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opp:RisksAssociatedWithAdditionalOfferingsMember 2025-07-01 2026-06-30 0001678130 opp:SecondaryMarketForTheCommonSharesMember 2025-07-01 2026-06-30 iso4217:USD iso4217:USD shares pure false N-2 N-CSR RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. 0001678130 2026-06-30 The following table shows estimated Fund expenses as a percentage of net assets attributable to Common Shares. The expenses shown in the table and related footnotes, along with the example, are based on the Fund’s capital structure as of June 30, 2026. Actual expenses may be greater or less than those shown below. The purpose of the table and the example below is to help investors understand the fees and expenses that they, as Common Shareholders, would bear directly or indirectly. The expenses shown in the table under “Other Expenses” and “Total Annual Expenses” assume that the Fund has not issued any additional Common Shares. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; width: 82%; font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Common Shareholder Transaction Expenses</td><td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 15%; text-align: right">As a Percentage of Offering Price</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Sales Load</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="white-space: nowrap; text-align: left">%*</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Offering Expenses Borne by Common Shareholders of the Fund</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="white-space: nowrap; text-align: left">%*</td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Dividend Reinvestment Plan Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="white-space: nowrap; text-align: left">(1)*</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Preferred Shares Offering Expenses Borne by the Fund (as a percentage of net assets attributable to Common Shares)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="white-space: nowrap; text-align: left">%*</td></tr> </table> <div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">*</td><td style="text-align: justify">The applicable prospectus supplement to be used in connection with any sales of Common Shares or Preferred Shares will set forth any applicable sales load and the estimated offering expenses borne by the Fund under an Offering.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">(1)</td><td style="text-align: justify">There will be no brokerage charges with respect to Common Shares issued directly by the Fund under the dividend reinvestment plan. You may pay brokerage charges in connection with Open-Market Purchases or if you direct the plan agent to sell your Common Shares held in a dividend reinvestment account.</td></tr></table> </div> 0 0 0 0 <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: justify"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">As a Percentage of Net Assets Attributable to Common Shares (Assuming the Use of Leverage Equal to 37.25% of the Fund’s Managed Assets)</td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify">Annual Expenses</td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="width: 83%; text-align: justify; padding-left: 9pt">Management Fee (2)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">1.59</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 9pt">Leverage Costs(3)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.05</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="text-align: justify; padding-left: 9pt">Dividends on Preferred Shares (4)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.68</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 9pt">Other Expenses (5)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.16</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="text-align: justify; padding-left: 9pt">Acquired Fund Fees and Expenses (6)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.05</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 9pt">Total Annual Expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.53</td><td style="text-align: left">%</td></tr> </table> <div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">(2)</td><td style="text-align: justify">The management fee is charged as a percentage of the Fund’s average daily Managed Assets, as opposed to net assets. With leverage, Managed Assets are greater in amount than net assets, because Managed Assets include borrowings for investment purposes. The market value of the Fund’s derivatives are used for purposes of calculating Managed Assets. The management fee of 1.00% of the Fund’s Managed Assets represents 1.59% of net assets attributable to Common Shares assuming the use of leverage in an amount of 37.25% of the Fund’s Managed Assets. The Fund’s Managed Assets for the fiscal year ended June 30, 2026 (which includes the use of leverage discussed in footnote (3) were multiplied by the annual advisory fee rate and then divided by the Fund’s average net assets for the same period to calculate the management fee as a percentage of the Fund’s net assets attributable to Common Shares. Since the Fund has Preferred Shares outstanding, the management fee and certain other expenses as a percentage of net assets attributable to Common Shares is higher than if the Fund did not utilize a leveraged capital structure.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">(3)</td><td style="text-align: justify">“Leverage costs” are estimated to reflect actual leverage outstanding as of June 30, 2026 and estimated interest and associated costs. Actual leverage costs incurred in the future may be higher or lower as the actual amount of interest expense borne by the Fund will vary over time in accordance with the level of the Fund’s use of leverage and variations in market interest rates. See “Use of Leverage.”</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">(4)</td><td style="text-align: justify">Dividends on Preferred Shares represent the estimated dividend expense adjusted to assume 2,400,000 shares of 4.375% Series A Preferred Stock with a liquidation preference of $60,000,000, 2,400,000 shares of 4.75% Series B Preferred Stock with a liquidation preference of $60,000,000, and 419,206 shares of 6.00%, 3-Year Term, Series C Preferred Stock with a liquidation preference of $4,192,060. The table assumes the use of leverage representing 37.25% of Managed Assets, which reflects approximately the percentage of the Fund's total average Managed Assets attributable to such leverage averaged over the year ended June 30, 2026, at a weighted average annual expense to the Fund of 4.61%.</td></tr></table></div><div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">(5)</td><td style="text-align: justify">Includes $1,104,539 of loan service fees in connection with the Fund's investments in Alternative Credit Instruments for the year ended June 30, 2026. Loan service fees relate to the Fund's investment in Square Loans and are not related to any leverage expenses. The loan service fees are the cost associated with the originator's ongoing collection and remittance of payments related to the Alternative Credit Instruments.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">(6)</td><td style="text-align: justify">The “Acquired Fund Fees and Expenses” are based on the expense ratios for the most recent fiscal year of the Underlying Funds (defined below) in which the Fund has invested, which may change substantially over time and, therefore, significantly affect “Acquired fund fees and expenses.” These amounts are based on the total expense ratio disclosed in each Underlying Fund’s most recent shareholder report. Some of the Underlying Funds in which the Fund invests (or may invest) charge incentive fees based on the Underlying Funds’ performance. The 0.05% shown as “Acquired Fund Fees and Expenses” reflects the operating expenses of the Underlying Funds and transaction-related fees. Certain Underlying Funds in which the Fund invests (or may invest) generally charge a management fee of 1.00% to 2.00% and may charge up to a 20% incentive fee on income and/or capital gains, which are included in “Acquired Fund Fees and Expenses,” as applicable. The “Acquired Fund Fees and Expenses” disclosed above, however, do not reflect any performance based fees or allocations paid by the Underlying Funds that are calculated solely on the realization and/or distribution of gains, or on the sum of such gains and unrealized appreciation of assets distributed in kind, as such fees and allocations for a particular period may be unrelated to the cost of investing in the Underlying Funds. Future Underlying Funds’ fees and expenses may be substantially higher or lower because certain fees may be based on the performance of the Underlying Funds, which may fluctuate over time. Acquired Fund Fees and Expenses are borne indirectly by the Fund, but they are not reflected in the Fund’s financial statements; and the information presented in the table will differ from that presented in the Fund’s financial highlights.</td></tr></table></div> 0.0159 0.0005 0.0268 0.0116 0.0005 0.0553 Example(7) The example illustrates the expenses that you would pay on a $1,000 investment in Common Shares in the offering, assuming (1) that the Fund incurs total annual expenses of 5.53% of its net assets in years 1 through 10 and (2) a 5% annual return <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; background-color: White"> <td style="border-bottom: Black 1pt solid; width: 52%"> </td> <td style="border-bottom: Black 1pt solid; width: 12%; text-align: center">1 year</td> <td style="border-bottom: Black 1pt solid; width: 12%; text-align: center">3 years</td> <td style="border-bottom: Black 1pt solid; width: 12%; text-align: center">5 years</td> <td style="border-bottom: Black 1pt solid; width: 12%; text-align: center">10 years</td></tr> <tr style="vertical-align: top; background-color: Gainsboro"> <td>Total Expenses Incurred</td> <td style="text-align: center">$55</td> <td style="text-align: center">$165</td> <td style="text-align: center">$273</td> <td style="text-align: center">$539</td></tr> </table> The example should not be considered a representation of future expenses. Actual expenses may be greater or less than those assumed. <div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">(7)</td><td style="text-align: justify">The example does not include sales load or estimated offering costs. The example should not be considered a representation of future expenses. The example assumes that the estimated “Other Expenses” set forth in the table are accurate and that all dividends and distributions are reinvested at net asset value and that the Fund is engaged in leverage of 37.25% of Managed Assets, assuming interest and fees on leverage of 4.61%, including the interest and unused borrowing fee paid on the line of credit under the BNP Credit Agreement (defined below), as well as the Fund’s continued use of Preferred Shares. The cost of leverage is expressed as a blended interest/dividend rate, representing the weighted average cost of the Fund’s leverage, including borrowings under the BNP Credit Agreement and dividends on the Fund’s Preferred Shares. Actual expenses may be greater or less than those shown. Moreover, the Fund’s actual rate of return may be greater or less than the hypothetical 5% annual return shown in the example.</td></tr></table></div> 55 165 273 539 The management fee is charged as a percentage of the Fund’s average daily Managed Assets, as opposed to net assets. With leverage, Managed Assets are greater in amount than net assets, because Managed Assets include borrowings for investment purposes. The market value of the Fund’s derivatives are used for purposes of calculating Managed Assets. The management fee of 1.00% of the Fund’s Managed Assets represents 1.59% of net assets attributable to Common Shares assuming the use of leverage in an amount of 37.25% of the Fund’s Managed Assets. The Fund’s Managed Assets for the fiscal year ended June 30, 2026 (which includes the use of leverage discussed in footnote (3) were multiplied by the annual advisory fee rate and then divided by the Fund’s average net assets for the same period to calculate the management fee as a percentage of the Fund’s net assets attributable to Common Shares. Since the Fund has Preferred Shares outstanding, the management fee and certain other expenses as a percentage of net assets attributable to Common Shares is higher than if the Fund did not utilize a leveraged capital structure. The “Acquired Fund Fees and Expenses” are based on the expense ratios for the most recent fiscal year of the Underlying Funds (defined below) in which the Fund has invested, which may change substantially over time and, therefore, significantly affect “Acquired fund fees and expenses.” These amounts are based on the total expense ratio disclosed in each Underlying Fund’s most recent shareholder report. Some of the Underlying Funds in which the Fund invests (or may invest) charge incentive fees based on the Underlying Funds’ performance. The 0.05% shown as “Acquired Fund Fees and Expenses” reflects the operating expenses of the Underlying Funds and transaction-related fees. Certain Underlying Funds in which the Fund invests (or may invest) generally charge a management fee of 1.00% to 2.00% and may charge up to a 20% incentive fee on income and/or capital gains, which are included in “Acquired Fund Fees and Expenses,” as applicable. The “Acquired Fund Fees and Expenses” disclosed above, however, do not reflect any performance based fees or allocations paid by the Underlying Funds that are calculated solely on the realization and/or distribution of gains, or on the sum of such gains and unrealized appreciation of assets distributed in kind, as such fees and allocations for a particular period may be unrelated to the cost of investing in the Underlying Funds. Future Underlying Funds’ fees and expenses may be substantially higher or lower because certain fees may be based on the performance of the Underlying Funds, which may fluctuate over time. Acquired Fund Fees and Expenses are borne indirectly by the Fund, but they are not reflected in the Fund’s financial statements; and the information presented in the table will differ from that presented in the Fund’s financial highlights. The 0.05% shown as “Acquired Fund Fees and Expenses” reflects the operating expenses of the Underlying Funds and transaction-related fees. Investment Objectives There have been no changes in the Fund’s investment objectives since the prior disclosure date. The Fund’s investment objective is current income and overall total return. Principal Investment Strategies and Policies On July 1, 2026, the Fund terminated its Loan Purchasing Agreement with Square Capital. As a result of such termination, the Fund's investments in loans to small and medium size enterprises ("SMEs") under its Alternative Credit Strategy is expected to decline as a result. Therefore, the Fund may reallocate assets to other strategies. There have been no other material changes to the Fund’s principal investment strategies since the prior disclosure date. The Fund seeks to achieve its investment objective by allocating its Managed Assets between the three principal strategies described below. The Adviser determines the portion of the Fund’s Managed Assets to allocate to each strategy and may, from time to time, adjust the allocations. Tactical Closed-End Fund Income Strategy. This strategy seeks to (i) generate returns through investments in closed-end funds (“CEFs”), special purpose acquisition companies (“SPACs”), exchange-traded funds (“ETFs”) and business development companies (“BDCs,” and, together with the Fund’s investments in CEFs, SPACs and ETFs, the “Underlying Funds”) that invest primarily in income-producing securities, and (ii) derive value from the discount and premium spreads associated with CEFs. All Underlying Funds in which the Fund invests are registered under the Securities Act of 1933, as amended. Under normal market conditions: (i) no more than 20% of the Fund’s Managed Assets allocated to the Tactical Closed-End Fund Income Strategy is invested in “equity” Underlying Funds; (ii) no more than 60% of the Fund’s Managed Assets allocated to the Tactical Closed-End Fund Income Strategy is invested in below investment grade (also known as “high yield” and “junk”) and “senior loan” Underlying Funds; and (iii) no more than 25% of the Fund’s Managed Assets allocated to the Tactical Closed-End Fund Income Strategy is invested in “emerging market income” Underlying Funds. The Fund will also limit its investments in CEFs (including BDCs) that have been in operation for less than one year to no more than 10% of the Fund’s Managed Assets allocated to the Tactical Closed-End Fund Income Strategy. The Fund will not invest in inverse ETFs or leveraged ETFs. The types of Underlying Funds referenced in this paragraph are categorized in accordance with the fund categories established and maintained by Morningstar, Inc. The investment parameters stated above (and elsewhere in this disclosure) apply only at the time of purchase. The Fund’s shareholders indirectly bear the expenses, including the management fees, of the Underlying Funds. The Underlying Funds in which the Adviser seeks to invest will generally focus on a broad range of fixed income securities or sectors, including Underlying Funds that invest in the following securities or sectors: convertible securities, preferred stocks, high yield securities, exchange-traded notes, structured notes, dividend strategies, covered call option strategies, real estate-related investments, energy, utility and other income-oriented strategies. In addition, the Fund may invest directly in debt securities issued by certain credit-oriented, unlisted Underlying Funds, including BDCs, identified by the Adviser in its due diligence process (“Private Debt”). The Adviser believes investments in Private Debt can provide the Fund with the opportunity to obtain more favorable terms than similar publicly traded debt investments with similar risk profiles. The Fund may invest in Underlying Funds that invest in securities that are rated below investment grade, including those receiving the lowest ratings from S&P® Global Ratings Services (“S&P”), Fitch Ratings, a part of the Fitch Group (“Fitch”), or Moody’s Investor Services, Inc. (“Moody’s”), or comparably rated by another nationally recognized statistical rating organization (“NRSRO”) or, if unrated, determined by the Adviser or the Subadviser to be of comparable credit quality, which indicates that the security is in default or has little prospect for full recovery of principal or interest. Below investment grade securities are commonly referred to as “junk” and “high yield” securities. Below investment grade securities are considered speculative with respect to the issuer’s capacity to pay interest and repay principal. Lower rated below investment grade securities are considered more vulnerable to nonpayment than other below investment grade securities and their issuers are more dependent on favorable business, financial and economic conditions to meet their financial commitments. The lowest rated below investment grade securities are typically already in default. The Underlying Funds in which the Fund invests will not include those that are advised or subadvised by the Adviser, the Subadviser or their affiliates. Under normal circumstances, the Fund intends to maintain long positions in Underlying Funds and other portfolio securities; however, the Fund may at times establish hedging positions. Hedging positions may include short sales and derivatives, such as options, futures and swaps (“Hedging Positions”). Under normal market conditions, no more than 30% of the Fund’s Managed Assets is in Hedging Positions (as determined based on the market value of such Hedging Positions). A short sale is a transaction in which the Fund sells a security that it does not own in anticipation of a decline in the market price of the security. The Fund will not engage in any short sales of securities issued by CEFs and BDCs. To complete the short sale, the Fund must arrange through a broker to borrow the security in order to deliver it to the buyer. The Fund is obligated to replace the borrowed security by purchasing it at a market price at or prior to the time it must be returned to the lender. The price at which the Fund is required to replace the borrowed security may be more or less than the price at which the security was sold by the Fund. The Fund will incur a loss if the price of the security sold short increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund will realize a gain if the price of the security declines between those dates. Under the Tactical Closed-End Fund Income Strategy, the Fund also may attempt to enhance the return on the cash portion of its portfolio by investing in total return swap agreements. A total return swap agreement provides the Fund with a return based on the performance of an underlying asset, in exchange for fee payments to a counterparty based on a specific rate. The difference in the value of these income streams is recorded daily by the Fund, and is typically settled in cash at least monthly. If the underlying asset declines in value over the term of the swap, the Fund would be required to pay the dollar value of that decline plus any applicable fees to the counterparty. The Fund may use its own NAV or any other reference asset that the Adviser chooses as the underlying asset in a total return swap. The Fund will limit the notional amount of all total return swaps in the aggregate to 15% of the Fund’s Managed Assets. Using the Fund’s own NAV as the underlying asset in the total return swap serves to reduce cash drag (the impact of cash on the Fund’s overall return) by replacing it with the impact of market exposure based upon the Fund’s own investment holdings. This type of total return swap would provide the Fund with a return based on its NAV. Like any total return swap, the Fund would be subject to counterparty risk and the risk that its own NAV declines in value. <div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"></div> The Fund anticipates that its SPAC investments will be primarily composed of: (i) units issued by SPACs comprised of common stock and warrants to purchase common stock; (ii) common stock issued by SPACs, including “founder” shares; and (iii) warrants to purchase common stock, including “founder” warrants. In addition, the Fund’s SPAC investments could also consist of debt instruments issued by SPACs; securities of other investment companies that primarily invest in SPACs; and securities of SPACs that have completed a business combination transaction with an operating company within the last two calendar years. The Fund’s SPAC investments may be obtained (among other means) through initial public offerings of SPACs; secondary market transactions; private placements, including private investment in public equity transactions and investments in vehicles formed by SPAC sponsors to hold founder shares and founder warrants; and/or forward purchase agreements pursuant to which investors commit to purchasing a SPAC’s securities to the extent the SPAC requires additional funding at the time of a business combination. Through its investments in SPACs, the Fund will seek to (i) obtain attractive risk-adjusted investment returns, and (ii) derive value from buying and selling SPAC securities to take advantage of pricing discrepancies in the SPAC market (e.g., the difference between the price of a SPAC security and the pro rata value of the SPAC’s trust account). The SPACs in which the Fund may invest may focus on a broad range of industries and sectors and may generally pursue initial business combinations in any business, industry or geographic location, including outside of the United States. Certain SPACs may seek acquisitions only in limited industries or regions, which may increase the volatility of their securities’ prices. Opportunistic Income Strategy. This strategy seeks to generate attractive risk-adjusted returns through investments in fixed income instruments and other investments, including agency and non-agency residential mortgage-backed and other asset-backed securities, corporate bonds, municipal bonds, and real estate investment trusts (“REITs”). At least 50% of the Managed Assets allocated to this strategy is invested in mortgage-backed securities. Under this strategy, the Fund may invest in securities of any credit quality, including, without limit, securities that are rated below investment grade, except that the Fund invests at least 20% of the Managed Assets allocated to this strategy in securities rated investment grade (or unrated securities judged by the Subadviser to be of comparable quality). In addition, the Subadviser does not currently expect that the Fund will invest more than 15% of the Managed Assets allocated to this strategy in corporate debt securities (excluding mortgage-backed securities) or sovereign debt instruments rated below B3 by Moody’s and below B- by S&P or Fitch (or unrated securities determined by the Subadviser to be of comparable quality). The Fund’s investments in below investment grade securities under this strategy may include securities receiving the lowest ratings from S&P (i.e., D-), Fitch (i.e., D-) or Moody’s (i.e., C3), or comparably rated by another NRSRO or, if unrated, determined by the Adviser or Subadviser to be of comparable credit quality, which indicates that the security is in default or has little prospect for full recovery of principal or interest. Below investment grade securities are commonly referred to as “junk” and “high yield” securities. Below investment grade securities are considered speculative with respect to the issuer’s capacity to pay interest and repay principal. Lower rated below investment grade securities are considered more vulnerable to nonpayment than other below investment grade securities and their issuers are more dependent on favorable business, financial and economic conditions to meet their financial commitments. The lowest rated below investment grade securities are typically already in default. <div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"></div> The Fund invests no more than 20% of its Managed Assets allocated to the Opportunistic Income Strategy in non-U.S. investments, including emerging market investments. Investments under the Opportunistic Income Strategy may include, without limitation as to the Fund’s Managed Assets allocated to this strategy, mortgage-backed securities, including agency and non-agency residential mortgage-backed securities (“RMBS”). Investments under the Opportunistic Income Strategy may include mortgage- or asset-backed securities of any kind, including, by way of example, mortgage- or asset-related securities not subject to the credit support of the U.S. Government or any agency or instrumentality of the U.S. Government, including obligations backed or supported by sub-prime mortgages, which are subject to certain special risks. Mortgage- or asset-backed securities may include, among other things, securities issued or guaranteed by the United States Government, its agencies, or its instrumentalities or sponsored corporations, or securities of domestic or foreign private issuers. Mortgage- or asset-backed securities may be issued or guaranteed by banks or other financial institutions, special-purpose vehicles established for such purpose, or private issuers, or by government agencies or instrumentalities. Privately issued mortgage-backed securities include any mortgage-backed security other than those issued or guaranteed as to principal or interest by the U.S. Government or its agencies or instrumentalities. Mortgage-backed securities may include, without limitation, interests in pools of residential mortgages or commercial mortgages, and may relate to domestic or non-U.S. mortgages. Mortgage-backed securities include, but are not limited to, securities representing interests in, collateralized or backed by, or whose values are determined in whole or in part by reference to any number of mortgages or pools of mortgages or the payment experience of such mortgages or pools of mortgages, including Real Estate Mortgage Investment Conduits (“REMICs”), which could include resecuritizations of REMICs, mortgage pass-through securities, inverse floaters, collateralized mortgage obligations, collateralized loan obligations, collateralized debt obligations, multiclass pass-through securities, private mortgage pass-through securities, stripped mortgage securities (generally interest-only and principal-only securities), and securitizations of various receivables, including, for example, credit card and automobile finance receivables. Certain mortgage-backed securities in which the Fund may invest may represent an inverse interest-only class of security for which the holders are entitled to receive no payments of principal and are entitled only to receive interest at a rate that will vary inversely with a specified index or reference rate, or a multiple thereof. The Fund may purchase other types of debt securities and other income-producing investments of any kind, including, by way of example, U.S. Government securities; debt securities issued by domestic or foreign corporations; obligations of foreign sovereigns or their agencies or instrumentalities; equity, mortgage, or hybrid REIT securities; bank loans (including, among others, participations, assignments, senior loans, delayed funding loans and revolving credit facilities); municipal securities and other debt securities issued by states or local governments and their agencies, authorities and other government-sponsored enterprises. Alternative Credit Strategy. This strategy may invest in a combination of: investing in loans to SMEs; investing in notes or other pass-through obligations issued by an alternative credit platform (or an affiliate) representing the right to receive the principal and interest payments on an Alternative Credit investment (or fractional portions thereof) originated through the platform (“Pass-Through Notes”); purchasing asset-backed securities representing ownership in a pool of Alternative Credit (the foregoing listed investments are collectively referred to herein as the “Alternative Credit Instruments”). The Alternative Credit in which the Fund typically invests are newly issued and/or current as to interest and principal payments at the time of investment. Unless the context suggests otherwise, all references to loans generally refer to Alternative Credit. Alternative Credit Instruments are generally not rated by the NRSROs. The Alternative Credit Instruments in which the Fund may invest may have varying degrees of credit risk. There can be no assurance that payments due on underlying Alternative Credit investments will be made. At any given time, the Fund’s portfolio may be substantially illiquid and subject to increased credit and default risk. If a borrower is unable to make its payments on a loan, the Fund may be greatly limited in its ability to recover any outstanding principal and interest under such loan. While, under normal circumstances, the Adviser does not provide instructions to the platforms as to any individual criterion used to determine platform-specific grades prior to purchasing Alternative Credit (except as noted below), the Adviser does retain the flexibility to provide more specific instructions (e.g., term; interest rate; geographic location of borrower) if the Adviser believes that investment circumstances dictate any such further instructions. Specifically, the Adviser instructs platforms that the Fund will not purchase any Alternative Credit that are of “subprime quality” (as determined at the time of investment). Although there is no specific legal or market definition of subprime quality, it is generally understood in the industry to signify that there is a material likelihood that the loan will not be repaid in full. The Fund considers an SME loan to be of “subprime quality” if the likelihood of repayment on such loan is determined by the Adviser based on its due diligence and the credit underwriting policies of the originating platform to be similar to that of consumer loans that are of subprime quality. The Fund does not currently have any intention to invest in Alternative Credit originated from lending platforms based outside the United States or made to non-U.S. borrowers. In determining whether an SME loan is of subprime quality, the Adviser generally looks to a number of borrower-specific factors, which will include the payment history of the borrower and, as available, financial statements, tax returns and sales data. The Adviser will not invest the Fund’s assets in loans originated by platforms for which the Adviser cannot evaluate to its satisfaction the completeness and accuracy of the individual Alternative Credit investment data provided by such platform relevant to determining the existence and valuation of such Alternative Credit investment and utilized in the accounting of the loans (i.e., in order to select a platform, the Adviser must assess that it believes all relevant loan data for all loans purchased from the platform is included and correct). “Managed Assets” means the total assets of the Fund, including assets attributable to leverage, minus liabilities (other than debt representing leverage and any preferred stock that may be outstanding). In addition to the foregoing principal investment strategies of the Fund, the Adviser also may allocate the Fund’s Managed Assets among cash and short-term investments. There are no limits on the Fund’s portfolio turnover, and the Fund may buy and sell securities to take advantage of potential short-term trading opportunities without regard to length of time and when the Adviser or Subadviser believes investment considerations warrant such action. High portfolio turnover may result in the realization of net short-term capital gains by the Fund which, when distributed to Common Shareholders, will be taxable as ordinary income. In addition, a higher portfolio turnover rate results in correspondingly greater brokerage commissions and other transactional expenses that are borne by the Fund. All percentage limitations described in this report are measured at the time of investment and may be exceeded on a going-forward basis as a result of credit rating downgrades or market value fluctuations of the Fund’s portfolio securities. Unless otherwise specified herein, the Fund may count its holdings in Underlying Funds towards various guideline tests so long as the earnings on the underlying holdings of such Underlying Funds are exempt from regular U.S. federal income taxes (but which may be includable in taxable income for purposes of the Federal alternative minimum tax). Unless otherwise specified, the investment policies and limitations of the Fund are not considered to be fundamental by the Fund and can be changed without a vote of the Common Shareholders. The Fund’s investment objective and certain investment restrictions specifically identified as such in the Fund’s Statement of Additional Information are considered fundamental and may not be changed without the approval of the holders of a majority of the outstanding voting securities of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), which includes Common Shares and Preferred Shares, if any, voting together as a single class, and the holders of the outstanding Preferred Shares, if any, voting as a single class. Effects of Leverage. Assuming the utilization of leverage through a combination of borrowings under the issuance of Preferred Shares by the Fund in the aggregate amount of approximately 37.25% of the Fund’s Managed Assets as of June 30, 2026, at a weighted average interest rate or payment rate of 4.61% payable on such leverage, the annual return that the Fund’s portfolio must achieve (net of expenses) in order to cover its leverage costs would be 1.72%. Of course, these numbers are merely estimates for illustration. Actual interest or payment rates on the leverage utilized by the Fund will vary frequently and may be significantly higher or lower than the rate estimated above. The following table is furnished in response to requirements of the Securities and Exchange Commission ("SEC"). It is designed to illustrate the effect of leverage on total return on Common Shares, assuming investment portfolio total returns (comprised of income, net expenses and changes in the value of investments held in the Fund’s portfolio) of -10%, -5%, 0%, 5% and 10%. The table below reflects the Fund's continued use of Preferred Shares as of June 30, 2026 as a percentage of total Managed Assets (including assets attributable to such leverage), and the annual return that the Fund's portfolio must experience (net of expenses) in order to cover such costs. These assumed investment portfolio returns are hypothetical figures and are not necessarily indicative of what the Fund’s investment portfolio returns will be. In other words, the Fund’s actual returns may be greater or less than those appearing in the table below. The table further reflects the use of leverage representing approximately 37.25% of the Fund’s Managed Assets and estimated leverage costs of 4.61%. <div id="xdx_985_ecef--EffectsOfLeverageTableTextBlock_c20250701__20260630_zd9zubOBPMbg"> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; background-color: Gainsboro"> <td style="width: 40%; text-align: justify">Assumed Portfolio Return</td> <td style="width: 12%; text-align: center">-10.00%</td> <td style="width: 12%; text-align: center">-5.00%</td> <td style="width: 12%; text-align: center">0.00%</td> <td style="width: 12%; text-align: center">5.00%</td> <td style="width: 12%; text-align: center">10.00%</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="text-align: justify">Common Share Total Return</td> <td id="xdx_98F_ecef--ReturnAtMinusTenPercent_pid_dp_c20250701__20260630_zx0lac8ZsmR3" style="text-align: center">-18.67%</td> <td id="xdx_980_ecef--ReturnAtMinusFivePercent_pid_dp_c20250701__20260630_zeBzfGhfKwRk" style="text-align: center">-10.71%</td> <td id="xdx_98F_ecef--ReturnAtZeroPercent_pid_dp_c20250701__20260630_zulDOxhwbJFk" style="text-align: center">-2.74%</td> <td id="xdx_98A_ecef--ReturnAtPlusFivePercent_pid_dp_c20250701__20260630_zyV3CUyo1asj" style="text-align: center">5.23%</td> <td id="xdx_987_ecef--ReturnAtPlusTenPercent_dp_c20250701__20260630_zl2qgbNKtBa6" style="text-align: center">13.20%</td></tr> </table></div> Total return is composed of two elements-the dividends on shares paid by the Fund (the amount of which is largely determined by the Fund’s net investment income after paying the cost of leverage) and realized and unrealized gains or losses on the value of the securities the Fund owns. As the table shows, leverage generally increases the return to shareholders when portfolio return is positive or greater than the costs of leverage and decreases return when the portfolio return is negative or less than the costs of leverage. During the time in which the Fund is using leverage, the amount of the fees paid to the Adviser (and from the Adviser to the Subadviser) for investment management services (and subadvisory services) is higher than if the Fund did not use leverage because the fees paid are calculated based on the Fund’s Managed Assets. This may create a conflict of interest between the Adviser and the Subadviser, on the one hand, and Common Shareholders, on the other. Also, because the leverage costs are borne by the Fund at a specified interest rate, only the Fund’s Common Shareholders bear the cost of the Fund’s management fees and other expenses. There can be no assurance that a leveraging strategy will be successful during any period in which it is employed. The following table is furnished in response to requirements of the Securities and Exchange Commission ("SEC"). It is designed to illustrate the effect of leverage on total return on Common Shares, assuming investment portfolio total returns (comprised of income, net expenses and changes in the value of investments held in the Fund’s portfolio) of -10%, -5%, 0%, 5% and 10%. The table below reflects the Fund's continued use of Preferred Shares as of June 30, 2026 as a percentage of total Managed Assets (including assets attributable to such leverage), and the annual return that the Fund's portfolio must experience (net of expenses) in order to cover such costs. These assumed investment portfolio returns are hypothetical figures and are not necessarily indicative of what the Fund’s investment portfolio returns will be. In other words, the Fund’s actual returns may be greater or less than those appearing in the table below. The table further reflects the use of leverage representing approximately 37.25% of the Fund’s Managed Assets and estimated leverage costs of 4.61%. <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; background-color: Gainsboro"> <td style="width: 40%; text-align: justify">Assumed Portfolio Return</td> <td style="width: 12%; text-align: center">-10.00%</td> <td style="width: 12%; text-align: center">-5.00%</td> <td style="width: 12%; text-align: center">0.00%</td> <td style="width: 12%; text-align: center">5.00%</td> <td style="width: 12%; text-align: center">10.00%</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="text-align: justify">Common Share Total Return</td> <td id="xdx_98F_ecef--ReturnAtMinusTenPercent_pid_dp_c20250701__20260630_zx0lac8ZsmR3" style="text-align: center">-18.67%</td> <td id="xdx_980_ecef--ReturnAtMinusFivePercent_pid_dp_c20250701__20260630_zeBzfGhfKwRk" style="text-align: center">-10.71%</td> <td id="xdx_98F_ecef--ReturnAtZeroPercent_pid_dp_c20250701__20260630_zulDOxhwbJFk" style="text-align: center">-2.74%</td> <td id="xdx_98A_ecef--ReturnAtPlusFivePercent_pid_dp_c20250701__20260630_zyV3CUyo1asj" style="text-align: center">5.23%</td> <td id="xdx_987_ecef--ReturnAtPlusTenPercent_dp_c20250701__20260630_zl2qgbNKtBa6" style="text-align: center">13.20%</td></tr> </table> -0.1867 -0.1071 -0.0274 0.0523 0.1320 <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: center"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center">MARKET PRICE(1)</td> <td colspan="2" style="vertical-align: bottom; text-align: center">NET ASSET VALUE(2)</td> <td colspan="2" style="text-align: center; vertical-align: bottom"> PREMIUM/(DISCOUNT) TO NET ASSET VALUE(3)</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: Black 1pt solid; width: 40%; text-align: justify">Quarter Ended</td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center">High</td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center">Low</td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center">High</td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center">Low</td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center">High</td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center">Low</td></tr> <tr style="vertical-align: top; background-color: Gainsboro"> <td style="text-align: justify">June 30, 2024</td> <td id="xdx_988_ecef--HighestPriceOrBid_c20240401__20240630__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDEp_zWvYkhR4cExb" style="text-align: center">$8.77</td> <td id="xdx_986_ecef--LowestPriceOrBid_c20240401__20240630__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDEp_zqycpFkblDkg" style="text-align: center">$8.13</td> <td id="xdx_98D_ecef--HighestPriceOrBidNav_c20240401__20240630__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDIp_zpQSQkP8MEK7" style="text-align: center">$9.50</td> <td id="xdx_98B_ecef--LowestPriceOrBidNav_c20240401__20240630__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDIp_zaKFMFYWzbj2" style="text-align: center">$9.29</td> <td id="xdx_98C_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_c20240401__20240630__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDMp_zRT5cQx3QZc4" style="text-align: center">-7.68%</td> <td id="xdx_984_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_dp_c20240401__20240630__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDMp_zChr9y4G6hWe" style="text-align: center">-12.49%</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="text-align: justify">September 30, 2024</td> <td id="xdx_98C_ecef--HighestPriceOrBid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDEp_zpe0m2Ek7trl" style="text-align: center">$9.28</td> <td id="xdx_989_ecef--LowestPriceOrBid_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDEp_zAs5krzGGoid" style="text-align: center">$8.62</td> <td id="xdx_983_ecef--HighestPriceOrBidNav_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDIp_zxHkMzMDloz5" style="text-align: center">$9.72</td> <td id="xdx_985_ecef--LowestPriceOrBidNav_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDIp_zmHWFv0BSsT4" style="text-align: center">$9.44</td> <td id="xdx_98F_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDMp_zxDpds2LT3M" style="text-align: center">-4.53%</td> <td id="xdx_985_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_dp_c20240701__20240930__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDMp_zKFsB4lveAU2" style="text-align: center">-8.69%</td></tr> <tr style="vertical-align: top; background-color: Gainsboro"> <td style="text-align: justify">December 31, 2024</td> <td id="xdx_982_ecef--HighestPriceOrBid_c20241001__20241231__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDEp_zdSg5SkdY7Jl" style="text-align: center">$9.12</td> <td id="xdx_981_ecef--LowestPriceOrBid_c20241001__20241231__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDEp_z2xq1A4GrlW" style="text-align: center">$8.20</td> <td id="xdx_98C_ecef--HighestPriceOrBidNav_c20241001__20241231__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDIp_zCsCzmIxZwxe" style="text-align: center">$9.51</td> <td id="xdx_983_ecef--LowestPriceOrBidNav_c20241001__20241231__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDIp_zEWjHBRu1Ux3" style="text-align: center">$9.13</td> <td id="xdx_982_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_c20241001__20241231__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDMp_zGOTY9kX8vQb" style="text-align: center">-4.10%</td> <td id="xdx_98D_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_dp_c20241001__20241231__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDMp_zvSge7VVUAk5" style="text-align: center">-10.19%</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="text-align: justify">March 31, 2025</td> <td id="xdx_984_ecef--HighestPriceOrBid_c20250101__20250331__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDEp_zDjWcaxZ7ypd" style="text-align: center">$8.77</td> <td id="xdx_985_ecef--LowestPriceOrBid_c20250101__20250331__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDEp_zFT2LiH67Ue6" style="text-align: center">$8.31</td> <td id="xdx_98E_ecef--HighestPriceOrBidNav_c20250101__20250331__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDIp_z8bCo08ripA5" style="text-align: center">$9.23</td> <td id="xdx_983_ecef--LowestPriceOrBidNav_c20250101__20250331__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDIp_zVKlpsE8gKdg" style="text-align: center">$9.02</td> <td id="xdx_985_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_c20250101__20250331__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDMp_znFMksG5BD98" style="text-align: center">-4.98%</td> <td id="xdx_984_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_dp_c20250101__20250331__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDMp_znYUYkcjcu85" style="text-align: center">-7.87%</td></tr> <tr style="vertical-align: top; background-color: Gainsboro"> <td style="text-align: justify">June 30, 2025</td> <td id="xdx_98F_ecef--HighestPriceOrBid_c20250401__20250630__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDEp_zXM1LBPiStq1" style="text-align: center">$8.67</td> <td id="xdx_98E_ecef--LowestPriceOrBid_c20250401__20250630__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDEp_zzN1U2l0V5M3" style="text-align: center">$8.06</td> <td id="xdx_982_ecef--HighestPriceOrBidNav_c20250401__20250630__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDIp_zm3JRZxuxjL6" style="text-align: center">$9.17</td> <td id="xdx_981_ecef--LowestPriceOrBidNav_c20250401__20250630__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDIp_zedPzrjDSoE9" style="text-align: center">$8.86</td> <td id="xdx_98C_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_c20250401__20250630__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDMp_zL7By3a7D82e" style="text-align: center">-5.45%</td> <td id="xdx_98F_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_dp_c20250401__20250630__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDMp_zFyLktX9xfQi" style="text-align: center">-9.03%</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="text-align: justify">September 30, 2025</td> <td id="xdx_984_ecef--HighestPriceOrBid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDEp_zeawprM9DZmd" style="text-align: center">$8.80</td> <td id="xdx_98D_ecef--LowestPriceOrBid_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDEp_zaqsoDzWp3B5" style="text-align: center">$8.40</td> <td id="xdx_988_ecef--HighestPriceOrBidNav_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDIp_zctApJTzLXA7" style="text-align: center">$9.04</td> <td id="xdx_980_ecef--LowestPriceOrBidNav_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDIp_zf3q6M4fwg41" style="text-align: center">$8.81</td> <td id="xdx_98E_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDMp_zrZaCeM2qKZ" style="text-align: center">-2.64%</td> <td id="xdx_985_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_dp_c20250701__20250930__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDMp_zvHZ96RoqkKc" style="text-align: center">-4.65%</td></tr> <tr style="vertical-align: top; background-color: Gainsboro"> <td style="text-align: justify">December 31, 2025</td> <td id="xdx_98D_ecef--HighestPriceOrBid_c20251001__20251231__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDEp_zzQIVgcqJ3Vl" style="text-align: center">$8.57</td> <td id="xdx_982_ecef--LowestPriceOrBid_c20251001__20251231__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDEp_ziHFau3Zjd51" style="text-align: center">$7.80</td> <td id="xdx_98F_ecef--HighestPriceOrBidNav_c20251001__20251231__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDIp_zODtuBOjaDFf" style="text-align: center">$8.95</td> <td id="xdx_98A_ecef--LowestPriceOrBidNav_c20251001__20251231__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDIp_zCAIRTQDJya1" style="text-align: center">$8.73</td> <td id="xdx_982_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_c20251001__20251231__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDMp_zJVRdHIFGxJi" style="text-align: center">-4.25%</td> <td id="xdx_98A_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_dp_c20251001__20251231__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDMp_zLp3WiqBfdhb" style="text-align: center">-10.65%</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="text-align: justify">March 31, 2026</td> <td id="xdx_98E_ecef--HighestPriceOrBid_c20260101__20260331__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDEp_zPAjvX3kXdy4" style="text-align: center">$7.97</td> <td id="xdx_98D_ecef--LowestPriceOrBid_c20260101__20260331__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDEp_z9tRcBv7Ydrl" style="text-align: center">$7.50</td> <td id="xdx_98A_ecef--HighestPriceOrBidNav_c20260101__20260331__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDIp_zHlYedgGsMab" style="text-align: center">$8.75</td> <td id="xdx_987_ecef--LowestPriceOrBidNav_c20260101__20260331__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDIp_zMai7DzqaLce" style="text-align: center">$8.46</td> <td id="xdx_980_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_c20260101__20260331__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDMp_zq1PT4JAiC1c" style="text-align: center">-8.91%</td> <td id="xdx_98A_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_dp_c20260101__20260331__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDMp_zGFCjEfXNAne" style="text-align: center">-11.35%</td></tr> <tr style="vertical-align: top; background-color: Gainsboro"> <td style="text-align: justify">June 30, 2026</td> <td id="xdx_985_ecef--HighestPriceOrBid_c20260401__20260630__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDEp_z9fAT6Q4EDh8" style="text-align: center">$7.89</td> <td id="xdx_985_ecef--LowestPriceOrBid_c20260401__20260630__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDEp_zaQiOyCY0HZ7" style="text-align: center">$7.50</td> <td id="xdx_988_ecef--HighestPriceOrBidNav_c20260401__20260630__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDIp_z8cokvQVk4od" style="text-align: center">$8.48</td> <td id="xdx_988_ecef--LowestPriceOrBidNav_c20260401__20260630__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDIp_zwOS9FF8B4h3" style="text-align: center">$8.32</td> <td id="xdx_989_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_c20260401__20260630__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDMp_zti7C3G7Csz" style="text-align: center">-6.96%</td> <td id="xdx_986_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_dp_c20260401__20260630__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_fKDMp_zoYfUtLZ67w6" style="text-align: center">-9.86%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">(1)</td><td style="text-align: justify">Based on high and low closing market price for the respective quarter.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">(2)</td><td style="text-align: justify">Based on the NAV calculated on the day of the high and low closing market prices, as applicable, as of the close of regular trading on the NYSE (normally 4:00 p.m. Eastern Time).</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">(3)</td><td style="text-align: justify">Calculated based on the information presented.</td></tr></table> 8.77 8.13 9.50 9.29 -0.0768 -0.1249 9.28 8.62 9.72 9.44 -0.0453 -0.0869 9.12 8.20 9.51 9.13 -0.0410 -0.1019 8.77 8.31 9.23 9.02 -0.0498 -0.0787 8.67 8.06 9.17 8.86 -0.0545 -0.0903 8.80 8.40 9.04 8.81 -0.0264 -0.0465 8.57 7.80 8.95 8.73 -0.0425 -0.1065 7.97 7.50 8.75 8.46 -0.0891 -0.1135 7.89 7.50 8.48 8.32 -0.0696 -0.0986

7.72

8.37

-0.0777 <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Period/Fiscal Year Ended</td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold">Senior Securities</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Average Amount Outstanding</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Asset Coverage</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Involuntary Liquidating Preference per Unit</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Average Market Value per Unit(4)</td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td>June 30, 2026</td><td> </td> <td style="text-align: left">Credit Facility</td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_ecef--SeniorSecuritiesAmt_iI_d0_c20260630__us-gaap--StatementClassOfStockAxis__custom--CreditFacilityMember_zX47Lk9pBIZb" style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_986_ecef--SeniorSecuritiesCvgPerUnit_iI_d0_c20260630__us-gaap--StatementClassOfStockAxis__custom--CreditFacilityMember_z3PJuw0KRSra" style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_eus-gaap--PreferredStockLiquidationPreference_iI_d0_c20260630__us-gaap--StatementClassOfStockAxis__custom--CreditFacilityMember_zTJg7eJJ6Ma8" style="text-align: right" title="Preferred Stock Liquidating Preference">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_ecef--SeniorSecuritiesAverageMarketValuePerUnit_d0_c20250701__20260630__us-gaap--StatementClassOfStockAxis__custom--CreditFacilityMember_fKDQp_zTEFlItIAdie" style="text-align: right" title="Senior Securities Average Market Value per Unit">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 12%"> </td><td style="width: 1%"> </td> <td style="width: 27%; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Series A Cumulative Preferred Stock</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_ecef--SeniorSecuritiesAmt_iI_c20260630__us-gaap--StatementClassOfStockAxis__custom--SeriesACumulativePreferredStockMember_z0nsr52Znytj" style="width: 12%; text-align: right">60,000,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_ecef--SeniorSecuritiesCvgPerUnit_iI_c20260630__us-gaap--StatementClassOfStockAxis__custom--SeriesACumulativePreferredStockMember_fKDMp_z7ETt7dj40Ic" style="width: 12%; text-align: right">66</td><td style="width: 1%; text-align: left">(3) </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eus-gaap--PreferredStockLiquidationPreference_iI_c20260630__us-gaap--StatementClassOfStockAxis__custom--SeriesACumulativePreferredStockMember_z0XNH7OeZyo1" style="width: 12%; text-align: right" title="Preferred Stock Liquidating Preference">25.00</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_ecef--SeniorSecuritiesAverageMarketValuePerUnit_c20250701__20260630__us-gaap--StatementClassOfStockAxis__custom--SeriesACumulativePreferredStockMember_fKDQp_zY0sR3cpJfme" style="width: 12%; text-align: right" title="Senior Securities Average Market Value per Unit">16.99</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td> </td><td> </td> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Series B Cumulative Preferred Stock</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_ecef--SeniorSecuritiesAmt_iI_c20260630__us-gaap--StatementClassOfStockAxis__custom--SeriesBCumulativePreferredStockMember_zTAgKOiHLdcb" style="text-align: right">60,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_981_ecef--SeniorSecuritiesCvgPerUnit_iI_c20260630__us-gaap--StatementClassOfStockAxis__custom--SeriesBCumulativePreferredStockMember_fKDMp_zyABsxLVcWkl" style="text-align: right">66</td><td style="text-align: left">(3) </td><td> </td> <td style="text-align: left">$</td><td id="xdx_987_eus-gaap--PreferredStockLiquidationPreference_iI_c20260630__us-gaap--StatementClassOfStockAxis__custom--SeriesBCumulativePreferredStockMember_zpHzx4RG8qye" style="text-align: right" title="Preferred Stock Liquidating Preference">25.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_ecef--SeniorSecuritiesAverageMarketValuePerUnit_c20250701__20260630__us-gaap--StatementClassOfStockAxis__custom--SeriesBCumulativePreferredStockMember_fKDQp_z4NJyc5mja1i" style="text-align: right" title="Senior Securities Average Market Value per Unit">18.53</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Series C Term Preferred Stock</td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_ecef--SeniorSecuritiesAmt_iI_c20260630__us-gaap--StatementClassOfStockAxis__custom--SeriesCTermPreferredStockMember_zKAxqX9eq6p3" style="text-align: right">4,192,060</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_980_ecef--SeniorSecuritiesCvgPerUnit_iI_c20260630__us-gaap--StatementClassOfStockAxis__custom--SeriesCTermPreferredStockMember_fKDMp_zAEZZ8iZ2aXc" style="text-align: right">66</td><td style="text-align: left">(3) </td><td> </td> <td style="text-align: left">$</td><td id="xdx_985_eus-gaap--PreferredStockLiquidationPreference_iI_c20260630__us-gaap--StatementClassOfStockAxis__custom--SeriesCTermPreferredStockMember_zab0sAGNpEhj" style="text-align: right" title="Preferred Stock Liquidating Preference">10.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_ecef--SeniorSecuritiesAverageMarketValuePerUnit_c20250701__20260630__us-gaap--StatementClassOfStockAxis__custom--SeriesCTermPreferredStockMember_fKDQp_zKnYB1BPIsba" style="text-align: right" title="Senior Securities Average Market Value per Unit">10.19</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td>June 30, 2025</td><td> </td> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Credit Facility</td><td> </td> <td style="text-align: left">$</td><td id="xdx_984_ecef--SeniorSecuritiesAmt_iI_d0_c20250630__us-gaap--StatementClassOfStockAxis__custom--CreditFacilityMember_zwSrzJfqHHTa" style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_ecef--SeniorSecuritiesCvgPerUnit_iI_d0_c20250630__us-gaap--StatementClassOfStockAxis__custom--CreditFacilityMember_zmNn4a3TmMwk" style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_eus-gaap--PreferredStockLiquidationPreference_iI_d0_c20250630__us-gaap--StatementClassOfStockAxis__custom--CreditFacilityMember_z0BXQC2MYnb6" style="text-align: right" title="Preferred Stock Liquidating Preference">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98C_ecef--SeniorSecuritiesAverageMarketValuePerUnit_d0_c20240701__20250630__us-gaap--StatementClassOfStockAxis__custom--CreditFacilityMember_fKDQp_ziCcXcQOKHgk" style="text-align: right" title="Senior Securities Average Market Value per Unit">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Series A Cumulative Preferred Stock</td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_ecef--SeniorSecuritiesAmt_iI_c20250630__us-gaap--StatementClassOfStockAxis__custom--SeriesACumulativePreferredStockMember_zMiaQ5lWAw3h" style="text-align: right">60,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_ecef--SeniorSecuritiesCvgPerUnit_iI_c20250630__us-gaap--StatementClassOfStockAxis__custom--SeriesACumulativePreferredStockMember_fKDMp_zZDZ9g7bevfi" style="text-align: right">67</td><td style="text-align: left">(3) </td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_eus-gaap--PreferredStockLiquidationPreference_iI_c20250630__us-gaap--StatementClassOfStockAxis__custom--SeriesACumulativePreferredStockMember_zwdRa9foHVch" style="text-align: right" title="Preferred Stock Liquidating Preference">25.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_ecef--SeniorSecuritiesAverageMarketValuePerUnit_c20240701__20250630__us-gaap--StatementClassOfStockAxis__custom--SeriesACumulativePreferredStockMember_fKDQp_zo07ptCe4M54" style="text-align: right" title="Senior Securities Average Market Value per Unit">18.54</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td> </td><td> </td> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Series B Cumulative Preferred Stock</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_ecef--SeniorSecuritiesAmt_iI_c20250630__us-gaap--StatementClassOfStockAxis__custom--SeriesBCumulativePreferredStockMember_z3HZYxrPMVSb" style="text-align: right">60,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_987_ecef--SeniorSecuritiesCvgPerUnit_iI_c20250630__us-gaap--StatementClassOfStockAxis__custom--SeriesBCumulativePreferredStockMember_fKDMp_zGq0xkD0n7Ig" style="text-align: right">67</td><td style="text-align: left">(3) </td><td> </td> <td style="text-align: left">$</td><td id="xdx_987_eus-gaap--PreferredStockLiquidationPreference_iI_c20250630__us-gaap--StatementClassOfStockAxis__custom--SeriesBCumulativePreferredStockMember_z3KMQq95uqcd" style="text-align: right" title="Preferred Stock Liquidating Preference">25.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_ecef--SeniorSecuritiesAverageMarketValuePerUnit_c20240701__20250630__us-gaap--StatementClassOfStockAxis__custom--SeriesBCumulativePreferredStockMember_fKDQp_zRefoefbSGyh" style="text-align: right" title="Senior Securities Average Market Value per Unit">20.00</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Series C Term Preferred Stock</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_ecef--SeniorSecuritiesAmt_iI_c20250630__us-gaap--StatementClassOfStockAxis__custom--SeriesCTermPreferredStockMember_zQNaZfrNVFRc" style="text-align: right">4,192,060</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98B_ecef--SeniorSecuritiesCvgPerUnit_iI_c20250630__us-gaap--StatementClassOfStockAxis__custom--SeriesCTermPreferredStockMember_fKDMp_z3mXMWSJ2xw9" style="text-align: right">67</td><td style="text-align: left">(3) </td><td> </td> <td style="text-align: left">$</td><td id="xdx_981_eus-gaap--PreferredStockLiquidationPreference_iI_c20250630__us-gaap--StatementClassOfStockAxis__custom--SeriesCTermPreferredStockMember_zA1z2tjP0GT9" style="text-align: right" title="Preferred Stock Liquidating Preference">10.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_ecef--SeniorSecuritiesAverageMarketValuePerUnit_c20240701__20250630__us-gaap--StatementClassOfStockAxis__custom--SeriesCTermPreferredStockMember_fKDQp_zvHLMxzAUKhf" style="text-align: right" title="Senior Securities Average Market Value per Unit">10.12</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td>June 30, 2024</td><td> </td> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Credit Facility</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_ecef--SeniorSecuritiesAmt_iI_d0_c20240630__us-gaap--StatementClassOfStockAxis__custom--CreditFacilityMember_zi1B9gsGbKag" style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_ecef--SeniorSecuritiesCvgPerUnit_iI_d0_c20240630__us-gaap--StatementClassOfStockAxis__custom--CreditFacilityMember_zEv4PTnfeHK9" style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--PreferredStockLiquidationPreference_iI_d0_c20240630__us-gaap--StatementClassOfStockAxis__custom--CreditFacilityMember_zJhLC6aMMOWe" style="text-align: right" title="Preferred Stock Liquidating Preference">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_ecef--SeniorSecuritiesAverageMarketValuePerUnit_d0_c20230701__20240630__us-gaap--StatementClassOfStockAxis__custom--CreditFacilityMember_fKDQp_zArcZhdDqwPd" style="text-align: right" title="Senior Securities Average Market Value per Unit">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Series A Cumulative Preferred Stock</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_ecef--SeniorSecuritiesAmt_iI_c20240630__us-gaap--StatementClassOfStockAxis__custom--SeriesACumulativePreferredStockMember_zIaUUhWhxyx9" style="text-align: right">60,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_ecef--SeniorSecuritiesCvgPerUnit_iI_c20240630__us-gaap--StatementClassOfStockAxis__custom--SeriesACumulativePreferredStockMember_fKDMp_z9io57KX1qSl" style="text-align: right">140</td><td style="text-align: left">(3) </td><td> </td> <td style="text-align: left">$</td><td id="xdx_981_eus-gaap--PreferredStockLiquidationPreference_iI_c20240630__us-gaap--StatementClassOfStockAxis__custom--SeriesACumulativePreferredStockMember_ztTR3hCeBud8" style="text-align: right" title="Preferred Stock Liquidating Preference">25.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_986_ecef--SeniorSecuritiesAverageMarketValuePerUnit_c20230701__20240630__us-gaap--StatementClassOfStockAxis__custom--SeriesACumulativePreferredStockMember_fKDQp_zeoGyAgQSWgd" style="text-align: right" title="Senior Securities Average Market Value per Unit">18.25</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td> </td><td> </td> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Series B Cumulative Preferred Stock</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98B_ecef--SeniorSecuritiesAmt_iI_c20240630__us-gaap--StatementClassOfStockAxis__custom--SeriesBCumulativePreferredStockMember_zw49UMONNI2l" style="text-align: right">60,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_ecef--SeniorSecuritiesCvgPerUnit_iI_c20240630__us-gaap--StatementClassOfStockAxis__custom--SeriesBCumulativePreferredStockMember_fKDMp_z3qJy75d1lWe" style="text-align: right">140</td><td style="text-align: left">(3) </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98C_eus-gaap--PreferredStockLiquidationPreference_iI_c20240630__us-gaap--StatementClassOfStockAxis__custom--SeriesBCumulativePreferredStockMember_zPteKQAx27el" style="text-align: right" title="Preferred Stock Liquidating Preference">25.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_ecef--SeniorSecuritiesAverageMarketValuePerUnit_c20230701__20240630__us-gaap--StatementClassOfStockAxis__custom--SeriesBCumulativePreferredStockMember_fKDQp_zCdVdIgLHzx4" style="text-align: right" title="Senior Securities Average Market Value per Unit">19.59</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Credit Facility</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_ecef--SeniorSecuritiesAmt_iI_d0_c20240630__us-gaap--StatementClassOfStockAxis__custom--CreditFacilityMember_zXi0giNmrs3c" style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_ecef--SeniorSecuritiesCvgPerUnit_iI_d0_c20240630__us-gaap--StatementClassOfStockAxis__custom--CreditFacilityMember_zVuGdL5khci2" style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--PreferredStockLiquidationPreference_iI_d0_c20240630__us-gaap--StatementClassOfStockAxis__custom--CreditFacilityMember_zu42RDwmCuo1" style="text-align: right" title="Preferred Stock Liquidating Preference">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_ecef--SeniorSecuritiesAverageMarketValuePerUnit_d0_c20230701__20240630__us-gaap--StatementClassOfStockAxis__custom--CreditFacilityMember_fKDQp_zvvTVbANJWN3" style="text-align: right" title="Senior Securities Average Market Value per Unit">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td> </td><td> </td> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Series A Cumulative Preferred Stock</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_ecef--SeniorSecuritiesAmt_iI_c20240630__us-gaap--StatementClassOfStockAxis__custom--SeriesACumulativePreferredStockMember_zRjRrKhYSSm7" style="text-align: right">60,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_ecef--SeniorSecuritiesCvgPerUnit_iI_c20240630__us-gaap--StatementClassOfStockAxis__custom--SeriesACumulativePreferredStockMember_fKDMp_zFWoQEW2pYAa" style="text-align: right">140</td><td style="width: 1%; text-align: left">(3) </td><td> </td> <td style="text-align: left">$</td><td id="xdx_981_eus-gaap--PreferredStockLiquidationPreference_iI_c20240630__us-gaap--StatementClassOfStockAxis__custom--SeriesACumulativePreferredStockMember_zHA1KNnwavWb" style="text-align: right" title="Preferred Stock Liquidating Preference">25.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_986_ecef--SeniorSecuritiesAverageMarketValuePerUnit_c20230701__20240630__us-gaap--StatementClassOfStockAxis__custom--SeriesACumulativePreferredStockMember_fKDQp_z67ojEwXAbkj" style="text-align: right" title="Senior Securities Average Market Value per Unit">18.25</td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Period/Fiscal Year Ended</td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold">Senior Securities</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Average Amount Outstanding</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Asset Coverage</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Involuntary Liquidating Preference per Unit</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Average Market Value per Unit(4)</td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td>June 30, 2023</td><td> </td> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Credit Facility</td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_ecef--SeniorSecuritiesAmt_iI_d0_c20230630__us-gaap--StatementClassOfStockAxis__custom--CreditFacilityMember_zcWwlYYHzKpj" style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_ecef--SeniorSecuritiesCvgPerUnit_iI_d0_c20230630__us-gaap--StatementClassOfStockAxis__custom--CreditFacilityMember_zaxtYrXJkbsa" style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_981_eus-gaap--PreferredStockLiquidationPreference_iI_d0_c20230630__us-gaap--StatementClassOfStockAxis__custom--CreditFacilityMember_zYPWyfUQJ6a4" style="text-align: right" title="Preferred Stock Liquidating Preference">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_985_ecef--SeniorSecuritiesAverageMarketValuePerUnit_d0_c20220701__20230630__us-gaap--StatementClassOfStockAxis__custom--CreditFacilityMember_fKDQp_zGhmHCjWS6Il" style="text-align: right" title="Senior Securities Average Market Value per Unit">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 12%"> </td><td style="width: 1%"> </td> <td style="width: 27%; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Series A Cumulative Preferred Stock</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_ecef--SeniorSecuritiesAmt_iI_c20230630__us-gaap--StatementClassOfStockAxis__custom--SeriesACumulativePreferredStockMember_z41CqKNAUYVc" style="width: 12%; text-align: right">60,000,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_ecef--SeniorSecuritiesCvgPerUnit_iI_c20230630__us-gaap--StatementClassOfStockAxis__custom--SeriesACumulativePreferredStockMember_fKDMp_zFmBTWwOseta" style="width: 12%; text-align: right">142</td><td style="text-align: left">(3) </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eus-gaap--PreferredStockLiquidationPreference_iI_c20230630__us-gaap--StatementClassOfStockAxis__custom--SeriesACumulativePreferredStockMember_ziSSX6Ulh23l" style="width: 12%; text-align: right" title="Preferred Stock Liquidating Preference">25.00</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_ecef--SeniorSecuritiesAverageMarketValuePerUnit_c20220701__20230630__us-gaap--StatementClassOfStockAxis__custom--SeriesACumulativePreferredStockMember_fKDQp_zqBYcGTMHC6c" style="width: 12%; text-align: right" title="Senior Securities Average Market Value per Unit">18.59</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td> </td><td> </td> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Series B Cumulative Preferred Stock</td><td> </td> <td style="text-align: left">$</td><td id="xdx_989_ecef--SeniorSecuritiesAmt_iI_c20230630__us-gaap--StatementClassOfStockAxis__custom--SeriesBCumulativePreferredStockMember_zQq8z9qv39mh" style="text-align: right">60,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_984_ecef--SeniorSecuritiesCvgPerUnit_iI_c20230630__us-gaap--StatementClassOfStockAxis__custom--SeriesBCumulativePreferredStockMember_fKDMp_zQY3OzeP93Dh" style="text-align: right">142</td><td style="text-align: left">(3) </td><td> </td> <td style="text-align: left">$</td><td id="xdx_989_eus-gaap--PreferredStockLiquidationPreference_iI_c20230630__us-gaap--StatementClassOfStockAxis__custom--SeriesBCumulativePreferredStockMember_z7Dvu9RiOHq2" style="text-align: right" title="Preferred Stock Liquidating Preference">25.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98C_ecef--SeniorSecuritiesAverageMarketValuePerUnit_c20220701__20230630__us-gaap--StatementClassOfStockAxis__custom--SeriesBCumulativePreferredStockMember_fKDQp_zhiJkiKvZFFg" style="text-align: right" title="Senior Securities Average Market Value per Unit">19.64</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>June 30, 2022</td><td> </td> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Credit Facility</td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_ecef--SeniorSecuritiesAmt_iI_d0_c20220630__us-gaap--StatementClassOfStockAxis__custom--CreditFacilityMember_zEp5HZKuvHhj" style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_ecef--SeniorSecuritiesCvgPerUnit_iI_d0_c20220630__us-gaap--StatementClassOfStockAxis__custom--CreditFacilityMember_znGPkdb8jw4l" style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--PreferredStockLiquidationPreference_iI_d0_c20220630__us-gaap--StatementClassOfStockAxis__custom--CreditFacilityMember_zh1whkWBbXye" style="text-align: right" title="Preferred Stock Liquidating Preference">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98C_ecef--SeniorSecuritiesAverageMarketValuePerUnit_d0_c20210701__20220630__us-gaap--StatementClassOfStockAxis__custom--CreditFacilityMember_fKDQp_znaQwcY2nUcb" style="text-align: right" title="Senior Securities Average Market Value per Unit">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td> </td><td> </td> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Series A Cumulative Preferred Stock</td><td> </td> <td style="text-align: left">$</td><td id="xdx_984_ecef--SeniorSecuritiesAmt_iI_c20220630__us-gaap--StatementClassOfStockAxis__custom--SeriesACumulativePreferredStockMember_zR6zytmJZX8c" style="text-align: right">60,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98C_ecef--SeniorSecuritiesCvgPerUnit_iI_c20220630__us-gaap--StatementClassOfStockAxis__custom--SeriesACumulativePreferredStockMember_fKDMp_zccLP9icxJGd" style="text-align: right">142</td><td style="text-align: left">(3) </td><td> </td> <td style="text-align: left">$</td><td id="xdx_981_eus-gaap--PreferredStockLiquidationPreference_iI_c20220630__us-gaap--StatementClassOfStockAxis__custom--SeriesACumulativePreferredStockMember_zqwS3kqS47Y6" style="text-align: right" title="Preferred Stock Liquidating Preference">25.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_ecef--SeniorSecuritiesAverageMarketValuePerUnit_c20210701__20220630__us-gaap--StatementClassOfStockAxis__custom--SeriesACumulativePreferredStockMember_fKDQp_zDRBqia45Di5" style="text-align: right" title="Senior Securities Average Market Value per Unit">22.98</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Series B Cumulative Preferred Stock</td><td> </td> <td style="text-align: left">$</td><td id="xdx_981_ecef--SeniorSecuritiesAmt_iI_c20220630__us-gaap--StatementClassOfStockAxis__custom--SeriesBCumulativePreferredStockMember_zqgiE4p6yCC" style="text-align: right">60,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_ecef--SeniorSecuritiesCvgPerUnit_iI_c20220630__us-gaap--StatementClassOfStockAxis__custom--SeriesBCumulativePreferredStockMember_fKDMp_zzHV8Clbx6a" style="text-align: right">142</td><td style="text-align: left">(3) </td><td> </td> <td style="text-align: left">$</td><td id="xdx_987_eus-gaap--PreferredStockLiquidationPreference_iI_c20220630__us-gaap--StatementClassOfStockAxis__custom--SeriesBCumulativePreferredStockMember_zzh8UHMwlwwk" style="text-align: right" title="Preferred Stock Liquidating Preference">25.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_984_ecef--SeniorSecuritiesAverageMarketValuePerUnit_c20210701__20220630__us-gaap--StatementClassOfStockAxis__custom--SeriesBCumulativePreferredStockMember_fKDQp_zB7LV1sPWm04" style="text-align: right" title="Senior Securities Average Market Value per Unit">22.93</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td>June 30, 2021</td><td> </td> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Credit Facility</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_ecef--SeniorSecuritiesAmt_iI_c20210630__us-gaap--StatementClassOfStockAxis__custom--CreditFacilityMember_fKDEp_zymgjuwI15j" style="text-align: right">21,000,000</td><td style="text-align: left">(1) </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_ecef--SeniorSecuritiesCvgPerUnit_iI_c20210630__us-gaap--StatementClassOfStockAxis__custom--CreditFacilityMember_fKDIp_ziTgniW90WH5" style="text-align: right">14,563</td><td style="text-align: left">(2) </td><td> </td> <td style="text-align: left">$</td><td id="xdx_985_eus-gaap--PreferredStockLiquidationPreference_iI_d0_c20210630__us-gaap--StatementClassOfStockAxis__custom--CreditFacilityMember_zi0uv88NZ476" style="text-align: right" title="Preferred Stock Liquidating Preference">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_984_ecef--SeniorSecuritiesAverageMarketValuePerUnit_d0_c20200701__20210630__us-gaap--StatementClassOfStockAxis__custom--CreditFacilityMember_fKDQp_zEzNQNVkQaGj" style="text-align: right" title="Senior Securities Average Market Value per Unit">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Series A Cumulative Preferred Stock</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_ecef--SeniorSecuritiesAmt_iI_c20210630__us-gaap--StatementClassOfStockAxis__custom--SeriesACumulativePreferredStockMember_z8lrTxPFr5xa" style="text-align: right">60,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_ecef--SeniorSecuritiesCvgPerUnit_iI_c20210630__us-gaap--StatementClassOfStockAxis__custom--SeriesACumulativePreferredStockMember_fKDMp_zTQeVvSCSyyj" style="text-align: right">119</td><td style="text-align: left">(3) </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--PreferredStockLiquidationPreference_iI_c20210630__us-gaap--StatementClassOfStockAxis__custom--SeriesACumulativePreferredStockMember_zW8mra21tDC6" style="text-align: right" title="Preferred Stock Liquidating Preference">25.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98C_ecef--SeniorSecuritiesAverageMarketValuePerUnit_c20200701__20210630__us-gaap--StatementClassOfStockAxis__custom--SeriesACumulativePreferredStockMember_fKDQp_zVQuODbRRF3d" style="text-align: right" title="Senior Securities Average Market Value per Unit">24.44</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td>June 30, 2020</td><td> </td> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Credit Facility</td><td> </td> <td style="text-align: left">$</td><td id="xdx_985_ecef--SeniorSecuritiesAmt_iI_c20200630__us-gaap--StatementClassOfStockAxis__custom--CreditFacilityMember_fKDEp_z9ddTaFfhWSk" style="text-align: right">65,500,000</td><td style="text-align: left">(1) </td><td> </td> <td style="text-align: left">$</td><td id="xdx_989_ecef--SeniorSecuritiesCvgPerUnit_iI_c20200630__us-gaap--StatementClassOfStockAxis__custom--CreditFacilityMember_fKDIp_zlGEvhk7ZhU1" style="text-align: right">4,046</td><td style="text-align: left">(2) </td><td> </td> <td style="text-align: left">$</td><td id="xdx_986_eus-gaap--PreferredStockLiquidationPreference_iI_d0_c20200630__us-gaap--StatementClassOfStockAxis__custom--CreditFacilityMember_zQRy0aufZwSb" style="text-align: right" title="Preferred Stock Liquidating Preference">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_ecef--SeniorSecuritiesAverageMarketValuePerUnit_d0_c20190701__20200630__us-gaap--StatementClassOfStockAxis__custom--CreditFacilityMember_fKDQp_zzgDIMbvhp4d" style="text-align: right" title="Senior Securities Average Market Value per Unit">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>June 30, 2019</td><td> </td> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Credit Facility</td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_ecef--SeniorSecuritiesAmt_iI_c20190630__us-gaap--StatementClassOfStockAxis__custom--CreditFacilityMember_fKDEp_zjUkGRkKDb45" style="text-align: right">73,500,000</td><td style="text-align: left">(1) </td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_ecef--SeniorSecuritiesCvgPerUnit_iI_c20190630__us-gaap--StatementClassOfStockAxis__custom--CreditFacilityMember_fKDIp_zpv7uFqHgUUe" style="text-align: right" title="Senior Securities Coverage per Unit">3,711</td><td style="text-align: left">(2) </td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_eus-gaap--PreferredStockLiquidationPreference_iI_d0_c20190630__us-gaap--StatementClassOfStockAxis__custom--CreditFacilityMember_zEKcOLHq7fha" style="text-align: right" title="Preferred Stock Liquidating Preference">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_989_ecef--SeniorSecuritiesAverageMarketValuePerUnit_d0_c20180701__20190630__us-gaap--StatementClassOfStockAxis__custom--CreditFacilityMember_fKDQp_zwujbZ0Tj6Qf" style="text-align: right" title="Senior Securities Average Market Value per Unit">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td>June 30, 2018</td><td> </td> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Credit Facility</td><td> </td> <td style="text-align: left">$</td><td id="xdx_987_ecef--SeniorSecuritiesAmt_iI_c20180630__us-gaap--StatementClassOfStockAxis__custom--CreditFacilityMember_fKDEp_zWw5heyfM2Vk" style="text-align: right">73,500,000</td><td style="text-align: left">(1) </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_ecef--SeniorSecuritiesCvgPerUnit_iI_c20180630__us-gaap--StatementClassOfStockAxis__custom--CreditFacilityMember_fKDIp_zgP0SE57Giob" style="text-align: right" title="Senior Securities Coverage per Unit">3,811</td><td style="text-align: left">(2) </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--PreferredStockLiquidationPreference_iI_d0_c20180630__us-gaap--StatementClassOfStockAxis__custom--CreditFacilityMember_zShWKnDojc4b" style="text-align: right" title="Preferred Stock Liquidating Preference">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98F_ecef--SeniorSecuritiesAverageMarketValuePerUnit_d0_c20170701__20180630__us-gaap--StatementClassOfStockAxis__custom--CreditFacilityMember_fKDQp_zGzZUDDjSWDb" style="text-align: right" title="Senior Securities Average Market Value per Unit">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>June 30, 2017(5)</td><td> </td> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Credit Facility</td><td> </td> <td style="text-align: left">$</td><td id="xdx_986_ecef--SeniorSecuritiesAmt_iI_c20170630__us-gaap--StatementClassOfStockAxis__custom--CreditFacilityMember_fKDUpKDEp_z6HyXD2XyhRa" style="text-align: right">71,500,000</td><td style="text-align: left">(1) </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_ecef--SeniorSecuritiesCvgPerUnit_iI_c20170630__us-gaap--StatementClassOfStockAxis__custom--CreditFacilityMember_fKDUpKDIp_zbsG0XWjv1h4" style="text-align: right" title="Senior Securities Coverage per Unit">4,090</td><td style="text-align: left">(2) </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--PreferredStockLiquidationPreference_iI_d0_c20170630__us-gaap--StatementClassOfStockAxis__custom--CreditFacilityMember_zQF9XfstvUui" style="text-align: right" title="Preferred Stock Liquidating Preference">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98F_ecef--SeniorSecuritiesAverageMarketValuePerUnit_d0_c20160701__20170630__us-gaap--StatementClassOfStockAxis__custom--CreditFacilityMember_fKDQpICg1KQ_____zYOWgL1aZAB1" style="text-align: right" title="Senior Securities Average Market Value per Unit">-</td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">(1)</td><td style="text-align: justify">Principal amount outstanding represents the principal amount owed by the Fund to lenders under credit facility arrangements in place at the time.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">(2)</td><td style="text-align: justify">The asset coverage ratio is calculated by subtracting the Fund’s total liabilities and indebtedness not represented by senior securities from the Fund’s total assets, dividing the result by the aggregate amount of the Fund’s senior securities representing indebtedness then outstanding, and then multiplying by $1,000.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">(3)</td><td style="text-align: justify">The asset coverage ratio for a class of senior securities representing stock is calculated as the Fund's total assets, less all liabilities and indebtedness not represented by the Fund's senior securities, divided by secured senior securities representing indebtedness plus the aggregate of the involuntary liquidation preference of secured senior securities which are stock. The involuntary liquidation preference of a class of senior security, which is a stock, is the amount to which such class of senior security would be entitled on involuntary liquidation of the issuer in preference to a security junior to it. Series B Perpetual Preferred Stock and Series C Term Preferred Stock have the same priority with respect to payment of dividends and distributions and liquidation preference as the issued and outstanding Series A Preferred Stock and any other shares of preferred stock that the Fund may issue. With respect to the Preferred Stock, the asset coverage per share is expressed in terms of dollar amounts per share of outstanding Preferred Stock (based on a liquidation preference of $25 for Series A, $25 for Series B and $10 for Series C) and is equivalent to the Asset Coverage of Preferred Stock presented given Series A, Series B, and Series C Preferred Stock have pari-passu liquidation preference.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">(4)</td><td style="text-align: justify">Represents the average of the daily closing market price per share as reported on the NYSE during the respective period.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">(5)</td><td style="text-align: justify">For the period September 28, 2016, commencement of operations, to June 30, 2017.</td></tr></table> -0 -0

-0

-0 60000000 66

25.00

16.99 60000000 66

25.00

18.53 4192060 66

10.00

10.19 -0 -0

-0

-0 60000000 67

25.00

18.54 60000000 67

25.00

20.00 4192060 67

10.00

10.12 -0 -0

-0

-0 60000000 140

25.00

18.25 60000000 140

25.00

19.59 -0 -0

-0

-0 60000000 140

25.00

18.25 -0 -0

-0

-0 60000000 142

25.00

18.59 60000000 142

25.00

19.64 -0 -0

-0

-0 60000000 142

25.00

22.98 60000000 142

25.00

22.93 21000000 14563

-0

-0 60000000 119

25.00

24.44 65500000 4046

-0

-0 73500000 3711

-0

-0 73500000 3811

-0

-0 71500000 4090

-0

-0 Risk Factors Investing in the Fund involves certain risks relating to its structure and investment objective. You should carefully consider these risk factors, together with all of the other information included in this report, before deciding whether to make an investment in the Fund. An investment in the Fund may not be appropriate for all investors, and an investment in the Common Shares of the Fund should not be considered a complete investment program. The risks set forth below are not the only risks of the Fund, and the Fund may face other risks that have not yet been identified, which are not currently deemed material or which are not yet predictable. If any of the following risks occur, the Fund’s financial condition and results of operations could be materially adversely affected. In such case, the Fund’s NAV and the trading price of its securities could decline, and you may lose all or part of your investment. Certain risk factors included below have been updated since the prior disclosure date to reflect certain non-material updates, and new risk factors regarding artificial intelligence and liquidity risks have been added. Investment-Related Risks: With the exception of Underlying Fund risk (and except as otherwise noted below), the following risks apply to the direct investments the Fund may make, and generally apply to the Fund’s investments in Underlying Funds. That said, each risk described below may not apply to each Underlying Fund. <div id="xdx_985_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--InvestmentAndMarketRisksMember_zqgG3byZHIya"> Investment and Market Risks. An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount invested. The value of the Fund or the Underlying Funds, like other market investments, may move up or down, sometimes rapidly and unpredictably. Overall stock market risks may also affect the NAV of the Fund or the Underlying Funds. Factors such as economic growth and market conditions, interest rate levels and political events affect the securities markets. An investment in the Fund may at any point in time be worth less than the original investment, even after taking into account any reinvestment of dividends and distributions. </div> <div id="xdx_986_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--ManagementRisksMember_zWS656KCQSj5"> Management Risks. The Adviser’s and the Subadviser’s judgments about the attractiveness, value and potential appreciation of a particular asset class or individual security in which the Fund invests may prove to be incorrect and there is no guarantee that the Adviser’s or the Subadviser’s judgment, as applicable, will produce the desired results. </div> <div id="xdx_987_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--FixedIncomeSecuritiesRisksMember_zFEESJrZHbGi"> Fixed Income Securities Risks. The Fund and the Underlying Funds may invest in fixed income securities. Fixed income securities generally represent the obligation of an issuer to repay to the investor (or lender) the amount borrowed plus interest over a specified time period. Fixed income securities increase or decrease in value based on changes in interest rates. If rates increase, the value of the Fund’s or an Underlying Fund’s fixed income securities generally declines. On the other hand, if rates fall, the value of the fixed income securities generally increases. The issuer of a fixed income security may not be able to make interest and principal payments when due. This risk is increased in the case of issuers of high yield securities, also known as “junk” bonds. The Fund and the Underlying Funds may invest in fixed income securities of any credit quality, maturity or duration. Fixed income securities risks include components of the following additional risks (in addition to those described elsewhere): Issuer Risk. The value of fixed income securities may decline for a number of reasons which directly relate to the issuer, such as management performance, leverage, reduced demand for the issuer’s goods and services, historical and projected earnings, and the value of its assets. Changes in an issuer’s credit ratings or the market’s perception of an issuer’s creditworthiness may also affect the value of the fund’s investment in that issuer. Credit Risk. The issuer of a fixed income security may not be able to make interest and principal payments when due. Generally, the lower the credit rating of a security, the greater the risk that the issuer will default on its obligation, which could result in a loss to a fund. The Fund and the Underlying Funds in which it invests may invest in securities that are rated in the lowest investment grade category. Issuers of these securities are more vulnerable to changes in economic conditions than issuers of higher-grade securities. High Yield Securities/Junk Bond Risk. The Fund and the Underlying Funds may invest in high yield securities, also known as “junk bonds.” High yield securities are not considered to be investment grade. High yield securities may provide greater income and opportunity for gain, but entail greater risk of loss of principal. High yield securities are predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal in accordance with the terms of the obligation. The market for high yield securities is generally less active than the market for higher quality securities. This may limit the ability of a fund to sell high yield securities at the price at which it is being valued for purposes of calculating NAV. Interest Rate Risk. The Fund or an Underlying Fund’s NAV and total return will vary in response to changes in interest rates. If rates increase, the value of the Fund’s or an Underlying Fund’s investments generally will decline, as will the Fund’s or the Underlying Fund’s NAV. In typical interest rate environments, the prices of longer-term fixed income securities generally fluctuate more than the prices of shorter-term fixed income securities as interest rates change. Interest rates in the United States and many other countries have experienced significant volatility in recent periods and may continue to fluctuate. Changes in monetary policy, inflationary pressures, fiscal policy and other macroeconomic factors may cause interest rates to rise or fall of the Fund’s or Underlying Fund’s investment horizon, potentially rapidly and unpredictably. To the extent the Fund or an Underlying Fund borrows money to finance its investments, the Fund’s or Underlying Fund’s performance will depend, in part, upon the difference between the rate at which it borrows funds and the rate at which it invests those funds. In periods of rising interest rates, the Fund’s or Underlying Fund’s cost of funds could increase, and in periods of falling interest rates, the Fund’s or Underlying Fund’s investment income could decrease. Adverse developments resulting from changes in interest rates could have a material adverse effect on the Fund’s or Underlying Fund’s financial condition and results. In addition, a decline in the prices of the debt an Underlying Fund owns could adversely affect the Underlying Fund’s NAV. Changes in market interest rates could also affect the ability of operating companies in which the Underlying Fund invests to service debt, which could materially impact the Underlying Fund. SOFR Risk. The Secured Overnight Financing Rate (“SOFR”) is intended to be a broad measure of the cost of borrowing funds overnight in transactions that are collateralized by U.S. Treasury securities. SOFR is calculated based on transaction-level repo data collected from various sources. For each trading day, SOFR is calculated as a volume-weighted median rate derived from such data. SOFR is calculated and published by the Federal Reserve Bank of New York. Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from the London Interbank Offered Rate (“LIBOR”). LIBOR was intended to be an unsecured rate that represents interbank funding costs for different short-term maturities or tenors. It was a forward-looking rate reflecting expectations regarding interest rates for the applicable tenor. Thus, LIBOR was intended to be sensitive, in certain respects, to bank credit risk and to term interest rate risk. In contrast, SOFR is a secured overnight rate reflecting the credit of U.S. Treasury securities as collateral. Thus, it is largely insensitive to credit-risk considerations and to short-term interest rate risks. SOFR is a transaction-based rate, and it has been more volatile than other benchmark or market rates, such as three-month LIBOR, during certain periods. For these reasons, among others, there is no assurance that SOFR, or rates derived from SOFR, will perform in the same or similar way as LIBOR would have performed at any time, and there is no assurance that SOFR-based rates will be a suitable substitute for LIBOR. The future performance of SOFR, and SOFR-based reference rates, cannot be predicted based on SOFR’s history or otherwise. Levels of SOFR in the future may bear little or no relation to historical levels of SOFR, LIBOR or other rates. </div> <div id="xdx_98F_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--MortgageBackedSecuritiesRisksMember_zvZPynJtpyc5"> Mortgage-Backed Securities Risks. Mortgage-backed securities represent participation interests in pools of residential mortgage loans purchased from individual lenders by a federal agency or originated and issued by private lenders. The Fund invests in mortgage-backed securities and is subject to the following risks: Credit and Market Risks of Mortgage-Backed Securities. The mortgage loans or the guarantees underlying mortgage-backed securities may default or otherwise fail leading to non-payment of interest and principal. Prepayment and Extension Risk of Mortgage-Backed Securities: In times of declining interest rates, the Fund’s higher yielding securities may be prepaid and the Fund will have to replace them with securities having a lower yield. Extension risk is the possibility that rising interest rates may cause prepayments to occur at a slower than expected rate. This particular risk may effectively change a security which was considered short or intermediate-term into a long-term security. Long-term securities generally fluctuate more widely in response to changes in interest rates than short or intermediate-term securities. If a mortgage-backed security held by the Fund is called for redemption, the Fund will be required to permit the issuer to redeem or “pay-off” the security, which could have an adverse effect on the Fund’s ability to achieve its investment objective. Illiquidity Risk of Mortgage-Backed Securities and Mortgage Markets. The liquidity of mortgage-backed securities varies by type of security; at certain times the Fund may encounter difficulty in disposing of such investments. Because mortgage-backed securities may be less liquid than other securities, the Fund may be more susceptible to liquidity risks than funds that invest in other securities. In the past, in stressed markets, certain types of mortgage-backed securities suffered periods of illiquidity if disfavored by the market. The mortgage markets are facing additional economic pressures such as the devaluation of the underlying collateral, increased loan underwriting standards which limits the number of real estate purchasers, and excess supply of properties in certain geographic regions, which puts additional downward pressure on the value of real estate in these regions. Commercial Mortgage-Backed Securities. Many of the risks of investing in commercial mortgage-backed securities reflect the risks of investing in the real estate securing the underlying mortgage loans. These risks reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make loan payments and the ability of a property to attract and retain tenants. Commercial mortgage-backed securities may be less liquid and exhibit greater price volatility than other types of mortgage-backed securities. Collateralized Mortgage Obligations. There are certain risks associated specifically with collateralized mortgage obligations (“CMOs”). CMOs are debt obligations collateralized by mortgage loans or mortgage pass-through securities, which utilize estimates of future economic conditions. These estimates may vary from actual future results, particularly during periods of extreme market volatility. CMOs issued by private entities are not guaranteed by any government agency; if the collateral securing the CMO, as well as any third party credit support or guarantees, is insufficient to make payment, the holder could sustain a loss. Residual and Equity Tranches. Investments in lower tranches of a mortgage-related security are especially sensitive to the rate of defaults in the collateral pool. The Fund’s exposure to lower tranches of non-agency mortgage-backed securities may be greater than those set out in the Fund’s investment limits as a result of any investments in such securities by the Underlying Funds in which the Fund invests. Adjustable Rate Mortgages. Adjustable rate mortgages (“ARMs”) contain maximum and minimum rates beyond which the mortgage interest rate may not vary over the lifetime of the security. In addition, many ARMs provide for additional limitations on the maximum amount by which the mortgage interest rate may adjust for any single adjustment period. In the event that a monthly payment is not sufficient to pay the interest accruing on an ARM, any excess interest is added to the principal balance of the mortgage loan, which is repaid through future monthly payments. In addition, certain ARMs may provide for an initial fixed, below-market or “teaser” interest rate. During this initial fixed-rate period, the payment due from the related mortgagor may be less than that of a traditional loan. However, after the “teaser” rate expires, the monthly payment required to be made by the mortgagor may increase dramatically when the interest rate on the mortgage loan adjusts. This increased burden on the mortgagor may increase the risk of delinquency or default on the mortgage loan and in turn, losses on the mortgage-backed securities. Interest and Principal Only Securities Risk. The Fund may invest in “stripped mortgage-backed securities,” which pay to one class all of the interest from the mortgage assets (the interest-only, or “IO” class), while the other class will receive all of the principal (the principal-only, or “PO” class). If the assets underlying the IO class experience greater than anticipated prepayments of principal, the Fund may fail to recoup fully, or at all, its initial investment in these securities. Conversely, PO class securities tend to decline in value if prepayments are slower than anticipated. </div> <div id="xdx_985_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--MortgageMarketSubPrimeRiskMember_zlvWG2bOCBm9"> Mortgage Market/Sub-Prime Risk. The residential mortgage market in the United States has experienced difficulties that, when present, may adversely affect the performance and market value of certain of the Fund’s mortgage-related investments. Delinquencies and losses on residential mortgage loans (especially subprime loans, which refer to loans made to borrowers with weakened credit histories or with a lower capacity to make timely payments on their loans, and second-lien mortgage loans), and a decline in or flattening of housing values (as has been experienced in many housing markets) may exacerbate such delinquencies and losses. Borrowers with adjustable rate mortgage loans are more sensitive to changes in interest rates, which affect their monthly mortgage payments, and may be unable to secure replacement mortgages at comparably low interest rates. During periods of market difficulties reduced investor demand and increased investor yield requirements have at times caused limited liquidity in the secondary market for mortgage-related securities, reducing the value of such securities. </div> <div id="xdx_98E_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--RMBSRiskMember_z1UyNhZAfJ9l"> RMBS Risk. The Fund’s investments in RMBS are subject to the risks of defaults, foreclosure timeline extension, fraud, and home price depreciation and unfavorable modification of loan principal amount. In the event of defaults on the residential mortgage loans that underlie the Fund’s investments in RMBS and the exhaustion of any underlying or any additional credit support, the Fund may not realize an anticipated return on investments and may incur a loss on these investments. On certain RMBS, prepayments of principal may be made at any time. Prepayment rates are influenced by changes in current interest rates and a variety of economic, geographic, social and other factors and cannot be predicted with certainty. </div> <div id="xdx_981_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--CorporateDebtSecuritiesRiskMember_zqLzNESi5uSb"> Corporate Debt Securities Risk. The Fund and Underlying Funds may invest in corporate debt securities. Corporate debt securities are fixed income securities issued by businesses. Notes, bonds, debentures, and commercial paper are the most prevalent types of corporate debt securities. The credit risks of corporate debt securities vary widely among issuers. In addition, the credit risk of an issuer's debt security may vary based on its priority for repayment, meaning that issuers might not make payments on subordinated securities while continuing to make payments on senior securities or, in the event of bankruptcy, holders of senior securities may receive amounts otherwise payable to the holders of subordinated securities. </div> <div id="xdx_987_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--CreditAndBelowInvestmentGradeSecuritiesRisksMember_z0hLyGbjnqhg"> Credit and Below Investment Grade Securities Risks. Credit risk is the risk that an issuer of a security may be unable or unwilling to make dividend, interest and principal payments when due and the related risk that the value of a security may decline because of concerns about the issuer’s ability or willingness to make such payments. Credit risk may be heightened for the Fund because it and the Underlying Funds may invest in below investment grade securities (“junk” and “high yield” securities). Securities of below investment grade quality are regarded as having speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal, and may be subject to higher price volatility and default risk than investment grade securities of comparable terms and duration. Issuers of lower grade securities may be highly leveraged and may not have available to them more traditional methods of financing. The prices of these lower grade securities are typically more sensitive to negative developments, such as a decline in the issuer’s revenues or a general economic downturn. The secondary market for lower rated securities may not be as liquid as the secondary market for more highly rated securities, a factor which may have an adverse effect on the Fund’s ability to dispose of a particular security. </div> <div id="xdx_98C_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--TacticalMunicipalClosedEndFundStrategyRiskMember_z7JR8tPGBUM5"> Tactical Municipal Closed-End Fund Strategy Risk. The Fund invests in CEFs as a principal part of the Tactical Municipal Closed-End Fund Strategy. The Fund may invest in shares of CEFs that are trading at a discount to NAV or at a premium to NAV. There can be no assurance that the market discount on shares of any CEF purchased by the Fund will ever decrease. In fact, it is possible that this market discount may increase and the Fund may suffer realized or unrealized capital losses due to further decline in the market price of the securities of such CEFs, thereby adversely affecting the NAV of the Fund’s Common Shares. Similarly, there can be no assurance that any shares of a CEF purchased by the Fund at a premium will continue to trade at a premium or that the premium will not decrease subsequent to a purchase of such shares by the Fund. The Fund may invest in BDCs as a principal part of the Tactical Closed-End Fund Strategy. BDCs generally invest in less mature U.S. private companies or thinly traded U.S. public companies which involve greater risk than well-established publicly traded companies. While BDCs are expected to generate income in the form of dividends, certain BDCs during certain periods of time may not generate such income. A BDC may make investments with a larger amount of risk of volatility and loss of principal than other investment options and may also be highly speculative and aggressive. </div> <div id="xdx_98B_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--UnderlyingFundRisksMember_zwX2zRfa7I0c"> Underlying Fund Risks. The expenses of the Fund will generally be higher than the direct expenses of other fund shares because the Fund indirectly bears fees and expenses charged by the Underlying Funds in which it invests, and the Fund may also incur brokerage costs when it purchases shares of Underlying Funds. Additionally, the risks associated with investing in the Fund are closely related to the risks associated with the securities and other investments held by the Underlying Funds. The ability of the Fund to achieve its investment objective will depend upon the ability of the Underlying Funds to achieve their investment objectives. There can be no assurance that the investment objective of any Underlying Fund will be achieved. The Fund’s NAV will fluctuate in response to changes in the NAVs of the Underlying Funds in which it invests and will be particularly sensitive to the risks associated with each of the Underlying Funds. Shareholders will bear additional layers of fees and expenses with respect to the Fund’s investments in Underlying Funds because each of the Fund and the Underlying Fund will charge fees and incur separate expenses, which may be magnified if the Underlying Funds use leverage. The Fund’s investments in Underlying Funds may be restricted by certain provisions of the 1940 Act. Under Section 12(d)(1)(A) of the 1940 Act, the Fund may hold securities of an Underlying Fund in amounts which (i) do not exceed 3% of the total outstanding voting stock of the Underlying Fund, (ii) do not exceed 5% of the value of the Fund’s total assets and (iii) when added to all other Underlying Fund securities held by the Fund, do not exceed 10% of the value of the Fund’s total assets. Under Section 12(d)(1)(C) of the 1940 Act, the Fund, together with any other investment companies for which the Adviser acts as an investment adviser, may not, in the aggregate, own more than 10% of the total outstanding voting stock of a registered closed-end investment company. Section 12(d)(1)(F) of the 1940 Act provides that the limitations of Section 12(d)(1) described above shall not apply to securities purchased or otherwise acquired by the Fund if (i) immediately after such purchase or acquisition not more than 3% of the total outstanding stock of such Underlying Fund is owned by the Fund and all affiliated persons of the Fund, and (ii) certain requirements are met with respect to sales charges. In addition, Rule 12d1-4 under the 1940 Act (“Rule 12d1-4”) permits the Fund to invest in Underlying Funds beyond the limitations of Section 12(d)(1) described above, subject to various conditions, including that the Fund enter into an investment agreement with the Underlying Fund (which agreements may impose additional conditions on the Fund). In matters upon which the Fund is solicited to vote as a shareholder of an Underlying Fund, the Adviser may be required to vote Underlying Fund shares in the same proportion as shares held by other shareholders of the Underlying Fund. </div> <div id="xdx_988_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--SPACRisksMember_zQ7Huvdtgn1j"> SPAC Risks. SPACs are collective investment structures that pool funds in order to seek potential acquisition opportunities. Unless and until an acquisition is completed, a SPAC generally invests its assets (less an amount to cover expenses) in U.S. government securities, money market fund securities and cash. SPACs and similar entities may be blank check companies with no operating history or ongoing business other than to seek a potential acquisition. Accordingly, the value of their securities is particularly dependent on the ability of the entity’s management to identify and complete a profitable acquisition. Certain SPACs may seek acquisitions only in limited industries or regions, which may increase the volatility of their prices. If an acquisition that meets the requirements for the SPAC is not completed within a predetermined period of time, the invested funds are returned to the entity’s shareholders. Investments in SPACs may be illiquid and/or be subject to restrictions on resale. To the extent the SPAC is invested in cash or similar securities, this may impact the Fund’s ability to meet its investment objective. The officers and directors of a SPAC may operate multiple SPACs and could have conflicts of interest in determining to which SPAC a particular business opportunity should be presented. In such circumstances, there can be no assurance that a given business opportunity would be presented to the SPAC in which the Fund holds an investment. </div> <div id="xdx_988_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--PrivateDebtRiskMember_z9CNyjvAWfyl"> Private Debt Risk. In addition to the general risks of all debt, private debt often may be illiquid and is typically not listed on an exchange and traded less actively than similar securities issued by public funds. For certain private debt, trading may only be possible through the assistance of the broker who originally brought the security to the market and has a relationship with the issuer. Due to the limited trading market, valuation of such debt might be more difficult. </div> <div id="xdx_983_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--DefaultedAndDistressedSecuritiesRisksMember_zv4yu4ltK8a7"> Defaulted and Distressed Securities Risks. The Fund and the Underlying Funds may invest in defaulted and distressed securities. Defaulted or distressed issuers may be insolvent, in bankruptcy or undergoing some other form of financial restructuring. In the event of a default, the Fund or an Underlying Fund may incur additional expenses to seek recovery. The repayment of defaulted bonds is subject to significant uncertainties, may be delayed, or there may be partial or no recovery of repayment. There is often a time lag between when the Fund and an Underlying Fund makes an investment and when the Fund and the Underlying Fund realizes the value of the investment. </div> <div id="xdx_988_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--LoanRiskMember_zTNZgOrAyL8c"> Loan Risk. The Fund or an Underlying Fund’s investment in loans includes the risk that (i) if a fund holds a loan through another financial intermediary, or relies on a financial intermediary to administer the loan, its receipt of principal and interest on the loan may be subject to the credit risk of that financial intermediary; (ii) it is possible that any collateral securing a loan may be insufficient or unavailable to the fund, because, for example, the value of the collateral securing a loan can decline, be insufficient to meet the obligations of the borrower, or be difficult to liquidate, and that the fund’s rights to collateral may be limited by bankruptcy or insolvency laws; (iii) investments in highly leveraged loans or loans of stressed, distressed, or defaulted issuers may be subject to significant credit and liquidity risk; (iv) a bankruptcy or other court proceeding could delay or limit the ability of the fund to collect the principal and interest payments on that borrower’s loans or adversely affect the fund’s rights in collateral relating to a loan; (v) there may be limited public information available regarding the loan; (vi) the use of a particular interest rate benchmark may limit the fund’s ability to achieve a net return to shareholders that consistently approximates the average published Prime Rate of U.S. banks; (vii) the prices of certain floating rate loans that include a feature that prevents their interest rates from adjusting if market interest rates are below a specified minimum level may be more sensitive to changes in interest rates should interest rates rise but remain below the applicable minimum level; (viii) if a borrower fails to comply with various restrictive covenants that are typically in loan agreements, the borrower may default in payment of the loan; (ix) the fund’s investments in loans may be subject to increased liquidity and valuation risks, risks associated with collateral impairment or access, and risks associated with investing in unsecured loans; (x) opportunities to invest in loans or certain types of loans, such as senior loans, may be limited; (xi) transactions in loans may settle on a delayed basis, and the fund may not receive the proceeds from the sale of a loan for a substantial period of time after the sale, which may result in sale proceeds related to the sale of loans not being available to make additional investments or to meet a fund’s redemption obligations until potentially a substantial period after the sale of the loans; and (xii) loans may be difficult to value and may be illiquid, which may adversely affect an investment in the Fund. </div> <div id="xdx_983_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--AssetBackedSecuritiesRiskMember_zxM5yzF30AJi"> Asset-Backed Securities Risk. An investment in asset-backed securities involves the risk that borrowers may default on the obligations that underlie the asset-backed security and that, during periods of falling interest rates, asset-backed securities may be called or prepaid, which may result in the Fund having to reinvest proceeds in other investments at a lower interest rate, and the risk that the impairment of the value of the collateral underlying a security in which the Fund invests (due, for example, to non-payment of loans) will result in a reduction in the value of the security. Certain asset-backed securities do not have the benefit of the same security interest in the related collateral as do mortgage-backed securities; nor are they provided government guarantees of repayment. Credit card receivables are generally unsecured, and the debtors are entitled to the protection of a number of state and federal consumer credit laws, many of which give such debtors the right to set off certain amounts owed on the credit cards, thereby reducing the balance due. In addition, some issuers of automobile receivables permit the servicers to retain possession of the underlying obligations. If the servicer were to sell these obligations to another party, there is a risk that the purchaser would acquire an interest superior to that of the holders of the related automobile receivables. The impairment of the value of assets (tangible or intangible) underlying an asset-backed security, such as a result of non-payment of loans or non-performance of other collateral or underlying assets, may result in a reduction in the value of such asset-backed securities and losses to the Fund. </div> <div id="xdx_983_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--IlliquidSecuritiesRisksMember_zaA8uOP45is9"> Illiquid Securities Risks. The Fund and the Underlying Funds may invest in illiquid securities. It may not be possible to sell or otherwise dispose of illiquid securities both at the price and within the time period deemed desirable by a fund. Illiquid securities also may be difficult to value or be more volatile investments. </div> <div id="xdx_988_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--MicroSmallAndMediumSizedCompanyRisksMember_zDoEl2GifZ56"> Micro-, Small- and Medium-Sized Company Risks. The Fund, and the Underlying Funds in which it invests, may invest in securities without regard to market capitalization. Investments in securities of micro-, small- and medium-sized companies may be subject to more abrupt or erratic market movements than larger, more established companies. These companies also often trade in lower volumes, have narrower markets for their goods and/or services and more limited managerial and financial resources than larger, more established companies. Since these stocks are often less well known, there will normally be less publicly available information concerning these securities compared to what is available for the securities of larger companies. Micro-, small- and medium-sized companies’ performance can be more volatile and the companies face greater risk of business failure, which could increase the volatility of the Fund’s portfolio. The risks are intensified for investments in micro-cap companies. </div> <div id="xdx_987_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--CollateralizedDebtObligationsRiskMember_zRyVbwVj0KZ1"> Collateralized Debt Obligations Risk. The risks of an investment in a collateralized debt obligation (“CDO”) depend largely on the quality and type of the collateral and the tranche of the CDO in which the Fund invests. Normally, collateralized bond obligations (“CBOs”), collateralized loan obligations and other CDOs are privately offered and may be characterized by the Fund as illiquid securities. In addition to the risks associated with debt instruments (e.g., interest rate risk and credit risk), CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the possibility that the Fund may invest in CDOs that are subordinate to other classes; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results. </div> <div id="xdx_987_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--REITRisksMember_z7Fovu4b9sX5"> REIT Risks. Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. The value of equity REITs may be affected by changes in the value of the underlying property owned by the REITs, while the value of mortgage REITs may be affected by the quality of any credit extended. REITs are dependent upon management skills, are not diversified, and are subject to heavy cash flow dependency, default by borrowers and self-liquidation. REITs also are subject to the possibilities of failing to qualify for tax free pass-through of income under the Internal Revenue Code of 1986, as amended (the “Code”), and failing to maintain their exemption from registration under the 1940 Act. Investment in REITs involves risks similar to those associated with investing in small capitalization companies, and REITs (especially mortgage REITs) are subject to interest rate risks. By investing in REITs directly or indirectly through the Underlying Funds, the Fund indirectly bears its proportionate share of the expenses of the REITs, which are not included in the Fund’s expense table as acquired fund fees and expenses. </div> <div id="xdx_988_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--EquitySecuritiesRiskMember_zsMcWM0VSN95"> Equity Securities Risk. Underlying Funds may invest in equity securities, which are subject to general movements in the stock market, and a significant drop in the stock market may depress the price of securities to which the Underlying Funds have exposure. Equity securities typically have greater price volatility than fixed-income securities. The market price of equity securities owned by Underlying Funds may go down, sometimes rapidly or unpredictably. Equity securities may decline in value due to factors affecting equity securities markets generally, particular industries represented by those markets, or factors directly related to a specific company, such as decisions made by its management. </div> <div id="xdx_98E_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--PreferredStockRiskMember_zrEFhDCMqr7c"> Preferred Stock Risk. Preferred stock is subject to many of the risks associated with debt securities, including interest rate risk. In addition, preferred stocks may not pay dividends, an issuer may suspend payment of dividends on U.S. preferred stock at any time, and in certain situations an issuer may call or redeem its preferred stock or convert it to common stock. Declining common stock values may also cause the value of the Fund’s investments in preferred stocks to decline. </div> <div id="xdx_98E_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--WarrantsRisksMember_zzktfFU4elC4"> Warrants Risks. The Fund and the Underlying Funds may invest in warrants. Warrants do not carry with them the right to dividends or voting rights with respect to the securities that they entitle their holder to purchase and they do not represent any rights in the assets of the issuer. As a result, warrants may be considered to have more speculative characteristics than certain other types of investments. In addition, the value of a warrant does not necessarily change with the value of the underlying securities and a warrant ceases to have value if it is not exercised prior to its expiration date. </div> <div id="xdx_98C_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--DerivativesRisksMember_zTJdmc5tlMF8"> Derivatives Risks. The Fund and the Underlying Funds may enter into derivatives transactions. Derivatives transactions involve investment techniques and risks different from those associated with the Fund’s other investments in Underlying Funds. Generally, a derivative is a financial contract, the value of which depends upon, or is derived from, the value of an underlying asset, reference rate, or index, and may relate to individual debt or equity instruments, interest rates, currencies or currency exchange rates, commodities, related indexes, and other assets. Derivatives can be volatile and involve various types and degrees of risk, depending upon the characteristics of a particular derivative. Derivatives may entail investment exposures that are greater than their cost would suggest, meaning that a small investment in a derivative could have a large potential impact on the performance of the Fund or an Underlying Fund. The Fund or an Underlying Fund could experience a loss if derivatives do not perform as anticipated, if they are not correlated with the performance of other investments which they are used to hedge or if the Fund is unable to liquidate a position because of an illiquid secondary market. When used for speculative purposes, derivatives will produce enhanced investment exposure, which will magnify gains and losses. The Fund and the Underlying Funds also will be subject to credit risk with respect to the counterparties to the derivatives contracts purchased by such fund. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund or an Underlying Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding. The Fund or an Underlying Fund may obtain only a limited recovery or may obtain no recovery in such circumstances. The use of derivatives is also subject to operational and legal risks. Operational risks generally refer to risks related to potential operational issues, including documentation issues, settlement issues, system failures, inadequate controls, and human error. Legal risks generally refer to risks of loss resulting from insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract. Rule 18f-4 under the 1940 Act prescribes specific value-at-risk leverage limits for certain derivatives users. In addition, Rule 18f-4 requires certain derivatives users to adopt and implement a derivatives risk management program (including the appointment of a derivatives risk manager, and the implementation of certain testing requirements), and prescribes reporting requirements in respect of derivatives. Subject to certain conditions, if a fund qualified as a “limited derivatives user,” as defined in Rule 18f-4, it is not subject to the full requirements of Rule 18f-4. With respect to reverse repurchase agreements or other similar financing transactions in particular, Rule 18f-4 permits a fund to enter into such transactions if the fund either (i) complies with the asset coverage requirements of Section 18 of the 1940 Act, and combines the aggregate amount of indebtedness associated with all reverse repurchase agreements or similar financing with the aggregate amount of any other senior securities representing indebtedness when calculating the relevant asset coverage ratio, or (ii) treats all reverse repurchase agreements or similar financing transactions as derivatives transactions for all purposes under Rule 18f-4. The Fund has adopted procedures for investing in derivatives and other transactions in compliance with Rule 18f-4. </div> <div id="xdx_98D_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--OptionsAndFuturesRisksMember_zE9Pu1D2AGR6"> Options and Futures Risks. Options and futures contracts may be more volatile than investments made directly in the underlying securities, involve additional costs, and may involve a small initial investment relative to the risk assumed. In addition, futures and options markets could be illiquid in some circumstances and certain over-the-counter options could have no markets. As a result, in certain markets, a fund may not be able to close out a transaction without incurring substantial losses. Although a fund’s use of futures and options transactions for hedging should tend to minimize the risk of loss due to a decline in the value of the hedged position, at the same time, it will tend to limit any potential gain to a fund that might result from an increase in value of the position. </div> <div id="xdx_98B_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--SwapRisksMember_zN3Z4X9rsHhj"> Swap Risks. The Fund and the Underlying Funds may enter into various swap agreements. Swap agreements are subject to interest rate risks; credit risks; the risk that the counterparty to the swap will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to pay the counterparty to the swap. In addition, there is the risk that a swap may be terminated by the Fund or the counterparty in accordance with its terms. Each of these could cause the Fund to incur losses and fail to obtain its investment objective. </div> <div id="xdx_987_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--ShortSaleRisksMember_zqoThzix8Hof"> Short Sale Risks. A short sale is a transaction in which a fund sells a security it does not own in anticipation that the market price of that security will decline. Positions in shorted securities are speculative and riskier than long positions (purchases) in securities because the maximum sustainable loss on a security purchased is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the shorted security. Therefore, in theory, securities sold short have unlimited risk, will also result in higher transaction costs and may result in higher taxes. </div> <div id="xdx_980_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--ReverseRepurchaseAgreementsRisksMember_zdBqYJjF0Wne"> Reverse Repurchase Agreements Risks. The use by the Fund of reverse repurchase agreements involves many of the same risks associated with the Fund’s use of bank borrowings since the proceeds derived from such reverse repurchase agreements may be invested in additional securities. Reverse repurchase agreements involve the risk that the market value of the securities acquired in connection with the reverse repurchase agreement may decline below the price of the securities the Fund has sold but is obligated to repurchase, and that the securities may not be returned to the Fund. Also, reverse repurchase agreements involve the risk that the market value of the securities retained in lieu of sale by the Fund in connection with the reverse repurchase agreement may decline in price. </div> <div id="xdx_989_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--ForeignInvestingRiskMember_zZEWbLN8GF51"> Foreign Investing Risk. Investments in foreign securities may be affected by currency controls and exchange rates, different accounting, auditing, financial reporting, and legal standards and practices; expropriation, changes in tax policy, greater market volatility, differing securities market structures, higher transaction costs, and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. These risks may be heightened in connection with investments in emerging or developing countries. </div> <div id="xdx_98B_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--CurrencyRiskMember_zahNbrnLusUk"> Currency Risk. To the extent that the Fund invests in securities denominated in, and/or receiving revenues in, foreign currencies, it will be subject to currency risk. This is the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Currencies may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention by U.S. or foreign governments, central banks or supranational agencies, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. </div> <div id="xdx_986_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--EmergingMarketsRiskMember_zqgoA2UE5pVe"> Emerging Markets Risk. Investment in emerging market securities involves greater risk than that associated with investment in securities of issuers in developed foreign countries. These risks include volatile currency exchange rates, periods of high inflation, increased risk of default, greater social, economic and political uncertainty and instability, less governmental supervision and regulation of securities markets, weaker auditing and financial reporting standards, lack of liquidity in the markets, and the significantly smaller market capitalizations of emerging market issuers. </div> <div id="xdx_98E_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--SovereignDebtObligationRiskMember_zM59g6zR7nH1"> Sovereign Debt Obligation Risk. Investment in sovereign debt obligations involves special risks not present in corporate debt obligations. The issuer of the sovereign debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Fund and the Underlying Funds may have limited recourse in the event of a default. During periods of economic uncertainty, the market prices of sovereign debt may be more volatile than prices of U.S. debt obligations. In the past, certain emerging markets have encountered difficulties in servicing their debt obligations, withheld payments of principal and interest, and declared moratoria on the payment of principal and interest on their sovereign debts. Sovereign debt obligations are also subject to political risks (e.g., government instability, poor socioeconomic conditions, corruption, lack of democratic accountability, internal and external conflict, poor quality of bureaucracy, and religious and ethnic tensions) and economic risks (e.g., the relative size of the governmental entity’s debt position in relation to the economy, high foreign debt as a percentage of gross domestic product or exports, high inflation or deflation, or an overvalued exchange rate) or a combination of these risks, such as the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. </div> <div id="xdx_981_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--USGovernmentSecuritiesRiskMember_zM02SsCoDk46"> U.S. Government Securities Risk. The Fund and the Underlying Funds may invest in U.S. government securities, which are obligations of, or guaranteed by, the U.S. government or its agencies, instrumentalities or government-sponsored enterprises. Some U.S. government securities are supported by the full faith and credit of the United States; others are supported by the right of the issuer to borrow from the U.S. Treasury; others are supported by the discretionary authority of the U.S. government to purchase the agency’s obligations; and still others are supported only by the credit of the instrumentality. The U.S. government’s guarantee of ultimate payment of principal and timely payment of interest on certain U.S. government securities owned by the Fund or an Underlying Fund does not imply that the Fund’s or the Underlying Fund’s shares are guaranteed or that the price of the Fund’s or the Underlying Fund’s shares will not fluctuate. In addition, securities issued by Freddie Mac, Fannie Mae and Federal Home Loan Banks are not obligations of, or insured by, the U.S. government. If a U.S. government agency or instrumentality in which the Fund or an Underlying Fund invests defaults, and the U.S. government does not stand behind the obligation, the Fund’s or an Underlying Fund’s share price or yield could fall. Securities of certain U.S. government sponsored entities are neither issued nor guaranteed by the U.S. government. All U.S. government obligations are subject to interest rate risk. </div> <div id="xdx_984_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--MunicipalSecuritiesRiskMember_zA43Mm0MqEw8"> Municipal Securities Risk. Municipal securities are long-term fixed rate debt obligations that generally decline in value with increases in interest rates, when an issuer’s financial condition worsens or when the rating on a bond is decreased. Many municipal securities may be called or redeemed prior to their stated maturity. Lower-quality revenue bonds and other credit-sensitive municipal securities carry higher risks of default than general obligation bonds. In addition, the amount of public information available about municipal securities is generally less than that for corporate equities or bonds and municipal securities may be less liquid than such securities. Special factors, such as legislative changes and local and business developments, may adversely affect the yield and/or value of the Fund’s or Underlying Fund’s investments in municipal securities. Other factors include the general conditions of the municipal securities market, the size of the particular offering, the maturity and the rating of the issue. The ability of municipal issuers to make timely payments of interest and principal may be diminished during general economic downturns and as cost burdens are reallocated among federal, state and local governments. Issuers of municipal securities might seek protection under bankruptcy laws. In the event of bankruptcy of such an issuer, holders of municipal securities could experience delays in collecting principal and interest and such holders may not be able to collect all principal and interest to which they are entitled. </div> <div id="xdx_984_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--StructuredNotesRiskMember_zf4N6YBLZVZk"> Structured Notes Risk. Structured notes are subject to a number of fixed income risks including general market risk, interest rate risk, and the risk that the issuer on the note may fail to make interest and/or principal payments when due, or may default on its obligations entirely. In addition, as a result of the imbedded derivative features, structured notes generally are subject to more risk than investing in a simple note or bond issued by the same issuer. To the extent that the fixed income portion of the Fund’s portfolio includes structured notes, the Fund may be more volatile. The actual trading prices of structured notes may be significantly different from the principal amount of the notes. If the Fund sells the structured notes prior to maturity, it may suffer a loss of principal. </div> <div id="xdx_98B_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--RatingAgencyRiskMember_zpSBK88WvOx5"> Rating Agency Risk. Ratings represent an NRSRO's opinion regarding the quality of the security and are not a guarantee of quality. NRSROs may fail to make timely credit ratings in response to subsequent events. In addition, NRSROs are subject to an inherent conflict of interest because they are often compensated by the same issuers whose securities they grade. </div> <div id="xdx_980_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--LegislationAndRegulatoryRisksMember_zAQygicY3oY5"> Legislation and Regulatory Risks. At any time, legislation or additional regulations may be enacted that could negatively affect the assets of the Fund, securities held by the Fund or the issuers of such securities. Fund shareholders may incur increased costs resulting from such legislation or additional regulation. There can be no assurance that future legislation, regulation or deregulation will not have a material adverse effect on the Fund or will not impair the ability of the Fund to achieve its investment objective. </div> <div id="xdx_982_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--MarketEventsRisksMember_zsTmbGJzfdtf"> Market Events Risks. The value of the Fund’s or Underlying Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund or Underlying Funds may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, volatility in the equity markets, market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, financial institution instability, trade disruption, recessions or other events or adverse investor sentiment or other political, regulatory, and market developments (including the threatened or actual imposition of tariffs, restrictions on foreign investment and currency repatriation), and developments that impact specific economic sectors, industries or segments of the market. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. government to increase the statutory debt ceiling could impact the creditworthiness of the U.S. and could impact the liquidity of the U.S. government securities markets and ultimately the Fund. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide due to increasingly interconnected global economies and financial markets. Additionally, various countries have seen significant internal conflicts and, in some cases, civil wars may have had an adverse impact on the securities markets of the countries concerned. In addition, the occurrence of new disturbances due to acts of war or terrorism or other political developments cannot be excluded. Nationalization, expropriation or confiscatory taxation, currency blockage, political changes, government regulation, political, regulatory or social instability or uncertainty or diplomatic developments, including the imposition of sanctions or other similar measures, could adversely affect the Fund’s investments. The impairment or failure of one or more banks with whom the Fund transacts may inhibit the Fund’s ability to access depository accounts. In such cases, the Fund may be forced to delay or forgo investments, resulting in lower Fund performance. In the event of such a failure of a banking institution where the Fund holds depository accounts, access to such accounts could be restricted and U.S. Federal Deposit Insurance Corporation (“FDIC”) protection may not be available for balances in excess of amounts insured by the FDIC. In such instances, the Fund may not recover such excess, uninsured amounts. Recently, the United States has enacted or proposed to enact significant new tariffs, and various federal agencies have been directed to further evaluate key aspects of U.S. trade policy, which could potentially lead to significant changes to current policies, treaties, and tariffs. There continues to exist significant uncertainty about the future relationship between the U.S. and other countries with respect to such trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global trade, in particular, trade between the impacted nations and the U.S.; global financial markets’ stability; and global economic conditions. These events could, in turn, adversely affect the Fund’s performance. Additionally, climate change poses long-term threats to physical and biological systems. Potential hazards and risks related to climate change for a State or municipality include, among other things, wildfires, rising sea levels, more severe coastal flooding and erosion hazards, and more intense storms. Storms in recent years have demonstrated vulnerabilities in a State's or municipality's infrastructure to extreme weather events. Climate change risks, if they materialize, can adversely impact a State's or municipality's financial plan in current or future years. In addition, economists and others have expressed increasing concern about the potential effects of global climate change on property and security values. A rise in sea levels, an increase in powerful windstorms and/or a climate-driven increase in sea levels or flooding could cause coastal properties to lose value or become unmarketable altogether. Economists warn that, unlike previous declines in the real estate market, properties in affected coastal zones may not ever recover their value. Large wildfires driven by high winds and prolonged drought may devastate businesses and entire communities and may be very costly to any business found to be responsible for the fire. Regulatory changes and divestment movements tied to concerns about climate change could adversely affect the value of certain land and the viability of industries whose activities or products are seen as accelerating climate change. These losses could adversely affect the bonds of municipalities that depend on tax or other revenues and tourist dollars generated by affected properties, and insurers of the property and/or of municipal securities. Since property and security values are driven largely by buyers' perceptions, it is difficult to know the time period over which these market effects might unfold. </div> <div id="xdx_983_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--ArtificialIntelligenceRiskMember_z7n1TrO1gFc1"> Artificial Intelligence Risk. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. As the use of technology grows, liquidity and market movements may be affected. As artificial intelligence is used more widely, the profitability and growth of Fund holdings may be impacted, which could significantly impact the overall performance of the Fund. This risk has been added since the prior disclosure date. </div> <div id="xdx_985_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--DefensiveMeasuresMember_z1H11PLLgvg7"> Defensive Measures. The Fund may invest up to 100% of its assets in cash, cash equivalents and short-term investments as a defensive measure in response to adverse market conditions or opportunistically at the discretion of the Adviser or Subadviser. During these periods, the Fund may not be pursuing its investment objectives. </div> <div id="xdx_988_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--AlternativeCreditandPassThroughNotesRiskMember_z1cENN4PeWO1"> Alternative Credit and Pass-Through Notes Risk. Alternative Credit Instruments are generally not rated and constitute a highly risky and speculative investment, similar to an investment in “junk” bonds. There can be no assurance that payments due on underlying Alternative Credit investments will be made. The Shares therefore should be purchased only by investors who could afford the loss of the entire amount of their investment. A substantial portion of the Alternative Credit in which the Fund may invest will not be secured by any collateral, will not be guaranteed or insured by a third party and will not be backed by any governmental authority. Accordingly, the platforms and any third-party collection agencies will be limited in their ability to collect on defaulted Alternative Credit. With respect to Alternative Credit secured by collateral, there can be no assurance that the liquidation of any such collateral would satisfy a borrower’s obligation in the event of a default under its Alternative Credit. Furthermore, Alternative Credit may not contain any cross-default or similar provisions. A cross-default provision makes a default under certain debt of a borrower an automatic default on other debt of that borrower. The effect of this can be to allow other creditors to move more quickly to claim any assets of the borrower. To the extent an Alternative Credit investment does not contain a cross-default provision, the loan will not be placed automatically in default upon that borrower’s default on any of the borrower’s other debt obligations, unless there are relevant independent grounds for a default on the loan. In addition, the Alternative Credit investment will not be referred to a third-party collection agency for collection because of a borrower’s default on debt obligations other than the Alternative Credit investment. If a borrower first defaults on debt obligations other than the Alternative Credit investment, the creditors to such other debt obligations may seize the borrower’s assets or pursue other legal action against the borrower, which may adversely impact the ability to recoup any principal and interest payments on the Alternative Credit investment if the borrower subsequently defaults on the loan. In addition, an operator of a platform is generally not required to repurchase Alternative Credit investments from a lender except under very narrow circumstances, such as in cases of verifiable identity fraud by the borrower. Borrowers may seek protection under federal bankruptcy law or similar laws. If a borrower files for bankruptcy (or becomes the subject of an involuntary petition), a stay will go into effect that will automatically put any pending collection actions on hold and prevent further collection action absent bankruptcy court approval. Whether any payment will ultimately be made or received on an Alternative Credit investment after bankruptcy status is declared depends on the borrower’s particular financial situation and the determination of the court. It is possible that the borrower’s liability on the Alternative Credit investment will be discharged in bankruptcy. In most cases involving the bankruptcy of a borrower with an unsecured Alternative Credit investment, unsecured creditors will receive only a fraction of any amount outstanding on their loan, if anything at all. As Pass-Through Notes generally are pass-through obligations of the operators of the lending platforms and are not direct obligations of the borrowers under the underlying Alternative Credit investment originated by such platforms, holders of certain Pass-Through Notes are exposed to the credit risk of the operator. An operator that becomes subject to bankruptcy proceedings may be unable to make full and timely payments on its Pass-Through Notes even if the borrowers of the underlying Alternative Credit investment timely make all payments due from them. Although some operators have chosen to address operator insolvency risk by organizing special purpose subsidiaries to issue the Pass-Through Notes, there can be no assurance that any such subsidiary would not be consolidated into the operator’s bankruptcy estate should the operator become subject to bankruptcy proceedings. In such event, the holders of the Pass-Through Notes would remain subject to all the risks associated with an operator insolvency. In addition, Pass-Through Notes are non-recourse obligations (except to the extent that the operator receives payments from the borrower on the loan). Accordingly, lenders assume all the borrower credit risk on the loans they fund and are not entitled to recover any deficiency of principal or interest from the operator if the borrower defaults on its payments. There may be a delay between the time the Fund commits to purchase a Pass-Through Note and the issuance of such note and, during such delay, the funds committed to such an investment will not be available for investment in other Alternative Credit Instruments. Because the funds committed to an investment in Pass-Through Notes do not earn interest until the issuance of the note, the delay in issuance will have the effect of reducing the effective rate of return on the investment. </div> <div id="xdx_98B_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--PlatformConcentrationRiskMember_zxfMqlQ3GxX5"> Platform Concentration Risk. The Fund may invest 25% or more of its Managed Assets in Alternative Credit originated from one or a limited number of platform(s). A concentration in select platforms may subject the Fund to increased dependency and risks associated with those platforms than it would otherwise be subject to if it were more broadly diversified across a greater number of platforms. The Fund may be more susceptible to adverse events affecting such platforms, particularly if such platforms were unable to sustain their current lending models. In addition, many platforms and/or their affiliated entities have incurred operating losses since their inception and may continue to incur net losses in the future. The Fund’s concentration in certain platforms may also expose it to increased risk of default and loss on the Alternative Credit in which it invests through such platforms if such platforms have, among other characteristics, lower borrower credit criteria or other minimum eligibility requirements, or have deficient procedures for conducting credit and interest rate analyses as part of their loan origination processes, relative to other platforms. In addition, the fewer platforms through which the Fund invests, the greater the risks associated with those platforms changing their arrangements will become. For instance, the platforms may change their underwriting and credit models, borrower acquisition channels and quality of debt collection procedures in ways which may make the loans originated through such platforms unsuitable for investment by the Fund. Moreover, a platform may become involved in a lawsuit, which may adversely impact that platform’s performance and reputation and, in turn, the Fund’s portfolio performance. An investor may become dissatisfied with a platform’s marketplace if a loan underlying its investment is not repaid and it does not receive full payment. As a result, such platform’s reputation may suffer and the platform may lose investor confidence, which could adversely affect investor participation on the platform’s marketplace. </div> <div id="xdx_983_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--PlatformRelianceRiskMember_zpdqk8bn8td1"> Platform Reliance Risk. The Fund is dependent on the continued success of the platforms that originate the Fund’s Alternative Credit Instruments and the Fund materially depends on such platforms for loan data and the origination, sourcing and servicing of Alternative Credit investments. If such platforms were unable or impaired in their ability to operate their lending business, the Adviser may be required to seek alternative sources of investments (e.g., Alternative Credit originated by other platforms), which could adversely affect the Fund’s performance and/or prevent the Fund from pursuing its investment objective and strategies. In order to sustain its business, platforms and their affiliated entities may be dependent in large part on their ability to raise additional capital to fund their operations. If a platform and its affiliated entities are unable to raise additional funding, they may be unable to continue their operations. The Fund may have limited knowledge about the underlying Alternative Credit in which it invests and will be dependent upon the platform originating such loans for information on the loans. Some investors of Alternative Credit Instruments, including the Fund, may not review the particular characteristics of the loans in which they invest at the time of investment, but rather negotiate in advance with platforms the general criteria of the investments. As a result, the Fund is dependent on the platforms’ ability to collect, verify and provide information to the Fund about each Alternative Credit investment and borrower. Each of the platforms from which the Fund will purchase Alternative Credit Instruments retains an independent auditor to conduct audits on a routine basis. </div> Structural Risks: <div id="xdx_98C_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--MarketDiscountMember_zdcbMbjr9STk"> Market Discount. Common stock of CEFs frequently trades at a discount from its NAV. This risk may be greater for investors selling their shares in a relatively short period of time after completion of the initial offering. The Fund’s Common Shares may trade at a price that is less than the initial offering price. This risk would also apply to the Fund’s investments in CEFs. </div> <div id="xdx_98F_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--InvestmentStyleRiskMember_zM878xT9Hdfk"> Investment Style Risk. The Fund is managed by allocating the Fund’s assets to three different strategies, which could cause the Fund to underperform funds that do not limit their investments to these three strategies during periods when these strategies underperform other types of investments. </div> <div id="xdx_989_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--MultiManagerRiskMember_zBZAun8WKBO2"> Multi-Manager Risk. The Adviser and the Subadviser’s investment styles may not always be complementary, which could adversely affect the performance of the Fund. The Adviser and the Subadviser may, at any time, take positions that in effect may be opposite of positions taken by each other, incurring brokerage and other transaction costs without accomplishing any net investment results. The multi-manager approach could increase the Fund’s portfolio turnover rates, which may result in higher trading costs and tax consequences associated with portfolio turnover that may adversely affect the Fund’s performance. Further, if the Subadviser is not retained, Fund performance will become dependent on the Adviser or a new subadviser successfully implementing the municipal bond income strategy, which might have adverse effect on an investment in the Fund. </div> <div id="xdx_981_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--AssetAllocationRiskMember_zk8nYl82ZI67"> Asset Allocation Risk. To the extent that the Adviser’s asset allocation between the Fund’s principal investment strategies may fail to produce the intended result, the Fund’s return may suffer. Additionally, the potentially active asset allocation style of the Fund may lead to changing allocations over time and represent a risk to investors who target fixed asset allocations. </div> <div id="xdx_98E_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--LeverageRisksMember_zLrLM4IcyDL9"> Leverage Risks. Leverage is a speculative technique that exposes the Fund to greater risk and increased costs than if it were not implemented. Increases and decreases in the value of the Fund’s portfolio will be magnified when the Fund uses leverage. As a result, leverage may cause greater changes in the Fund’s NAV. The leverage costs may be greater than the Fund’s return on the underlying investments made from the proceeds of leverage. The Fund’s leveraging strategy may not be successful. Leverage risk would also apply to the Fund’s investments in Underlying Funds to the extent an Underlying Fund uses leverage. To the extent the Fund uses leverage and invests in Underlying Funds that also use leverage, the risks associated with leverage will be magnified, potentially significantly. </div> <div id="xdx_985_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--PotentialConflictsOfInterestRiskMember_zpelGAQ4teoe"> Potential Conflicts of Interest Risk. The Adviser and the Subadviser each manages and/or advises other investment funds or accounts with the same or similar investment objectives and strategies as the Fund, and, as a result may face conflicts of interest regarding the implementation of the Fund’s strategy and allocation between funds and accounts. This may limit the Fund’s ability to take full advantage of the investment opportunity or affect the market price of the investment. Each party may also have incentives to favor one account over another due to different fees paid to such accounts. While each party has adopted policies and procedures that address these potential conflicts of interest, there is no guarantee that the policies will be successful in mitigating the conflicts of interest that arise. In addition, the Fund’s use of leverage will increase the amount of the fees paid to the Adviser and Subadviser, creating a financial incentive for the Adviser to leverage the Fund. </div> <div id="xdx_98C_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--LiquidityRisksMember_zsvjvNoSuUi1"> Liquidity Risks. Although the Shares are listed on the NYSE, there might be no or limited trading volume in the Fund’s Shares. Moreover, there can be no assurance that the Fund will continue to meet the listing eligibility requirements of a national securities exchange. Accordingly, investors may be unable to sell all or part of their Shares in a particular timeframe. Shares in the Fund are therefore suitable only for investors that can bear the risks associated with the limited liquidity of Shares and should be viewed as a long-term investment. Unlike open-end funds (commonly known as mutual funds) which generally permit redemptions on a daily basis, Shares will not be redeemable at an investor’s option. The NAV of the Shares may be volatile. The Fund is designed for long-term investors and not as a trading vehicle. Moreover, the Shares will not be eligible for “short sale” transactions or other directional hedging products. This risk has been added since the prior disclosure date. </div> <div id="xdx_989_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--StockholderActivismMember_zQAGYbUY7Z5h"> Stockholder Activism. The Fund may in the future become the target of stockholder activism. Stockholder activism could result in substantial costs and divert management’s and the Board’s attention and resources from its business, and the Fund may incur substantial costs defending against such activism if management and the Board determine that the activist’s demands are not in the best interests of the Fund. Also, the Fund may be required to incur significant legal and other expenses related to any activist stockholder matters. Further, the Fund’s stock price could be subject to significant fluctuation or otherwise be adversely affected by the events, risks and uncertainties of any stockholder activism. </div> <div id="xdx_98F_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--CybersecurityRiskMember_zifKhl74nA58"> Cybersecurity Risk. A cybersecurity breach may disrupt the business operations of the Fund or its service providers. Cybersecurity breaches can result from both intentional and unintentional events, and breach may allow an unauthorized party to gain access to Fund assets, customer data, or proprietary information, or cause the Fund and/or its service providers to suffer data corruption or lose operational functionality. Such events could result in regulatory penalties, reputational damage, additional compliance costs, and/or financial loss to the Fund. </div> <div id="xdx_983_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--AntiTakeoverProvisionsMember_zPyu0SSXwXN7"> Anti-Takeover Provisions. Maryland law and the Fund’s Charter and Bylaws include provisions that could limit the ability of other entities or persons to acquire control of the Fund or to convert the Fund to open-end status, including the adoption of a staggered Board of Directors and the supermajority voting requirements. These provisions could deprive the common shareholders of opportunities to sell their common shares at a premium over the then current market price of the common shares or at NAV. </div> <div id="xdx_98A_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--RisksAssociatedWithAdditionalOfferingsMember_zJHXHxPkDGZe"> Risks Associated with Additional Offerings. There are risks associated with offerings of additional common or preferred shares of the Fund. The voting power of current shareholders will be diluted to the extent that current shareholders do not purchase shares in any future offerings of shares or do not purchase sufficient shares to maintain their percentage interest. In addition, the sale of shares in an offering may have an adverse effect on prices in the secondary market for the Fund’s shares by increasing the number of shares available, which may put downward pressure on the market price of the Fund’s Shares. These sales also might make it more difficult for the Fund to sell additional equity securities in the future at a time and price the Fund deems appropriate. In the event any additional series of fixed rate preferred shares are issued and such shares are intended to be listed on an exchange, prior application will have been made to list such shares. During an initial period, which is not expected to exceed 30 days after the date of its initial issuance, such shares may not be listed on any securities exchange. During such period, the underwriters may make a market in such shares, although they will have no obligation to do so. Consequently, an investment in such shares may be illiquid during such period. Fixed rate preferred shares may trade at a premium to or discount from liquidation value. There are risks associated with an offering of Rights (in addition to the risks discussed herein related to the offering of shares and preferred shares). Shareholders who do not exercise their rights may, at the completion of such an offering, own a smaller proportional interest in the Fund than if they exercised their rights. As a result of such an offering, a shareholder may experience dilution in NAV per share if the subscription price per share is below the NAV per share on the expiration date. In addition to the economic dilution described above, if a shareholder does not exercise all of their Rights, the shareholder will incur voting dilution as a result of the Rights offering. This voting dilution will occur because the shareholder will own a smaller proportionate interest in the Fund after the rights offering than prior to the Rights offering. There is a risk that changes in market conditions may result in the underlying common shares or preferred shares purchasable upon exercise of Rights being less attractive to investors at the conclusion of the subscription period. This may reduce or eliminate the value of the Rights. If investors exercise only a portion of the rights, the number of shares issued may be reduced, and the shares may trade at less favorable prices than larger offerings for similar securities. Rights issued by the Fund may be transferable or non-transferable rights. </div> <div id="xdx_988_ecef--RiskTextBlock_c20250701__20260630__cef--RiskAxis__custom--SecondaryMarketForTheCommonSharesMember_zcbXDjqaCrv"> Secondary Market for the Common Shares. The issuance of shares of the Fund through the Fund’s dividend reinvestment plan (“Plan”) may have an adverse effect on the secondary market for the Fund’s shares. The increase in the number of outstanding shares resulting from the issuances pursuant to the Plan and the discount to the market price at which such shares may be issued, may put downward pressure on the market price for the Common Shares. When the shares are trading at a premium, the Fund may also issue shares that may be sold through private transactions effected on the NYSE or through broker-dealers. The increase in the number of outstanding shares resulting from these offerings may put downward pressure on the market price for such shares. </div> Investment and Market Risks. An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount invested. The value of the Fund or the Underlying Funds, like other market investments, may move up or down, sometimes rapidly and unpredictably. Overall stock market risks may also affect the NAV of the Fund or the Underlying Funds. Factors such as economic growth and market conditions, interest rate levels and political events affect the securities markets. An investment in the Fund may at any point in time be worth less than the original investment, even after taking into account any reinvestment of dividends and distributions. Management Risks. The Adviser’s and the Subadviser’s judgments about the attractiveness, value and potential appreciation of a particular asset class or individual security in which the Fund invests may prove to be incorrect and there is no guarantee that the Adviser’s or the Subadviser’s judgment, as applicable, will produce the desired results. Fixed Income Securities Risks. The Fund and the Underlying Funds may invest in fixed income securities. Fixed income securities generally represent the obligation of an issuer to repay to the investor (or lender) the amount borrowed plus interest over a specified time period. Fixed income securities increase or decrease in value based on changes in interest rates. If rates increase, the value of the Fund’s or an Underlying Fund’s fixed income securities generally declines. On the other hand, if rates fall, the value of the fixed income securities generally increases. The issuer of a fixed income security may not be able to make interest and principal payments when due. This risk is increased in the case of issuers of high yield securities, also known as “junk” bonds. The Fund and the Underlying Funds may invest in fixed income securities of any credit quality, maturity or duration. Fixed income securities risks include components of the following additional risks (in addition to those described elsewhere): Issuer Risk. The value of fixed income securities may decline for a number of reasons which directly relate to the issuer, such as management performance, leverage, reduced demand for the issuer’s goods and services, historical and projected earnings, and the value of its assets. Changes in an issuer’s credit ratings or the market’s perception of an issuer’s creditworthiness may also affect the value of the fund’s investment in that issuer. Credit Risk. The issuer of a fixed income security may not be able to make interest and principal payments when due. Generally, the lower the credit rating of a security, the greater the risk that the issuer will default on its obligation, which could result in a loss to a fund. The Fund and the Underlying Funds in which it invests may invest in securities that are rated in the lowest investment grade category. Issuers of these securities are more vulnerable to changes in economic conditions than issuers of higher-grade securities. High Yield Securities/Junk Bond Risk. The Fund and the Underlying Funds may invest in high yield securities, also known as “junk bonds.” High yield securities are not considered to be investment grade. High yield securities may provide greater income and opportunity for gain, but entail greater risk of loss of principal. High yield securities are predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal in accordance with the terms of the obligation. The market for high yield securities is generally less active than the market for higher quality securities. This may limit the ability of a fund to sell high yield securities at the price at which it is being valued for purposes of calculating NAV. Interest Rate Risk. The Fund or an Underlying Fund’s NAV and total return will vary in response to changes in interest rates. If rates increase, the value of the Fund’s or an Underlying Fund’s investments generally will decline, as will the Fund’s or the Underlying Fund’s NAV. In typical interest rate environments, the prices of longer-term fixed income securities generally fluctuate more than the prices of shorter-term fixed income securities as interest rates change. Interest rates in the United States and many other countries have experienced significant volatility in recent periods and may continue to fluctuate. Changes in monetary policy, inflationary pressures, fiscal policy and other macroeconomic factors may cause interest rates to rise or fall of the Fund’s or Underlying Fund’s investment horizon, potentially rapidly and unpredictably. To the extent the Fund or an Underlying Fund borrows money to finance its investments, the Fund’s or Underlying Fund’s performance will depend, in part, upon the difference between the rate at which it borrows funds and the rate at which it invests those funds. In periods of rising interest rates, the Fund’s or Underlying Fund’s cost of funds could increase, and in periods of falling interest rates, the Fund’s or Underlying Fund’s investment income could decrease. Adverse developments resulting from changes in interest rates could have a material adverse effect on the Fund’s or Underlying Fund’s financial condition and results. In addition, a decline in the prices of the debt an Underlying Fund owns could adversely affect the Underlying Fund’s NAV. Changes in market interest rates could also affect the ability of operating companies in which the Underlying Fund invests to service debt, which could materially impact the Underlying Fund. SOFR Risk. The Secured Overnight Financing Rate (“SOFR”) is intended to be a broad measure of the cost of borrowing funds overnight in transactions that are collateralized by U.S. Treasury securities. SOFR is calculated based on transaction-level repo data collected from various sources. For each trading day, SOFR is calculated as a volume-weighted median rate derived from such data. SOFR is calculated and published by the Federal Reserve Bank of New York. Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from the London Interbank Offered Rate (“LIBOR”). LIBOR was intended to be an unsecured rate that represents interbank funding costs for different short-term maturities or tenors. It was a forward-looking rate reflecting expectations regarding interest rates for the applicable tenor. Thus, LIBOR was intended to be sensitive, in certain respects, to bank credit risk and to term interest rate risk. In contrast, SOFR is a secured overnight rate reflecting the credit of U.S. Treasury securities as collateral. Thus, it is largely insensitive to credit-risk considerations and to short-term interest rate risks. SOFR is a transaction-based rate, and it has been more volatile than other benchmark or market rates, such as three-month LIBOR, during certain periods. For these reasons, among others, there is no assurance that SOFR, or rates derived from SOFR, will perform in the same or similar way as LIBOR would have performed at any time, and there is no assurance that SOFR-based rates will be a suitable substitute for LIBOR. The future performance of SOFR, and SOFR-based reference rates, cannot be predicted based on SOFR’s history or otherwise. Levels of SOFR in the future may bear little or no relation to historical levels of SOFR, LIBOR or other rates. Mortgage-Backed Securities Risks. Mortgage-backed securities represent participation interests in pools of residential mortgage loans purchased from individual lenders by a federal agency or originated and issued by private lenders. The Fund invests in mortgage-backed securities and is subject to the following risks: Credit and Market Risks of Mortgage-Backed Securities. The mortgage loans or the guarantees underlying mortgage-backed securities may default or otherwise fail leading to non-payment of interest and principal. Prepayment and Extension Risk of Mortgage-Backed Securities: In times of declining interest rates, the Fund’s higher yielding securities may be prepaid and the Fund will have to replace them with securities having a lower yield. Extension risk is the possibility that rising interest rates may cause prepayments to occur at a slower than expected rate. This particular risk may effectively change a security which was considered short or intermediate-term into a long-term security. Long-term securities generally fluctuate more widely in response to changes in interest rates than short or intermediate-term securities. If a mortgage-backed security held by the Fund is called for redemption, the Fund will be required to permit the issuer to redeem or “pay-off” the security, which could have an adverse effect on the Fund’s ability to achieve its investment objective. Illiquidity Risk of Mortgage-Backed Securities and Mortgage Markets. The liquidity of mortgage-backed securities varies by type of security; at certain times the Fund may encounter difficulty in disposing of such investments. Because mortgage-backed securities may be less liquid than other securities, the Fund may be more susceptible to liquidity risks than funds that invest in other securities. In the past, in stressed markets, certain types of mortgage-backed securities suffered periods of illiquidity if disfavored by the market. The mortgage markets are facing additional economic pressures such as the devaluation of the underlying collateral, increased loan underwriting standards which limits the number of real estate purchasers, and excess supply of properties in certain geographic regions, which puts additional downward pressure on the value of real estate in these regions. Commercial Mortgage-Backed Securities. Many of the risks of investing in commercial mortgage-backed securities reflect the risks of investing in the real estate securing the underlying mortgage loans. These risks reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make loan payments and the ability of a property to attract and retain tenants. Commercial mortgage-backed securities may be less liquid and exhibit greater price volatility than other types of mortgage-backed securities. Collateralized Mortgage Obligations. There are certain risks associated specifically with collateralized mortgage obligations (“CMOs”). CMOs are debt obligations collateralized by mortgage loans or mortgage pass-through securities, which utilize estimates of future economic conditions. These estimates may vary from actual future results, particularly during periods of extreme market volatility. CMOs issued by private entities are not guaranteed by any government agency; if the collateral securing the CMO, as well as any third party credit support or guarantees, is insufficient to make payment, the holder could sustain a loss. Residual and Equity Tranches. Investments in lower tranches of a mortgage-related security are especially sensitive to the rate of defaults in the collateral pool. The Fund’s exposure to lower tranches of non-agency mortgage-backed securities may be greater than those set out in the Fund’s investment limits as a result of any investments in such securities by the Underlying Funds in which the Fund invests. Adjustable Rate Mortgages. Adjustable rate mortgages (“ARMs”) contain maximum and minimum rates beyond which the mortgage interest rate may not vary over the lifetime of the security. In addition, many ARMs provide for additional limitations on the maximum amount by which the mortgage interest rate may adjust for any single adjustment period. In the event that a monthly payment is not sufficient to pay the interest accruing on an ARM, any excess interest is added to the principal balance of the mortgage loan, which is repaid through future monthly payments. In addition, certain ARMs may provide for an initial fixed, below-market or “teaser” interest rate. During this initial fixed-rate period, the payment due from the related mortgagor may be less than that of a traditional loan. However, after the “teaser” rate expires, the monthly payment required to be made by the mortgagor may increase dramatically when the interest rate on the mortgage loan adjusts. This increased burden on the mortgagor may increase the risk of delinquency or default on the mortgage loan and in turn, losses on the mortgage-backed securities. Interest and Principal Only Securities Risk. The Fund may invest in “stripped mortgage-backed securities,” which pay to one class all of the interest from the mortgage assets (the interest-only, or “IO” class), while the other class will receive all of the principal (the principal-only, or “PO” class). If the assets underlying the IO class experience greater than anticipated prepayments of principal, the Fund may fail to recoup fully, or at all, its initial investment in these securities. Conversely, PO class securities tend to decline in value if prepayments are slower than anticipated. Mortgage Market/Sub-Prime Risk. The residential mortgage market in the United States has experienced difficulties that, when present, may adversely affect the performance and market value of certain of the Fund’s mortgage-related investments. Delinquencies and losses on residential mortgage loans (especially subprime loans, which refer to loans made to borrowers with weakened credit histories or with a lower capacity to make timely payments on their loans, and second-lien mortgage loans), and a decline in or flattening of housing values (as has been experienced in many housing markets) may exacerbate such delinquencies and losses. Borrowers with adjustable rate mortgage loans are more sensitive to changes in interest rates, which affect their monthly mortgage payments, and may be unable to secure replacement mortgages at comparably low interest rates. During periods of market difficulties reduced investor demand and increased investor yield requirements have at times caused limited liquidity in the secondary market for mortgage-related securities, reducing the value of such securities. RMBS Risk. The Fund’s investments in RMBS are subject to the risks of defaults, foreclosure timeline extension, fraud, and home price depreciation and unfavorable modification of loan principal amount. In the event of defaults on the residential mortgage loans that underlie the Fund’s investments in RMBS and the exhaustion of any underlying or any additional credit support, the Fund may not realize an anticipated return on investments and may incur a loss on these investments. On certain RMBS, prepayments of principal may be made at any time. Prepayment rates are influenced by changes in current interest rates and a variety of economic, geographic, social and other factors and cannot be predicted with certainty. Corporate Debt Securities Risk. The Fund and Underlying Funds may invest in corporate debt securities. Corporate debt securities are fixed income securities issued by businesses. Notes, bonds, debentures, and commercial paper are the most prevalent types of corporate debt securities. The credit risks of corporate debt securities vary widely among issuers. In addition, the credit risk of an issuer's debt security may vary based on its priority for repayment, meaning that issuers might not make payments on subordinated securities while continuing to make payments on senior securities or, in the event of bankruptcy, holders of senior securities may receive amounts otherwise payable to the holders of subordinated securities. Credit and Below Investment Grade Securities Risks. Credit risk is the risk that an issuer of a security may be unable or unwilling to make dividend, interest and principal payments when due and the related risk that the value of a security may decline because of concerns about the issuer’s ability or willingness to make such payments. Credit risk may be heightened for the Fund because it and the Underlying Funds may invest in below investment grade securities (“junk” and “high yield” securities). Securities of below investment grade quality are regarded as having speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal, and may be subject to higher price volatility and default risk than investment grade securities of comparable terms and duration. Issuers of lower grade securities may be highly leveraged and may not have available to them more traditional methods of financing. The prices of these lower grade securities are typically more sensitive to negative developments, such as a decline in the issuer’s revenues or a general economic downturn. The secondary market for lower rated securities may not be as liquid as the secondary market for more highly rated securities, a factor which may have an adverse effect on the Fund’s ability to dispose of a particular security. Tactical Municipal Closed-End Fund Strategy Risk. The Fund invests in CEFs as a principal part of the Tactical Municipal Closed-End Fund Strategy. The Fund may invest in shares of CEFs that are trading at a discount to NAV or at a premium to NAV. There can be no assurance that the market discount on shares of any CEF purchased by the Fund will ever decrease. In fact, it is possible that this market discount may increase and the Fund may suffer realized or unrealized capital losses due to further decline in the market price of the securities of such CEFs, thereby adversely affecting the NAV of the Fund’s Common Shares. Similarly, there can be no assurance that any shares of a CEF purchased by the Fund at a premium will continue to trade at a premium or that the premium will not decrease subsequent to a purchase of such shares by the Fund. The Fund may invest in BDCs as a principal part of the Tactical Closed-End Fund Strategy. BDCs generally invest in less mature U.S. private companies or thinly traded U.S. public companies which involve greater risk than well-established publicly traded companies. While BDCs are expected to generate income in the form of dividends, certain BDCs during certain periods of time may not generate such income. A BDC may make investments with a larger amount of risk of volatility and loss of principal than other investment options and may also be highly speculative and aggressive. Underlying Fund Risks. The expenses of the Fund will generally be higher than the direct expenses of other fund shares because the Fund indirectly bears fees and expenses charged by the Underlying Funds in which it invests, and the Fund may also incur brokerage costs when it purchases shares of Underlying Funds. Additionally, the risks associated with investing in the Fund are closely related to the risks associated with the securities and other investments held by the Underlying Funds. The ability of the Fund to achieve its investment objective will depend upon the ability of the Underlying Funds to achieve their investment objectives. There can be no assurance that the investment objective of any Underlying Fund will be achieved. The Fund’s NAV will fluctuate in response to changes in the NAVs of the Underlying Funds in which it invests and will be particularly sensitive to the risks associated with each of the Underlying Funds. Shareholders will bear additional layers of fees and expenses with respect to the Fund’s investments in Underlying Funds because each of the Fund and the Underlying Fund will charge fees and incur separate expenses, which may be magnified if the Underlying Funds use leverage. The Fund’s investments in Underlying Funds may be restricted by certain provisions of the 1940 Act. Under Section 12(d)(1)(A) of the 1940 Act, the Fund may hold securities of an Underlying Fund in amounts which (i) do not exceed 3% of the total outstanding voting stock of the Underlying Fund, (ii) do not exceed 5% of the value of the Fund’s total assets and (iii) when added to all other Underlying Fund securities held by the Fund, do not exceed 10% of the value of the Fund’s total assets. Under Section 12(d)(1)(C) of the 1940 Act, the Fund, together with any other investment companies for which the Adviser acts as an investment adviser, may not, in the aggregate, own more than 10% of the total outstanding voting stock of a registered closed-end investment company. Section 12(d)(1)(F) of the 1940 Act provides that the limitations of Section 12(d)(1) described above shall not apply to securities purchased or otherwise acquired by the Fund if (i) immediately after such purchase or acquisition not more than 3% of the total outstanding stock of such Underlying Fund is owned by the Fund and all affiliated persons of the Fund, and (ii) certain requirements are met with respect to sales charges. In addition, Rule 12d1-4 under the 1940 Act (“Rule 12d1-4”) permits the Fund to invest in Underlying Funds beyond the limitations of Section 12(d)(1) described above, subject to various conditions, including that the Fund enter into an investment agreement with the Underlying Fund (which agreements may impose additional conditions on the Fund). In matters upon which the Fund is solicited to vote as a shareholder of an Underlying Fund, the Adviser may be required to vote Underlying Fund shares in the same proportion as shares held by other shareholders of the Underlying Fund. SPAC Risks. SPACs are collective investment structures that pool funds in order to seek potential acquisition opportunities. Unless and until an acquisition is completed, a SPAC generally invests its assets (less an amount to cover expenses) in U.S. government securities, money market fund securities and cash. SPACs and similar entities may be blank check companies with no operating history or ongoing business other than to seek a potential acquisition. Accordingly, the value of their securities is particularly dependent on the ability of the entity’s management to identify and complete a profitable acquisition. Certain SPACs may seek acquisitions only in limited industries or regions, which may increase the volatility of their prices. If an acquisition that meets the requirements for the SPAC is not completed within a predetermined period of time, the invested funds are returned to the entity’s shareholders. Investments in SPACs may be illiquid and/or be subject to restrictions on resale. To the extent the SPAC is invested in cash or similar securities, this may impact the Fund’s ability to meet its investment objective. The officers and directors of a SPAC may operate multiple SPACs and could have conflicts of interest in determining to which SPAC a particular business opportunity should be presented. In such circumstances, there can be no assurance that a given business opportunity would be presented to the SPAC in which the Fund holds an investment. Private Debt Risk. In addition to the general risks of all debt, private debt often may be illiquid and is typically not listed on an exchange and traded less actively than similar securities issued by public funds. For certain private debt, trading may only be possible through the assistance of the broker who originally brought the security to the market and has a relationship with the issuer. Due to the limited trading market, valuation of such debt might be more difficult. Defaulted and Distressed Securities Risks. The Fund and the Underlying Funds may invest in defaulted and distressed securities. Defaulted or distressed issuers may be insolvent, in bankruptcy or undergoing some other form of financial restructuring. In the event of a default, the Fund or an Underlying Fund may incur additional expenses to seek recovery. The repayment of defaulted bonds is subject to significant uncertainties, may be delayed, or there may be partial or no recovery of repayment. There is often a time lag between when the Fund and an Underlying Fund makes an investment and when the Fund and the Underlying Fund realizes the value of the investment. Loan Risk. The Fund or an Underlying Fund’s investment in loans includes the risk that (i) if a fund holds a loan through another financial intermediary, or relies on a financial intermediary to administer the loan, its receipt of principal and interest on the loan may be subject to the credit risk of that financial intermediary; (ii) it is possible that any collateral securing a loan may be insufficient or unavailable to the fund, because, for example, the value of the collateral securing a loan can decline, be insufficient to meet the obligations of the borrower, or be difficult to liquidate, and that the fund’s rights to collateral may be limited by bankruptcy or insolvency laws; (iii) investments in highly leveraged loans or loans of stressed, distressed, or defaulted issuers may be subject to significant credit and liquidity risk; (iv) a bankruptcy or other court proceeding could delay or limit the ability of the fund to collect the principal and interest payments on that borrower’s loans or adversely affect the fund’s rights in collateral relating to a loan; (v) there may be limited public information available regarding the loan; (vi) the use of a particular interest rate benchmark may limit the fund’s ability to achieve a net return to shareholders that consistently approximates the average published Prime Rate of U.S. banks; (vii) the prices of certain floating rate loans that include a feature that prevents their interest rates from adjusting if market interest rates are below a specified minimum level may be more sensitive to changes in interest rates should interest rates rise but remain below the applicable minimum level; (viii) if a borrower fails to comply with various restrictive covenants that are typically in loan agreements, the borrower may default in payment of the loan; (ix) the fund’s investments in loans may be subject to increased liquidity and valuation risks, risks associated with collateral impairment or access, and risks associated with investing in unsecured loans; (x) opportunities to invest in loans or certain types of loans, such as senior loans, may be limited; (xi) transactions in loans may settle on a delayed basis, and the fund may not receive the proceeds from the sale of a loan for a substantial period of time after the sale, which may result in sale proceeds related to the sale of loans not being available to make additional investments or to meet a fund’s redemption obligations until potentially a substantial period after the sale of the loans; and (xii) loans may be difficult to value and may be illiquid, which may adversely affect an investment in the Fund. Asset-Backed Securities Risk. An investment in asset-backed securities involves the risk that borrowers may default on the obligations that underlie the asset-backed security and that, during periods of falling interest rates, asset-backed securities may be called or prepaid, which may result in the Fund having to reinvest proceeds in other investments at a lower interest rate, and the risk that the impairment of the value of the collateral underlying a security in which the Fund invests (due, for example, to non-payment of loans) will result in a reduction in the value of the security. Certain asset-backed securities do not have the benefit of the same security interest in the related collateral as do mortgage-backed securities; nor are they provided government guarantees of repayment. Credit card receivables are generally unsecured, and the debtors are entitled to the protection of a number of state and federal consumer credit laws, many of which give such debtors the right to set off certain amounts owed on the credit cards, thereby reducing the balance due. In addition, some issuers of automobile receivables permit the servicers to retain possession of the underlying obligations. If the servicer were to sell these obligations to another party, there is a risk that the purchaser would acquire an interest superior to that of the holders of the related automobile receivables. The impairment of the value of assets (tangible or intangible) underlying an asset-backed security, such as a result of non-payment of loans or non-performance of other collateral or underlying assets, may result in a reduction in the value of such asset-backed securities and losses to the Fund. Illiquid Securities Risks. The Fund and the Underlying Funds may invest in illiquid securities. It may not be possible to sell or otherwise dispose of illiquid securities both at the price and within the time period deemed desirable by a fund. Illiquid securities also may be difficult to value or be more volatile investments. Micro-, Small- and Medium-Sized Company Risks. The Fund, and the Underlying Funds in which it invests, may invest in securities without regard to market capitalization. Investments in securities of micro-, small- and medium-sized companies may be subject to more abrupt or erratic market movements than larger, more established companies. These companies also often trade in lower volumes, have narrower markets for their goods and/or services and more limited managerial and financial resources than larger, more established companies. Since these stocks are often less well known, there will normally be less publicly available information concerning these securities compared to what is available for the securities of larger companies. Micro-, small- and medium-sized companies’ performance can be more volatile and the companies face greater risk of business failure, which could increase the volatility of the Fund’s portfolio. The risks are intensified for investments in micro-cap companies. Collateralized Debt Obligations Risk. The risks of an investment in a collateralized debt obligation (“CDO”) depend largely on the quality and type of the collateral and the tranche of the CDO in which the Fund invests. Normally, collateralized bond obligations (“CBOs”), collateralized loan obligations and other CDOs are privately offered and may be characterized by the Fund as illiquid securities. In addition to the risks associated with debt instruments (e.g., interest rate risk and credit risk), CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the possibility that the Fund may invest in CDOs that are subordinate to other classes; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results. REIT Risks. Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. The value of equity REITs may be affected by changes in the value of the underlying property owned by the REITs, while the value of mortgage REITs may be affected by the quality of any credit extended. REITs are dependent upon management skills, are not diversified, and are subject to heavy cash flow dependency, default by borrowers and self-liquidation. REITs also are subject to the possibilities of failing to qualify for tax free pass-through of income under the Internal Revenue Code of 1986, as amended (the “Code”), and failing to maintain their exemption from registration under the 1940 Act. Investment in REITs involves risks similar to those associated with investing in small capitalization companies, and REITs (especially mortgage REITs) are subject to interest rate risks. By investing in REITs directly or indirectly through the Underlying Funds, the Fund indirectly bears its proportionate share of the expenses of the REITs, which are not included in the Fund’s expense table as acquired fund fees and expenses. Equity Securities Risk. Underlying Funds may invest in equity securities, which are subject to general movements in the stock market, and a significant drop in the stock market may depress the price of securities to which the Underlying Funds have exposure. Equity securities typically have greater price volatility than fixed-income securities. The market price of equity securities owned by Underlying Funds may go down, sometimes rapidly or unpredictably. Equity securities may decline in value due to factors affecting equity securities markets generally, particular industries represented by those markets, or factors directly related to a specific company, such as decisions made by its management. Preferred Stock Risk. Preferred stock is subject to many of the risks associated with debt securities, including interest rate risk. In addition, preferred stocks may not pay dividends, an issuer may suspend payment of dividends on U.S. preferred stock at any time, and in certain situations an issuer may call or redeem its preferred stock or convert it to common stock. Declining common stock values may also cause the value of the Fund’s investments in preferred stocks to decline. Warrants Risks. The Fund and the Underlying Funds may invest in warrants. Warrants do not carry with them the right to dividends or voting rights with respect to the securities that they entitle their holder to purchase and they do not represent any rights in the assets of the issuer. As a result, warrants may be considered to have more speculative characteristics than certain other types of investments. In addition, the value of a warrant does not necessarily change with the value of the underlying securities and a warrant ceases to have value if it is not exercised prior to its expiration date. Derivatives Risks. The Fund and the Underlying Funds may enter into derivatives transactions. Derivatives transactions involve investment techniques and risks different from those associated with the Fund’s other investments in Underlying Funds. Generally, a derivative is a financial contract, the value of which depends upon, or is derived from, the value of an underlying asset, reference rate, or index, and may relate to individual debt or equity instruments, interest rates, currencies or currency exchange rates, commodities, related indexes, and other assets. Derivatives can be volatile and involve various types and degrees of risk, depending upon the characteristics of a particular derivative. Derivatives may entail investment exposures that are greater than their cost would suggest, meaning that a small investment in a derivative could have a large potential impact on the performance of the Fund or an Underlying Fund. The Fund or an Underlying Fund could experience a loss if derivatives do not perform as anticipated, if they are not correlated with the performance of other investments which they are used to hedge or if the Fund is unable to liquidate a position because of an illiquid secondary market. When used for speculative purposes, derivatives will produce enhanced investment exposure, which will magnify gains and losses. The Fund and the Underlying Funds also will be subject to credit risk with respect to the counterparties to the derivatives contracts purchased by such fund. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund or an Underlying Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding. The Fund or an Underlying Fund may obtain only a limited recovery or may obtain no recovery in such circumstances. The use of derivatives is also subject to operational and legal risks. Operational risks generally refer to risks related to potential operational issues, including documentation issues, settlement issues, system failures, inadequate controls, and human error. Legal risks generally refer to risks of loss resulting from insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract. Rule 18f-4 under the 1940 Act prescribes specific value-at-risk leverage limits for certain derivatives users. In addition, Rule 18f-4 requires certain derivatives users to adopt and implement a derivatives risk management program (including the appointment of a derivatives risk manager, and the implementation of certain testing requirements), and prescribes reporting requirements in respect of derivatives. Subject to certain conditions, if a fund qualified as a “limited derivatives user,” as defined in Rule 18f-4, it is not subject to the full requirements of Rule 18f-4. With respect to reverse repurchase agreements or other similar financing transactions in particular, Rule 18f-4 permits a fund to enter into such transactions if the fund either (i) complies with the asset coverage requirements of Section 18 of the 1940 Act, and combines the aggregate amount of indebtedness associated with all reverse repurchase agreements or similar financing with the aggregate amount of any other senior securities representing indebtedness when calculating the relevant asset coverage ratio, or (ii) treats all reverse repurchase agreements or similar financing transactions as derivatives transactions for all purposes under Rule 18f-4. The Fund has adopted procedures for investing in derivatives and other transactions in compliance with Rule 18f-4. Options and Futures Risks. Options and futures contracts may be more volatile than investments made directly in the underlying securities, involve additional costs, and may involve a small initial investment relative to the risk assumed. In addition, futures and options markets could be illiquid in some circumstances and certain over-the-counter options could have no markets. As a result, in certain markets, a fund may not be able to close out a transaction without incurring substantial losses. Although a fund’s use of futures and options transactions for hedging should tend to minimize the risk of loss due to a decline in the value of the hedged position, at the same time, it will tend to limit any potential gain to a fund that might result from an increase in value of the position. Swap Risks. The Fund and the Underlying Funds may enter into various swap agreements. Swap agreements are subject to interest rate risks; credit risks; the risk that the counterparty to the swap will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to pay the counterparty to the swap. In addition, there is the risk that a swap may be terminated by the Fund or the counterparty in accordance with its terms. Each of these could cause the Fund to incur losses and fail to obtain its investment objective. Short Sale Risks. A short sale is a transaction in which a fund sells a security it does not own in anticipation that the market price of that security will decline. Positions in shorted securities are speculative and riskier than long positions (purchases) in securities because the maximum sustainable loss on a security purchased is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the shorted security. Therefore, in theory, securities sold short have unlimited risk, will also result in higher transaction costs and may result in higher taxes. Reverse Repurchase Agreements Risks. The use by the Fund of reverse repurchase agreements involves many of the same risks associated with the Fund’s use of bank borrowings since the proceeds derived from such reverse repurchase agreements may be invested in additional securities. Reverse repurchase agreements involve the risk that the market value of the securities acquired in connection with the reverse repurchase agreement may decline below the price of the securities the Fund has sold but is obligated to repurchase, and that the securities may not be returned to the Fund. Also, reverse repurchase agreements involve the risk that the market value of the securities retained in lieu of sale by the Fund in connection with the reverse repurchase agreement may decline in price. Foreign Investing Risk. Investments in foreign securities may be affected by currency controls and exchange rates, different accounting, auditing, financial reporting, and legal standards and practices; expropriation, changes in tax policy, greater market volatility, differing securities market structures, higher transaction costs, and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. These risks may be heightened in connection with investments in emerging or developing countries. Currency Risk. To the extent that the Fund invests in securities denominated in, and/or receiving revenues in, foreign currencies, it will be subject to currency risk. This is the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Currencies may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention by U.S. or foreign governments, central banks or supranational agencies, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. Emerging Markets Risk. Investment in emerging market securities involves greater risk than that associated with investment in securities of issuers in developed foreign countries. These risks include volatile currency exchange rates, periods of high inflation, increased risk of default, greater social, economic and political uncertainty and instability, less governmental supervision and regulation of securities markets, weaker auditing and financial reporting standards, lack of liquidity in the markets, and the significantly smaller market capitalizations of emerging market issuers. Sovereign Debt Obligation Risk. Investment in sovereign debt obligations involves special risks not present in corporate debt obligations. The issuer of the sovereign debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Fund and the Underlying Funds may have limited recourse in the event of a default. During periods of economic uncertainty, the market prices of sovereign debt may be more volatile than prices of U.S. debt obligations. In the past, certain emerging markets have encountered difficulties in servicing their debt obligations, withheld payments of principal and interest, and declared moratoria on the payment of principal and interest on their sovereign debts. Sovereign debt obligations are also subject to political risks (e.g., government instability, poor socioeconomic conditions, corruption, lack of democratic accountability, internal and external conflict, poor quality of bureaucracy, and religious and ethnic tensions) and economic risks (e.g., the relative size of the governmental entity’s debt position in relation to the economy, high foreign debt as a percentage of gross domestic product or exports, high inflation or deflation, or an overvalued exchange rate) or a combination of these risks, such as the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. U.S. Government Securities Risk. The Fund and the Underlying Funds may invest in U.S. government securities, which are obligations of, or guaranteed by, the U.S. government or its agencies, instrumentalities or government-sponsored enterprises. Some U.S. government securities are supported by the full faith and credit of the United States; others are supported by the right of the issuer to borrow from the U.S. Treasury; others are supported by the discretionary authority of the U.S. government to purchase the agency’s obligations; and still others are supported only by the credit of the instrumentality. The U.S. government’s guarantee of ultimate payment of principal and timely payment of interest on certain U.S. government securities owned by the Fund or an Underlying Fund does not imply that the Fund’s or the Underlying Fund’s shares are guaranteed or that the price of the Fund’s or the Underlying Fund’s shares will not fluctuate. In addition, securities issued by Freddie Mac, Fannie Mae and Federal Home Loan Banks are not obligations of, or insured by, the U.S. government. If a U.S. government agency or instrumentality in which the Fund or an Underlying Fund invests defaults, and the U.S. government does not stand behind the obligation, the Fund’s or an Underlying Fund’s share price or yield could fall. Securities of certain U.S. government sponsored entities are neither issued nor guaranteed by the U.S. government. All U.S. government obligations are subject to interest rate risk. Municipal Securities Risk. Municipal securities are long-term fixed rate debt obligations that generally decline in value with increases in interest rates, when an issuer’s financial condition worsens or when the rating on a bond is decreased. Many municipal securities may be called or redeemed prior to their stated maturity. Lower-quality revenue bonds and other credit-sensitive municipal securities carry higher risks of default than general obligation bonds. In addition, the amount of public information available about municipal securities is generally less than that for corporate equities or bonds and municipal securities may be less liquid than such securities. Special factors, such as legislative changes and local and business developments, may adversely affect the yield and/or value of the Fund’s or Underlying Fund’s investments in municipal securities. Other factors include the general conditions of the municipal securities market, the size of the particular offering, the maturity and the rating of the issue. The ability of municipal issuers to make timely payments of interest and principal may be diminished during general economic downturns and as cost burdens are reallocated among federal, state and local governments. Issuers of municipal securities might seek protection under bankruptcy laws. In the event of bankruptcy of such an issuer, holders of municipal securities could experience delays in collecting principal and interest and such holders may not be able to collect all principal and interest to which they are entitled. Structured Notes Risk. Structured notes are subject to a number of fixed income risks including general market risk, interest rate risk, and the risk that the issuer on the note may fail to make interest and/or principal payments when due, or may default on its obligations entirely. In addition, as a result of the imbedded derivative features, structured notes generally are subject to more risk than investing in a simple note or bond issued by the same issuer. To the extent that the fixed income portion of the Fund’s portfolio includes structured notes, the Fund may be more volatile. The actual trading prices of structured notes may be significantly different from the principal amount of the notes. If the Fund sells the structured notes prior to maturity, it may suffer a loss of principal. Rating Agency Risk. Ratings represent an NRSRO's opinion regarding the quality of the security and are not a guarantee of quality. NRSROs may fail to make timely credit ratings in response to subsequent events. In addition, NRSROs are subject to an inherent conflict of interest because they are often compensated by the same issuers whose securities they grade. Legislation and Regulatory Risks. At any time, legislation or additional regulations may be enacted that could negatively affect the assets of the Fund, securities held by the Fund or the issuers of such securities. Fund shareholders may incur increased costs resulting from such legislation or additional regulation. There can be no assurance that future legislation, regulation or deregulation will not have a material adverse effect on the Fund or will not impair the ability of the Fund to achieve its investment objective. Market Events Risks. The value of the Fund’s or Underlying Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund or Underlying Funds may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, volatility in the equity markets, market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, financial institution instability, trade disruption, recessions or other events or adverse investor sentiment or other political, regulatory, and market developments (including the threatened or actual imposition of tariffs, restrictions on foreign investment and currency repatriation), and developments that impact specific economic sectors, industries or segments of the market. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. government to increase the statutory debt ceiling could impact the creditworthiness of the U.S. and could impact the liquidity of the U.S. government securities markets and ultimately the Fund. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide due to increasingly interconnected global economies and financial markets. Additionally, various countries have seen significant internal conflicts and, in some cases, civil wars may have had an adverse impact on the securities markets of the countries concerned. In addition, the occurrence of new disturbances due to acts of war or terrorism or other political developments cannot be excluded. Nationalization, expropriation or confiscatory taxation, currency blockage, political changes, government regulation, political, regulatory or social instability or uncertainty or diplomatic developments, including the imposition of sanctions or other similar measures, could adversely affect the Fund’s investments. The impairment or failure of one or more banks with whom the Fund transacts may inhibit the Fund’s ability to access depository accounts. In such cases, the Fund may be forced to delay or forgo investments, resulting in lower Fund performance. In the event of such a failure of a banking institution where the Fund holds depository accounts, access to such accounts could be restricted and U.S. Federal Deposit Insurance Corporation (“FDIC”) protection may not be available for balances in excess of amounts insured by the FDIC. In such instances, the Fund may not recover such excess, uninsured amounts. Recently, the United States has enacted or proposed to enact significant new tariffs, and various federal agencies have been directed to further evaluate key aspects of U.S. trade policy, which could potentially lead to significant changes to current policies, treaties, and tariffs. There continues to exist significant uncertainty about the future relationship between the U.S. and other countries with respect to such trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global trade, in particular, trade between the impacted nations and the U.S.; global financial markets’ stability; and global economic conditions. These events could, in turn, adversely affect the Fund’s performance. Additionally, climate change poses long-term threats to physical and biological systems. Potential hazards and risks related to climate change for a State or municipality include, among other things, wildfires, rising sea levels, more severe coastal flooding and erosion hazards, and more intense storms. Storms in recent years have demonstrated vulnerabilities in a State's or municipality's infrastructure to extreme weather events. Climate change risks, if they materialize, can adversely impact a State's or municipality's financial plan in current or future years. In addition, economists and others have expressed increasing concern about the potential effects of global climate change on property and security values. A rise in sea levels, an increase in powerful windstorms and/or a climate-driven increase in sea levels or flooding could cause coastal properties to lose value or become unmarketable altogether. Economists warn that, unlike previous declines in the real estate market, properties in affected coastal zones may not ever recover their value. Large wildfires driven by high winds and prolonged drought may devastate businesses and entire communities and may be very costly to any business found to be responsible for the fire. Regulatory changes and divestment movements tied to concerns about climate change could adversely affect the value of certain land and the viability of industries whose activities or products are seen as accelerating climate change. These losses could adversely affect the bonds of municipalities that depend on tax or other revenues and tourist dollars generated by affected properties, and insurers of the property and/or of municipal securities. Since property and security values are driven largely by buyers' perceptions, it is difficult to know the time period over which these market effects might unfold. Artificial Intelligence Risk. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. As the use of technology grows, liquidity and market movements may be affected. As artificial intelligence is used more widely, the profitability and growth of Fund holdings may be impacted, which could significantly impact the overall performance of the Fund. This risk has been added since the prior disclosure date. Defensive Measures. The Fund may invest up to 100% of its assets in cash, cash equivalents and short-term investments as a defensive measure in response to adverse market conditions or opportunistically at the discretion of the Adviser or Subadviser. During these periods, the Fund may not be pursuing its investment objectives. Alternative Credit and Pass-Through Notes Risk. Alternative Credit Instruments are generally not rated and constitute a highly risky and speculative investment, similar to an investment in “junk” bonds. There can be no assurance that payments due on underlying Alternative Credit investments will be made. The Shares therefore should be purchased only by investors who could afford the loss of the entire amount of their investment. A substantial portion of the Alternative Credit in which the Fund may invest will not be secured by any collateral, will not be guaranteed or insured by a third party and will not be backed by any governmental authority. Accordingly, the platforms and any third-party collection agencies will be limited in their ability to collect on defaulted Alternative Credit. With respect to Alternative Credit secured by collateral, there can be no assurance that the liquidation of any such collateral would satisfy a borrower’s obligation in the event of a default under its Alternative Credit. Furthermore, Alternative Credit may not contain any cross-default or similar provisions. A cross-default provision makes a default under certain debt of a borrower an automatic default on other debt of that borrower. The effect of this can be to allow other creditors to move more quickly to claim any assets of the borrower. To the extent an Alternative Credit investment does not contain a cross-default provision, the loan will not be placed automatically in default upon that borrower’s default on any of the borrower’s other debt obligations, unless there are relevant independent grounds for a default on the loan. In addition, the Alternative Credit investment will not be referred to a third-party collection agency for collection because of a borrower’s default on debt obligations other than the Alternative Credit investment. If a borrower first defaults on debt obligations other than the Alternative Credit investment, the creditors to such other debt obligations may seize the borrower’s assets or pursue other legal action against the borrower, which may adversely impact the ability to recoup any principal and interest payments on the Alternative Credit investment if the borrower subsequently defaults on the loan. In addition, an operator of a platform is generally not required to repurchase Alternative Credit investments from a lender except under very narrow circumstances, such as in cases of verifiable identity fraud by the borrower. Borrowers may seek protection under federal bankruptcy law or similar laws. If a borrower files for bankruptcy (or becomes the subject of an involuntary petition), a stay will go into effect that will automatically put any pending collection actions on hold and prevent further collection action absent bankruptcy court approval. Whether any payment will ultimately be made or received on an Alternative Credit investment after bankruptcy status is declared depends on the borrower’s particular financial situation and the determination of the court. It is possible that the borrower’s liability on the Alternative Credit investment will be discharged in bankruptcy. In most cases involving the bankruptcy of a borrower with an unsecured Alternative Credit investment, unsecured creditors will receive only a fraction of any amount outstanding on their loan, if anything at all. As Pass-Through Notes generally are pass-through obligations of the operators of the lending platforms and are not direct obligations of the borrowers under the underlying Alternative Credit investment originated by such platforms, holders of certain Pass-Through Notes are exposed to the credit risk of the operator. An operator that becomes subject to bankruptcy proceedings may be unable to make full and timely payments on its Pass-Through Notes even if the borrowers of the underlying Alternative Credit investment timely make all payments due from them. Although some operators have chosen to address operator insolvency risk by organizing special purpose subsidiaries to issue the Pass-Through Notes, there can be no assurance that any such subsidiary would not be consolidated into the operator’s bankruptcy estate should the operator become subject to bankruptcy proceedings. In such event, the holders of the Pass-Through Notes would remain subject to all the risks associated with an operator insolvency. In addition, Pass-Through Notes are non-recourse obligations (except to the extent that the operator receives payments from the borrower on the loan). Accordingly, lenders assume all the borrower credit risk on the loans they fund and are not entitled to recover any deficiency of principal or interest from the operator if the borrower defaults on its payments. There may be a delay between the time the Fund commits to purchase a Pass-Through Note and the issuance of such note and, during such delay, the funds committed to such an investment will not be available for investment in other Alternative Credit Instruments. Because the funds committed to an investment in Pass-Through Notes do not earn interest until the issuance of the note, the delay in issuance will have the effect of reducing the effective rate of return on the investment. Platform Concentration Risk. The Fund may invest 25% or more of its Managed Assets in Alternative Credit originated from one or a limited number of platform(s). A concentration in select platforms may subject the Fund to increased dependency and risks associated with those platforms than it would otherwise be subject to if it were more broadly diversified across a greater number of platforms. The Fund may be more susceptible to adverse events affecting such platforms, particularly if such platforms were unable to sustain their current lending models. In addition, many platforms and/or their affiliated entities have incurred operating losses since their inception and may continue to incur net losses in the future. The Fund’s concentration in certain platforms may also expose it to increased risk of default and loss on the Alternative Credit in which it invests through such platforms if such platforms have, among other characteristics, lower borrower credit criteria or other minimum eligibility requirements, or have deficient procedures for conducting credit and interest rate analyses as part of their loan origination processes, relative to other platforms. In addition, the fewer platforms through which the Fund invests, the greater the risks associated with those platforms changing their arrangements will become. For instance, the platforms may change their underwriting and credit models, borrower acquisition channels and quality of debt collection procedures in ways which may make the loans originated through such platforms unsuitable for investment by the Fund. Moreover, a platform may become involved in a lawsuit, which may adversely impact that platform’s performance and reputation and, in turn, the Fund’s portfolio performance. An investor may become dissatisfied with a platform’s marketplace if a loan underlying its investment is not repaid and it does not receive full payment. As a result, such platform’s reputation may suffer and the platform may lose investor confidence, which could adversely affect investor participation on the platform’s marketplace. Platform Reliance Risk. The Fund is dependent on the continued success of the platforms that originate the Fund’s Alternative Credit Instruments and the Fund materially depends on such platforms for loan data and the origination, sourcing and servicing of Alternative Credit investments. If such platforms were unable or impaired in their ability to operate their lending business, the Adviser may be required to seek alternative sources of investments (e.g., Alternative Credit originated by other platforms), which could adversely affect the Fund’s performance and/or prevent the Fund from pursuing its investment objective and strategies. In order to sustain its business, platforms and their affiliated entities may be dependent in large part on their ability to raise additional capital to fund their operations. If a platform and its affiliated entities are unable to raise additional funding, they may be unable to continue their operations. The Fund may have limited knowledge about the underlying Alternative Credit in which it invests and will be dependent upon the platform originating such loans for information on the loans. Some investors of Alternative Credit Instruments, including the Fund, may not review the particular characteristics of the loans in which they invest at the time of investment, but rather negotiate in advance with platforms the general criteria of the investments. As a result, the Fund is dependent on the platforms’ ability to collect, verify and provide information to the Fund about each Alternative Credit investment and borrower. Each of the platforms from which the Fund will purchase Alternative Credit Instruments retains an independent auditor to conduct audits on a routine basis. Market Discount. Common stock of CEFs frequently trades at a discount from its NAV. This risk may be greater for investors selling their shares in a relatively short period of time after completion of the initial offering. The Fund’s Common Shares may trade at a price that is less than the initial offering price. This risk would also apply to the Fund’s investments in CEFs. Investment Style Risk. The Fund is managed by allocating the Fund’s assets to three different strategies, which could cause the Fund to underperform funds that do not limit their investments to these three strategies during periods when these strategies underperform other types of investments. Multi-Manager Risk. The Adviser and the Subadviser’s investment styles may not always be complementary, which could adversely affect the performance of the Fund. The Adviser and the Subadviser may, at any time, take positions that in effect may be opposite of positions taken by each other, incurring brokerage and other transaction costs without accomplishing any net investment results. The multi-manager approach could increase the Fund’s portfolio turnover rates, which may result in higher trading costs and tax consequences associated with portfolio turnover that may adversely affect the Fund’s performance. Further, if the Subadviser is not retained, Fund performance will become dependent on the Adviser or a new subadviser successfully implementing the municipal bond income strategy, which might have adverse effect on an investment in the Fund. Asset Allocation Risk. To the extent that the Adviser’s asset allocation between the Fund’s principal investment strategies may fail to produce the intended result, the Fund’s return may suffer. Additionally, the potentially active asset allocation style of the Fund may lead to changing allocations over time and represent a risk to investors who target fixed asset allocations. Leverage Risks. Leverage is a speculative technique that exposes the Fund to greater risk and increased costs than if it were not implemented. Increases and decreases in the value of the Fund’s portfolio will be magnified when the Fund uses leverage. As a result, leverage may cause greater changes in the Fund’s NAV. The leverage costs may be greater than the Fund’s return on the underlying investments made from the proceeds of leverage. The Fund’s leveraging strategy may not be successful. Leverage risk would also apply to the Fund’s investments in Underlying Funds to the extent an Underlying Fund uses leverage. To the extent the Fund uses leverage and invests in Underlying Funds that also use leverage, the risks associated with leverage will be magnified, potentially significantly. Potential Conflicts of Interest Risk. The Adviser and the Subadviser each manages and/or advises other investment funds or accounts with the same or similar investment objectives and strategies as the Fund, and, as a result may face conflicts of interest regarding the implementation of the Fund’s strategy and allocation between funds and accounts. This may limit the Fund’s ability to take full advantage of the investment opportunity or affect the market price of the investment. Each party may also have incentives to favor one account over another due to different fees paid to such accounts. While each party has adopted policies and procedures that address these potential conflicts of interest, there is no guarantee that the policies will be successful in mitigating the conflicts of interest that arise. In addition, the Fund’s use of leverage will increase the amount of the fees paid to the Adviser and Subadviser, creating a financial incentive for the Adviser to leverage the Fund. Liquidity Risks. Although the Shares are listed on the NYSE, there might be no or limited trading volume in the Fund’s Shares. Moreover, there can be no assurance that the Fund will continue to meet the listing eligibility requirements of a national securities exchange. Accordingly, investors may be unable to sell all or part of their Shares in a particular timeframe. Shares in the Fund are therefore suitable only for investors that can bear the risks associated with the limited liquidity of Shares and should be viewed as a long-term investment. Unlike open-end funds (commonly known as mutual funds) which generally permit redemptions on a daily basis, Shares will not be redeemable at an investor’s option. The NAV of the Shares may be volatile. The Fund is designed for long-term investors and not as a trading vehicle. Moreover, the Shares will not be eligible for “short sale” transactions or other directional hedging products. This risk has been added since the prior disclosure date. Stockholder Activism. The Fund may in the future become the target of stockholder activism. Stockholder activism could result in substantial costs and divert management’s and the Board’s attention and resources from its business, and the Fund may incur substantial costs defending against such activism if management and the Board determine that the activist’s demands are not in the best interests of the Fund. Also, the Fund may be required to incur significant legal and other expenses related to any activist stockholder matters. Further, the Fund’s stock price could be subject to significant fluctuation or otherwise be adversely affected by the events, risks and uncertainties of any stockholder activism. Cybersecurity Risk. A cybersecurity breach may disrupt the business operations of the Fund or its service providers. Cybersecurity breaches can result from both intentional and unintentional events, and breach may allow an unauthorized party to gain access to Fund assets, customer data, or proprietary information, or cause the Fund and/or its service providers to suffer data corruption or lose operational functionality. Such events could result in regulatory penalties, reputational damage, additional compliance costs, and/or financial loss to the Fund. Anti-Takeover Provisions. Maryland law and the Fund’s Charter and Bylaws include provisions that could limit the ability of other entities or persons to acquire control of the Fund or to convert the Fund to open-end status, including the adoption of a staggered Board of Directors and the supermajority voting requirements. These provisions could deprive the common shareholders of opportunities to sell their common shares at a premium over the then current market price of the common shares or at NAV. Risks Associated with Additional Offerings. There are risks associated with offerings of additional common or preferred shares of the Fund. The voting power of current shareholders will be diluted to the extent that current shareholders do not purchase shares in any future offerings of shares or do not purchase sufficient shares to maintain their percentage interest. In addition, the sale of shares in an offering may have an adverse effect on prices in the secondary market for the Fund’s shares by increasing the number of shares available, which may put downward pressure on the market price of the Fund’s Shares. These sales also might make it more difficult for the Fund to sell additional equity securities in the future at a time and price the Fund deems appropriate. In the event any additional series of fixed rate preferred shares are issued and such shares are intended to be listed on an exchange, prior application will have been made to list such shares. During an initial period, which is not expected to exceed 30 days after the date of its initial issuance, such shares may not be listed on any securities exchange. During such period, the underwriters may make a market in such shares, although they will have no obligation to do so. Consequently, an investment in such shares may be illiquid during such period. Fixed rate preferred shares may trade at a premium to or discount from liquidation value. There are risks associated with an offering of Rights (in addition to the risks discussed herein related to the offering of shares and preferred shares). Shareholders who do not exercise their rights may, at the completion of such an offering, own a smaller proportional interest in the Fund than if they exercised their rights. As a result of such an offering, a shareholder may experience dilution in NAV per share if the subscription price per share is below the NAV per share on the expiration date. In addition to the economic dilution described above, if a shareholder does not exercise all of their Rights, the shareholder will incur voting dilution as a result of the Rights offering. This voting dilution will occur because the shareholder will own a smaller proportionate interest in the Fund after the rights offering than prior to the Rights offering. There is a risk that changes in market conditions may result in the underlying common shares or preferred shares purchasable upon exercise of Rights being less attractive to investors at the conclusion of the subscription period. This may reduce or eliminate the value of the Rights. If investors exercise only a portion of the rights, the number of shares issued may be reduced, and the shares may trade at less favorable prices than larger offerings for similar securities. Rights issued by the Fund may be transferable or non-transferable rights. Secondary Market for the Common Shares. The issuance of shares of the Fund through the Fund’s dividend reinvestment plan (“Plan”) may have an adverse effect on the secondary market for the Fund’s shares. The increase in the number of outstanding shares resulting from the issuances pursuant to the Plan and the discount to the market price at which such shares may be issued, may put downward pressure on the market price for the Common Shares. When the shares are trading at a premium, the Fund may also issue shares that may be sold through private transactions effected on the NYSE or through broker-dealers. The increase in the number of outstanding shares resulting from these offerings may put downward pressure on the market price for such shares. The applicable prospectus supplement to be used in connection with any sales of Common Shares or Preferred Shares will set forth any applicable sales load and the estimated offering expenses borne by the Fund under an Offering. There will be no brokerage charges with respect to Common Shares issued directly by the Fund under the dividend reinvestment plan. You may pay brokerage charges in connection with Open-Market Purchases or if you direct the plan agent to sell your Common Shares held in a dividend reinvestment account. The management fee is charged as a percentage of the Fund’s average daily Managed Assets, as opposed to net assets. With leverage, Managed Assets are greater in amount than net assets, because Managed Assets include borrowings for investment purposes. The market value of the Fund’s derivatives are used for purposes of calculating Managed Assets. The management fee of 1.00% of the Fund’s Managed Assets represents 1.59% of net assets attributable to Common Shares assuming the use of leverage in an amount of 37.25% of the Fund’s Managed Assets. The Fund’s Managed Assets for the fiscal year ended June 30, 2026 (which includes the use of leverage discussed in footnote (3) were multiplied by the annual advisory fee rate and then divided by the Fund’s average net assets for the same period to calculate the management fee as a percentage of the Fund’s net assets attributable to Common Shares. Since the Fund has Preferred Shares outstanding, the management fee and certain other expenses as a percentage of net assets attributable to Common Shares is higher than if the Fund did not utilize a leveraged capital structure. “Leverage costs” are estimated to reflect actual leverage outstanding as of June 30, 2026 and estimated interest and associated costs. Actual leverage costs incurred in the future may be higher or lower as the actual amount of interest expense borne by the Fund will vary over time in accordance with the level of the Fund’s use of leverage and variations in market interest rates. See “Use of Leverage.” Dividends on Preferred Shares represent the estimated dividend expense adjusted to assume 2,400,000 shares of 4.375% Series A Preferred Stock with a liquidation preference of $60,000,000, 2,400,000 shares of 4.75% Series B Preferred Stock with a liquidation preference of $60,000,000, and 419,206 shares of 6.00%, 3-Year Term, Series C Preferred Stock with a liquidation preference of $4,192,060. The table assumes the use of leverage representing 37.25% of Managed Assets, which reflects approximately the percentage of the Fund's total average Managed Assets attributable to such leverage averaged over the year ended June 30, 2026, at a weighted average annual expense to the Fund of 4.61%. Includes $1,104,539 of loan service fees in connection with the Fund's investments in Alternative Credit Instruments for the year ended June 30, 2026. Loan service fees relate to the Fund's investment in Square Loans and are not related to any leverage expenses. The loan service fees are the cost associated with the originator's ongoing collection and remittance of payments related to the Alternative Credit Instruments. The “Acquired Fund Fees and Expenses” are based on the expense ratios for the most recent fiscal year of the Underlying Funds (defined below) in which the Fund has invested, which may change substantially over time and, therefore, significantly affect “Acquired fund fees and expenses.” These amounts are based on the total expense ratio disclosed in each Underlying Fund’s most recent shareholder report. Some of the Underlying Funds in which the Fund invests (or may invest) charge incentive fees based on the Underlying Funds’ performance. The 0.05% shown as “Acquired Fund Fees and Expenses” reflects the operating expenses of the Underlying Funds and transaction-related fees. Certain Underlying Funds in which the Fund invests (or may invest) generally charge a management fee of 1.00% to 2.00% and may charge up to a 20% incentive fee on income and/or capital gains, which are included in “Acquired Fund Fees and Expenses,” as applicable. The “Acquired Fund Fees and Expenses” disclosed above, however, do not reflect any performance based fees or allocations paid by the Underlying Funds that are calculated solely on the realization and/or distribution of gains, or on the sum of such gains and unrealized appreciation of assets distributed in kind, as such fees and allocations for a particular period may be unrelated to the cost of investing in the Underlying Funds. Future Underlying Funds’ fees and expenses may be substantially higher or lower because certain fees may be based on the performance of the Underlying Funds, which may fluctuate over time. Acquired Fund Fees and Expenses are borne indirectly by the Fund, but they are not reflected in the Fund’s financial statements; and the information presented in the table will differ from that presented in the Fund’s financial highlights. The example does not include sales load or estimated offering costs. The example should not be considered a representation of future expenses. The example assumes that the estimated “Other Expenses” set forth in the table are accurate and that all dividends and distributions are reinvested at net asset value and that the Fund is engaged in leverage of 37.25% of Managed Assets, assuming interest and fees on leverage of 4.61%, including the interest and unused borrowing fee paid on the line of credit under the BNP Credit Agreement (defined below), as well as the Fund’s continued use of Preferred Shares. The cost of leverage is expressed as a blended interest/dividend rate, representing the weighted average cost of the Fund’s leverage, including borrowings under the BNP Credit Agreement and dividends on the Fund’s Preferred Shares. Actual expenses may be greater or less than those shown. Moreover, the Fund’s actual rate of return may be greater or less than the hypothetical 5% annual return shown in the example. Based on high and low closing market price for the respective quarter. Based on the NAV calculated on the day of the high and low closing market prices, as applicable, as of the close of regular trading on the NYSE (normally 4:00 p.m. Eastern Time). Calculated based on the information presented. Principal amount outstanding represents the principal amount owed by the Fund to lenders under credit facility arrangements in place at the time. For the period September 28, 2016, commencement of operations, to June 30, 2017. The asset coverage ratio is calculated by subtracting the Fund’s total liabilities and indebtedness not represented by senior securities from the Fund’s total assets, dividing the result by the aggregate amount of the Fund’s senior securities representing indebtedness then outstanding, and then multiplying by $1,000. The asset coverage ratio for a class of senior securities representing stock is calculated as the Fund's total assets, less all liabilities and indebtedness not represented by the Fund's senior securities, divided by secured senior securities representing indebtedness plus the aggregate of the involuntary liquidation preference of secured senior securities which are stock. The involuntary liquidation preference of a class of senior security, which is a stock, is the amount to which such class of senior security would be entitled on involuntary liquidation of the issuer in preference to a security junior to it. Series B Perpetual Preferred Stock and Series C Term Preferred Stock have the same priority with respect to payment of dividends and distributions and liquidation preference as the issued and outstanding Series A Preferred Stock and any other shares of preferred stock that the Fund may issue. With respect to the Preferred Stock, the asset coverage per share is expressed in terms of dollar amounts per share of outstanding Preferred Stock (based on a liquidation preference of $25 for Series A, $25 for Series B and $10 for Series C) and is equivalent to the Asset Coverage of Preferred Stock presented given Series A, Series B, and Series C Preferred Stock have pari-passu liquidation preference. Represents the average of the daily closing market price per share as reported on the NYSE during the respective period.