"><span style="font-size: 7pt"> </span></td> <td style="width: 0.5%; text-align: left"><span style="font-size: 7pt">$</span></td><td style="width: 4%; text-align: right"><span style="font-size: 7pt">32.07</span></td><td style="width: 0.5%; text-align: left"><span style="font-size: 7pt"> </span></td><td style="width: 0.5%"><span style="font-size: 7pt"> </span></td> <td style="width: 0.5%; text-align: left"><span style="font-size: 7pt">$</span></td><td style="width: 4%; text-align: right"><span style="font-size: 7pt">31.33</span></td><td style="width: 0.5%; text-align: left"><span style="font-size: 7pt"> </span></td><td style="width: 0.5%"><span style="font-size: 7pt"> </span></td> <td style="width: 0.5%; text-align: left"><span style="font-size: 7pt">$</span></td><td style="width: 4%; text-align: right"><span style="-sec-ix-hidden: hidden-fact-789; font-size: 7pt">-</span></td><td style="width: 0.5%; text-align: left"><span style="font-size: 7pt"> </span></td><td style="width: 0.5%"><span style="font-size: 7pt"> </span></td> <td style="width: 0.5%; text-align: left"><span style="font-size: 7pt">$</span></td><td style="width: 4%; text-align: right"><span style="-sec-ix-hidden: hidden-fact-790; font-size: 7pt">-</span></td><td style="width: 0.5%; text-align: left"><span style="font-size: 7pt"> </span></td><td style="width: 0.5%"><span style="font-size: 7pt"> </span></td> <td style="width: 0.5%; text-align: left"><span style="font-size: 7pt">$</span></td><td style="width: 4%; text-align: right"><span style="font-size: 7pt">33.57</span></td><td style="width: 0.5%; text-align: left"><span style="font-size: 7pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 7pt">Proceeds from issuance of shares</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-791; font-size: 7pt">-</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-792; font-size: 7pt">-</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-793; font-size: 7pt">-</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-794; font-size: 7pt">-</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-795; font-size: 7pt">-</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-796; font-size: 7pt">-</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-797; font-size: 7pt">-</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-798; font-size: 7pt">-</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-799; font-size: 7pt">-</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-800; font-size: 7pt">-</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-801; font-size: 7pt">-</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-802; font-size: 7pt">-</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">25.00</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">25.00</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-803; font-size: 7pt">-</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 7pt">Premium/(Discount) on issuance of shares</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">2.23</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">0.00</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.14</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">0.04</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.08</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.09</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.09</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">3.31</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.72</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">1.86</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.16</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.01</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.06</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">1.34</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.13</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-size: 7pt">Distributions declared (1)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.83</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.84</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.89</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.84</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.84</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.84</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.84</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.79</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.84</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.79</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.79</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.79</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.34</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.34</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.79</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-size: 7pt">Service fees</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(1.55</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">0.01</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-804; font-size: 7pt">-</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.10</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">0.07</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">0.02</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-805; font-size: 7pt">-</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(3.01</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-806; font-size: 7pt">-</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(1.48</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-807; font-size: 7pt">-</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.18</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-808; font-size: 7pt">-</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(1.99</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-809; font-size: 7pt">-</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-size: 7pt">Net investment income/(loss) (2)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.26</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.61</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.14</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.55</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.74</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.68</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.66</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.29</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-810; font-size: 7pt">-</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.16</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.16</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.48</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-811; font-size: 7pt">-</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.09</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">(0.01</span></td><td style="text-align: left"><span style="font-size: 7pt">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-size: 7pt">Net realized and unrealized gain/(loss) (3)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">1.30</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">1.63</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">1.31</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">1.60</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">1.63</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">1.63</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">1.64</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">0.34</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">1.66</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">1.25</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">1.30</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">1.55</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">0.07</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">0.38</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">1.63</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-size: 7pt">Reallocation of unrealized gain/(loss)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">0.48</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">(0.79</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">(0.04</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">(0.13</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">(0.80</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">(0.80</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">(0.80</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-812; font-size: 7pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">(0.77</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">0.30</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-813; font-size: 7pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">(0.01</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-814; font-size: 7pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-815; font-size: 7pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">(0.58</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-size: 7pt">Net increase/(decrease) in net assets resulting from operations</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">1.52</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">0.23</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">1.13</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">0.92</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">0.09</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">0.15</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">0.18</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">0.05</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">0.89</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">1.39</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">1.14</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">1.06</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">0.07</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">0.29</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">1.04</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 7pt">Net asset value at end of period</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">31.91</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">31.59</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">32.54</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">31.75</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">30.60</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">31.36</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">31.68</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">31.36</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">32.93</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">31.10</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">32.26</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">31.41</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">24.67</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">24.30</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">33.69</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 7pt">Shares outstanding at end of period</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">1,191,472</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">405,755</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">152,528</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">738,981</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">100</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">100</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">100</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">86,651</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">41</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">2,036,534</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">834,780</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">4,252,997</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">13,000</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">187,442</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">466,420</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 7pt">Weighted average shares outstanding</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">745,285</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">402,691</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">88,699</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">699,793</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">100</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">100</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">100</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">17,917</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">40</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">1,103,699</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">543,936</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">3,952,424</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">2,155</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">45,535</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">440,904</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"><span style="font-size: 7pt">Ratio/Supplemental Data:</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-size: 7pt">Net assets at end of period</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">38,018,838</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">12,817,846</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">4,963,116</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">23,462,815</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">3,060</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">3,136</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">3,168</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">2,717,390</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">1,350</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">63,342,664</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">26,926,148</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">133,569,315</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">320,702</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">4,555,475</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt">$</span></td><td style="text-align: right"><span style="font-size: 7pt">15,715,715</span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-size: 7pt">Ratio to average net assets (4)(5)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt"> </span></td><td style="text-align: left"><span style="font-size: 7pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-size: 7pt">Total expenses before expense support and after performance participation allocation</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">7.41</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">9.82</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">6.89</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">9.48</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">10.98</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">10.31</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">10.08</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">9.42</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">5.85</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">7.14</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">6.67</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">9.06</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">8.62</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">7.49</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">5.92</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-size: 7pt">Total expenses after expense support and after performance participation allocation</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">3.97</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">6.34</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">3.38</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">5.96</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">7.43</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">6.85</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">6.65</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">5.55</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">2.40</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">3.59</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">3.30</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">5.56</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">4.23</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">4.00</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">2.49</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-size: 7pt">Total expenses after expense support and before performance participation allocation</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">3.61</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">3.45</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">3.29</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">3.61</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">4.47</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">3.97</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">3.80</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">4.12</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">2.40</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">3.67</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">3.23</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">3.56</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">4.23</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">4.00</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">2.49</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-size: 7pt">Net investment loss (5)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">-1.65</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">-3.86</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">-0.88</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">-3.50</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">-4.86</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">-4.36</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">-4.18</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">-1.85</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">0.00</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">-1.01</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">-1.01</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">-3.10</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">0.03</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">-0.70</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 7pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 7pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 7pt">-0.08</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 7pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-size: 7pt">Total return (6)(7)</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">7.20</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">0.76</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">3.06</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">2.72</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">0.26</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">0.26</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">0.29</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">1.11</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">0.52</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">5.88</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">3.06</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">2.78</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">0.05</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">-1.43</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td><td><span style="font-size: 7pt"> </span></td> <td style="text-align: left"><span style="font-size: 7pt"> </span></td><td style="text-align: right"><span style="font-size: 7pt">2.72</span></td><td style="text-align: left"><span style="font-size: 7pt">%</span></td></tr> </table> <p style="margin: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-size: 10pt">The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transaction (refer to Note 8).</span></td> </tr></table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(2)</span></td><td style="text-align: justify"><span style="font-size: 10pt">The per share data was derived by using the weighted average shares outstanding during the applicable period.</span></td> </tr></table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(3)</span></td><td style="text-align: justify"><span style="font-size: 10pt">The amount shown at this caption is the balancing amount derived from the other figures in the table. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in investments for the period because of the timing of sales of Series II shares in relation to fluctuating market value for the portfolio.</span></td> </tr></table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(4)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Actual results may not be indicative of future results. Additionally, an individual shareholder's ratio may vary from the ratios presented for a share class as a whole.</span></td> </tr></table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(5)</span></td><td style="text-align: justify"><span style="font-size: 10pt">The ratios were derived using the simple average net assets during the applicable period.</span></td> </tr></table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(6)</span></td><td style="text-align: justify"><span style="font-size: 10pt">The total return is calculated for each share class as the change in the net asset value for such share class during the period plus any distributions per share declared in the period. Amounts are not representative of total return as calculated for purposes of the Performance Participation Allocation as described in Note 6. The Series II performance changes over time and currently may be different than that shown above. Past performance is no guarantee of future results. Investment performance is presented without regard to sales load that may be incurred by Shareholders in the purchase of the Series II shares.</span></td> </tr></table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(7)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Class I shares and Class J shares were first issued on June 1, 2026 and May 1, 2026, respectively. Amounts presented are for the period from issuance date through June 30, 2026. The ratios of expense and net investment income (loss) and the total return for these share classes have not been annualized.</span></td> </tr></table> 30.54 32.19 32.44 31.73 31.36 32.12 32.43 31.8 33.6 30.12 32.07 31.33 33.57 25 25 2.23 0 -0.14 0.04 -0.08 -0.09 -0.09 3.31 -0.72 1.86 -0.16 -0.01 -0.06 1.34 -0.13 0.83 0.84 0.89 0.84 0.84 0.84 0.84 0.79 0.84 0.79 0.79 0.79 0.34 0.34 0.79 -1.55 0.01 -0.1 0.07 0.02 -3.01 -1.48 -0.18 -1.99 -0.26 -0.61 -0.14 -0.55 -0.74 -0.68 -0.66 -0.29 -0.16 -0.16 -0.48 -0.09 -0.01 1.3 1.63 1.31 1.6 1.63 1.63 1.64 0.34 1.66 1.25 1.3 1.55 0.07 0.38 1.63 0.48 -0.79 -0.04 -0.13 -0.8 -0.8 -0.8 -0.77 0.3 -0.01 -0.58 1.52 0.23 1.13 0.92 0.09 0.15 0.18 0.05 0.89 1.39 1.14 1.06 0.07 0.29 1.04 31.91 31.59 32.54 31.75 30.6 31.36 31.68 31.36 32.93 31.1 32.26 31.41 24.67 24.3 33.69 1191472 405755 152528 738981 100 100 100 86651 41 2036534 834780 4252997 13000 187442 466420 745285 402691 88699 699793 100 100 100 17917 40 1103699 543936 3952424 2155 45535 440904 38018838 12817846 4963116 23462815 3060 3136 3168 2717390 1350 63342664 26926148 133569315 320702 4555475 15715715 0.0741 0.0982 0.0689 0.0948 0.1098 0.1031 0.1008 0.0942 0.0585 0.0714 0.0667 0.0906 0.0862 0.0749 0.0592 0.0397 0.0634 0.0338 0.0596 0.0743 0.0685 0.0665 0.0555 0.024 0.0359 0.033 0.0556 0.0423 0.04 0.0249 0.0361 0.0345 0.0329 0.0361 0.0447 0.0397 0.038 0.0412 0.024 0.0367 0.0323 0.0356 0.0423 0.04 0.0249 -0.0165 -0.0386 -0.0088 -0.035 -0.0486 -0.0436 -0.0418 -0.0185 0 -0.0101 -0.0101 -0.031 0.0003 -0.007 -0.0008 0.072 0.0076 0.0306 0.0272 0.0026 0.0026 0.0029 0.0111 0.0052 0.0588 0.0306 0.0278 0.0005 -0.0143 0.0272 <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"><b>12.</b></td> <td><b>SUBSEQUENT EVENTS</b></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q and determined to disclose the following subsequent events and transactions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Unregistered Sales of Equity Securities</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In July 2026, Series II issued 424,350 Shares for total aggregate net consideration of $12,894,500. The offer and sale of such Shares were exempt from the registration provisions of the Securities Act of 1933, as amended, by virtue of Section 4(a)(2), including Regulation D (for sales to accredited investors) and/or Regulation S (for sales to non-U.S. investors outside of the United States) thereunder.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Series II acquired a further $29,090,337 of equity investments and $100,009 of debt investments from affiliates after June 30, 2026.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Fifth Amended and Restated Limited Liability Company Agreement</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 11, 2026, by a written consent, ISQ Holdings, LLC, as Series I controlling shareholder, and the Blocker, as the Series II controlling shareholder, approved the Fifth Amended and Restated Limited Liability Company Agreement (the “Fifth A&amp;R LLCA”). On August 11, 2026, the Fifth A&amp;R LLCA was executed, which amended and restated the Company’s Fourth Amended and Restated Limited Liability Company Agreement, dated as of August 11, 2025.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The amendment and restatement effects certain changes, including, among other things (i) modifying the indemnification provisions, (ii) revising the conflicts of interest provisions, (iii) replacing the subjective good faith standard of conduct with an objective standard of reasonableness, and (iv) requiring the approval of a majority of shareholders to approve certain amendments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Management Agreement</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 11, 2026, the Company entered into the Amended and Restated Management Agreement (the “A&amp;R Management Agreement”) with the Manager. The Manager is an affiliate of I Squared and the Company. On August 11, 2026, the A&amp;R Management Agreement was executed, which amended and restated the Company’s Management Agreement, dated as of September 2, 2025.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The amendment and restatement effects certain changes, including, among other things, expanding the definition of “Cause Event” to broaden the scenarios under which the Company may terminate the A&amp;R Management Agreement without payment of a termination fee to the Manager.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There are no other events that require disclosure or adjustment to the unaudited consolidated financial statements.</p> 424350 12894500 29090337 100009 false false false false http://fasb.org/srt/2026#ChiefExecutiveOfficerMember 1 1 http://fasb.org/srt/2026#ChiefExecutiveOfficerMember 1 1 0002059924 false Q2 --12-31 Capital activity relates to ETE Shares. Floating rate note. Rate shown is the rate at June 30, 2026. Floating rate note. Rate shown is the rate at December 31, 2025. Includes a delayed draw term loan component where an additional principal of $627,350 is unfunded as of June 30, 2026. The unfunded loan commitment rate is 0.75%. Includes a delayed draw term loan component where an additional principal of $2,485,776 is unfunded as of December 31, 2025. The unfunded loan commitment rate is 0.75%. Investment contains a 2.00% floor rate at June 30, 2026. Investment contains a 2.00% floor rate at December 31, 2025. Includes a delayed draw term loan component where an additional principal of £1,134,615 is unfunded as of June 30, 2026. The unfunded loan commitment rate is 2.00%. Includes a delayed draw term loan component where an additional principal of £2,450,000 is unfunded as of December 31, 2025. The unfunded loan commitment rate is 0.75%. Series II holds its investments in Portfolio Companies indirectly through the Assets noted in the schedule above. Series II holds its investments in Portfolio Companies indirectly through the Assets noted in the schedule above. Series II holds its investment in Transport Equipment Network (TEN), LLC indirectly through an intermediate entity that is wholly owned by Series II. Series II holds its investment in Transport Equipment Network (TEN), LLC indirectly through an intermediate entity that is wholly-owned by Series II. Series II holds its investment in the KIO Networks business through its investment in Mercury Data Center Holdings Limited, indirectly through Mercury Data Center Fund III Aggregator, LLC. Series II holds its investment in the Inkia Energy business through its investment in Inti Holdings LLC indirectly through ISQ Orchid Fund, L.P. The investment in ISQ Orchid Fund, L.P. is restricted from redemption. The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transaction (refer to Note 4). The per share data was derived by using the weighted average shares outstanding during the applicable period. The amount shown at this caption is the balancing amount derived from the other figures in the table. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in investments for the period because of the timing of sales of Series I shares in relation to fluctuating market value for the portfolio. Actual results may not be indicative of future results. Additionally, an individual shareholder's ratio may vary from the ratios presented for a share class as a whole. The ratios were derived using the simple average net assets during the applicable period. The total return is calculated for each share class as the change in the net asset value for such share class during the period plus any distributions per share declared in the period, and assumes any distributions are reinvested in accordance with our distribution reinvestment plan. The Series I performance changes over time and currently may be different than that shown above. Past performance is no guarantee of future results. Investment performance is presented without regard to sales load that may be incurred by Shareholders in the purchase of the Series I shares. The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transaction (refer to Note 8). The per share data was derived by using the weighted average shares outstanding during the applicable period. The amount shown at this caption is the balancing amount derived from the other figures in the table. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in investments for the period because of the timing of sales of Series II shares in relation to fluctuating market value for the portfolio. Actual results may not be indicative of future results. Additionally, an individual shareholder's ratio may vary from the ratios presented for a share class as a whole. The ratios were derived using the simple average net assets during the applicable period. The total return is calculated for each share class as the change in the net asset value for such share class during the period plus any distributions per share declared in the period. Amounts are not representative of total return as calculated for purposes of the Performance Participation Allocation as described in Note 6. The Series II performance changes over time and currently may be different than that shown above. Past performance is no guarantee of future results. Investment performance is presented without regard to sales load that may be incurred by Shareholders in the purchase of the Series II shares. Class I shares and Class J shares were first issued on June 1, 2026 and May 1, 2026, respectively. Amounts presented are for the period from issuance date through June 30, 2026. The ratios of expense and net investment income (loss) and the total return for these share classes have not been annualized.