0001493683 2026-01-01 2026-06-30 0001493683 btmbt:CommonSharesMember 2026-01-01 2026-06-30 0001493683 btmbt:CounterpartyCreditRiskMember 2026-01-01 2026-06-30 0001493683 btmbt:GeographicAssetClassRiskMember 2026-01-01 2026-06-30 0001493683 btmbt:IlliquidityRiskMember 2026-01-01 2026-06-30 0001493683 btmbt:MarketRisksMember 2026-01-01 2026-06-30 0001493683 btmbt:ValuationRiskMember 2026-01-01 2026-06-30 0001493683 btmbt:CommonSharesMember 2025-12-31 0001493683 btmbt:CommonSharesMember 2026-06-30 iso4217:USD shares shares 0001493683 false N-CSRS BlackRock Taxable Municipal Bond Trust <div style="line-height:13.00pt;margin-top:0.00pt;text-align:left;"><span style="color:#000000;font-family:arial narrow;font-size:11pt;font-weight:bold">Investment Objective</span></div><div style="margin-top:8pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt;font-weight:bold;margin-left:0%">BlackRock Taxable Municipal Bond Trust</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;font-weight:bold">’</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;font-weight:bold">s</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;font-weight:bold"> (</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;font-weight:bold">BBN</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;font-weight:bold">) (the “</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;font-weight:bold">Trust</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;font-weight:bold">”)</span><span style="color:#000000;font-family:arial narrow;font-size:9pt"> primary investment objective is to seek high current income, with a secondary objective of capital </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">appreciation. The Trust seeks to achieve its investment objectives by investing primarily in a portfolio of taxable municipal securities, including Build America Bonds (“BABs”), </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">issued by state and local governments to finance capital projects such as public schools, roads, transportation infrastructure, bridges, ports and public buildings.</span></div><div style="margin-top:8pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">Under normal market conditions, the Trust will invest at least 80% of its managed assets in taxable municipal securities, which include BABs.  The Fund’s investments in </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">derivatives will be counted toward the Fund’s 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">market risk factors associated with such securities. Under normal market conditions, the Trust will invest at least 80% of its managed assets in securities that at the time of </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">investment are investment grade quality.</span></div><div style="margin-top:8pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">As used herein, “managed assets” means the total assets of the Trust (including any assets attributable to money borrowed for investment purposes) minus the sum of the </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">Trust’s accrued liabilities (other than money borrowed for investment purposes).</span></div><div style="margin-top:8pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">As of June 30, 2026, 39% of the Trust’s portfolio is composed of BABs. Like other taxable municipal securities, interest received on BABs is subject to U.S. tax and may be </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">subject to state income tax. Issuers of direct pay BABs, however, are eligible to receive a subsidy from the U.S. Treasury of up to 35% of the interest paid on the BABs. This </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">allowed such issuers to issue bonds that pay interest rates that were expected to be competitive with the rates typically paid by private bond issuers in the taxable fixed income </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">market. While the U.S. Treasury subsidizes the interest paid on BABs, it does not guarantee the principal or interest payments on BABs, and there is no guarantee that the </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">U.S. Treasury will not reduce or eliminate the subsidy for BABs in the future. Any interruption, delay, reduction and/or offset of the reimbursement from the U.S. Treasury may </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">reduce the demand for direct pay BABs and/or potentially trigger extraordinary call features of the BABs. As of the date of this report, the subsidy that issuers of direct pay BABs </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">receive from the U.S. Treasury has been reduced from its original level as the result of budgetary sequestration. The extraordinary call features of some BABs permit early </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">redemption at par value, and the reduction in the subsidy issuers of direct pay BABs receive from the U.S. Treasury has resulted, and may continue to result, in early </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">redemptions of some BABs at par value. Such early redemptions at par value may result in a potential loss in value for investors of such BABs, who may have purchased the </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">securities at prices above par, and may require such investors to reinvest redemption proceeds in lower-yielding securities. As of the date of this report, the Trust did not own </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">any BABs subject to a par value extraordinary call feature. Additionally, many BABs also have more typical call provisions that permit early redemption at a stated spread to an </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">applicable prevailing U.S. Treasury rate. Early redemptions in accordance with these call provisions may likewise result in potential losses for the Trust and give rise to </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">reinvestment risk, which could reduce the Trust’s income and distributions.</span></div><div style="margin-top:8pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt">No assurance can be given that the Trust’s investment objective will be achieved.</span></div> <div style="margin-top:11.5pt;"><span style="color:#000000;font-family:arial narrow;font-size:11pt;font-weight:bold">Market Price and Net Asset Value Per Share Summary</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;line-height:0.1pt"> </span></div> <table cellpadding="0" cellspacing="0" style="border-bottom:0.5pt solid #000000;empty-cells:show;margin-left:12pt;width:535pt"> <tr style="height:16.5pt"> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:323.19pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:6pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial narrow;font-size:9pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:41.53pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:4pt;margin-right:8pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;font-style:italic">06/30/26</span></div> </div> </td> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:45.53pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:8pt;margin-right:8pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;font-style:italic">12/31/25</span></div> </div> </td> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:42.97pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:8pt;margin-right:8pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;font-style:italic">Change</span></div> </div> </td> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:41.89pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:8pt;margin-right:8pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;font-style:italic">High</span></div> </div> </td> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:39.89pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:8pt;margin-right:6pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;font-style:italic">Low</span></div> </div> </td> </tr> <tr style="height:11.5pt"> <td style="background-color:azure;vertical-align:Bottom;width:323.19pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:6pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">Closing Market Price</span></div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:41.53pt;"> <div style="line-height:10pt;margin-left:6pt;margin-right:10pt;text-align:right;width:25.53pt;"> <div style="display:flex;margin-left:auto;width:25.53pt;"> <div style="display:flex;white-space:nowrap;width:25.53pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;width:25.53pt">$ </span><span style="color:#000000;font-family:arial narrow;font-size:8pt;width:25.53pt">16.17</span></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:45.53pt;"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:25.53pt;"> <div style="display:flex;margin-left:auto;width:25.53pt;"> <div style="display:flex;white-space:nowrap;width:25.53pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;width:25.53pt">$ </span><span style="color:#000000;font-family:arial narrow;font-size:8pt;width:25.53pt">16.32</span></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:42.97pt;"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:22.97pt;"> <div style="display:flex;margin-left:auto;width:22.97pt;"> <div style="display:flex;white-space:nowrap;width:22.97pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;width:22.97pt">(0.92</span></div> <div style="display:flex;width:22.97pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;width:auto">)</span><span style="color:#000000;font-family:arial narrow;font-size:8pt;width:auto">% </span></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:41.89pt;"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.89pt;"> <div style="display:flex;margin-left:auto;width:21.89pt;"> <div style="display:flex;white-space:nowrap;width:21.89pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;width:21.89pt">$ </span><span style="color:#000000;font-family:arial narrow;font-size:8pt;width:21.89pt">16.73</span></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:39.89pt;"> <div style="line-height:10pt;margin-left:10pt;margin-right:4pt;text-align:right;width:21.89pt;"> <div style="display:flex;margin-left:auto;width:21.89pt;"> <div style="display:flex;white-space:nowrap;width:21.89pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;width:21.89pt">$ </span><span style="color:#000000;font-family:arial narrow;font-size:8pt;width:21.89pt">15.52</span></div> </div> </div> </td> </tr> <tr style="height:10.5pt"> <td style="vertical-align:Bottom;width:323.19pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:6pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">Net Asset Value</span></div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:41.53pt;"> <div style="line-height:10pt;margin-left:6pt;margin-right:10pt;text-align:right;width:25.53pt;"> <div style="display:flex;margin-left:auto;width:25.53pt;"> <div style="display:flex;white-space:nowrap;width:25.53pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;width:25.53pt">17.01</span></div> </div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:45.53pt;"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:25.53pt;"> <div style="display:flex;margin-left:auto;width:25.53pt;"> <div style="display:flex;white-space:nowrap;width:25.53pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;width:25.53pt">17.28</span></div> </div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:42.97pt;"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:22.97pt;"> <div style="display:flex;margin-left:auto;width:22.97pt;"> <div style="display:flex;white-space:nowrap;width:22.97pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;width:22.97pt">(1.56</span></div> <div style="display:flex;width:22.97pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;width:auto">)</span></div> </div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:41.89pt;"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.89pt;"> <div style="display:flex;margin-left:auto;width:21.89pt;"> <div style="display:flex;white-space:nowrap;width:21.89pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;width:21.89pt">17.80</span></div> </div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:39.89pt;"> <div style="line-height:10pt;margin-left:10pt;margin-right:4pt;text-align:right;width:21.89pt;"> <div style="display:flex;margin-left:auto;width:21.89pt;"> <div style="display:flex;white-space:nowrap;width:21.89pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;width:21.89pt">16.54</span></div> </div> </div> </td> </tr> </table> 16.17 16.32 16.73 15.52 17.01 17.28 17.80 16.54 61792514 <div style="float:left;line-height:13.50pt;text-align:left;width:7.87pt;"><span style="color:#000000;font-family:arial narrow;font-size:11.5pt;font-style:italic;font-weight:bold">9.</span></div><div style="float:left;line-height:13.50pt;margin-left:8.13pt;text-align:left;width:538.00pt;"><span style="color:#000000;font-family:arial narrow;font-size:11.5pt;font-style:italic;font-weight:bold">PRINCIPAL RISKS</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;line-height:16.5pt"> </span></div><div style="margin-top:8pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">In the normal course of business, the</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;line-height:11.00pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">Trust</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;line-height:11.00pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">invests in securities or other instruments and may enter into certain transactions, and such activities subject the</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;line-height:11.00pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">Trust to various </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">(iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Trust and its investments.</span></div><div style="margin-top:8pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">The Trust may hold a significant amount of bonds subject to calls by the issuers at defined dates and prices. When bonds are called by issuers and the Trust reinvests the </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">proceeds received, such investments may be in securities with lower yields than the bonds originally held, and correspondingly, could adversely impact the yield and total </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">return performance of the</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;line-height:11.00pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">Trust.</span></div><div style="margin-top:8pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">The Build America Bonds (“BABs”) market is smaller, less diverse and less liquid than other types of municipal securities. Since the BABs program expired on December 31, </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">2010 and was not extended, BABs may be less actively traded, which may negatively affect the value of BABs held by the Trust.</span></div><div style="margin-top:8pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">The Trust may invest in BABs. Issuers of direct pay BABs held in the Trust’s portfolio receive a subsidy from the U.S. Treasury with respect to interest payment on bonds. There </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">is no assurance that an issuer will comply with the requirements to receive such subsidy or that such subsidy will not be reduced or terminated altogether in the future. As of </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">period end, the subsidy that issuers of direct payment BABs receive from the U.S. Treasury has been reduced as the result of budgetary sequestration, which has resulted, and </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">which may continue to result, in early redemptions of BABs at par value. The early redemption of BABs at par value may result in a potential loss in value for investors of such </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">BABs, including the Trust, who may have purchased the securities at prices above par, and may require the Trust to reinvest redemption proceeds in lower-yielding securities </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">which could reduce the Trust’s income and distributions. Moreover, the elimination or reduction in subsidy from the federal government may adversely affect an issuer’s ability </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">to repay or refinance BABs and the BABs’ credit ratings, which, in turn, may adversely affect the value of the BABs held by the Trust and the Trust’s NAV.</span></div><div style="margin-top:8pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt;font-weight:bold;margin-left:0%">Illiquidity Risk:</span><span style="color:#000000;font-family:arial narrow;font-size:9pt"> The Trust may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">otherwise illiquid, including private placement securities. The Trust may not be able to readily dispose of such investments at prices that approximate those at which the Trust </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">could sell such investments if they were more widely traded and, as a result of such illiquidity, the Trust may have to sell other investments or engage in borrowing transactions </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">if necessary to raise funds to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting the Trust’s NAV and ability to </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">make dividend distributions. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">investing in below investment grade public debt securities.</span></div><div style="margin-top:8pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt;font-weight:bold;margin-left:0%">Market Risk:</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;line-height:11.00pt">  </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">The</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;line-height:11.00pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">Trust may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">of declining interest rates, which would force the</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;line-height:11.00pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">Trust to reinvest in lower yielding securities. The</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;line-height:11.00pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">Trust</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;line-height:11.00pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">may also be exposed to reinvestment risk, which is the risk that income </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">from the</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;line-height:11.00pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">Trust’s portfolio will decline if the</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;line-height:11.00pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">Trust invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below the</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;line-height:11.00pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">Trust </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">portfolio’s current earnings rate.</span></div><div style="margin-top:8pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project </span></div><div style="line-height:11.00pt;margin-top:0.00pt;text-align:justify;"><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">available information on the financial condition of municipal security issuers than for issuers of other securities.</span></div><div style="margin-top:8pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt;font-weight:bold;margin-left:0%">Valuation Risk: </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;line-height:11.00pt">  </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">The price the Trust could receive upon the sale of any particular portfolio investment may differ from the Trust</span><span style="color:#000000;font-family:arial narrow;font-size:9pt">’</span><span style="color:#000000;font-family:arial narrow;font-size:9pt">s valuation of the investment, particularly for </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">resulting fair value and therefore the Trust</span><span style="color:#000000;font-family:arial narrow;font-size:9pt">’</span><span style="color:#000000;font-family:arial narrow;font-size:9pt">s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by the </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">Trust, and the Trust could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.</span></div><div style="margin-top:8pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt;font-weight:bold;margin-left:0%">Counterparty Credit Risk:</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;line-height:11.00pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">The Trust may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Trust manages counterparty credit risk by </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">those counterparties. Financial assets, which potentially expose the Trust to market, issuer and counterparty credit risks, consist principally of financial instruments and </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">receivables due from counterparties. The extent of the Trust</span><span style="color:#000000;font-family:arial narrow;font-size:9pt">’</span><span style="color:#000000;font-family:arial narrow;font-size:9pt">s exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Trust.</span></div><div style="margin-top:8pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">instrument. Losses can also occur if the counterparty does not perform under the contract.</span></div><div style="margin-top:8pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">With exchange-traded futures, there is less counterparty credit risk to the Trust since the exchange or clearinghouse, as counterparty to such instruments, guarantees against </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">may exist under applicable law, the Trust does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">the clearing broker’s customers, potentially resulting in losses to the Trust.</span></div><div style="margin-top:8pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt;font-weight:bold;margin-left:0%">Geographic/Asset Class Risk:</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;line-height:11.00pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">investment will have a material impact on the NAV of a fund. The investment concentrations within the</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;line-height:11.00pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">Trust’s portfolio are disclosed in its Schedule of Investments.</span></div><div style="margin-top:8pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">The</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;line-height:11.00pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">Trust</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;line-height:11.00pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">invests a significant portion of its assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Trust and could affect the income from, </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">or the value or liquidity of, the Trust’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.</span></div><div style="margin-top:8pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">The</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;line-height:11.00pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">Trust invests a significant portion of its assets in fixed-income securities and/or uses derivatives tied to the fixed-income markets. Changes in market interest rates or </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">as interest rates rise and increase as interest rates fall. The Trust may be subject to a greater risk of rising interest rates during a period of historically low interest </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Trust</span><span style="color:#000000;font-family:arial narrow;font-size:9pt">’</span><span style="color:#000000;font-family:arial narrow;font-size:9pt">s performance.</span></div><div style="margin-top:8pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">The</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;line-height:11.00pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">Trust invests a significant portion of its assets in securities of issuers located in the United States.</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;line-height:11.00pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">A decrease in imports or exports, changes in trade regulations, inflation </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">continue, they may have an adverse impact on the U.S. economy and the issuers in which the Trust invests.</span></div> <div style="margin-top:8pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt;font-weight:bold;margin-left:0%">Illiquidity Risk:</span><span style="color:#000000;font-family:arial narrow;font-size:9pt"> The Trust may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">otherwise illiquid, including private placement securities. The Trust may not be able to readily dispose of such investments at prices that approximate those at which the Trust </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">could sell such investments if they were more widely traded and, as a result of such illiquidity, the Trust may have to sell other investments or engage in borrowing transactions </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">if necessary to raise funds to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting the Trust’s NAV and ability to </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">make dividend distributions. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">investing in below investment grade public debt securities.</span></div> <div style="margin-top:8pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt;font-weight:bold;margin-left:0%">Market Risk:</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;line-height:11.00pt">  </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">The</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;line-height:11.00pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">Trust may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">of declining interest rates, which would force the</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;line-height:11.00pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">Trust to reinvest in lower yielding securities. The</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;line-height:11.00pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">Trust</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;line-height:11.00pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">may also be exposed to reinvestment risk, which is the risk that income </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">from the</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;line-height:11.00pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">Trust’s portfolio will decline if the</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;line-height:11.00pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">Trust invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below the</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;line-height:11.00pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">Trust </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">portfolio’s current earnings rate.</span></div><div style="margin-top:8pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project </span></div><div style="line-height:11.00pt;margin-top:0.00pt;text-align:justify;"><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">available information on the financial condition of municipal security issuers than for issuers of other securities.</span></div> <div style="margin-top:8pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt;font-weight:bold;margin-left:0%">Valuation Risk: </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;line-height:11.00pt">  </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">The price the Trust could receive upon the sale of any particular portfolio investment may differ from the Trust</span><span style="color:#000000;font-family:arial narrow;font-size:9pt">’</span><span style="color:#000000;font-family:arial narrow;font-size:9pt">s valuation of the investment, particularly for </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">resulting fair value and therefore the Trust</span><span style="color:#000000;font-family:arial narrow;font-size:9pt">’</span><span style="color:#000000;font-family:arial narrow;font-size:9pt">s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by the </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">Trust, and the Trust could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.</span></div> <div style="margin-top:8pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt;font-weight:bold;margin-left:0%">Counterparty Credit Risk:</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;line-height:11.00pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">The Trust may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Trust manages counterparty credit risk by </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">those counterparties. Financial assets, which potentially expose the Trust to market, issuer and counterparty credit risks, consist principally of financial instruments and </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">receivables due from counterparties. The extent of the Trust</span><span style="color:#000000;font-family:arial narrow;font-size:9pt">’</span><span style="color:#000000;font-family:arial narrow;font-size:9pt">s exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Trust.</span></div><div style="margin-top:8pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">instrument. Losses can also occur if the counterparty does not perform under the contract.</span></div><div style="margin-top:8pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">With exchange-traded futures, there is less counterparty credit risk to the Trust since the exchange or clearinghouse, as counterparty to such instruments, guarantees against </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">may exist under applicable law, the Trust does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">the clearing broker’s customers, potentially resulting in losses to the Trust.</span></div> <div style="margin-top:8pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt;font-weight:bold;margin-left:0%">Geographic/Asset Class Risk:</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;line-height:11.00pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">investment will have a material impact on the NAV of a fund. The investment concentrations within the</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;line-height:11.00pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">Trust’s portfolio are disclosed in its Schedule of Investments.</span></div><div style="margin-top:8pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">The</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;line-height:11.00pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">Trust</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;line-height:11.00pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">invests a significant portion of its assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Trust and could affect the income from, </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">or the value or liquidity of, the Trust’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.</span></div><div style="margin-top:8pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">The</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;line-height:11.00pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">Trust invests a significant portion of its assets in fixed-income securities and/or uses derivatives tied to the fixed-income markets. Changes in market interest rates or </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">as interest rates rise and increase as interest rates fall. The Trust may be subject to a greater risk of rising interest rates during a period of historically low interest </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Trust</span><span style="color:#000000;font-family:arial narrow;font-size:9pt">’</span><span style="color:#000000;font-family:arial narrow;font-size:9pt">s performance.</span></div><div style="margin-top:8pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">The</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;line-height:11.00pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">Trust invests a significant portion of its assets in securities of issuers located in the United States.</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;line-height:11.00pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">A decrease in imports or exports, changes in trade regulations, inflation </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">continue, they may have an adverse impact on the U.S. economy and the issuers in which the Trust invests.</span></div> <div style="float:left;line-height:13.50pt;text-align:left;width:13.11pt;"><span style="color:#000000;font-family:arial narrow;font-size:11.5pt;font-style:italic;font-weight:bold">10.</span></div><div style="float:left;line-height:13.50pt;margin-left:2.89pt;text-align:left;width:538.00pt;"><span style="color:#000000;font-family:arial narrow;font-size:11.5pt;font-style:italic;font-weight:bold">CAPITAL SHARE TRANSACTIONS </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;line-height:16.5pt"> </span></div><div style="margin-top:8pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">The Trust is authorized to issue an unlimited number of shares, all of which were initially classified as Common Shares.</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;line-height:11.00pt">  </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">The par value for the Trust’s Common Shares is $0.001.</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;line-height:11.00pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;line-height:11.00pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">The Board is authorized, however, to reclassify any unissued Common Shares to Preferred Shares without the approval of Common Shareholders.</span></div><div style="margin-top:8pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt;font-weight:bold">Common Shares</span></div><div style="margin-top:8pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt">For the six months ended June 30, 2026, and the year ended December 31, 2025, shares issued and outstanding remained constant.</span></div><div style="margin-top:8pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">BBN has filed a prospectus with the SEC allowing it to issue an additional 21,000,000 Common Shares through an equity Shelf Offering. Under the Shelf Offering, BBN, subject </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">to market conditions, may raise additional equity capital from time to time in varying amounts and utilizing various offering methods at a net price at or above the Trust’s NAV </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">per Common Share (calculated within 48 hours of pricing). As of period end, 21,000,000 Common Shares remain available for issuance under the Shelf Offering. During the </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">period ended June 30, 2026, BBN issued 0 shares under the Shelf Offering. See Additional Information - Shelf Offering Program for additional information.</span></div><div style="margin-top:8pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">Initial costs incurred by BBN in connection with its Shelf Offering are recorded as “Deferred offering costs” in the Statement of Assets and Liabilities. As shares are sold, a </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">portion of the costs attributable to the shares sold will be charged against paid-in-capital. Any remaining deferred charges at the end of the Shelf Offering period will be charged </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">to expense.</span></div> The Trust is authorized to issue an unlimited number of shares, all of which were initially classified as Common Shares.