UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT 

INVESTMENT COMPANIES

Investment Company Act file number:

811-23780

CrowdStreet REIT I, Inc.

(Exact name of registrant as specified in charter)

10 E. 40th Street, ste. 1020, 10th Floor 

New York, NY 10116

(Address of Principal Executive Offices) (Zip Code)

The Corporation Trust Company

Corporation Trust Center 

1209 Orange Street, Wilmington, Delaware 19801 

(Name and Address of Agent for Service)

Copy to: 

Eric S. Purple, Esq. 

Stradley Ronon Stevens & Young, LLP

2000 K Street, N.W., Suite 700 

Washington, DC 20006-1871

Registrant’s Telephone Number, including Area Code: 

(888) 432-7693

Registrant’s Website: 

https://www.crowdstreet.com/legal

Date of fiscal year end: December 31

Date of reporting period: June 30, 2026

CrowdStreet REIT I, Inc.

Semi-Annual Report

June 30, 2026

CrowdStreet Advisors, LLC

10 East 40th St, Suite 1020

New York, NY 10016

(888) 432-7693

IR@crowdstreet.com

www.crowdstreet.com/legal

TABLE OF CONTENTS

CrowdStreet REIT I, Inc.

SCHEDULE OF INVESTMENTS

June 30, 2026 (Unaudited)

Investment Abbreviations: 

LLC — Limited Liability Company 

LP — Limited Partnership

See Notes to Financial Statements. 

See Notes to Financial Statements.

See Notes to Financial Statements.

CrowdStreet REIT I, Inc.

STATEMENTS OF CHANGES IN NET ASSETS

See Notes to Financial Statements.

See Notes to Financial Statements.

CrowdStreet REIT I, Inc.

FINANCIAL HIGHLIGHTS

See Notes to Financial Statements.

CrowdStreet REIT I, Inc.

NOTES TO FINANCIAL STATEMENTS

June 30, 2026 (Unaudited)

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the Fund’s significant accounting policies.

Basis of Accounting and Use of Estimates — The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies.

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of increases and decreases in net assets from operations during the period. The estimates and assumptions underlying these financial statements are based on information available as of June 30, 2026, including judgments about the financial market and economic conditions which may change over time. Actual results could differ from those estimates and those differences could be material.

Cash— Cash consists of interest-bearing demand deposits and are held at cost which approximates fair market value. The Fund’s uninvested cash is held in bank accounts at high-quality financial institutions, and at times, cash held in bank accounts may exceed the Federal Deposit Insurance Corporation (“FDIC”) insured limit. The Fund uses Investment Cash Sweep accounts with its banks to ensure that substantially all cash is covered by FDIC Insurance limits.

Operating Segments — The Fund applies FASB Accounting Standards Update 2023-07, Improvements to Reportable Segment Disclosures which provides guidelines for reporting operating segments and related disclosures in accordance with U.S. GAAP. The Fund constitutes a single operating segment as the operating results of the Fund are monitored as a whole, and its long-term asset allocation is determined in accordance with the terms of its confidential private placement memorandum, based on defined investment objectives, and is executed by the Investment Manager. The Fund’s Principal Executive Officer serves as the Fund’s chief operating decision maker (“CODM”) and acts in accordance with Board reviews and approvals. The CODM uses financial information, such as changes in net assets from operations, changes in net assets from Fund share transactions, and income and expense ratios, consistent with those presented within the accompanying financial statements and financial highlights to assess the Fund’s profits and losses and to make resource allocation decisions. Segment assets are reflected in the Statement of Assets and Liabilities as Net Assets, which consists primarily of investments in private real estate, at value, and significant segment expenses are listed in the accompanying Statement of Operations.

Valuation Oversight — The Investment Manager has been designated by the Board as the Fund’s “Valuation Designee,” as that term is defined under Rule 2a-5 under the 40 Act. The Valuation Designee values the Fund’s portfolio investments in accordance with valuation policies and procedures that have been adopted by the Investment Manager and approved by the Board (the “Valuation Procedures”). Generally, portfolio investments and other assets for which market quotations are readily available are valued at market value, which is ordinarily determined based on official closing prices or the last reported sales prices. If market quotations are not readily available or are deemed unreliable, the Valuation Designee will use the fair value of the investments or other assets as determined in accordance with the Valuation Procedures.

Such determinations may be made based on data and valuations obtained from independent third-party valuation agents, pricing services or other third-party sources (“Pricing Service(s)”). The Valuation Designee is responsible for ensuring that any Pricing Service engaged to provide data and valuations discharges its responsibilities in accordance with the Valuation Procedures and will periodically receive and review such information about the valuation of the investments or other assets in accordance with the Valuation Procedures. As part of its due diligence, the Valuation Designee engages a third-party valuation consultant to review all of the fair values determined by the Valuation Designee for reasonableness.

Valuation of Investments— The Fund calculates the net asset value (“NAV”) as of the close of business on each calendar quarter. The Fund’s NAV per share is calculated by dividing the value of the Fund’s total assets (including interest and investment income accrued, but not yet received) minus liabilities (including accrued expenses) by the total number of shares outstanding.

The Fund applies FASB ASC Topic 820, Fair Value Measurement, as amended, which established a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair market value measurement. U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date.

CrowdStreet REIT I, Inc.

NOTES TO FINANCIAL STATEMENTS

June 30, 2026 (Continued) (Unaudited)

The Fund determines the fair value of investments and categorizes the assets for which fair value is being measured and reported in accordance with the fair value hierarchy. The fair value hierarchy requires an entity to maximize the use of observable inputs and includes the following three levels based upon the objectivity of inputs that were used by the Fund:

Level 1 — Quoted prices in active markets for identical assets;

Level 2 — Other significant observable inputs (e.g., quoted prices of similar securities in active markets, quoted prices for similar items in markets that are not active, inputs other than quoted prices that are observable such as interest rates);

Level 3 — Valuations generated from model-based techniques that use inputs that are significant, or unobservable in the market. The inputs reflect estimates that market participants would use in pricing the asset (e.g., occupancy rates, rental rates, market capitalization rates, indices for similar sales, inflation rates).

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The determination of what constitutes “observable” requires significant judgment by the Valuation Designee. The Valuation Designee considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, provided by multiple, independent sources that are actively involved in the relevant market. The categorization of an investment within the hierarchy is based upon the pricing transparency of the investment and does not necessarily correspond to the Valuation Designee’s perceived risk of that investment.

All of the Fund’s investments have been classified within Level 3 as they trade infrequently or not at all and use unobservable inputs to estimate fair value. When observable prices are not available for these investments, the Valuation Designee uses one or more valuation techniques (e.g., the market approach, the income approach or the asset approach) for which sufficient and reliable data is available. Within Level 3, the use of the market approach generally consists of using comparable market transactions with adjustments made for dissimilarities between properties; the direct capitalization method, which estimates a stabilized net operating income and applies a capitalization rate to estimate fair value; and index rates. The income approach generally consists of the net present value of estimated future cash flows plus a reversion (presumed sale), adjusted as appropriate for liquidity, credit, market and/or other risk factors. The asset approach estimates the replacement cost of the building less physical depreciation plus the land value. Generally, the asset approach provides a check on the value derived using the income approach. The fair value of measurement of Level 3 Investments does not include transaction costs that may have been capitalized as part of the investment’s cost basis.

Direct capitalization rates, index rates, and discount rates are some of the significant inputs to these valuations. A direct capitalization rate is the income rate of return for a total property that reflects the relationship between one year’s net operating income expectancy and the total price or value, calculated by dividing the net operating income by the sale price or value. An index rate is the rate of change based on the change in a specific price index. Direct capitalization rates and index rates are used when valuing Investments that have substantially completed development and have stable revenues. A discount rate is an investor’s required rate of return, and is used to discount future cash flows to determine their present value. The internal rate of return (“IRR”) is the discount rate at which the present value of future cash flows equals zero. These rates are based on the location, type, and nature of each property, and current and anticipated market conditions. When the acquisition of the investment is within 12 months of the reporting date or the development of an investment project precludes the property manager from achieving normal tenancy levels, the Valuation Designee may use the original purchase price adjusted for any improvements or impairments as the best estimate of fair value.

The selection of appropriate valuation techniques may be affected by the availability of relevant inputs, the relative reliability of the inputs, and the stage of development. In some cases, the Valuation Designee may determine it appropriate to evaluate and weigh the results, as appropriate, to develop a range of possible values, with the fair value based on the Valuation Designee’s assessment of the most representative point within the range.

Due to the inherent uncertainty of determining the fair value of Investments that do not have a readily available market value, the fair value of the Fund’s investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material.

The following is a summary of the Fund’s investments by level within the valuation hierarchy as of June 30, 2026:

CrowdStreet REIT I, Inc.

NOTES TO FINANCIAL STATEMENTS

June 30, 2026 (Continued) (Unaudited)

The following is a roll-forward of the activity in investments in which significant unobservable inputs (Level 3) were used in determining fair value on a recurring basis:

The following is a summary of quantitative information about significant unobservable valuation inputs for Level 3 Fair Value Measurements for investments held as of June 30, 2026.

Investment Income, Expenses and Securities Transactions — Income is recognized on an accrual basis as earned. The Fund’s primary sources of income are gains/(losses) recognized upon receipt of distributions related to dispositions of investments, unrealized appreciation/depreciation in the fair value of investments, and distributions of investment income from operations of investments which generally occur over the life of the investments and interest income from the Fund’s cash balances.

The Fund’s policy is to recognize investment income and realized gains and losses upon notification from sponsors of the distribution based on the characterization of distributions provided by the underlying sponsor of each investment. Distributions occur at irregular intervals and may not be communicated to the Fund in advance of payment. When the sponsor does not provide notification prior to payment for the distribution, revenue recognition criteria is generally deemed to have been met on the date of receipt. Recoveries from a security in a bankruptcy proceeding are recognized as a reduction of the investment cost and income upon receipt. The Fund did not receive any bankruptcy recoveries for the period ended June 30, 2026.

Expenses are recognized on an accrual basis as incurred. The Fund bears all expenses incurred in the course of its operations, including, but not limited to, the following: management fees, investor servicing fees, professional fees, and fund accounting and administration fees.

CrowdStreet REIT I, Inc.

NOTES TO FINANCIAL STATEMENTS

June 30, 2026 (Continued) (Unaudited)

Real estate investment acquisitions, sales, and dispositions are recorded as of the date of the closing.

Distributions to Shareholders— The Fund intends to make distributions necessary to qualify as a REIT. Any distribution the Fund makes will be at the discretion of the Board, and will be based on, among other factors, the Fund’s present and reasonably projected future cash flow. The Fund expects that the Board will set the rate of distributions at a level that will ensure compliance with the Code, and the amount of distributions may vary over time. Distributions to shareholders of the Fund will be recorded on the ex-dividend date. On March 30, 2026 the Fund’s Board approved a dividend distribution of $75.22 per share on April 15, 2026 for stockholders of record as of March 31, 2026. The total amount of the dividend distribution was $3,499,853.

Income Tax — The Fund elected to be taxed as a REIT under the Code, and has operated as such, commencing with the taxable year ending December 31, 2022. While REITs are subject to Federal income taxes, they are allowed a deduction for ordinary and capital gains dividends paid, generally resulting in the elimination of all or substantially all income tax at the entity level. Additionally, most states follow the rules related to REITs as contained within the Code. This generally results in no state income taxes being paid by the Fund; however, due to the number of states in which the Fund holds, either directly or indirectly, interests in real estate, it is likely that some measure of the Fund’s operating and/or sale income will be taxed at the state level. To maintain qualification under the Code as a REIT, the Fund must distribute at least 90% of its taxable ordinary income to its shareholders and meet certain other requirements related to organization, management, assets, liabilities, and operations. Additionally, the Fund may choose to pass through any capital gains realized to its shareholders by distributing cash proceeds representative of the net capital gains. The Fund is permitted to deduct both ordinary and capital gain dividends paid to its shareholders, generally eliminating REIT-level Federal taxation of income represented by such dividends paid to the shareholders. If the Fund fails to qualify as a REIT in any taxable year, it will be subject to federal and state income tax on its taxable income at regular corporate rates. In addition to income taxes, the Fund may also be subject to certain state, local, and franchise taxes. Under certain circumstances, Federal income and excise taxes may be due on the Fund’s undistributed taxable income.

Certain of the Fund’s investments may be held through Single-Member Limited Liability Companies (“SMLLCs”) that have been formed by the respective single member to facilitate the ownership of particular investments. Under the default “check-the-box” rules established by the Code, SMLLCs are disregarded as separate entities and therefore all items of income, deduction, loss, credit, asset, and liability from the SMLLC are reported directly on the Federal income tax return of the single member. Certain states have not adopted the check-the-box rules and therefore, do not respect the disregarded nature of SMLLC entities. In these cases, the SMLLC entity must file either income or franchise tax returns and, in some cases, may be liable for income or franchise taxes at the entity level.

Management evaluates the uncertainties of tax positions taken or expected to be taken based on the probability of whether it is more likely than not that the positions will be sustained upon audit based on technical merit for open tax years. Management believes it has no uncertain tax positions to be accrued or disclosed.

Issuance of Shares — The Fund conducted a private offering to sell common shares only to individuals and entities qualifying as “accredited investors” within the meaning of Regulation D under the Securities Act. The Fund’s shares are not registered under the Securities Act or listed on an exchange. The Fund’s shares are designed for long-term investors. The Fund offered shares at the initial closing at $1,000.00 per share, and thereafter each share was offered at $1,000.00 plus a “make-up” amount calculated by applying an annualized rate of 3.0% to such investor’s subscription amount applied over the period since April 22, 2022. The private offering was closed to new investors on December 29, 2023.

NOTE 3 - INVESTMENT MANAGEMENT FEE AND OTHER RELATED PARTY TRANSACTIONS

Under the terms of the Investment Management Agreement between the Fund and the Investment Manager, the Investment Manager manages the Fund’s investments subject to oversight by the Board. The Fund pays to the Investment Manager an annual Management Fee, quarterly in arrears. The Management Fee is equal to an annual rate of 1.50% of the Fund’s NAV.

The Fund will pay a fee to the Investment Manager for administrative services (the “Investor Servicing Fee”) at an annual rate of 0.50% of the Fund’s NAV. The Investor Servicing Fee is charged quarterly in arrears.

The Investment Management Agreement provides that the Investment Manager will waive its Management Fee and/or pay or reimburse the Fund for Annual Expenses (as defined below) more than 1.00% per annum of the Fund’s average quarterly NAV (“Operating Expense Limit”). Annual Expenses are the ordinary annual operating expenses of the Fund, including, without limitation, third-party fees and expenses for accounting, administration, valuation, tax compliance, custody, banking, brokerage, depository, insurance premiums, reporting, investor meetings, and preparation of tax returns and determinations, but excluding fees and expenses for legal, audit, taxes, indemnification, litigation, interest, Management Fees, Investor Servicing Fees and Board fees, extraordinary or non-routine matters, and organizational expenses. If the Fund’s Annual Expenses are below the Operating Expense Limit in any fiscal year, the Investment Manager may be entitled to be reimbursed in whole or in part for fees or expenses waived or reduced by the Investment Manager during the prior three year-period pursuant to the Operating Expense Limit. During the period ended June 30, 2026, pursuant to the Fund’s expense cap, no expenses were waived and or reimbursed by the Investment Manager. During the period ended June 30, 2026, CrowdStreet paid $25,000 of Directors Fees and $301,316 of other expenses on behalf of the Fund. As of June 30, 2026, $262,614 was due to CrowdStreet and comprised of the following:

CrowdStreet REIT I, Inc.

NOTES TO FINANCIAL STATEMENTS

June 30, 2026 (Continued) (Unaudited)

NOTE 5 - TAX BASIS INFORMATION

As of December 31, 2025, the Fund’s most recent tax year end, the tax basis of distributable earnings (accumulated deficit) were as follows:

As of December 31, 2025, the unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:

The Fund did not make any distributions during the year and does not have any capital loss carryforwards as of December 31, 2025.

NOTE 6 - SUBSEQUENT EVENTS

In connection with the preparation of the accompanying financial statements, the Fund has evaluated events and transactions occurring through the issuance of these financial statements. Based upon this evaluation, management has determined there were no additional items requiring adjustment of the financial statements or additional disclosure.

CrowdStreet REIT I, Inc.

ADDITIONAL INFORMATION

June 30, 2026 (Unaudited)

DISCLOSURE OF PORTFOLIO HOLDINGS

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports will be available (1) without charge, upon request, by calling (888) 432-7693, (2) on the Fund’s website at www.crowdstreet.com/ legal, and (3) on the SEC’s website at http://www.sec.gov.

PROXY VOTING POLICIES AND PROCEDURES

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and, once available, information regarding how the Fund voted those proxies (if any) during the most recent twelve month period ended June 30, is available (1) without charge, upon request, by calling (888) 432-7693, (2) on the Fund’s website at www.crowdstreet.com/legal, and (3) on the SEC’s website at http://www.sec.gov. During the period ended June 30, 2026, the Fund did not have any investments that required the Fund to vote proxies, and therefore did not vote any proxies during such period.

COMPENSATION OF DIRECTORS

Each Director who is not an “interested person” of the Fund (i.e., an “Independent Director”) receives an annual retainer of $25,000 plus reimbursement of related expenses in connection with his or her service on the Board of the Fund, as such amount may be updated by the Board. The Fund’s Statement of Additional Information includes additional information about the Directors and is available (1) without charge, upon request, by calling (888) 432-7693, (2) on the Fund’s website at www.crowdstreet.com/legal, and (3) on the SEC’s website at http://www.sec.gov.

Item 2. Code of Ethics.

Not applicable to semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable to semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable to semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to semi-annual report.

Item 6. Investments.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Not applicable.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

At the February 24, 2026 meeting (the “Meeting”) of the Board of Directors (the “Board”) of CrowdStreet REIT I, Inc. (the “Fund”), the Board, including the Independent Directors voting separately, approved the continuation of the investment management agreement between Crowdstreet Advisors, LLC (“CrowdStreet”) and the Fund (the “Investment Management Agreement”) for an additional one-year period. The Independent Directors of the Board met in executive session at the Meeting and discussed the continuation of the Investment Management Agreement.

In considering the continuation of the Investment Management Agreement for the Fund, the Independent Directors considered the information provided by CrowdStreet, both written and oral, and discussed aspects of the presentation the Independent Directors thought merited additional discussion. The members of the Board noted that as part of the approval process, the Board reviewed and considered information provided in response to a detailed request for information submitted to management by the Independent Directors and received a presentation from CrowdStreet. The Board, including the Independent Directors, considered a variety of factors, including those described below. The Board also considered other factors and did not treat any single factor as determinative, and each Director may have attributed different weights to different factors.

Nature, Extent and Quality of Services. In considering the renewal of the Investment Management Agreement with CrowdStreet, the Board considered the nature, extent and quality of services that CrowdStreet provided to the Fund, including CrowdStreet’s personnel and resources. The Board reviewed the services CrowdStreet provided in serving as investment adviser and the backgrounds of the personnel providing services to the Fund, including portfolio managers. The Board reviewed information provided regarding risk management, and Mr. Perry addressed questions concerning the Fund’s risk management framework and related controls, as well as compliance and other regulatory matters. The Board acknowledged CrowdStreet’s efforts and resources with respect to various regulatory initiatives and considered CrowdStreet’s financial position. The Board concluded that the services CrowdStreet provided were satisfactory. The Board considered CrowdStreet’s successful handling of realizations during the Fund’s transitional phase and the steps taken to position the Fund for the effective execution of its investment objectives.

Performance. The Board noted CrowdStreet engaged a third-party service provider, FUSE, that identified ten funds within the unlisted closed-end fund universe for comparison to the Fund’s performance (“FUSE Peer Group”). The Board reviewed the Fund’s net asset value total return compared to the relative average and median returns for the FUSE Peer Group and the Fund’s benchmark index (NCREIF Property Index). The Board noted that while the Fund performed below the FUSE Peer Group returns and its benchmark over the last three years, Crowdstreet indicated that the underperformance was partially due to the difference in inception date to the Peer Group funds, the Fund’s early lifecycle period, the higher expenses generally associated with closed-end funds in initial years of operation, and its smaller NAV, with fewer investments having a more pronounced impact on overall performance as compared to peer funds. The Board concluded that the performance of the Fund on an absolute and comparative basis was satisfactory.

Advisory Fees and Fund Expenses. The Board reviewed the Fund’s contractual advisory fee and expense ratio taking into account the Fund’s net asset size, and reviewed information comparing the advisory fee and expense ratio to those of the FUSE Peer Group. The Board noted that the Fund’s expense ratio was on the higher end of the FUSE Peer Group but discussed the fee structure of certain peer funds, the level of work involved in CrowdStreet’s management, the oversight of the Fund and the other services that CrowdStreet provides to the Fund, and the Fund’s smaller AUM. In light of the nature, quality and extent of services CrowdStreet provided, the Board concluded that the Fund’s advisory fee was fair and reasonable.

Economies of Scale. The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund, and the extent to which such economies of scale are shared with the Fund. The Board noted that the Fund was in a transitional phase with several projects in maturation. Crowdstreet further noted that the Fund had not raised enough capital to achieve an asset level where CrowdStreet could likely realize meaningful economies of scale. However, Crowdstreet noted that it continuously evaluates potential changes to the Fund’s operating model to lower its expense ratio.

Profitability. The Board reviewed the profitability of CrowdStreet with respect to the Fund. The Board considered the methodology used to allocate revenues and expenses across the funds managed by CrowdStreet. The Board discussed CrowdStreet’s profit from the Fund, noting the operating margin of 21%, which excludes certain corporate strategy and development costs that would reduce the profitability if CrowdStreet operated on a standalone basis. The Board concluded that the profitability of CrowdStreet in connection with the management of the Fund was not excessive given the nature, extent and quality of the services provided.

Fallout Benefits. Because of its relationship with the Fund, CrowdStreet, and their affiliates may derive ancillary benefits from Fund operations. The Board reviewed information provided by CrowdStreet as to any such benefits.

Conclusion. Based on all of the information considered and the conclusions reached, the Board determined that the compensation paid under the Investment Management Agreement is fair and reasonable, and that the continuance of the Investment Management Agreement be approved.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to semi-annual report.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

As of the date of his filing, there have been no material changes in the procedures by which shareholders may recommend nominees to the Board of Directors.

Item 16. Controls and Procedures.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

None.

Item 18. Recovery of Erroneously Awarded Compensation.

(a)        Not applicable.

(b)        Not applicable.

Item 19. Exhibits.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

ATTACHMENTS / EXHIBITS

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