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DOUBLELINE OPPORTUNISTIC CREDIT FUND
2002 North Tampa Street
Suite 200
Tampa
33602
813
791-7333
Ronald R. Redell
2002 North Tampa Street
Suite 200
Tampa
33602
From time to time after the effective date of this Registration Statement.
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The following table is intended to assist investors in understanding the fees and expenses (annualized) that an investor in Common Shares of the Fund would bear, directly or indirectly, as a result of an offering. The table reflects the use of leverage in the form of borrowings (e.g., loans, lines of credit) in an amount equal to 7.91% of the Fund’s total managed assets and 8.59% of the Fund’s total net assets (with respect to each percentage, including the amounts of leverage obtained through the use of such instruments and/or borrowings), and shows Fund expenses as a percentage of net assets attributable to Common Shares. The percentage above does not reflect the Fund’s use of other forms of economic leverage, such as credit default swaps or other derivative instruments (where applicable). The extent of the Fund’s assets attributable to leverage, and the Fund’s associated expenses, are likely to vary (perhaps significantly) from these figures over time.
<table cellpadding="0" cellspacing="0" style="text-align:start; border-collapse: collapse; font-family: "Times New Roman"; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0px auto;">
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<td style="width:52%"></td>
<td style="vertical-align:bottom;width:46%"></td>
<td></td> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<td style="vertical-align:bottom"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="display:inline;font-weight:bolder;display:inline;">Shareholder Transaction Expenses</span></span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="display:inline;font-weight:bolder;display:inline;"> Percentage of Offering Price </span></span></td> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt;background-color:#cceeff">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.5em; text-indent: -1em; font-size: 9pt; font-family: "Times New Roman"; line-height: normal;"><span style="display:inline;">Sales Load Paid by Investors<span style="font-size:75%; vertical-align:top;display:inline;font-size:7.5px">(1)</span></span></div> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center"><span style="display:inline;">[<span style="-sec-ix-hidden:Fact_171859726;display:inline;"> </span>]%</span></td> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.5em; text-indent: -1em; font-size: 9pt; font-family: "Times New Roman"; line-height: normal;"><span style="display:inline;">Offering Expenses Borne by the Fund<span style="font-size:75%; vertical-align:top;display:inline;font-size:7.5px"> (2)</span></span></div> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center"><span style="display:inline;">[<span style="-sec-ix-hidden:Fact_171859728;display:inline;"> </span>] </span></td> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt;background-color:#cceeff">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.5em; text-indent: -1em; font-size: 9pt; font-family: "Times New Roman"; line-height: normal;"><span style="display:inline;">Dividend Reinvestment Plan Fees<span style="font-size:75%; vertical-align:top;display:inline;font-size:7.5px">(3)</span></span></div> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center"><span style="display:inline;">None</span></td> </tr>
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<td style="height:9.75pt"></td>
<td colspan="2" style="height:9.75pt"></td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9.5pt;border-spacing:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top;text-align:left"><div style="font-size:75%; vertical-align:top;display:inline;font-size:7.9px">(1)</div> </td>
<td style="vertical-align:top;text-align:left"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: "Times New Roman"; text-align: justify; line-height: normal;">In the event that the Common Shares to which this Prospectus relates are sold to or through agents, underwriters or dealer managers, a corresponding prospectus supplement will disclose the applicable sales load or commission. </div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9.5pt;border-spacing:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top;text-align:left"><div style="font-size:75%; vertical-align:top;display:inline;font-size:7.9px">(2)</div> </td>
<td style="vertical-align:top;text-align:left"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: "Times New Roman"; text-align: justify; line-height: normal;">The related prospectus supplement will disclose the estimated amount of offering expenses, the offering price and the offering expenses borne by the Fund and indirectly by all of its Common Shareholders as a percentage of the offering price. </div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9.5pt;border-spacing:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top;text-align:left"><div style="font-size:75%; vertical-align:top;display:inline;font-size:7.9px">(3)</div> </td>
<td style="vertical-align:top;text-align:left"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: "Times New Roman"; text-align: justify; line-height: normal;">You will pay brokerage charges if you direct your broker or the plan agent to sell your Common Shares that you acquired pursuant to a dividend reinvestment plan. You will also bear a pro rata share of brokerage commissions incurred in connection with open-market purchases pursuant to the Fund’s Dividend Reinvestment Plan. See “Dividend Reinvestment Plan.” </div> </td> </tr> </table>
0
<table style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt;width:100%;border-spacing:0;margin:0 auto">
<tr>
<td style="width:52%"></td>
<td style="vertical-align:bottom;width:46%"></td>
<td></td> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<td style="vertical-align:bottom"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="display:inline;font-weight:bolder;display:inline;">Annual Expenses</span></span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="display:inline;font-weight:bolder;display:inline;"> Percentage of Net Assets Attributable to Common Shares </span></span></td> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt;background-color:#cceeff">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.5em; text-indent: -1em; font-size: 9pt; font-family: "Times New Roman"; line-height: normal;"><span style="display:inline;">Management Fees<span style="font-size:75%; vertical-align:top;display:inline;font-size:7.5px">(4)</span></span></div> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center"><span style="display:inline;">1.09%</span></td> </tr>
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<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.5em; text-indent: -1em; font-size: 9pt; font-family: "Times New Roman"; line-height: normal;"><span style="display:inline;">Interest Expense on Borrowed Funds<span style="font-size:75%; vertical-align:top;display:inline;font-size:7.5px">(5)</span></span></div> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center"><span style="display:inline;">0.46%</span></td> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt;background-color:#cceeff">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.5em; text-indent: -1em; font-size: 9pt; font-family: "Times New Roman"; line-height: normal;"><span style="display:inline;">Other Expenses<span style="font-size:75%; vertical-align:top;display:inline;font-size:7.5px">(6)</span></span></div> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center"><span style="display:inline;">0.23%</span></td> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.5em; text-indent: -1em; font-size: 9pt; font-family: "Times New Roman"; line-height: normal;"><span style="display:inline;">Total Annual Expenses</span></div> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center"><span style="display:inline;">1.78%</span></td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9.5pt;border-spacing:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top;text-align:left"><div style="font-size:75%; vertical-align:top;display:inline;font-size:7.9px">(4)</div> </td>
<td style="vertical-align:top;text-align:left"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: "Times New Roman"; text-align: justify; line-height: normal;">The Fund pays the Adviser a monthly management fee for its investment management services in an amount equal to 1.00% of the Fund’s average daily total managed assets. In accordance with the requirements of the Commission, the table above shows the Fund’s management fee as a percentage of average net assets, which reflects the Fund’s use of leverage. “Total managed assets” means the total assets of the Fund (including assets attributable to any reverse repurchase agreements, dollar roll transactions or similar transactions, borrowings, and preferred shares that may be outstanding) minus accrued liabilities (other than liabilities in respect of reverse repurchase agreements, dollar roll transactions or similar transactions, and borrowings). </div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9.5pt;border-spacing:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top;text-align:left"><div style="font-size:75%; vertical-align:top;display:inline;font-size:7.9px">(5)</div> </td>
<td style="vertical-align:top;text-align:left"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: "Times New Roman"; text-align: justify; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;">Interest Expense on Borrowed Funds represents the Fund’s annualized interest expense based on the Fund’s total borrowings as of March 31, 2026 and the interest rate applicable on that date. The Fund’s credit facility is subject to floating interest rates and, therefore, 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 borrowings, variations in market interest rates and/or the Fund’s borrowings outstanding. If the Fund were to engage in greater levels of borrowings or pay higher interest rates in connection with such borrowings, the actual Interest Expense on Borrowed Funds incurred as a percentage of net assets would be higher than that shown in the table.</div> </div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9.5pt;border-spacing:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top;text-align:left"><div style="display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;font-size:7.9px">(6)</div></div> </td>
<td style="vertical-align:top;text-align:left"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: "Times New Roman"; text-align: justify; line-height: normal;"><div style="display:inline;">Other expenses are estimated for the Fund’s current fiscal year ending September 30, 2026. </div></div> </td> </tr> </table>
0.0109
0.0046
0.0023
0.0178
The Fund pays the Adviser a monthly management fee for its investment management services in an amount equal to 1.00% of the Fund’s average daily total managed assets. In accordance with the requirements of the Commission, the table above shows the Fund’s management fee as a percentage of average net assets, which reflects the Fund’s use of leverage. “Total managed assets” means the total assets of the Fund (including assets attributable to any reverse repurchase agreements, dollar roll transactions or similar transactions, borrowings, and preferred shares that may be outstanding) minus accrued liabilities (other than liabilities in respect of reverse repurchase agreements, dollar roll transactions or similar transactions, and borrowings).
Other expenses are estimated for the Fund’s current fiscal year ending September 30, 2026.
<div style="margin-top:10pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman;font-weight:bold">EXAMPLE </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman;text-align:justify">As required by relevant SEC regulations, the following example illustrates the expenses that you would pay on a $1,000 investment in Common Shares, assuming (a) the Fund’s total annual expenses are 1.78% of net assets attributable to Common Shares in years 1 through 10 (assuming the Fund obtains leverage through borrowings in an amount equal to 7.91% of the Fund’s total managed assets) and (b) a 5% annual return<span style="font-size:75%; vertical-align:top;display:inline;font-size:8.7px">(1)</span>: </div> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;"> </div>
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<tr>
<td style="width:83%"></td>
<td style="vertical-align:bottom;width:2%"></td>
<td></td>
<td style="vertical-align:bottom;width:2%"></td>
<td></td>
<td style="vertical-align:bottom;width:2%"></td>
<td></td>
<td style="vertical-align:bottom;width:2%"></td>
<td></td> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">1</span></span><br/><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Year</span></span></td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">3</span></span><br/><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Years</span></span></td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">5</span></span><br/><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Years</span></span></td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">10</span></span><br/><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Years</span></span></td> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt;background-color:#cceeff">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: "Times New Roman"; line-height: normal;">Total Expenses Incurred</div> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap">$18</td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap">$56</td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap">$96</td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap">$209</td> </tr> </table> <div style="font-size: 2pt; margin-top: 0px; margin-bottom: 0px;"> </div>
<table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9.5pt;border-spacing:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top;text-align:left"><span style="font-size:75%; vertical-align:top;display:inline;font-size:7.9px">(1)</span> </td>
<td style="vertical-align:top;text-align:left"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: "Times New Roman"; text-align: justify; line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The example above should not be considered a representation of future expenses. Actual expenses may be higher or lower than those shown.</span></span> The example assumes that the estimated interest expense on borrowed funds and “Other expenses” set forth in the Annual Expenses table are accurate, that the rates listed under “Total Annual Expenses” remain the same each year and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. Moreover, the Fund’s actual rate of return may be greater or less than the hypothetical 5% annual return shown in the example. In connection with an offering of Common Shares, the prospectus supplement will set forth an example including sales load and estimated offering costs. </div> </td> </tr> </table>
18
56
96
209
<div id="tx124979_6" style="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman;font-weight:bold;text-align:center">THE FUND’S INVESTMENT OBJECTIVE AND STRATEGIES </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Investment Objective </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The information contained under the following heading in the Fund’s most recent annual report on Form N-CSR is incorporated herein by reference: “<a href="http://www.sec.gov/Archives/edgar/data/1525201/000113322825012945/ocf-efp18636_ncsr.htm">Investment Objective and Strategies—Investment Objective</a>.” </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Principal Investment Strategies </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The information contained under the following headings in the Fund’s most recent annual report on Form N-CSR is incorporated herein by reference: “Investment Objective and Strategies—Principal Investment Strategies”; “<a href="http://www.sec.gov/Archives/edgar/data/1525201/000113322825012945/ocf-efp18636_ncsr.htm">Investment Objective and Strategies—Note Regarding Investment Limitations”; and</a> “<a href="http://www.sec.gov/Archives/edgar/data/1525201/000113322825012945/ocf-efp18636_ncsr.htm">Investment Objective and Strategies—Derivatives.</a>” </div>
<div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">EFFECTS OF LEVERAGE </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The information contained under the heading “<a href="http://www.sec.gov/Archives/edgar/data/1525201/000113322825012945/ocf-efp18636_ncsr.htm">Investment Objective and Strategies––Effects of Leverage</a>” in the Fund’s most recent annual report on Form N-CSR is incorporated herein by reference. </div>
<div id="tx124979_8" style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman;font-weight:bold;text-align:center">PRINCIPAL RISK FACTORS </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The NAV and market price of, and dividends paid on, the common shares will fluctuate with and be affected by, among other things, the risks of investing in the Fund. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The information contained under the heading “<a href="http://www.sec.gov/Archives/edgar/data/1525201/000113322825012945/ocf-efp18636_ncsr.htm">Investment Objective and Strategies––Principal Risk Factors</a>” in the Fund’s most recent annual report on Form N-CSR is incorporated herein by reference. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Investors should consider the specific risk factors and special considerations associated with investing in the Fund. An investment in the Fund is subject to investment risk, including the possible loss of your entire investment. A prospectus supplement relating to an offering of the Fund’s securities may identify additional risks associated with such offering. </div>
<div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Common Shares have traded both at a premium and a discount to NAV. The following table sets forth, for each of the periods indicated, the high and low closing market prices of the Fund’s Common Shares on the NYSE, the high and low net asset value per Common Share and the high and low premium/discount to net asset value per Common Share. </div><div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div>
<table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt;width:100%;border-spacing:0;margin:0 auto">
<tr>
<td style="width:20%"></td>
<td style="vertical-align:bottom;width:9%"></td>
<td></td>
<td style="vertical-align:bottom;width:9%"></td>
<td></td>
<td style="vertical-align:bottom;width:9%"></td>
<td></td>
<td style="vertical-align:bottom;width:9%"></td>
<td></td>
<td style="vertical-align:bottom;width:9%"></td>
<td></td>
<td style="vertical-align:bottom;width:9%"></td>
<td></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="vertical-align:bottom"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="display:inline;font-weight:bolder;display:inline;">Quarter</span></span></td>
<td style="vertical-align:bottom"> </td>
<td colspan="3" style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: "Times New Roman"; font-weight: bold; line-height: normal;"><span style="display:inline;">Common Share</span></div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: "Times New Roman"; font-weight: bold; line-height: normal;"><span style="display:inline;">Market Price</span></div></td>
<td style="vertical-align:bottom"> </td>
<td colspan="3" style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: "Times New Roman"; font-weight: bold; line-height: normal;"><span style="display:inline;">Common Share</span></div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: "Times New Roman"; font-weight: bold; line-height: normal;"><span style="display:inline;">Net Asset Value</span></div></td>
<td style="vertical-align:bottom"> </td>
<td colspan="3" style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: "Times New Roman"; font-weight: bold; line-height: normal;text-indent: 0px;"><span style="display:inline;">Premium (Discount)</span></div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: "Times New Roman"; font-weight: bold; line-height: normal;text-indent: 0px;"><span style="display:inline;">as a % of</span></div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: "Times New Roman"; font-weight: bold; line-height: normal;text-indent: 0px;"><span style="letter-spacing: 0px; top: 0px;display:inline;">Net Asset Value<span style=";display:inline;vertical-align: super;font-size:7.4px">(1)</span><br/></span></div></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"></td>
<td colspan="2" style="height:6pt"></td>
<td colspan="2" style="height:6pt"></td>
<td colspan="2" style="height:6pt"></td>
<td colspan="2" style="height:6pt"></td>
<td colspan="2" style="height:6pt"></td>
<td colspan="2" style="height:6pt"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="padding-bottom:6pt ;vertical-align:bottom"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="display:inline;font-weight:bolder;display:inline;">Date</span></span></td>
<td style="vertical-align:bottom"> </td>
<td style="padding-bottom:6pt ;vertical-align:bottom"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="display:inline;font-weight:bolder;display:inline;">High</span></span></td>
<td style="vertical-align:bottom"> </td>
<td style="padding-bottom:6pt ;vertical-align:bottom"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="display:inline;font-weight:bolder;display:inline;">Low</span></span></td>
<td style="vertical-align:bottom"> </td>
<td style="padding-bottom:6pt ;vertical-align:bottom"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="display:inline;font-weight:bolder;display:inline;">High</span></span></td>
<td style="vertical-align:bottom"> </td>
<td style="padding-bottom:6pt ;vertical-align:bottom"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="display:inline;font-weight:bolder;display:inline;">Low</span></span></td>
<td style="vertical-align:bottom"> </td>
<td style="padding-bottom:6pt ;vertical-align:bottom"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="display:inline;font-weight:bolder;display:inline;">High</span></span></td>
<td style="vertical-align:bottom"> </td>
<td style="padding-bottom:6pt ;vertical-align:bottom"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="display:inline;font-weight:bolder;display:inline;">Low</span></span></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt;background-color:#cceeff">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: "Times New Roman"; line-height: normal;"><span style="display:inline;">June 30, 2026</span></div></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">$14.64</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">$14.17</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">$14.86</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">$14.61</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">(1.48)%</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">(3.01)%</span></td></tr>
<tr style="font-size:1pt">
<td style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: "Times New Roman"; line-height: normal;"><span style="display:inline;">March 31, 2026</span></div></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">$15.34</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">$14.20</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">$15.13</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">$14.70</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">1.39%</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">(3.40)%</span></td></tr>
<tr style="font-size:1pt">
<td style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt;background-color:#cceeff">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: "Times New Roman"; line-height: normal;"><span style="display:inline;">December 31, 2025</span></div></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">$15.71</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">$15.16</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">$15.46</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">$15.07</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">1.62%</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">0.60%</span></td></tr>
<tr style="font-size:1pt">
<td style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: "Times New Roman"; line-height: normal;"><span style="display:inline;">September 30, 2025</span></div></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">$15.70</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">$15.10</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">$15.56</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">$15.20</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">0.90%</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">(0.66)%</span></td></tr>
<tr style="font-size:1pt">
<td style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt;background-color:#cceeff">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: "Times New Roman"; line-height: normal;"><span style="display:inline;">June 30, 2025</span></div></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">$15.75</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">$15.10</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">$15.48</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">$15.09</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">1.74%</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">0.07%</span></td></tr>
<tr style="font-size:1pt">
<td style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: "Times New Roman"; line-height: normal;"><span style="display:inline;">March 31, 2025</span></div></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">$15.86</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">$15.51</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">$15.59</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">$15.29</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">1.73%</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">1.44%</span></td></tr>
<tr style="font-size:1pt">
<td style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt;background-color:#cceeff">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: "Times New Roman"; line-height: normal;"><span style="display:inline;">December 31, 2024</span></div></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">$15.89</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">$15.17</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">$15.68</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">$15.31</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">1.34%</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">(0.91)%</span></td></tr>
<tr style="font-size:1pt">
<td style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: "Times New Roman"; line-height: normal;"><span style="display:inline;">September 30, 2024</span></div></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">$16.13</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">$15.32</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">$15.77</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">$15.25</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">2.28%</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">0.46%</span></td></tr>
<tr style="font-size:1pt">
<td style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt;background-color:#cceeff">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: "Times New Roman"; line-height: normal;"><span style="display:inline;">June 30, 2024</span></div></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">$15.36</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">$14.64</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">$15.32</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">$14.97</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">0.26%</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">(2.20)%</span></td></tr>
<tr style="font-size:1pt">
<td style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: "Times New Roman"; line-height: normal;"><span style="display:inline;">March 31, 2024</span></div></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">$15.51</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">$15.05</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">$15.23</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">$14.92</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">1.84%</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">0.87%</span></td></tr>
<tr style="font-size:1pt">
<td style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td>
<td colspan="2" style="height:3pt"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt;background-color:#cceeff">
<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: "Times New Roman"; line-height: normal;"><span style="display:inline;">December 31, 2023</span></div></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">$15.53</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">$13.87</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">$14.99</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">$14.02</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">3.60%</span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="display:inline;">(1.07)%</span></td></tr></table><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;">
<tr style="page-break-inside: avoid;">
<td style="width: 4%; text-align: left; vertical-align: top;"><span style="letter-spacing: 0px; top: 0px;display:inline;">(1)</span></td>
<td style="text-align: left; vertical-align: top;"><div style="text-align: justify; font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Premium and discount information is shown for the days when the Fund experienced its high and low closing market prices, respectively, per share during the respective quarter. </span></span></div></td></tr></table>
14.64
14.17
14.86
14.61
-0.0148
-0.0301
15.34
14.2
15.13
14.7
0.0139
-0.034
15.71
15.16
15.46
15.07
0.0162
0.006
15.7
15.1
15.56
15.2
0.009
-0.0066
15.75
15.1
15.48
15.09
0.0174
0.0007
15.86
15.51
15.59
15.29
0.0173
0.0144
15.89
15.17
15.68
15.31
0.0134
-0.0091
16.13
15.32
15.77
15.25
0.0228
0.0046
15.36
14.64
15.32
14.97
0.0026
-0.022
15.51
15.05
15.23
14.92
0.0184
0.0087
15.53
13.87
14.99
14.02
0.036
-0.0107
14.53
14.13
0.0275
Common Shareholders are entitled to share equally in dividends declared by the Board and in the net assets of the Fund available for distribution to Common Shareholders after payment of the preferential amounts payable to any outstanding preferred shares of beneficial interest. All Common Shares have equal rights to the payment of dividends and the distribution of assets upon liquidation.
Common Shares are fully paid and, subject to matters discussed in “Anti-Takeover and Other Provisions in the Declaration of Trust,” non-assessable, and have no pre-emptive or conversion rights or rights to cumulative voting, and have no right to cause the Fund to repurchase their shares.
Upon liquidation of the Fund, after paying or adequately providing for the payment of all liabilities of the Fund and the liquidation preference with respect to any outstanding preferred shares, and upon receipt of such releases, indemnities and refunding agreements as they deem necessary for their protection, the Board may distribute the remaining assets of the Fund among the Common Shareholders.
Common Shareholders are entitled to one vote for each Common Share held. Each fractional share shall be entitled to a proportionate fractional vote, except as otherwise provided by the Declaration of Trust, Bylaws, or required by applicable law.
<div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">As of August 31, 2026, the following number of Common Shares of the Fund was authorized for registration and outstanding: </div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div>
<table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border-spacing:0;margin:0 auto">
<tr>
<td style="width:26%"></td>
<td style="vertical-align:bottom;width:1%"></td>
<td style="width:24%"></td>
<td style="vertical-align:bottom;width:1%"></td>
<td style="width:24%"></td>
<td style="vertical-align:bottom;width:1%"></td>
<td style="width:23%"></td> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="BORDER:0.75pt solid #000000; padding-left:8pt;vertical-align:top;text-align:center"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman"; text-align: center; line-height: normal;">(1)</div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: "Times New Roman"; text-align: center; line-height: normal;">Title of Class</div> </td>
<td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td>
<td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:center"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman"; text-align: center; line-height: normal;">(2)</div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: "Times New Roman"; text-align: center; line-height: normal;">Amount Authorized</div> </td>
<td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td>
<td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:center"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman"; text-align: center; line-height: normal;">(3)</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman"; text-align: center; line-height: normal;">Amount Held by the Fund</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman"; text-align: center; line-height: normal;">or</div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: "Times New Roman"; text-align: center; line-height: normal;">for its Account</div> </td>
<td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td>
<td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman"; text-align: center; line-height: normal;">(4)</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman"; text-align: center; line-height: normal;">Amount Outstanding</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman"; text-align: center; line-height: normal;">Exclusive of Amount</div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: "Times New Roman"; text-align: center; line-height: normal;">Shown under (3)</div> </td> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="BORDER:0.75pt solid #000000; padding-left:8pt;vertical-align:top;text-align:center">Common Shares</td>
<td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td>
<td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:center">Unlimited</td>
<td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td>
<td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:center">0</td>
<td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td>
<td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center">19,771,903</td> </tr> </table>
Common Shares
0
19771903
In the event that the Common Shares to which this Prospectus relates are sold to or through agents, underwriters or dealer managers, a corresponding prospectus supplement will disclose the applicable sales load or commission.
You will pay brokerage charges if you direct your broker or the plan agent to sell your Common Shares that you acquired pursuant to a dividend reinvestment plan. You will also bear a pro rata share of brokerage commissions incurred in connection with open-market purchases pursuant to the Fund’s Dividend Reinvestment Plan. See “Dividend Reinvestment Plan.”
The related prospectus supplement will disclose the estimated amount of offering expenses, the offering price and the offering expenses borne by the Fund and indirectly by all of its Common Shareholders as a percentage of the offering price.
The Fund pays the Adviser a monthly management fee for its investment management services in an amount equal to 1.00% of the Fund’s average daily total managed assets. In accordance with the requirements of the Commission, the table above shows the Fund’s management fee as a percentage of average net assets, which reflects the Fund’s use of leverage. “Total managed assets” means the total assets of the Fund (including assets attributable to any reverse repurchase agreements, dollar roll transactions or similar transactions, borrowings, and preferred shares that may be outstanding) minus accrued liabilities (other than liabilities in respect of reverse repurchase agreements, dollar roll transactions or similar transactions, and borrowings).
Interest Expense on Borrowed Funds represents the Fund’s annualized interest expense based on the Fund’s total borrowings as of March 31, 2026 and the interest rate applicable on that date. The Fund’s credit facility is subject to floating interest rates and, therefore, 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 borrowings, variations in market interest rates and/or the Fund’s borrowings outstanding. If the Fund were to engage in greater levels of borrowings or pay higher interest rates in connection with such borrowings, the actual Interest Expense on Borrowed Funds incurred as a percentage of net assets would be higher than that shown in the table.
Other expenses are estimated for the Fund’s current fiscal year ending September 30, 2026.
The example above should not be considered a representation of future expenses. Actual expenses may be higher or lower than those shown. The example assumes that the estimated interest expense on borrowed funds and “Other expenses” set forth in the Annual Expenses table are accurate, that the rates listed under “Total Annual Expenses” remain the same each year and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. Moreover, the Fund’s actual rate of return may be greater or less than the hypothetical 5% annual return shown in the example. In connection with an offering of Common Shares, the prospectus supplement will set forth an example including sales load and estimated offering costs.
Premium and discount information is shown for the days when the Fund experienced its high and low closing market prices, respectively, per share during the respective quarter.